Truist Bank is one of the largest banks in the United States offering a wide range of consumer, commercial and banking services such as asset management, securities transactions, mortgage loans and insurance.
The bank has an extensive list of loan types. Loans for any purpose, loans for youth and pensioners, refinancing of loans, car loans, education loans with state support, purchases on credit, loans for any purpose against real estate, mortgages.
Truist Bank provides consumer loans for any purpose at an interest rate of 12.9% or more. The age of the borrower must range from 21 (or 18 for wage clients) to 70 years at the time of loan repayment. Loan payments have a fixed monthly payment, no extra charge, only the amount of the interest rate affects overpayment. The loan can be taken for a period from 3 months to 5 years. The Bank also has a feature of reducing the rate by 2% if there is no early repayment and overdue payments during the first year.
Truist practices refinancing of loans by turning several loans into one, thus reducing payments and the rate. A minimum of documents and references can be used when applying for loans through the website. The bank marks the loans that customers can refinance. These may be loans from other banks, consumer loans, car loans, mortgages and credit cards or debit cards with overdraft authorization. When refinancing a loan, the rate starts from 11.4%. With the help of refinancing, the client will be able to combine loans from different banks, save time and money, and reduce monthly payments; moreover, this programme will help to take the property out of collateral, for example, a flat or car for subsequent sale.
If the borrower urgently needs an additional amount when having one loan, he or she will not have to take a new loan, Truist is ready to provide the missing amount and subsequently add it to the loan without changing the interest rate.
The requirements for refinanced loans are not very strict or clear. The number of loans to be refinanced must be between 1 and 5 (inclusive). The term of internal loans shall not be less than 180 calendar days as of the date of the loan application review. Timely repayment of debt, absence of current overdue debt and lack of restructuring of the refinanced loan are also mandatory.
The penalty for late repayment of the loan and/or payment of interest is 20% per annum from the amount of the overdue payment for the period of delay from the date following the date of fulfilment of the obligation established by the consumer loan agreement. And to the date of repayment of the overdue debt under the consumer loan agreement (inclusive).
Truist Bank provides a mortgage loan for the purchase of a flat, residential building or other residential premises under construction on the primary real estate market for up to 30 years at a rate of 0.9%.
The loan is also granted for the purchase of a mortgage flat, a residential house or other residential premises on the secondary real estate market for a period of up to 30 years at a rate of 7.3%.
Families with a second (third, etc.) child can buy a low interest mortgage flat under the state support programme at a rate of 0.1% or more.
At Truist, you can take out a loan for any purpose against a pledge of real estate held by the client for up to 20 years at an interest rate of 10.4%.
With the help of Truist, the borrower can use the maternity capital for a down payment or part thereof at a rate of 4.1%.
Truist provides programmes for any loan on flexible terms, suitable for mortgages, consumer loans, deferral of up to 2 years (mortgage) or up to 1 year (consumer loan). Payment during the grace period is 10%.