SunTrust lines of credit review | finder.com

SunTrust lines of credit review

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Find revolving credit ranging from $25,000 to $500,000 or more through this well-known bank.

Unlike other banks, SunTrust doesn’t offer a suite of personal loans. But it does extend high-dollar lines of credit to qualified account holders.

These lines of credit could be a flexible solution to financing big purchases or consolidating your debt.

Product NameSunTrust Personal Credit Line Plus and SunTrust Select Credit Line
Min Loan Amount$25,000
Max. Loan Amount$500,000
RequirementsYou must have at least $100,000 of investments in a verifiable bank account and live in one of SunTrust’s serviced states.
  • You must have at least $100,000 of investments in a verifiable bank account.
  • You must live in one of SunTrust’s serviced states.

What lines of credit does SunTrust offer?

Choose from two credit options with SunTrust: the Personal Credit Line Plus and the Select Credit Line. Interest rates are variable and based on the prime rate plus a margin that depends on your line and overall creditworthiness.

  • Personal Credit Line Plus. Borrow from $25,000 to $500,000 without collateral at a variable APR of 8.15%–8.95% .
  • Select Credit Line. Secured by investments, these lines come with amounts of $25,000 to $5 million with variable APRs of 5.5% to 5.95%.

You can keep your lines of credit open for up to four years. After that, you’re responsible for paying the full balance you owe. Your specific payback term depends on your line of credit contract.

What makes SunTrust lines of credit unique?

Unlike many lines of credit that limit how much you can borrow for personal purposes, SunTrust’s options go up to $5 million, if you qualify.

Unsecured and secured options and terms of up to four years offer flexibility to find a line of credit that suits your needs.

What are the benefits of a SunTrust personal line of credit?

  • Flexible security options. SunTrust doesn’t require collateral for a line of credit, though you’ll see lower rates with it.
  • Rate discount available. Set up automatic deductions from a SunTrust checking, savings or money market account to qualify for a 0.25% rate reduction.
  • Limited fees. SunTrust doesn’t charge an application or annual fee, saving you money and reducing your total APR.
  • Revolving credit. SunTrust’s line of credit options are revolving — meaning you can continue borrowing as you pay back your outstanding balance.

Are there any drawbacks?

  • High minimums. Both lines of credit start at a high $25,000 If you need less, look elsewhere.
  • Requires $100,000 in investments. If you opt for a secured loan, you need an investment account of at least $100,000. Even unsecured loans require proof of $100,000 in investments.
  • Variable interest. Like most lines of credit, your interest rate is variable and based on the prime rate published by the Wall Street Journal.
  • Limited availability. Lines of credit are available in Alabama, Arkansas, Washington DC, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia only.

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Rates last updated November 14th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99%. (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
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6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
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4.99%–35.99% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

What does the Internet say about SunTrust?

SunTrust is accredited by the Better Business Bureau, where it earns an A+ rating. As of August 2018, however, it has over 50 customer reviews — 95% of which are negative — and nearly 1,000 complaints filed against it. Other consumer review websites give it negative ratings, but few are about SunTrust’s credit lines.

Because you’ll work with a local branch, search for reviews from current and former customers regarding the services provided in your location. It might provide a more accurate picture of the type of people you’ll deal with daily.

Am I eligible?

To apply for a SunTrust line of credit:

  • You must have at least $100,000 of investments in a verifiable bank account.
  • You must live in one of SunTrust’s serviced states.

How do I apply?

Gather basic personal information, including your current employment and financial assets, and visit SunTrust’s website to begin:

  1. Navigate to the Personal Lines of Credit Page. Select Apply Now.
  2. Select your state and confirm that you have $100,000 in assets.
  3. Enter a promo code, if you have one, and your SunTrust account information.
  4. Enter information about yourself, including your contact details and annual income.
  5. Enter your financial information, including your assets and recent debts.
  6. Enter your requested loan amount and any debts you’re paying off.
  7. Select enrollment in automatic payments.
  8. Review and submit your application.

SunTrust assigns an ID to your application that you can use to track the progress of your line of credit approval.

How to apply step-by-step with screenshots

What happens after I’m approved for a line of credit?

If you’re approved for a line of credit, you can start withdrawing your funds. Both options are revolving, meaning you can withdraw money as needed while you repay your outstanding balance.

Each month, you can choose a minimum repayment or pay interest plus the principal. The minimum payment covers interest only, leaving you responsible for repaying your full loan after your term ends.

Your interest rate is variable based on the Wall Street Journal prime rate. SunTrust offers a handy online calculator so you can see how much it can take to pay off your line of credit.

Late fees differ by contract, so when negotiating terms, make sure you know exactly how much you face for payments received after the 10-day grace period.

Bottom line

If you’re already familiar with the trusted SunTrust Bank, it could be an option for flexible secured or unsecured lines of credit to finance projects or consolidate your debt. They offer decent interest rates and large potential amounts, but you must borrow at least $25,000 — which might be too much for your needs.

Narrow down your financing options by comparing personal loans and lines of credit before applying.

Frequently asked questions

Image source: Suntrust.com

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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