7/7/2023
Access to credit through traditional and modern banking continues to grow in the United States. This reality makes it important to know which entities can provide you with timely financing, as is the case of Truist Bank.
To find out how to apply for a loan at Truist Bank and the requirements it asks for, we leave you with this small guide.
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Who are Truist Bank loans for?
Each financial institution offers varying conditions for financing. You will have to evaluate, according to this and other information, which option suits you best. If you're looking for a business day disbursement of funds and a good amount, a loan from Truist Bank will work for you.
- Amount: between $ 3,500 and $ 100,000
- Term: between 2 years and 5 years
- Interest: 8.19%
- APR: 8.19%
- Amount: From $ 3,500
- Term: between 1 year and 7 years
- Interest: 6.85%
- APR: 6.85%
- Amount: between $ 100 and $ 1,000
- Term: 0 months
- Interest: 0%
- APR: 16.94%
- Amount: From $ 5,000
- Term: between 1 year and 5 years
- Interest: 13.69%
- APR: 13.69%
- Amount: between $ 5,000 and $ 100,000
- Term: between 1 year and 5 years
- Interest: 12.25%
- APR: 12.25%
You should know that this bank does not charge for prepayments, which favors those who want to repay early. If you think you might have trouble repaying on time (which is not recommended), this bank does not penalize late repayment.
Truist Bank Loan Terms
When we review the terms of Truist loans, we find the following:
- Interest Rate. The APR of these bank products ranges from 6.03% to 16.94%.
- Term. The time to pay back the money ranges from 6 months to 5 years. Up to 7 years for car loans.
- Amounts. With this bank you can request from $3,500 to $100,000.
- Credit score. In this category this bank has not published a mandatory minimum requirement.
- Income requirements. As far as we know, Truist has no specific income requirements.
How to apply for a personal loan at Truist Bank?
When applying for a loan at Truist Bank, you must complete several steps that do not represent a major difficulty. The procedure looks like this:
Prequalify
You can start by checking to see if you are already pre-qualified by the lender. The loan officer is in charge of informing you about the requirements you need for this.
You can also find this information on the bank's support site, including the details you need to provide. Although a Truist checking account is not required, they do ask for the following requirements:
- Work history.
- Financial data.
- Contact information.
- Length of time at current address of 2 years.
Fill out the application
Once you have the necessary documentation, you can go to the bank's official website to fill out the online form. We remind you that you have to specify the purpose of your request, any debts you are paying and give your consent on some personal obligations.
Wait for approval
After the bank reviews the credit application and checks that everything is in order, you will have to wait for an answer. We understand that with this bank the processing occurs the same day.
Check the terms of the contract
If you get the go-ahead from Truist Bank, we advise you to take some time to review the terms of the contract. Although many people are not in the habit of reading the terms, doing so can help you avoid unpleasantness later on.
There you will be able to see that the amount granted is not the same as the amount requested. In addition, you must agree to the informed consent, privacy policies and repayment terms.
Sign the agreement
After the recommended check, it's time to sign in person or online (e-sign). You have to give your consent so that they can handle the money transfer for you. After this, there are only a couple of steps left to complete the process.
Receive the funds
Receipt of the granted money occurs one business day after the signing of the contract. This also depends on whether you completed the process during working hours.
Truist works until 5 pm Monday through Friday. Weekend applications carry over to the next business day, as do those that finish after 5 pm.
Start repaying
This bank gives you the alternative of paying monthly payments through their website or app. Since they don't charge you for prepayment, you decide whether you meet the deadline or not.
Advantages and disadvantages of Truist loans
To give you a summary perspective of what Truist Bank loans have to offer you, we'll state those good and not-so-favorable things that distinguish these banking products.
Pros
- A+ rating from the BBB.
- Deposit in 1 business day.
- App for easy management.
- 0.5% discount on the autopay rate.
- No fees: no origination, late payment or prepayment fees.
Cons
- Hard inquiry.
- Does not accept co-signers.
- Restricted use of funds.
- No direct payment to consolidate debts.
- Not available to those with no credit history.
Note that Truist personal loans cannot be used to purchase financial assets (stocks and bonds), invest in a business venture, pay for college education expenses, or refinance a loan you already have.
Español: Cómo solicitar un préstamo en Truist Bank y sus requisitos