BB&T Personal Loans Review: Competitive Bank Loans with Fixed Rates

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BB&T personal loans are best for borrowers who want fixed rates and want a more personal experience when applying for a personal loan. You'll need to visit a branch in order to apply so use BB&T’s branch locator to see if a branch is near you. If you don’t have easy access to a branch, prefer an online application process, or want to see rates and terms before applying, this lender may not be a great option.

BB&T, short for Branch Banking and Trust Company, traces its roots back to 1872. It’s one of the largest financial services companies in the United States, according to the bank. It offers personal loans, business banking services, insurance, wealth and asset management, mortgages, specialized lending and more.

BB&T personal loans review: Should you apply?

Unlike many of its competitors, BB&T doesn’t offer a lot of information on its personal loan product online. That means it can be difficult to know if you’ll qualify for funds and for what kinds of terms. You’d also need to go in person to apply for its unsecured personal loan.

However, if you prefer to have in-person interactions with your bank, BB&T may be a fit. The lender has over 1,700 financial centers.

Its branches are concentrated in just 15 different states, primarily on the East Coast, plus Washington, D.C.:

  • Alabama
  • Florida
  • Georgia
  • Indiana
  • Kentucky
  • Maryland
  • North Carolina
  • New Jersey
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington, D.C.
  • West Virginia

Pros and cons

BB&T advertises that it offers “flexible financing with competitive rates” on its website. Depending upon the type of loan you choose, you may also be able to enjoy fixed rates and no prepayment penalties.

The bank offers few details online when it comes to disclosing the actual rates it offers. You won’t easily find rates, or even a range of rates, on BB&T’s website. Instead, you’ll need to visit a branch in person to discover the rate and terms the bank is willing to offer you, based on your credit and other factors.

Types of loans offered

Unsecured loans and lines of credit

Whether you’re looking for money to pay for an expensive home renovation or you need access to financing for another reason, a BB&T unsecured loan or line of credit might be a good solution.

Both of these financing options offer fixed rates and terms for borrowers. They can also be paid off anytime without fear of a prepayment penalty.

Plus, if you’re willing to back a loan with personal assets like life insurance or brokerage accounts, you might be offered up to 100% financing.

You’ll need to visit a BB&T branch in person to find out exact rates, terms, qualification requirements, and loan limits.

Debt consolidation

Paying off your expensive credit card debt with a new, lower-rate installment loan can be a smart strategy to help you save money and get out of credit card debt faster. BB&T offers debt consolidation loans aimed at helping borrowers achieve these goals.

Again, the bank boasts of “competitive rates and flexible terms,” but you’ll need to visit a branch yourself to confirm whether that’s true in your particular situation.

Other loans

In addition to the loan options above, BB&T offers these financing options:

  • Auto loans
  • Boat and marine lending
  • Recreational loans
  • Home equity loans and lines of credit
  • Mortgages

The bank also offers checking and savings accounts and certificates of deposit. Customers will also find retirement planning and insurance services. This makes BB&T a one-stop shop for those who’d prefer to keep most or all of their finances under one roof. The tradeoff, however, is that you may not get a lot of transparency on its personal loan product, or receive the most competitive terms compared to online lenders.

How to get a personal loan at BB&T

If you’re ready to apply for a personal loan at BB&T, the following steps should help get the process started.

  1. Use BB&T’s online locator tool to find a branch near your location.
  2. Search by entering your address, ZIP code, or using the drop-down box to select your state and choose from available branches in your area.
  3. If you prefer, you can call 800-BANK-BBT (800-226-5228) to learn more before you visit a branch to apply.

Alternative personal loan options

BB&T is a respected name in lending, but that doesn’t mean the bank is your only option for a personal loan. If you don’t live near a branch or if you prefer more upfront transparency from a lender where rates are concerned, it may be a good idea to check out what others have to offer.

Many lenders do provide a lot of information online about their financial products. This makes it easier to comparison shop before you start filling out loan applications.

Below are some alternative personal loan options to consider.

LightStream personal loan

LightStream
LightStream

LightStream is an online lender that offers personal loans with rates from 3.99% - 16.99% with AutoPay (rates vary by loan purpose) APR [1], which are some of the lowest rates in the market. The lender doesn’t charge additional fees, like origination or prepayment penalties, and it’s even possible to get funding on the same day you apply for your loan.

Unlike BB&T, you won’t find physical branches with LightStream. As an online-only lender, your experience with LightStream will be entirely digital. In exchange for losing that human touch, LightStream offers competitive loan terms, with terms between 2 to 12 years and a maximum borrowing limit of $100,000. LightStream is a top lender for those with excellent credit.

Citizens Bank personal loan

Citizens Bank
Citizens Bank

If you want a traditional banking experience, Citizens Bank is a good alternative to BB&T. It has 1,100 branches across 11 states in the New England, Mid-Atlantic and Midwest regions.

At Citizens Bank, qualified personal loan borrowers can enjoy interest rates from 6.80% - 20.91% APR and may receive between $5,000 - $50,000 in financing. These rates and terms are fairly standard compared to other personal loan lenders.

Personal loans from Citizens Bank also feature no fees, making Citizens Bank transparent and easy to understand when it comes to pricing. Qualified borrowers need to have a strong credit history and an annual income of at least $24,000 to qualify.

Similar to BB&T, Citizens Bank offers other banking products, from checking and savings accounts to mortgages and even student loan refinancing.

Marcus by Goldman Sachs® personal loan

Marcus
Marcus

Marcus by Goldman Sachs® [2] offers personal loans with low rates (from 5.99% - 28.99% APR), no fees, and flexible terms from 3 to 6 years. Qualified borrowers can receive up to $40,000 from this lender. However, the lender does reserve its lowest rates for applicants with excellent credit.

Marcus by Goldman Sachs® also offers high-yield savings and certificates of deposit with rates that are higher than those offered by BB&T. However, Marcus by Goldman Sachs® doesn’t offer nearly as many different financial products as BB&T and is an online-only institution.

OneMain Financial personal loan

OneMain Financial
OneMain Financial

OneMain Financial [3] has nearly 1,600 branches across 44 states, making them more accessible than BB&T depending on your location. However, OneMain only offers personal loans compared to BB&T's more varied offerings.

For borrowers with less-than-perfect credit, a personal loan from OneMain Financial might be a good fit. But in return for easier qualification requirements, you’ll find higher rates, from 16.05% - 35.99% APR. Qualified borrowers may be able to take out personal loans between $1,500 - $30,000 with terms of 2 to 5 years.

That said, if you have a good or excellent credit rating, you may be able to find a better deal with BB&T.

Comments and Questions

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[1] Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

[2] 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. 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. For New York residents, rates range from 5.99% to 24.99% APR.

[3] Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.