Why Should you Consolidate Your Loans with SunTrust
If you’re struggling with the interest rates on your current debts and are looking to consolidate, you’ll be in a safe pair of hands. The bank has been in operation since 1891, and now has a subsidiary company dedicated to personal loans and debt consolidation, meaning your case will be handled by specialists.
It even provides free resources and advice on debt consolidation and a debt calculator via its website. This way you’ll be able to check that consolidation is the right step for you and whether you can save money or not. You can expect the following terms when you consolidate with SunTrust:
- Interest rates between 5.95% and 20.49%
- Repayment terms between 24 and 84 months
- No fees
- Same day funding available on some applications
- Consolidate between $5,000 and $100,000
- A 0.25% reduction to your interest rate if you repay your debt from a checking account
- If you choose to be invoiced for monthly payments, you’ll have multiple repayment options available
- SunTrust aims to beat any interest rate offered by a rival lender by at least 0.10%
- Satisfaction Guarantee - If you’re not completely happy with the debt consolidation process, it’ll give you $100 cashback
Before you consolidate your debts you should use the rate calculator to check if you’ll actually be saving money. It’s sometimes the case with debt consolidation that even if you get a lower rate, you might be paying more in the long run.
The rates will change depending on how much you want to consolidate and for how long.
For example, to get the lowest rates you’ll need an excellent credit score, must consolidate between $10,000 and $24,999, and repay the debt in full within 36 months. These terms can be difficult for some to meet, so we’d recommend talking to customer services before you apply if you’ve got any concerns.
We’d recommend not only looking at your current monthly payments but also how much you still need to pay over the lifetime of all of your loans. Then, put the total amount into the calculator to see if you’ll be saving money, and can afford the new terms.
It’s also worth shopping around for other rates, as SunTrust runs a Rate Beat Program, meaning it’ll better any offer you might find with another lender by 0.10%, guaranteeing you cheaper payments.
LightStream consolidation loans by SunTrust
Anyone in need of a consolidation loan will be directed to the LightStream website, which handles all online lending as a division of the Truist merger. Though it’s a separate entity, you get great service and support from one of the most popular banking institutions in the US. The loans are ideal for anyone that needs to combine multiple debts into one manageable monthly payment. Some key features of lending through LightStream include:
- Low interest rates
- Flexible lending terms
- No early repayment/origination fees
- No missed payment charges
What are the Eligibility Requirements
The lender doesn’t have a lot of hard requirements; as long as you’re a US citizen and aged 18 or over, you can apply. However, the service is catered towards those with good credit and you’ll find the following strict criteria:
- A minimum credit score of 660
- Good payment history with no delinquencies
- A long history of good credit. You’ll need to evidence at least five years’ worth of good credit to get the lowest rates
- Evidence of your ability to save. This can be from a retirement pot or a general savings account
- Multiple different types of accounts in your credit history. e.g. mortgage, credit cards, auto loans, etc
- Evidence that you have enough income to pay your existing debts. This will come from your recent pay stubs
These terms might be a little restrictive for some people. It can often be the case that those looking to consolidate their debts have poor credit or are in financial trouble. The reason many seek to consolidate is that they are stuck with a high interest rate from another lender due to a poor credit score.
This means that if you still have poor credit, it won’t be for you. It’s always worth speaking to the customer helpline to see if there’s anything that can be done. Bear in mind, though, that if you apply for a loan, you’ll be subject to a hard pull on your credit report, which could make your score worse if you get rejected.
How to Apply for a SunTrust Debt Consolidation Loan
The application process is incredibly easy to follow and can be completed online in just a few steps. In most cases, it’s able to give instant approvals and you’ll be funded on the same day. If you’d prefer to apply in person, you can also arrange an appointment at one of 1,400 branches located across the South Eastern United States. The application steps are as follows: