Ready to take control of your finances and make that big purchase, consolidate debt, or cover an unexpected expense? If you're considering borrowing money, Truist offers a range of loan products designed to meet diverse financial needs. This comprehensive guide will walk you through the process of borrowing money from Truist, step by step, empowering you to navigate the journey with confidence.
Understanding Your Borrowing Options with Truist
Before diving into the application process, it's essential to understand the various types of loans Truist offers. Knowing your options will help you choose the best fit for your specific situation.
Personal Loans (Unsecured)
Truist offers unsecured personal loans, including through its LightStream division. These loans are a popular choice for a variety of purposes, such as:
- Debt Consolidation: Combine multiple high-interest debts into one manageable payment, potentially at a lower interest rate.
- Home Improvements: Fund renovations, repairs, or upgrades to your home.
- Large Purchases: Finance significant expenses like a wedding, a major appliance, or a vacation.
- Emergency Expenses: Cover unexpected costs like medical bills or car repairs.
Key characteristics of Truist unsecured personal loans:
- No Collateral Required: These loans are "unsecured," meaning you don't need to pledge assets like your car or home as collateral. Approval is based on your creditworthiness.
- Fixed Rates: Enjoy predictable monthly payments with a fixed interest rate for the life of the loan.
- Loan Amounts: Truist personal loans typically start from $3,500, with LightStream offering loans from $5,000 up to $100,000.
- Term Lengths: Repayment terms can range from 24 to 60 months, with LightStream offering terms up to 240 months for certain loan purposes.
Secured Loans
In contrast to unsecured loans, secured loans require collateral. This collateral reduces the risk for the lender, which can result in:
- Potentially Lower Interest Rates: Because the loan is backed by an asset, lenders may offer more favorable rates.
- Easier Approval: If your credit score isn't perfect, a secured loan might be easier to qualify for.
Truist offers various secured loan options, including:
- Auto Loans: Finance a new or used car, or refinance an existing auto loan. The vehicle itself serves as collateral.
- Boat & RV Loans: Get financing for recreational vehicles.
- Home Equity Line of Credit (HELOC): This is a revolving line of credit secured by the equity in your home. You can draw funds as needed, up to a certain limit, and only pay interest on the amount you use.
Ready to start your borrowing journey with Truist? Let's get started!
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| How To Borrow Money From Truist |
Step 1: Determine Your Borrowing Needs and Eligibility
Before you even think about hitting "apply," it's crucial to understand why you need to borrow money and if you meet Truist's general eligibility criteria. This initial assessment will save you time and help you approach the application strategically.
1.1 Define Your Loan Purpose and Amount
What exactly do you need the money for? Being clear about your loan's purpose will help you choose the right loan product.
- Are you looking to consolidate high-interest credit card debt?
- Do you need funds for a home renovation project?
- Is it for a large, one-time purchase like a new appliance or medical expense?
Once you know the why, consider the how much. Calculate the exact amount you need to borrow. Over-borrowing can lead to unnecessary interest payments, while under-borrowing might leave you short.
Tip: Focus on one point at a time.
1.2 Assess Your Creditworthiness
Truist, like any lender, will evaluate your creditworthiness to determine your eligibility and the interest rate you qualify for. Key factors they consider include:
- Credit Score: While Truist doesn't publish a minimum credit score for all its loans, a good-to-excellent credit profile (generally 670 or higher) is typically required for the best rates on unsecured personal loans.
- Credit History: Lenders look for a consistent history of on-time payments and responsible credit management.
- Income and Assets: You'll need to demonstrate sufficient income and assets to comfortably repay the loan, in addition to your existing debts.
- Debt-to-Income Ratio (DTI): This ratio compares your monthly debt payments to your gross monthly income. A lower DTI generally indicates a healthier financial picture.
It's a good idea to check your credit score and review your credit report before applying. This allows you to identify and dispute any errors and gives you a realistic idea of your standing.
1.3 Gather Necessary Information
To streamline the application process, have the following information readily available:
- Personal and Contact Information: Full name, date of birth, Social Security number, current address, phone number, and email.
- Employment Information: Employer's name, address, phone number, and your annual income. You may need recent pay stubs, W-2s, or tax returns.
- Financial Information: Details about your existing debts (credit cards, other loans), checking and savings account information, and details of any assets (e.g., retirement or investment accounts).
- Desired Loan Amount and Purpose: Be clear about how much you want to borrow and what you intend to use the funds for.
Step 2: Explore Loan Options and Get a Quote
Now that you've got your ducks in a row, it's time to see what Truist can offer you.
2.1 Visit the Truist Website or Branch
Truist provides several avenues for exploring their loan offerings:
- Online: Their website, Truist.com, is a comprehensive resource for information on personal loans, auto loans, HELOCs, and more. You can often find calculators to estimate potential rates and payments.
- Phone: Call their customer service line (844-4TRUIST / 844-487-8478) to speak with a representative who can guide you through the options.
- In-Person: If you prefer face-to-face interaction, visit a local Truist branch. A loan officer can discuss your needs and provide personalized advice.
2.2 Get Prequalified (Optional, but Recommended)
Many lenders, including Truist, offer a prequalification process. This is a soft credit inquiry that doesn't impact your credit score and gives you an idea of the loan amount and interest rate you might qualify for.
- Online Prequalification: Truist's website may offer an online prequalification tool.
- Phone or Branch: You can also get prequalified by speaking with a loan officer.
Prequalification is a great way to gauge your chances of approval and compare potential offers without committing to a full application.
Step 3: Submit Your Loan Application
Once you've decided on the type of loan and have all your information ready, it's time to formally apply.
3.1 Choose Your Application Method
Truist offers multiple ways to apply for a loan:
Tip: A slow skim is better than a rushed read.
- Online Application: This is often the quickest and most convenient method. You'll typically fill out an online form, upload required documents, and submit electronically.
- Over the Phone: A Truist representative can walk you through the application over the phone.
- In-Person at a Branch: If you prefer, you can complete the application with a loan officer at a Truist branch.
3.2 Complete the Application Form Thoroughly
Accuracy and completeness are key! Double-check all the information you provide. Any discrepancies or missing details can delay the process.
- Personal and Financial Details: Fill in all requested fields accurately.
- Loan Specifics: Reconfirm your desired loan amount and purpose.
- Consent: You'll likely need to acknowledge receipt of consent to use electronic signatures and records.
3.3 Provide Supporting Documentation
After submitting your application, Truist will request supporting documents to verify the information you provided. This may include:
- Proof of Income: Pay stubs (recent), W-2s, 1099s, tax returns, or other income statements.
- Proof of Assets: Bank statements (checking, savings), investment account statements.
- Identification: Government-issued ID (driver's license, passport).
- Proof of Address: Utility bill, lease agreement, or other official document.
- Other Relevant Documents: Depending on the loan type and your specific situation, you might need additional documents like landlord history, divorce decrees, or business financial statements.
Be prepared to upload or provide these documents promptly to avoid delays in your application.
Step 4: Loan Processing and Underwriting
This is where Truist reviews your application and determines if you meet their lending criteria.
4.1 Verification of Information
Truist's loan processors will:
- Verify your income and employment.
- Confirm your assets and debts.
- Conduct a hard credit inquiry: This will temporarily affect your credit score, but it's a necessary step for loan approval.
4.2 Underwriting Review
A loan underwriter will then evaluate your entire financial profile, taking into account:
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- Your credit score and history.
- Your debt-to-income ratio.
- The stability of your income.
- The value of any collateral (for secured loans).
The underwriter's role is to assess the risk associated with lending to you. They will make the final decision on whether to approve or decline your loan application.
4.3 Loan Estimate Issuance (for Mortgages, and can be useful for other loans)
While more common for mortgages, if you're applying for a significant loan, you'll receive a Loan Estimate within three business days after application submission. This document outlines:
- Estimated interest rate.
- Estimated monthly payment.
- Estimated total closing costs (if applicable).
- Information on taxes and insurance.
- Any special terms, such as prepayment penalties.
Review this document carefully and ask Truist any questions you have.
Tip: Watch for summary phrases — they give the gist.
Step 5: Loan Approval and Funding
Congratulations! If your loan is approved, you're just a few steps away from receiving your funds.
5.1 Review and Accept Loan Terms
If approved, Truist will present you with the final loan terms, including:
- The approved loan amount.
- The interest rate.
- The repayment term.
- Your monthly payment amount.
- Any fees (Truist LightStream personal loans are known for having no fees).
Read the loan agreement thoroughly. Ensure you understand all the terms and conditions before signing.
5.2 Funding Your Loan
Once you accept the loan agreement, Truist will disburse the funds.
- Fast Funding: For some personal loans, especially through LightStream, funds can be available as early as the same business day if you complete the process on a banking day.
- Direct Deposit: Funds are typically deposited directly into your designated bank account (which can be a Truist account or an account at another institution).
Step 6: Repayment
Now that you have your loan, it's crucial to manage your payments responsibly.
6.1 Understand Your Repayment Schedule
Your loan agreement will clearly outline:
- Your monthly payment due date.
- The exact amount of each payment.
- The total number of payments.
6.2 Choose Your Payment Method
Truist offers convenient ways to make your loan payments:
- Online Banking: Set up automatic recurring payments from your Truist checking or savings account, or from an account at another institution. This is often the most convenient option and helps prevent missed payments.
- Truist Mobile App: Manage payments on the go.
- Phone: Make payments over the phone through their automated system or by speaking with a representative.
- Mail: Send a check with your payment coupon to the designated address.
- In-Person at a Branch: Visit a Truist branch to make a payment.
6.3 Consider Extra Payments
Making extra payments towards your principal can save you money on interest over the life of the loan and help you pay it off faster. Truist often allows for extra principal payments without penalty.
- Bi-Weekly Payments: For mortgages, Truist offers a Bi-Weekly® Mortgage Payment Plan, which can result in one extra full payment per year, helping you pay off your loan sooner.
Consistent and on-time payments are paramount for maintaining a good credit score and ensuring a positive financial future.
Tip: Check back if you skimmed too fast.
Frequently Asked Questions (FAQs)
Here are 10 common questions about borrowing money from Truist:
How to apply for a personal loan from Truist?
You can apply for a personal loan from Truist online through their website, over the phone by calling their customer service, or in person at a Truist branch.
How to qualify for a Truist personal loan?
To qualify, Truist typically looks at factors like your credit score (aim for 670 or higher for best rates), credit history, income, assets, and debt-to-income ratio. You'll need to be 18 or older with sufficient income to cover the loan.
How to check my Truist loan application status?
If you applied online, you'll likely have an online banking profile where you can check your loan status and view messages. You can also call Truist customer service or visit a branch.
How to make payments on my Truist loan?
You can make payments online through Truist's online banking (setting up automatic recurring payments is highly recommended), via the mobile app, by phone, mail, or in person at a Truist branch.
How to find out Truist personal loan interest rates?
Interest rates vary based on your creditworthiness and the specific loan product. You can often find estimated rates on their website's calculators or by getting prequalified. The best rates are typically reserved for those with excellent credit.
How to choose between a secured and unsecured loan from Truist?
Choose a secured loan if you have collateral (like a car or home equity) and want potentially lower interest rates or have less-than-perfect credit. Choose an unsecured loan if you don't want to pledge collateral, prefer a quicker approval process, and have a good credit score.
How to contact Truist customer service for loan inquiries?
You can reach Truist customer service for general loan inquiries at 844-4TRUIST (844-487-8478). For mortgage-specific inquiries, call 800-634-7928.
How to use Truist's LightStream for personal loans?
LightStream is Truist's online lending division for unsecured personal loans. You apply entirely online, and funds can be available very quickly. LightStream is known for its competitive rates and no fees.
How to get a Home Equity Line of Credit (HELOC) from Truist?
You can apply for a HELOC from Truist online, by phone, or in person. It's a revolving line of credit secured by your home's equity, allowing you to borrow up to 89% of your home's value.
How to prepare for a Truist loan application?
Prepare by defining your loan purpose and amount, checking your credit score and history, and gathering all necessary personal, employment, and financial documentation (pay stubs, W-2s, bank statements, etc.).
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