Editorial Review

BB&T Personal Loans: 2019 Review

BBT is a good option if you have fair to good credit and need money fast — loan officers say they can approve and fund a loan in the same business day.

Annie MillerberndSeptember 25, 2019

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Our Take

4.0

NerdWallet rating 

The Bottom Line: Ideal if you’re a good-credit borrower looking for a low rate. Like most other banks, BBT doesn’t offer pre-qualification.

BB&T Bank Personal Loan

BB&T Bank Personal Loan

Min. Credit Score

660

Est. APR

8.00-18.00%

Loan Amount

$3,500-$50,000

Pros & Cons

Pros
  • Co-sign option.

  • Refinancing option.

  • Fast funding.

Cons
  • Limited service area.

  • No pre-qualify option.

Compare to Other Lenders

Marcus by Goldman Sachs
RocketLoans
Est. APR

6.99-28.99%

Est. APR

6.85-28.90%

Loan Term

3 to 6 years

Loan Term

3 to 5 years

Loan Amount

$3,500-$40,000

Loan Amount

$2,000-$45,000

Min. Credit Score

660

Min. Credit Score

640

Compare estimated rates from multiple lenders

Compare Rates

Full Review

To review BB&T, NerdWallet collected data from the website, made calls to several branches around the country and compared the lender with others that seek the same customers or offer a similar personal loan product. Loan terms and fees may vary by state.

BB&T personal loans range from $3,500 to $50,000 with terms from two to five years and annual percentage rates around 8%-18%.

You don’t have to be an existing BB&T customer to borrow, but you have to visit an office to close the loan. The bank has locations in 15 states — mostly in the east and southeast — and Washington, D.C.

Loan uses: You can use a BB&T loan for debt consolidation, home improvements or to fund a vacation, according to the bank’s website. You can also fund an RV or finance a boat.

How to qualify: BB&T seeks borrowers with fair to good credit and a debt-to-income ratio around 40% or lower. Like many other banks that offer personal loans, BB&T uses a borrower’s income and credit history to determine a loan’s rate.

For an unsecured loan, the bank looks for borrowers with about two years of credit history, says one loan officer. Secured and co-sign loan options are also available.

Fast funding: BB&T loan officers say the bank can fund a loan in one business day. In some cases, they say, they can approve a borrower and fund the loan in a matter of hours.

Refinancing: Borrowers can use a BB&T personal loan to refinance another BB&T loan or a loan from another company, loan officers say. You can also refinance a BB&T loan through another lender.

No fees: There are no origination or prepayment fees associated with BB&T personal loans, though loan officers say the company does charge late fees.

No pre-qualify option: There is no option to pre-qualify for a personal loan with BB&T. You must apply for a loan — at which time the bank does a hard credit pull — to know whether you qualify and what the rate would be.

Loan example: For a borrower with good credit, a $10,000 loan with a 36-month repayment term and an 18% APR would cost $362 per month, according to NerdWallet’s personal loan calculator.

How to apply for a BB&T personal loan

You can apply in person at a BB&T branch or a loan officer can send you an application via email. In both cases, you must visit a branch to close the loan.

Check rates from other lenders

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from multiple lenders that partner with NerdWallet.

Before you shop for a personal loan

Personal Loans Rating Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.