SunTrust is one of the oldest banks and currently a leading bank in the nation. Among its various financial services include an exciting range of personal loans and lines of credit. Besides, it has an independent arm known as LightStream that has specialized in different types of secured and unsecured personal loans and lines.
Do you know what might have brought you to SunTrust? Perhaps you are an existing customer of the bank, with an active savings or current account. It may be possible that a SunTrust branch is closer to your place than that of any other bank or credit union. Finally, you might have someone who has recommended you to try the services of SunTrust Bank.
Not all can apply at SunTrust and get approved, too. You must meet certain conditions. Your credit score must be stellar (over 710). You have a permanent job with a consistent income. You have someone with good credit to cosign in case you are just short of the required score. Last but not least, you must understand your financial responsibility as a borrower.
Personal Loan Products at SunTrust
The following are some of the financial services provided by SunTrust and LightStream.
LightStream Unsecured Loan
The most popular loan program is known as LightStream Unsecured AnythingLoan, which may be available at APRs ranging between 2% and 6%. The loan amount can be anything between $10,000 and $100,000, but the borrower must have a great credit score to qualify. Moreover, borrowers can choose a loan term between 24 months and 36 months.
SunTrust Unsecured Personal Loan
Though it is more difficult to obtain, it offers the advantages of fixed rates and loan terms. A type of installment loan, it can be used to consolidate credit card debts, fund home improvement and pay for school or college fees, to name just a few here.
Secured Personal Loan
The advantage with this loan type is lower interest rate, but it may be risky since it requires collaterals from borrowers. Approval is quick, but you can’t use the money in your CD or savings account as long as your debt is not wiped out. Another advantage with this loan is flexible repayment options.
SunTrust Personal Line of Credit
If you don’t need a large sum of money at one time, then you might consider a SunTrust personal line of credit. Some expenses are recurring in nature, such as home remodeling and school fees. You are offered a revolving credit line, which you can use until the limit is exhausted, pay back and use the fund again.