Truist Personal Loans Review

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Best for a large line of credit

• Offers lines of credit as well as personal loans
• Physician line of credit up to $100,000; other borrowers may access up to $50,000
• Hundreds of consumer complaints and numerous lawsuits

Truist is a newer bank founded in late 2019 by the merger of BB&T and SunTrust Bank. Those banks were already large, and after the merger, it’s now the seventh-largest bank in the U.S. As a full-service bank, it offers all the accounts you might expect, including personal loans. 

If you’re a current Truist customer and you’re happy with the level of service you receive, we might recommend a Truist personal loan to you as well. Otherwise, we’d recommend most borrowers steer toward other options. Find out why in this Truist personal loans review.  

Our take on Truist personal loans and lines of credit

LendEDU’s editorial team conducted a full Truist personal loans review and concluded that it doesn’t make the cut for the best personal loans from our long list of personal loan lenders. It’s a sentiment the rest of the internet seems to echo based on the many negative reviews and ratings we read online. 

In comparison, Truist competitors SoFi and Credible ranked as the top lenders for best personal loans through a combination of stellar customer ratings, more thorough disclosure of loan details, and more widespread availability among Americans. 

However, we rate Truist as one of the top choices for a personal line of credit, particularly if you’re looking for the option to borrow a large amount. Physicians may qualify for a line of credit up to $100,000, for example. 

Even so, it’s worth exploring other top personal line of credit lenders, such as Tally and U.S. Bank, given that Truist’s poor customer service reputation extends to its flexible funding options. 

Truist personal loans and lines of credit at a glance

Truist doesn’t provide much information to potential borrowers, as you can see below, but we’ll go into more depth about what we have in this Truist personal loans review. 

How do Truist personal loans and lines of credit work?

Truist offers many funding options, including personal loans and lines of credit. Its full range of personal loans and lines of credit include:

• Unsecured personal loans
• Physician personal line of credit
• Unsecured personal line of credit
• Truist Ready Now personal line of credit for overdrafts and emergencies
• Secured personal line of credit (using at least $100,000 in investments as collateral)

The lender is tight-lipped about how its personal loans and lines of credit work. 

As you can see above, it provides few upfront details you need to know to make an informed decision about whether Truist is right for you. You’ll get all the pertinent details in a loan agreement before you sign to get funding, but we like to see lenders provide much more transparency, and sooner. 

Truist allows you to manage your account online and even via mobile app, but you still must live in a state with physical branches to be eligible for a loan.

How do you repay a Truist personal loan or line of credit?

Truist doesn’t offer details about how to repay its personal loans and lines of credit. You repay most personal loans with monthly payments via ACH transfer from your current bank account. Many banks offer a small rate discount if you sign up for autopay, but it’s unclear whether Truist does.

Personal lines of credit are often split up into a two-part series: a draw phase, where you can borrow money and make interest-only payments, and a repayment phase, where it converts to a loan. 

You can’t borrow money during the repayment phase on a line of credit, and your monthly payments may be higher. This is how Truist structures its physician lines of credit, and, we assume, its general-purpose line of credit.

If you run into problems in affording your monthly payments, Truist offers a payment assistance center in your online account that may be able to help you find a resolution, whether it’s a short-term payment break, a loan extension, a rate reduction, or another option.

What is the Truist physician line of credit?

Truist offers a special line of credit to medical professionals to use however you like. Residents and fellows can qualify for a credit line of up to $50,000. Board-certified dentists, physicians, and podiatrists may be able to access up to $100,000.

The interest rates on this line of credit are lower than those on its general-purpose credit line: as low as 12.50% APR (versus 13.69% APR) as of March 12, 2024. You can make interest-only payments at first, but Truist doesn’t specify how long its draw period lasts.

Who’s eligible for a Truist personal loan or line of credit?

The biggest limiting factor for most people is their location. You must reside in one of 18 states to apply for a Truist loan, mostly in the Eastern and Southeastern U.S. That cuts out over half of the people in the country. 

Beyond that, Truist doesn’t provide many details about who qualifies for its personal loans and lines of credit. It’s frustrating, considering it also doesn’t allow you to check your approval odds before you submit a full loan application—complete with a hit to your credit score.

Pros and cons of Truist

Here are the benefits and downsides of a personal loan or line of credit from Truist.

Truist offers personal loans and lines of credit that appear similar to many other lenders, with the exception of its physician line of credit. 

However, you’ll likely have a better overall experience with just about any other lender, considering Truist ranked dead last in J.D. Power’s annual survey of customer satisfaction among large banks. 

Consider the following alternatives.

Is Truist a reputable lender?

Overall, Truist has a poor reputation. Most reviews are aimed at Truist as a whole—including its suite of checking accounts and mortgages—however, all data sources paint an overall picture of bad service. 

In addition, as of this writing, 310 customers have filed official complaints specifically related to Truist personal loans with the Consumer Financial Protection Bureau since the 2019 merger. 

Does Truist have a customer service team?

Truist offers the same level of customer service as any other bank. If you have questions about Truist personal loans before or during your application—or while paying off a Truist loan—you can contact customer service in the following ways:

• In person: About 2,000 branch locations are available in the Eastern and Southeastern U.S.
• Phone: 1-844-487-8478 (Monday through Friday from 8 a.m. to 8 p.m. Eastern or Saturday from 8 a.m. to 5 p.m.)
• Secure messaging: Current Truist customers can leave secure messages within the Truist app or their online banking portal

How to apply for a Truist personal loan

If you’re used to handling your finances digitally or in person, applying for a Truist loan shouldn’t be anything out of the ordinary. 

However, unlike many personal loan lenders, Truist doesn’t allow you to prequalify and check your rates first using a soft credit inquiry. You’ll need to submit a full loan application, which can damage your credit score if you don’t select Truist for your loan. Here’s how to apply:

1. Submit a full loan application: You can do this online or at a local branch. If you’re a current bank customer, you can also apply by phone. (This option is not available if you don’t already bank with Truist.) 
2. Submit documents: Along with your application, you’ll submit documents proving your identity, income, and debts, as well as your employment history and any addresses over the past two years.  
3. Get a loan decision: In most cases, you’ll receive a decision within 15 minutes. If you’re approved, it may even be possible for Truist to issue your funds on the same day. 
4. Receive funds and repay loan: You’ll begin repaying the loan once you get your personal loan funds. If you run into financial problems, you may be able to use Truist’s automated payment assistance program, found within your online account. 

How we rated Truist

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Truist to several personal loan and personal line of credit lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.