Truist Personal Loans 2025 Review
If you are looking for a way to cover a cash shortfall, then a personal loan could help. Many people use personal loans to consolidate high-interest debt, or pay for home renovations, vacations or even weddings.
Truist’s actually has a number of loan options customized for your needs. You can take a quick quiz on the bank’s website to determine which product might work best for you. Keep reading if you want to learn more about Truist’s loan options.
About Truist
Headquartered in Charlotte, North Carolina, Truist is a relatively new name to the banking world. However, the financial company has been around for a long time as BB&T Corporation and SunTrust Banks, Inc. These banks merged at the end of 2019 to create Truist.
As a result of this merger, Truist is now the sixth-largest U.S. commercial bank, serving approximately 10 million consumer households. The company has 2,781 branches in 15 states and Washington, D.C.
About Truist Personal Loans
Truist personal loans are administered by its online lending division, LightStream. These loans have the following features:
- Loans from $5,000 to $100,000
- No origination fees
- Same-day funding possible
- Flexible loans terms
- Fixed rates
- Funds deposited directly into your account
- Only available in 18 states
Truist also offers other types of loans for personal use. Here’s a quick breakdown.
Truist Ready Now Loan
This loan is for smaller amounts ranging from $100 to $1,000. It’s only available to Truist checking account customers in certain states who’ve had an account with the bank for at least six months. Also, at the time of your application, your account cannot be overdrawn as of the end of the previous business day.
This is an installment loan with no prepayment fees, but it does have a $5 origination fee per $100 borrowed. You must be a U.S. citizen or resident to qualify. The site features a calculator that displays the total repayment amount and effective annual percentage rate (APR) amount before you apply.
Note, Florida residents will also pay the FL state doc stamp fee, so the monthly payment amount and the effective APR will be different for Florida residents.
You can apply for this loan option online, but you will be prompted to log into your Truist account or open an account.
There’s a version of this loan that functions like a line of credit called the Truist Ready Now credit line. This line, for Truist account holders only, ranges from $300 to $7,500 and is designed to help people avoid overdraft fees.
Personal Line of Credit
This unsecured product starts at a $5,000 minimum with variable rates as low based on creditworthiness and credit profile. This line of credit has no application, cash advance or annual fees. Once approved, you may have access to your funds the same day.
Unlike a personal loan which is a fixed amount repaid over time with a fixed payment, the personal line of credit is a revolving account. This means you’ll get a maximum line of credit with interest due only on the portion of funds you are using. As you pay the account down, you replenish the credit line and can use it again as long as your account remains in good standing.
A secured line of credit is available and starts at $25,000. To qualify for this product, you must have a minimum of $100,000 in an eligible Truist investment account.
Physician Line of Credit
This product is available to physicians or physicians-in-training who need to cover cash shortfalls during their studies, setting up practices or establishing their careers. Medical residents and fellows may get a line of credit of up to $50,000, while board-certified physicians, dentists, and podiatrists are eligible for up to a $100,000 credit limit.
What stands out about Truist Personal Loans?
One of the main things that stand out about Truist personal loans is the variety of products and the ease of applying for the loan. If you don’t want a personal loan starting at $5,000, you’ve got the option to get a payday-type loan for $1,000 or less.
In either case, if you are already a Truist customer, you can log in and complete any of the loan applications for all of these products with relative ease. Some loans require more underwriting and documentation. You may have to interact with a loan officer from Truist or LightStream, but if it’s not necessary, then you may be able to complete the entire process online.
How to get approved for a Truist personal loan
The first thing you need to do is ensure that your credit score is in the good to excellent rnage and that you don’t have any derogatory marks on your credit history that could make you appear to be a risky borrower. If you aren’t sure about where you stand credit-wise, you should get a free copy of your credit score and report online before applying.
When you apply for Truists personal loan option, you are given a lot of information to ensure you are ready to complete it and get the quickest decision possible.
The instructions remind you to remove any freezes you may have on your credit because the application requires a hard credit inquiry. You’ll also need:
- Personal details and contact info, U.S. cell phone number
- Two years of address and employment history
- Financial information (income, debts, personal obligations)
If you are not comfortable with completing the application online or providing your email address, Truist provides a phone number where you can make an appointment at a local branch to apply for the loan of your choosing.
How does Truist’s personal loan compare to other lenders?
Truist’s line of personal loan products has more options based on your needs and circumstances. The rates are on par with what we see from other lenders, but there are some discounts for autopay which can be a huge help. The personal line of credit that offers a no-fee cash advance is a rarity and can reduce expenses for people who need larger amounts of cash with minimal fees.
Summing it all up
Truist has an excellent selection of personal loan products that cover a variety of needs. The application process is straightforward, but there are some limitations based on the borrower’s state of residence. If you’ve already got accounts with Truist, the application process could be even easier, plus you may have access to more personal lending products.
The fees with Truist loans are minimal, and there’s even an online quiz to direct you to the best loan option within minutes. The same-day funding possibility is a perk that could be useful to a host of borrowers as well. Whether you’ve got an account with this bank or not, you might be some benefits from trying out one or more of their personal loan options.
