Is it hard to get a loan from Truist?
Truist Bank doesn't publicly disclose many of its personal loan requirements, but it accepts borrowers with excellent credit (720 credit score or higher). Here's what you need to apply: Personal and contact information, including a U.S.-based cell phone number. Two years of address and employment history.
Because the bank doesn't provide a minimum credit score or pre-qualification, it's hard to know how difficult it might be to get approved for a Truist personal loan. Like other lenders, however, you'll need excellent credit to qualify for the lender's lowest interest rate.
Truist requires a credit score of at least 620 for conventional, FHA, USDA and VA loans. If you want a jumbo loan, you'll need a score of at least 680.
Decisions take just minutes.
Confidence can come quickly when you apply. Most decisions happen in under 15 minutes, and money may be available the same day.
The Truist Enjoy Cash Secured Credit Card is available to people with bad credit, too. That means people with credit scores below 640 also have a shot at getting approved for the Truist Enjoy Cash Secured Credit Card.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
- The Truist One Savings account offers a rock-bottom APY.
- A $3 monthly fee applies for paper statements for the Truist One Savings account.
- The account isn't tiered.
- There's a $5 fee for each withdrawal above the monthly limit.
Today, Truist Bank is among the top 10 largest banks in the U.S. Truist has a good basic checking account but its savings rates are generally low.
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
To secure a personal loan of $50,000, borrowers will need to meet certain criteria, with credit score and history, proof of income and debt-to-income ratio among the most important factors.
What bank gives personal loans?
| Company | Forbes Advisor Rating | Loan amounts |
|---|---|---|
| U.S. Bank | 3.5 | $1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers) |
| TD Bank | 3.5 | $2,000 to $50,000 |
| Discover | 3.5 | $2,500 to $40,000 |
| Wells Fargo | 3.5 | $3,000 to $100,000 |
Funds are generally available the next business day after the deposit is received. Transactions are processed each business day (Monday through Friday except federal holidays) during nightly processing and the results are posted to your account.
As long as you maintain eligibility and have available credit, you can request an advance from $5 to as much as $750 into your Truist Associated Checking Account, up to your approved Cash Reserve Credit Line Amount.
Low interest rates — Truist's best APRs for personal loans are among the lowest on the market, though only customers with excellent credit will qualify for this lender's lowest rates. You'll also have to have a loan term of three years or shorter for the best rate.
Truist pre-approvals do not affect your credit score, as they're done using a soft “pull”, or inquiry. But if you decide to submit an application for any Truist card, a hard inquiry will be conducted, which will lead to a slight, but temporary decrease in your credit score.
Truist One Savings has a $50 minimum opening deposit.
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
- Best for bad credit: Avant Personal Loans.
- Best for flexible terms: OneMain Financial Personal Loans.
- Best for no credit history: Upstart Personal Loans.
- Best for fast approval: LendingPoint Personal Loans.
- Best for small loan amounts: Oportun.
The best quick loans overall are from LightStream. The company provides funding as soon as the same day you apply, has an APR range of 7.49% - 25.99%, and offers loan amounts of $5,000 - $100,000. To qualify for a loan from LightStream, borrowers must have a credit score of at least 660.
Truist will do a hard credit check when you apply, so your credit score could temporarily dip. Stay on top of your loan payments. Truist reports payments to the three main credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit, but missed payments will hurt it.
Is Truist or Wells Fargo better?
Truist ranked 12th out of 27 banks and fintech companies, with a 728 score out of a possible 1,000. Meanwhile, Wells Fargo was 17th with a 714 score — which was the national average score.
The loss was driven by a non-cash goodwill impairment charge of $6.1 billion, which the bank said was “primarily due to the continued impact of higher interest rates and discount rates, and a sustained decline in banking industry share prices, including Truist's.”
While Chase, Bank of America, Wells Fargo and Citi stand out as big banks, U.S. Bank, PNC Bank, Goldman Sachs, Truist Bank, Capital One and TD Bank round out the 10 largest banks in the U.S.
Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses.
#8 Truist Bank
Truist formed in 2019 when SunTrust and BB&T merged, creating the eighth-largest bank in the U.S.
