BB&T Personal Loans Review

BB&T is one of the largest and oldest banks on the east coast. 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.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

BB&T at a glance

Lender Min Loan Max Loan APR Range Terms Key Benefit
BB&T $3,500 $50,000 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:

  1. Fill out the application information (income, personal information, loan purpose, etc.)
  2. Submit the application to a loan officer either in person or via email
  3. Get approval
  4. 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.

BB&T’s alternatives

Upstart

Upstart does a great job of streamlining the entire personal loan process. 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.

LightStream

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. Applications for a LightStream loan can also be done entirely online making it very convenient. For those with excellent credit and need to borrow a larger sum, LightStream is certainly a good option.

Marcus

If you’re looking for a personal loan that has absolutely zero fees attached, then Marcus is a good option. 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.

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The bottom line

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.

Evan Manwell
Evan Manwell
Contributing Writer

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.