Truist Bank (formerly BB&T) Personal Loans: 2021 Review

BB&T is now Truist Bank. Truist offers personal loans with fast funding and minimal fees, but are mostly available on the East Coast.

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Our Take

3.5

NerdWallet rating 

The bottom line: Truist Bank offers fast personal loans to good- and excellent-credit borrowers, but it lacks benefits of other lenders.

Truist Bank Personal Loan

Truist Bank Personal Loan

Min. Credit Score

650

Est. APR

8.14 - 18.99%

Loan Amount

$3,500 - $50,000

Pros & Cons

Pros

  • No origination or prepayment fees.
  • Able to fund loans within one business day.
  • Offers co-signed and secured loan options.

Cons

  • No option to pre-qualify.
  • Available in a limited number of states.
  • No rate discount for autopayments.

Compare to Other Lenders

Marcus by Goldman Sachs
Discover
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99 - 19.99%

Est. APR

6.99 - 24.99%

Loan Term

3 to 6 years

Loan Term

3 to 7 years

Loan Amount

$3,500 - $40,000

Loan Amount

$2,500 - $35,000

Min. Credit Score

660

Min. Credit Score

720

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

BB&T is now Truist Bank. Product details may change.

Truist Bank offers personal loans with fast funding, but the loans don’t include some features that are common among other lenders, like pre-qualification or an autopay discount.

The bank’s locations are primarily along the East Coast, and you don’t have to be an existing customer to borrow. Borrowers can choose a repayment term between one and five years, according to loan officers.

Truist is best for borrowers who:

  • Have good or excellent credit (690 or higher FICO).

  • Live on the East Coast.

  • Don’t mind a hard credit pull before seeing ther rate.

Truist at a glance

Affordability

  • APRs are high among lenders targeting similar borrowers.

  • No origination or prepayment fees.

  • No rate discount for autopayments.

Loan flexibility

  • Offers multiple loan types.

  • Funds loans the same day or next day.

  • Offers refinancing option.

  • Loans available in AL, FL, GA, IN, KY, MD, NJ, NC, OH, PA, SC, TN, TX, VA, WV and Washington, D.C.

Transparency

  • Clearly discloses rates on website; terms are not disclosed.

  • No FAQ to answer borrower questions.

Customer experience

  • Offers some financial education.

  • Offers extended business hours for customer support.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where Truist stands out

Fast funding: According to the lender’s website, Truist can fund a personal loan the same day someone is approved, as long as it’s a business banking day.

No origination or prepayment fees: While few lenders charge prepayment fees on personal loans, origination fees are still somewhat common. Truist charges neither, so you won’t pay any fees if you make your monthly payments on time.

Co-signed and secured loan options: Applicants who add a co-signer with better credit and a higher income may qualify for a lower rate or higher loan amount. The lender also offers secured loans, which would require a savings or CD account as collateral or a vehicle title for new customers.

Direct payment to creditors: If you consolidate credit cards and other high-interest loans with Truist, the lender will send the funds directly to your other creditors, leaving you with just your loan payment. In some cases, the lender may require some or all of the loan proceeds be sent to creditors.

Where Truist falls short

Transparency: The Truist website includes a product page that explains some features of its personal loan, including rate and funding timeline. However, it does not display loan amounts or terms to help the borrower evaluate the loan and compare it with other options.

No option to pre-qualify: Unlike many of its competitors, Truist doesn’t allow borrowers to pre-qualify and see their potential loan amount, rate and monthly payment before formally applying. Pre-qualifying will not affect your credit score, and doing so with multiple lenders is the best way to compare loans.

No rate discount for autopayments: This lender doesn’t offer a rate discount for setting up autopay. Many lenders will discount your rate by 0.25 to 0.5 percentage points to encourage on-time payments.

How to qualify for a Truist loan

Truist doesn’t disclose many specifics about how to qualify for its personal loan product but follows underwriting standards similar to other bank lenders. According to multiple Truist loan officers, the lender considers credit information, income and debts on your application.

Loan example: A four-year, $10,000 loan with a 15.5% APR would have monthly payments of $281. You'd pay $3,488 in total interest on that loan.

How to get a Truist loan

Apply on Truist

You can apply online on Truist’s website or in person at a branch. You do not need to visit a branch to close the loan.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.