Truist Bank (formerly BB&T) Personal Loans: 2022 Review
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Our Take
3.5
The bottom line:
Truist Bank offers fast personal loans to good- and excellent-credit borrowers, but it lacks benefits of other lenders.
Full Review
on NerdWallet's secure website
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
 |  |
|---|---|
Est. APR6.99-19.99% | Est. APR5.99-24.99% |
Loan term3 to 6 years | Loan term3 to 7 years |
Loan amount$3,500-$40,000 | Loan amount$2,500-$35,000 |
Min. credit score660 | Min. credit score720 |
Compare estimated rates from multiple lenders
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Full Review of Truist Bank Personal Loan
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
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Loan flexibility |
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Key terms to know about personal loans
» 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.
» COMPARE: Debt consolidation loans
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 $3,481 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.
on NerdWallet's secure website
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. 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 more about our ratings methodologies for personal loans and our editorial guidelines.
