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SunTrust Bank loans
Choose from a variety of personal and business products with this division of Truist Bank.
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SunTrust Bank has a variety of banking products and services, including loans for a number of personal uses. BB&T and SunTrust combined under Truist Financial, but will continue offering products under their respective names for the time being.
Types of loans SunTrust Bank offers
For now, SunTrust offers a number of loans under its original brand. This may change with the shift to Truist.
Auto loans
With a SunTrust auto loan, you can get your next car from almost anywhere — or refinance your existing loan. Choose from a classic car loan, lease buyout, used dealership purchase or buy new.
Lease buyouts start at 4.99% APR when you sign up for autopay, while all other auto loan types from SunTrust range from 3.49% to 11.89% APR with autopay. Terms start at 24 months and top out at 84, and amounts span $5,000 to $100,000.
Personal loans
All personal loans — including those for home improvement projects, debt consolidation and adoption — are through LightStream. These unsecured loans also come with an autopay discount of 0.5% and APRs that range from 3.49% to 19.99%.
The rates and terms available to you will depend on a number of factors, including the reason you're taking out the loan. A loan for a kitchen remodel, for example, will have a lower starting APR than a debt consolidation loan.
Lines of credit
If you own your home, you may be able to take out a home equity line of credit (HELOC) with SunTrust. Its rates start at 3.75%, and amounts range between $10,000 and $500,000. Using the Select Credit Line, you can get up to $5 million secured by your investments.
For an unsecured line of credit, you can check out its Personal Credit Line Plus. It allows borrowers to access between $25,000 and $250,000 — or up to $500,000 if you're a wealth management client.
Business loans
Business term loans, SBA loans, equipment financing, lines of credit and commercial mortgages are all available through SunTrust. But unlike its personal products, SunTrust doesn't offer much information other than the types of loans offered online. You'll have to call to get rates, terms and loan amounts, along with any essential information about minimum requirements.
Mortgages
A number of mortgage types are available through SunTrust, including standard options like fixed-rate and adjustable-rate mortgages. But it also offers affordable financing, FHA, VA, USDA Rural Development and jumbo loans.
Compare SunTrust Bank to other lenders
To see personal loans from other providers, select your credit score range and where you live then hit Show me my personalized options.
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Why should I consider taking out a loan with SunTrust Bank?
SunTrust offers a number of benefits that make it a strong contender among other big-name banks.
- Rate beat program. If you can bring an offer from a competitor that meets certain terms, LightStream may beat it.
- Competitive APRs and discounts. On top of the rate beat program and its already low starting rates, SunTrust has a number of discounts available depending on the lending product.
- Offers a variety of banking products. Outside of loans, you can find a number of products through SunTrust, BB&T and Truist to do all of your banking in one stop.
- Secured and unsecured options available. You're not limited to unsecured loans with SunTrust, which means you can put up assets to qualify for lower rates, longer terms or larger loan amounts.
Where SunTrust Bank falls short
Before you take out a loan from SunTrust, make sure you also consider the drawbacks.
- Limited SunTrust Bank branches. Only 10 states and Washington, DC have SunTrust Bank branches. However, more options may open up with the merger under Truist.
- Requires at least $100,000 for LOCs. You have to have at least $100,000 in deposits to be eligible for Premier status — which is required to open a line of credit.
- No student loan options. Previously, SunTrust offered student loans. However as of May 31, 2020 it no longer offers these — though you can still use lines of credit and other lending products to pay for education expenses.
How much it costs to borrow with SunTrust Bank
The rate you receive will depend on the product you choose, your credit score and income, the purpose of the loan, term and amount. But compared to other banks, SunTrust offers competitive APRs.
Rate reductions are available for certain products, too, including a 0.5% discount on personal loans when you use autopay. Personal lines of credit may be eligible for a slightly smaller autopay discount of 0.25%.
SunTrust Bank reviews and complaints
Truist, which now owns SunTrust Bank, is accredited by the Better Business Bureau and earns an A+ from the agency. However, its customer reviews skew negative — it only has 1 out of 5 stars from 222 reviews, as of September 2020. Many of the reviews report dissatisfaction over the way fees are handled, though this is usually in reference to bank accounts rather than loan products.
The SunTrust Trustpilot page doesn't fare much better — out of 11 reviews it receives a 2.4 out of 5 stars. Most complaints revolve around poor customer service, including two customers who had issues with the fraud department.
While online reviews don't paint the whole picture, you may want to talk to a lending agent before applying to make sure SunTrust's level of service meets your standards.
Are SunTrust Bank loans legit?
Yes, Truist is a legitimate lender and by extension so is SunTrust. Its website uses industry-standard protections, including encryption. Borrowers also have the option to enroll in extra security measures to help prevent identity theft, such as alerts to warn you of suspicious movement in your accounts.
How to apply for a loan with SunTrust Bank
Online applications can be made through the SunTrust or LightStream website in most cases. If you'd rather talk to someone in person, you can schedule an appointment at a local branch. Business loans require a phone call to apply — dial 877-370-5108 to connect with a business lending associate.
Depending on the type of loan you're looking for, you'll want to have a few pieces of information on hand when you apply.
- Personal identifiable and contact information
- Employment and income details
- Existing assets and debts
- Collateral if you're securing the loan
Eligibility requirements
Each loan has its own eligibility criteria, but you'll generally want to have a good credit score of 670 or higher and steady verifiable income. In most cases, you must also:
- Have a valid physical US address
- Be a US citizen or permanent resident
- Have a valid Social Security number
More about SunTrust Bank
Truist formed in December 2019 when SunTrust Bank and BB&T merged. It was originally founded in 1891 as the Commercial Travelers' Savings Bank, and SunTrust had locations in 11 states in the South and Washington, DC before the merger. As it merges with BB&T under Truist, even more locations will become available to its customers.
It offers a wide range of banking products, both personal and business, including checking and savings accounts, wealth management, credit cards, loans and investment and retirement resources.
Bottom line
SunTrust Bank — now Truist — offers a flexible range of lending products. Unsecured and secured options, along with rate discounts and its rate beat program make it a strong contender on the affordability front. But it gets consistently negative customer reviews online.
For even more loan options, read our guide to personal loans to fund any project or expense that comes your way at home. To fuel your entrepreneurial projects, check out our guide to business loans.
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