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Truist Personal Loans Review 2021

Truist Personal Loans Review 2021
Written by Publishing Team

Pros explained

  • Same day financing available: Some online lenders may take a few business days to transfer funds after the loan is approved. But Trust generally provides financing within a day, which is useful if you need to cover an unexpected cost quickly.
  • There is no set-up fee for the basic personal loan option: One of the Trust’s personal loans comes with no setup fee. Other online lenders may charge up to 6% on loan creation, which can be up to $600 in fees if you borrow $10,000.
  • A payment waiver is available to borrowers who are in financial difficulty: Eligible cash-strapped borrowers can temporarily suspend their payments. Note that interest charges will still be due.


Cons explained

  • Poor customer service ratings. Customer service has suffered as a result of the ongoing integration of Trust. Customers of both banks involved in the merger – BB&T and Suntrust – reported difficulties activating and accessing accounts.
  • 5% set-up fee for the emergency personal loan option. Unlike his personal loan with no set-up fee, the Emergency Trust Loan comes with set-up fee. Customers charge $5 for every $100 they borrow, which equates to a 5% setup fee.
  • The lower APR rates are available through LightStream, an online lending division of Truest. LightStream rates start at 2.99% APR, which is five percentage points lower than Truist’s best rate.


an introduction

Trust Bank was founded in 2019 after a merger of BB&T Bank and SunTrust. The merger is expected to take place through 2022. Currently, many of the Trust’s products and services require separate access for customers who have dealt with BB&T and SunTrust.

Trust currently offers two personal loan products. Its basic product allows you to borrow up to $50,000 and has an annual interest rate of 18.99%. Its other product, the Now Ready Loan, is an emergency loan offered in increments of $100 up to $1,000. It also has an APR of 18.99%.

Not sure which loan is right for you? Trust offers an online test that can help. While this test may direct you to Trust loan products, it may also direct you to LightStream, a former online division of SunTrust. Trust also states that more loans and terms are available through LightStream.


Company Profile

Trust Bank, headquartered in Charlotte, North Carolina, is the product of the 2019 merger between BB&T and SunTrust. The newly formed bank serves 15 million customers in 17 US states and the metropolitan area, making it the sixth largest bank in the United States. It currently has more than 2,500 branches and 3,500 ATMs across the country.

Trust provides small business products, mortgages, personal loans, auto loans, home ownership lines of credit, insurance, wealth management, and more.

As it works through the final stages of its merger, Truist expects to maintain some separate products and services for SunTrust and BB&T customers through 2022.


Types of Personal Loans Offered by Trust

Trust offers two personal loan products, the Basic Personal Loan and its Now Ready Loan. While a basic personal loan provides a straightforward application process, applicants for a loan that are ready now must meet additional requirements to qualify. Neither loan option requires collateral or allows joint applications.

Here is a quick look at the types of loans:

personal loan

  • They can be used to consolidate debts, pay for home improvements, weddings, vacations, and more.
  • Borrow between $3,500 – $50,000
  • There are no setup fees

Ready loan now

  • They can be used for auto repair, utility bills, plumbing or appliance repair, and more.
  • Borrow between $100 – $1000
  • Has a setup fee
  • Florida residents pay additional state stamp fees

For borrowers who need an emergency loan, many credit unions offer low-cost alternative loans (PALs) in amounts ranging from $200 to $1,000. Eligible borrowers can have a maximum of three PAL accounts in a six-month period.


Time to receive money

Funds for both a Personal Loan and a Ready Now loan can be available in just one day. While some lenders offer same-day or next-day financing, many lenders disburse the funds in three to five business days. Trust’s funding time is fast compared to some of its competitors.


Features of Personal Loan from Trust

Emergency Borrowing

A ready loan from Trust now works like an emergency loan. This loan can help eligible borrowers get cash quickly to cover unexpected expenses like auto repair or medical bills. Borrowers are limited to one loan at a time, up to a maximum of $1,000, and must wait 30 days after loan repayment to apply for an additional Ready Now Loan. Applicants must have a current Trustee checking account open for six months or more before applying.

Check account requirements

You do not need an existing checking account with Trust in order to apply for a basic personal loan. However, to qualify for his Ready Now loan, borrowers need to have had a current Trustee checking account open for at least six months. Previous BB&T and SunTrust customers interested in a Ready Now loan will need to convert their existing checking account to a Trustee checking account before applying.

Payment relief program

Trust provides assistance to borrowers who are experiencing eligible difficulties. Personal Bank Loan Repayment Relief allows eligible customers to temporarily suspend payments if they experience a temporary drop in income, unexpected expenses or natural disaster. Note that interest will still accrue while payments are held.

When your loan is accepted, or payments are put on hold, your loan may still be due and the total cost of paying it back may be higher. Patience may also appear on your credit reports.


Apply for a Trust loan

Borrowers can apply for a personal loan from Trust online, over the phone, or in person. You will need to be a US citizen or permanent resident and have a valid Social Security number in order to apply.

Here are the application steps that you should be prepared for:

  1. start: Visit the Trust’s Personal Loans page and click the “Apply now” button. Enter your residency status and nationality.
  2. personal information: You will then be asked to enter your personal information, including contact information, Social Security number, and total annual income.
  3. Loan information: After reading the Trust’s e-tag disclosure and consent agreement, you will be able to view loan information and complete the final steps of your application.

If your loan application is approved, Trust will send you an electronic link to electronically sign your loan documents. You can receive the link in less than two hours. However, if you are approved during non-business hours, you may not receive the email until the next day.


Can you refinance a personal loan with Trust?

Trust is not offering to refinance a personal loan at this time.


Customer service

Trust customers can contact customer support from 8 a.m. and 5 p.m. ET, Monday through Friday, excluding public holidays. Make sure to use the correct number based on your banking relationship:

  • Real customers: 844-4TRUST (844-487-8478)
  • SunTrust customers (now Trust): 800-SUNTRUST (800-786-8787)

Automated assistance is also available by phone 24 hours a day.


customers satisfaction

Trust’s ongoing integration has negatively impacted the client’s experience. Customer service ratings for this lender are poor, with complaints about problems activating new accounts, accessing existing accounts, and resolving fraud issues. Customers also report long wait times when trying to get help over the phone.

Those who dealt with BB&T or Suntrust prior to the merger may want to prepare for the ongoing challenges. There are still separate products and services for members of each bank, and your pre-merger bank will determine where and how you can access each of the following:

  • Customer Service and Fraud Reporting
  • Sign up for certain services such as text alerts
  • Loan forgiveness requests
  • Branch access (SunTrust customers cannot use Trust branches before February 2022)

SunTrust customers should also be aware that their loan account numbers will change in 2022.


Account management

Trust customers can access and manage their accounts in a variety of ways. Customers can make payments and set up automatic payment online or through the Trust mobile app. You can also access accounts and make payments by phone, in person, or by mail. Live chat is not currently available, although automated assistance is available 24 hours a day.


How does Trust compare to other personal loan companies

Trust personal loan offers are limited. The bank redirects many borrowers to LightStream for personal loans and suggests shopping for other personal loan products or even credit cards as an alternative to its Ready Now loan.

If you’re looking for a loan under $1,000, credit unions like Navy Federal or Alliant might be worth considering. Alternatively, an online marketplace like Credible can help you compare lenders and find loans as small as $600.

For a larger personal loan, there is no shortage of options, even if you limit your search to credit unions. Alliant Credit Union is just one alternative that offers loans with a relatively low APR, as low as $50,000.

Alliant Credit Union vs Trust

Both Trust and Alliant Credit Union offer loans online, with no prepayment penalties and funds available in less than a day. Here’s how the lenders compare:

  • Alliant is recognized as an outstanding credit union
  • Allied loans are available in a wider range of dollar amounts, with APR rates much lower than Trust.
  • You do not need to be an Alliant member to apply for an Alliant Personal Loan, but you must have a checking account open for at least six months to apply for a Trust Ready loan now.

Personal loan from Trust Allied Personal Loan
April range 8.14% to 18.99% 6.24% to 10.24%
(.40% APR discount for automatic payment)
loan amounts $3,500 – $50,000 From $1,000 to $50,000
loan terms up to 180 months 12, 24, 48 or 60 months
Average Incorporation Fee 0 dollars 0 dollars
Same day financing available? Yes Yes
Payment Protection Yes Yes (for a fee)

Neither Trust nor Alliant disclose the credit requirements for their personal loans. If you’re concerned that you may not qualify because of your credit, check out our picks for the best loans for borrowers with bad credit.

Final verdict

Trust has plans to make more changes to its lending products, but its current offerings are limited and competitors may offer better rates. In addition, the ongoing merger means that customers can potentially expect more frustration through 2022.

When it comes to personal loans, you may want to consider other lenders or apply through LightStream, Trust’s online division. Whether you use LightStream, another online lender, or a credit union, you are likely to find better rates and more options.


methodology

Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of personal loan lenders. We’ve collected over 25 data points across 50+ lenders including interest rates, fees, loan amounts and repayment terms to ensure our content helps users make the right borrowing decision for their needs.


Investopedia requires writers to use primary sources to support their work. These include white papers, government statements, original reports, and interviews with industry experts. We also refer to original research from other reputable publishers where appropriate. You can learn more about the standards we use to produce accurate and unbiased content in our editorial policy.

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  2. Truth. Personal Loan Forgiveness Guide. Accessed November 12, 2021.

  3. LightStream. “Homepage.” Accessed November 12, 2021.

  4. Truth. “quick Facts”. Accessed November 12, 2021.

  5. Truth. Personal Loan Disclosures. Accessed November 12, 2021.

  6. Truth. “Find an ATM or a branch.” Accessed November 12, 2021.

  7. Truth. Personal Banking Services. Accessed November 12, 2021.

  8. Naval Federal Credit Union. Personal loans. Accessed November 12, 2021.

  9. Reasonable. “Personal loans give you a step forward.” Accessed November 12, 2021.


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