Key takeaways
- Truist stopped offering its Ready Now personal loan product.
- It still has several other loan products available, including two lines of credit and a personal loan.
- If you need a smaller loan, one of the lines of credit may serve you better than the personal loan.
Truist doesn’t offer the small personal loan version of its “Ready Now” product anymore. However, it does offer two credit line options, in addition to its standard personal loan product. One is a secured line of credit that gives borrowers access to up to $100,000 per year secured by investments. The other is a small unsecured line of credit available to clients with a Truist checking account.
Understanding how these products work can help you determine if they’re the best fit for your borrowing needs.
Alternatives to the Truist Ready Now Loan
| Details | Truist Ready Now unsecured credit line | Truist secured line of credit | Truist standard personal loan |
|---|---|---|---|
| Bankrate score | Not reviewed | Not reviewed | 4.4 |
| Better for | Small unforeseen expenses or overdraft | Borrowers with significant investment balances | Low APR personal loans for Truist customers |
| Loan amounts | $300 to $7,500 | Up to $100,000 | Starting at $3,500 |
| APRs | 8.87%-17.82% | Not disclosed | 8.45%-17.29% |
| Loan term lengths | Not disclosed | Not disclosed | 24-60 months |
| Fees | Not disclosed | None | None |
| Minimum credit score | Not disclosed | Not disclosed | Not disclosed |
| Time to funding | Not disclosed | Same-day availability | Same-day availability |
Truist Ready Now line of credit
Qualified Truist checking account customers can get the flexibility of a line of credit with lower APRs than some credit cards, according to the lender’s website. Funds can be used, paid down and re-used with same-day availability. The low minimum loan amount makes it a good fit for unexpected emergency expenses like car or home repairs.
However, the $7,500 maximum may also help cover larger expenses that may come up. The payment is only based on the amount you use, making it cheaper than an installment personal loan in most cases.
Truist secured line of credit
If you currently have a large investment balance with Truist, you may be able to secure up to $100,000 with its secured line of credit. You’ll need verified assets of at least $250,000 to qualify, but the program includes consulting and financial planning support from a Truist Premier Banker.
Rates and terms are not disclosed on the website.
Truist standard personal loan
If you prefer a standard fixed-rate loan with a definite payoff date, Truist’s personal loan product is worth considering. At 17.29 percent, the maximum rate is less than half of what you could pay for a maximum rate with other low-rate personal loan lenders.
No collateral is required, and you won’t pay any origination fees. Many personal loan lenders charge up to 10 percent of your loan amount, which is taken out of your funds. You could also have your funds the same day you apply, making it a good choice if you need fast cash for something urgent.
Why doesn’t Truist offer the Ready Now personal loan anymore?
Truist’s website doesn’t indicate why the Ready Now personal loan option was discontinued. Borrowers that need less than the $3,500 minimum required on its personal loan product may want to consider the Ready Now line of credit.
It gives Truist customers access to a line of credit as small as $300, with a payment that is based on 2 percent of the balance used or $10, whichever is more. If neither of these products fits your needs, you can compare other personal loan products to find the right option.
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