Trustmark’s Personal Loan Full Review
If you are seeking a hassle-free loan that offers a low interest rate and flexible repayment term, you have just stumbled upon the ideal choice.
Are you in need of funds to cover unexpected expenses, medical bills, consolidate debt, or make a dream come true? Look no further, because Trustmark offers a variety of personal financing options including credit lines and loans up to $50,000 with flexible repayment terms.
Discover all of Trustmark’s rates, advantages, exclusive benefits, and loan amounts below.
About Trustmark
Trustmark is a regional bank that was established in 1889 in Jackson, Mississippi. With over a century of experience, Trustmark has earned a reputation for providing quality financial services to over 2 million customers. The bank serves customers in Alabama, Florida, Mississippi, Tennessee, and Texas and offers a range of financial products and services including personal loans, mortgages, checking accounts, and more.
How Trustmark Personal Loans Work
Trustmark aims to provide a personal financing solution that caters to the needs of its clients. The bank offers two main personal loan options: the Preferred Line of Credit and the True Advantage Loan.
Preferred Line of Credit
Trustmark’s Line of Credit is a flexible borrowing option that can be used for various expenses such as purchases, medical bills, and unexpected costs. Customers can borrow anywhere from $2,001 to $50,000 directly from their Trustmark account and can repay the loan over time. Interest will accrue on the outstanding balance, and the minimum monthly payment is 3% of the outstanding balance or $50, whichever is greater. The average interest rate for this credit line is around 13%. Trustmark’s Line of Credit is an unsecured loan, meaning customers do not need collateral to secure the loan.
True Advantage Loan
Trustmark’s True Advantage Loan is an exclusive loan option for home improvements. Available in both secured and unsecured options, this loan can be used for replacing your home’s air conditioner, repairing a leaking roof, painting the exterior, or covering other unexpected house expenses. Customers can borrow up to $6,500 with monthly payments for up to 60 months. Trustmark also covers the loan’s closing costs, setting it apart from other lenders.
Main Benefits of Trustmark Personal Loans
Trustmark’s personal loans come with several benefits. There are no prepayment penalties, allowing customers to pay off their loan early without additional fees. There is also no application fee, as all loan closing and processing costs are covered by the bank. With a fully digital application process, existing Trustmark account holders can get approved within minutes and receive their funds on the same day. Additionally, Trustmark offers exclusive benefits for checking account holders, including interest discounts for clients who make their installment payments on time.
Main Drawbacks of Trustmark Personal Loans
While Trustmark’s personal loans offer many benefits, there are a few drawbacks to consider. Late payment fees will apply if customers fail to make their payments on time. Additionally, a minimum credit score of 575 is required to qualify for a loan, which may be a challenge for borrowers with a less-than-perfect credit history. Trustmark’s personal loans are also only available in Alabama, Florida, Mississippi, and Tennessee, but the line of credit can be requested in Texas as well.
How to Apply for a Trustmark Personal Loan
Applying for a Trustmark personal loan is quick and easy. Simply tap the green button below to access the application process. You can receive approval within minutes. Take a look at all the requirements and steps to apply for a personal loan with Trustmark.
