Truist Bank is a financial institution that offers personal loans, mortgages, and other products to customers. Founded in 2019, the company is the result of a merger between BB&T and SunTrust. Its primary headquarters are in Charlotte, NC, but it has branches in Washington, DC, and 15 other states. Aside from lending, Truist also offers wealth management and insurance services. The bank provides its services to more than 15 million clients throughout the country.
Personal loans can range from $3,500 to $50,000. Loan applicants must have a Social Security number and a gross income. In addition, they are not permitted to use their Truist loans for post-secondary education, purchasing bonds, or refinancing existing loans. However, Truist does offer a personal loan payment relief option. This allows borrowers to temporarily suspend payments in the event of a qualified hardship.
Truist also offers home equity lines of credit. These can be used to consolidate debt, purchase a new car, or pay for unexpected expenses. They are available in both variable and fixed interest rate options. Applicants must make a down payment of 3% to qualify. There are a variety of fees associated with a HELOC, but the fees are typically lower than those of a traditional mortgage.
Truist’s website doesn’t provide much information about its personal loans. In fact, the page doesn’t even mention all of the loan options it offers. Customers should visit the site to learn more about its offerings.
Unlike some lenders, Truist does not offer pre-qualification for its loans. However, its website does provide a quick quiz that explains different loan options. If the customer passes the test, they will receive a link to e-sign their loan documents. Many loans are approved in just a few minutes.
Unlike other online lenders, Truist does not charge an origination fee for its main personal loan option. Nevertheless, it does charge a 5% fee for any other type of loan. Those fees may increase the overall cost of borrowing. Depending on your situation, a low-interest rate loan with a hefty origination fee could cost you hundreds of dollars.
Truist Bank is the product of a merger between BB&T, one of the largest banks in the U.S., and SunTrust, another of the largest banking companies. While the company has been very successful in the lending field, many customers have complained about its customer service. Some customers have had difficulty getting their accounts activated.
Truist also has its own mobile app. You can make your loan and other account payments on your phone, or you can set up automatic payments. Also, if you’re a Truist customer, you can access your account at more than 3,500 ATMs nationwide. Most customers can make a payment using the app, but you can also make payments by mail.
For those who need cash quickly, the Truist Ready Now Loan is a good option. The loan allows borrowers to access their funds within one day. Only one loan can be applied for at a time, though. Applicants must have a Truist checking account for six months prior to applying for the loan.