Unsecured Personal Loans

The main difference between secured and unsecured loans is that secured loans require collateral and unsecured loans don’t. 

For instance, a secured home loan uses your home as collateral, and a secured vehicle loan uses your vehicle as collateral. If you fail to pay the loan, you can lose your asset.

Unsecured loan benefits can include a simpler application and approval process, because there is not a need to secure a title to collateral property.

Unsecured loans, also called unsecured personal loans, are backed by your creditworthiness—your past repayment history and your credit score, among other factors. Because of this, interest rates on unsecured loans can be higher than those on secured loans. 

You can apply in person. or, if you have a Truist account, by phone at 844-4TRUIST (844-487-8478).

Applicants must be at least 18 years of age and meet applicable credit requirements for a personal loan. Everyone’s credit profile is unique, and during our approval process, we look beyond your credit score and examine your entire credit profile. Please note: A high FICO® score doesn’t guarantee approval.

Here are some characteristics we find people with good-to-excellent credit share:

• Credit history: Several years of credit history (excellent credit profiles have 5 or more years) with a variety of account types, including major credit cards, installment loans, vehicle loans, and mortgage debt, if applicable.

• Assets: The ability to save money, shown by retirement or investment accounts, as well as liquid assets such as checking and savings accounts.

• Income vs debt: Stable income and assets with the ability to repay current debt obligations in addition to the unsecured personal loan. (Excellent credit profiles typically include little, if any, credit card debt.)

• Payment history: A good-to-excellent payment history with few or no late payments, and no other problems repaying debt.

Note for joint applicants: Each party on an application is reviewed equally since they share responsibility for this loan.

Details can be found in online or mobile banking, in your monthly statement, by calling 844-4TRUIST (844-487-8478), or by visiting a branch.

There is no penalty for partial or total repayment. You can make extra payments any time by signing in to your account.

Most unsecured loans are funded the same business day.^{Disclosure 3}