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Personal loans from BB&T are offered to both members and nonmembers, but you will have to visit a branch to close one out. If that’s not a problem, then there are plenty of options to choose from. Debt consolidation, home, auto and recreational loans are just some of the personal loans available to borrowers and all for competitive rates. However, BB&T is in the process of merging with SunTrust bank to form Truist, and these offerings may change in the future.
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In this article
BB&T at a glance
5.99% – 18%
24 – 60 months
Multiple loan offerings
What we like about it
The most attractive feature of BB&T comes from its variety of loan offerings. It offers both unsecured and secured loans, loans for debt consolidation, vacation loans, home loans, and more. The bank also provides refinancing options.
The terms and rates for each loan type shift a bit, but BB&T doesn’t tack on origination or prepayment fees to its loans. The lender also provides fast funding; sometimes loans can be deposited in your bank account in as little as one business day.
Things to consider
Not being able to prequalify and check your rate without hurting your credit score is one of the biggest drawbacks of this lender. In today’s online lending world prequalification has become fairly standard, making it a sorely missed feature. SunTrust, the bank BB&T is merging with, does offer this, indicating change may be on the horizon.
The other major drawback comes from the bank’s limited range. BB&T only is available in 16 states located primarily on the east coast. While you don’t have to be a member of the bank to get a loan, you do have to visit one to finalize it. This makes the loans a bit impractical for outside members.
What you need to know
The amount you can borrow from BB&T is competitive when compared to some of the best personal loans out there — between $3,500 and $50,000. There’s plenty of breathing room to fund your personal finance needs.
BB&T rates and terms change depending on the type of loan you get. With such a large number of personal loans available, this makes it tricky to pinpoint exact figures unless you apply. In general, you can expect an APR range between 5.99% and 18% and loan terms between 24 and 60 months.
Since BB&T doesn’t have a prequalification program, you’ll have to apply to know what rate you’ll get. Before you can do that though, the bank does require you to have a credit score of 660 and a decent debt-to-income ratio of about 40% – making these personal loans unsuitable for bad credit borrowers.
If you do meet these requirements, you can get a loan application in two ways: by visiting a BB&T branch in person or by contacting a loan officer
The application process for both options is the same either way. To apply:
Fill out the application information (income, personal information, loan purpose, etc.)
Submit the application to a loan officer either in person or via email
Close the loan by visiting a local branch
Closing a BB&T loan is always done at a local branch. This can take some time out of your day, but once completed you can receive funding in as little as one business day.
BB&T’s fees and penalties
Personal loans from BB&T do not have origination or prepayment fees attached. However, you can expect to be charged a late fee if you miss your payment date. Just like with BB&T’s terms and rates, its late payment fees change depending on the customer and loan type. Usually, late payment fees for personal loans will range from between $15 and $50, although BB&T late fees can certainly diverge from this standard.
Applications can be done entirely online and approval can happen in as little as 3 days. Upstart loans are primarily geared towards younger borrowers or those without an extensive credit history due to its criteria.
The lender requires a credit score of at least 620, but it will look at other life and personal financial factors when looking at loan approval. Upstart does have an origination fee and a late payment fee, but you can check what rate you’ll receive for free and without damaging your credit score.
The APR from Upstart can go up to 35.99%, but it’s still a great option for those with shorter or weaker credit histories.
* The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 19% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. ** Estimated savings are calculated based on the credit profiles of all loans originated by Upstart-powered lenders using the Upstart Platform as of April 1, 2019 in which the funds were used for credit card refinancing. Estimated savings are calculated by deriving current credit card APR using minimum monthly payment and 1% of the principal balance. The estimated credit card APR is then compared to the accepted loan to determine median savings per borrower. To evaluate savings on a loan you are considering, it is important to compare your actual APR from your existing debt to the APR offered on the Upstart Platform. More than 303,000 loans have been originated on the Upstart platform as of July 1, 2019. Images are not actual customers, but their stories are real. † If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and in accordance with federal law. ‡ While most of our borrowers opt for automated recurring payment for ease of use, we also accept payments by check or one time electronic payments. Borrowers have the flexibility to choose the repayment method that works best for them. 9 out of 10 Upstart users surveyed internally reported that they would recommend Upstart. †† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus. § Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
Lightstream is part of the lending arm of SunTrust Bank — the bank BB&T is merging with. This lender has been focused on providing great loans to those with excellent credit. As such, applicants are required to have a credit score of at least 660, but the APR can be as low as 5.95%. On top of that, you can also borrow a significant sum of up to $100,000.
This lender also does a good job of offering other incentives for those interested in its loans. There are no fees and LightStream guarantees to beat competitors’ rates by 0.10% if you show proof of approval.
Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66
Marcus was created by Goldman Sachs and offers a lot of loan flexibility. The lender also has several personal financial tools available to help borrowers get their finances a bit more on track. People can borrow anywhere between $3,500 and $40,000 for just about anything with rates starting at 6.99%. With an easy online application process, zero fees, and a plethora of tools and features, Marcus is one of the best personal loan lenders around.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
Too long, didn’t read?
BB&T personal loans are fine for current members of the bank with good credit. The rates are competitive, the options are varied, and borrowers can receive their money quickly. Anyone that’s not a member will find BB&T personal loans inconvenient due to the lack of an online prequalification process as well as the need to visit a local branch to close.
Simply put, BB&T makes it tough for nonmembers to compare rates and get a personal loan – especially when compared to the other lenders out there that let you do this all from the comfort of your home. Perhaps the merger with SunTrust will fix these issues. For now, they’re enough to keep most borrowers away.
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
Identifies five measurable aspects to compare across each brand
Determines the rating criteria for each aspect score
Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).
We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.
We awarded higher scores to lenders with more generous loan sizes.
We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
We awarded higher scores to lenders with the most channels for customer support.
We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.
Evan Manwell is a personal finance writer based out of Portland Oregon. He has worked closely with both banks and credit unions to write about personal loans, credit cards, student loans, cryptocurrencies and advances in fintech.
Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.