Truist Personal Loans Review

Truist bank offers two personal loans with same-day funding available

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Investopedia’s Rating

Established in 2019 after a merger between BB&T Bank and SunTrust, Truist Bank offers several financial products, including two personal loans. While one of its personal loans has no origination fee, its APRs are relatively high compared to competitors. Those seeking a personal loan quickly may appreciate that Truist offers same-day funding. However, you’ll likely find better rates elsewhere, so be sure to compare loan options before you apply.

Top Rated For

  • Pros & Cons
  • specifications
Pros & Cons
  • Same-day funding available

  • No origination fee for its primary personal loan offering

  • Payment relief available for borrowers facing financial hardship

  • Poor customer service ratings

  • 5% origination fee for its emergency personal loan offering

  • Lower APRs available through LightStream, an online lending division of Truist

APR Range
4.99% - 15.59%
Loan Amount
$3,500 - $50,000
Loan Terms
1 Months or 60 Months
Recommended Minimum Credit Score
Average Origination Fee
Late Fee
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained 

  • Same-day funding available: Some online lenders can take a few business days to transfer funds after loan approval. But Truist generally offers funding within one day, which is helpful if you need to cover an unexpected cost quickly.
  • No origination fee for its primary personal loan option: One of Truist’s personal loans comes with no origination fee. Other online lenders may charge up to 6% for loan origination, which would amount to a $600 fee if you borrowed $10,000.
  • Payment relief available for borrowers facing financial hardship: Borrowers experiencing a qualified financial hardship could get their payments suspended temporarily. Note that interest fees will still accrue.

Cons Explained

  • Poor customer service ratings. Customer service has suffered as a result of Truist’s ongoing merger. Clients of both banks involved in the merger—BB&T and Suntrust—report difficulties activating and accessing accounts.
  • 5% origination fee for its emergency personal loan option. Unlike its personal loan with no origination fee, Truist’s emergency loan comes with an origination fee. Customers are charged $5 for every $100 they borrow, which amounts to a 5% origination fee.
  • Lower APRs available through LightStream, an online lending division of Truist. LightStream’s rates start as low as 5.99% APR* with autopay, making it lower than Truist’s best rate.


Truist Bank was formed in 2019 after a merger between BB&T Bank and SunTrust. The merger is expected to be in process through 2022. For now, many of Truist’s products and services require separate access for customers who banked with BB&T and SunTrust. 

Truist currently offers two personal loan products. Its primary product lets you borrow up to $100,000 and has an APR ranging up to 15.59%. Its other product, the Ready Now Loan, is an emergency loan offered in $100 increments up to $1,000. It also has an APR of 16.94%.

Not sure which loan is right for you? Truist offers an online quiz that can help. While this quiz may point you to Truist’s loan products, it may also direct you to LightStream, previously an online division of SunTrust. Truist also states that more loans and terms are available through LightStream.

Company Overview

Truist Bank, headquartered in Charlotte, North Carolina, is the product of a 2019 merger between BB&T and SunTrust. The newly-formed bank serves 15 million clients across 17 U.S. states and D.C., making it the sixth-largest bank in the U.S. It currently has over 2,500 branches and 3,500 ATMs nationwide.

Truist provides small business products, mortgages, personal loans, vehicle loans, home equity lines of credit, insurance, wealth management, and more. 

While working through the final stages of its merger, Truist expects to maintain some separate products and services for SunTrust and BB&T customers through 2022. 

Types of Personal Loans Offered by Truist

Truist offers two personal loan products, its primary personal loan and its Ready Now Loan. While the primary personal loan offers a straightforward application process, applicants for the Ready Now Loan must meet additional requirements to qualify. Neither loan option requires collateral or allows joint applications.

Here’s a quick look at the loan types:

Personal Loan

  • Can be used to consolidate debt, pay for home improvements, weddings, vacations, and more.
  • Borrow between $3,500 - $100,000
  • No origination fee

Ready Now Loan

  • Can be used for car repairs, utility bills, plumbing or appliance repairs, and more.
  • Borrow between $100 - $1,000
  • Has origination fee
  • Florida residents pay an additional state doc stamp fee

For borrowers who need an emergency loan, many credit unions offer low-cost, Payday Alternative Loans (PALs) in amounts ranging from $200 to $1,000. Eligible borrowers can take out a maximum of three PALs in a six-month period.

Time to Receive Funds

Funds for both the Personal Loan and the Ready Now Loan can be available in as little as one day. While some lenders do offer same-day or next-day funding, many disburse funds in three to five business days. Truist’s time to funding is quick compared with some of its competitors.

Truist Personal Loan Features 

Borrowing for Emergencies 

Truist’s Ready Now Loan functions like an emergency loan. This loan can help eligible borrowers access cash fast for unexpected expenses like car repairs or medical bills. Borrowers are limited to one loan at a time, up to a maximum of $1,000, and must wait 30 days after loan payoff to apply for an additional Ready Now Loan. Applicants must have an existing Truist checking account open for six months or more before applying. 

Checking Account Requirements

You don't need an existing checking account with Truist in order to apply for its primary personal loan. However, to qualify for its Ready Now Loan, borrowers need to have an existing Truist checking account that’s been open for at least six months. Former BB&T and SunTrust clients interested in the Ready Now Loan will need to convert their existing checking account to a Truist checking account before applying.

Payment Relief Program

Truist offers assistance to borrowers facing a qualified hardship. The bank’s personal loan payment relief allows eligible customers to temporarily suspend payments if they’re experiencing a temporary reduction in income, an unexpected expense, or a natural disaster. Note that interest will still accrue while payments are suspended.

When your loan is put into forbearance, or payments are suspended, your loan may still accrue interest and the total cost to repay it may be higher. A forbearance may also appear on your credit reports.

Apply for a Truist Loan

Borrowers can apply for a Truist personal loan online, by phone, or in person. You’ll need to be a U.S. citizen or permanent resident and have a valid Social Security number in order to apply.

Here are the application steps to be prepared for:

  1. Getting started: Visit Truist’s Personal Loans page and click the “Apply now” button. Enter your state of residence and citizenship status.
  2. Personal information: You’ll then be required to enter your personal information, including contact information, Social Security number, and your gross annual income. 
  3. Loan information: After reading Truist’s E-Sign Disclosure and Consent Agreement, you’ll be able to view your loan information and complete the final steps of your application.

If your loan application is approved, Truist will email you a link to e-sign your loan documents. You could receive the link in as little as two hours. However, if you’re approved during non-business hours, you might not receive the email until the next day. 

Can You Refinance a Personal Loan With Truist?

Truist does not offer personal loan refinancing at this time.

Customer Service

Truist customers can contact customer support from 8 a.m. and 8 p.m. ET, Monday through Friday, and 8-5 on saturdays, excluding bank holidays. The number is 844-4TRUIST (844-487-8478).

Automated assistance is also available by phone 24 hours a day.

Customer Satisfaction

The ongoing Truist merger has negatively impacted the customer experience. This lender's customer service ratings are poor, with complaints about problems activating new accounts, getting access to existing accounts, and resolving fraud issues. Customers also report long hold times when trying to get phone assistance.

Those who banked with either BB&T or Suntrust prior to the merger may want to prepare for ongoing challenges. There are still separate products and services for members of each bank, and your pre-merger bank will determine where and how you access each of the following

  • Customer service and fraud reporting
  • Enrolling in certain services like text alerts
  • Applications for loan payment relief

Account Management

Truist customers can access and manage their accounts in several ways. Customers can make payments and set up autopay online or through the Truist mobile app. You can also access accounts and make payments over the phone, in person, or by mail. Live chat is not currently available, though automated assistance is available 24 hours a day.

How Truist Compares to Other Personal Loan Companies

Truist’s personal loan offerings are limited. The bank redirects many borrowers to LightStream for personal loans and suggests shopping for other personal loan products or even credit cards as an alternative to its Ready Now Loan. 

If you’re looking for a loan under $1,000, credit unions like Navy Federal or Alliant may be worth considering. Alternatively, an online marketplace like Credible can help you compare lenders and find loans as small as $600.

For a larger personal loan, there is no shortage of options, even if you limit your search to credit unions. Alliant Credit Union is just one alternative that offers loans with relatively low APRs, up to $50,000.

Alliant Credit Union vs. Truist 

Both Truist and Alliant Credit Union offer loans online, with no prepayment penalties and funds available in as little as one day. Here’s how the two lenders compare:  

  • Alliant is recognized as an outstanding credit union
  • Alliant loans are available in a wider range of dollar amounts, with significantly lower APRs than Truist.
  • You don’t need to be an Alliant member to apply for Alliant’s personal loan, but you must have an existing checking account open at least six months to apply for Truist’s Ready Now Loan.
  Truist Personal Loan Alliant Personal Loan 
APR Range 4.99% to 15.59% As low as 6.24% (.40% APR discount for autopay)
Loan Amounts  $3,500 - $100,000 $1,000 to $50,000
Loan Terms  Up to 60 months 12, 24, 48 or 60 months
Average Origination Fee  $0 $0 
Same Day Funding Available?  Yes Yes
Payment Protection  Yes  Yes (for a fee)

Neither Truist nor Alliant discloses credit requirements for their personal loans. If you’re concerned you may not qualify due to your credit, check out our picks for the best loans for borrowers with bad credit.

Final Verdict

Truist has plans to roll out more changes to its lending products, but its current offerings are limited and competitors may offer better rates. Plus, the ongoing merger means that customers can likely anticipate more frustration through 2022. 

When it comes to personal loans, you may want to consider other lenders or apply through LightStream, Truist’s online division. Whether you go through LightStream, another online lender, or a credit union, you're likely to find better rates and more options. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.

Article Sources
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  1. LightStream. "Loans for Practically Everything."

  2. Truist. "Truist Personal Loans."