Trustmark Personal Loan Full Review
Looking for an easy-approval loan, with low interest and a longer repayment term? Then, you just found the perfect option.
Are you looking for funds to cover some unexpected expenses, medical bills, consolidate debt, or even make a dream a reality? So, you are in need of a personal loan!
Luckily, you just found Trustmark, which is offering several personal financing options, including credit lines and loans up to $50,000 with some flexible repayment terms.
Below, you will get in touch with all of Trustmark’s rates, advantages, exclusive benefits, amounts, and much more.
Who is Trustmark?
Trustmark is a regional bank that was founded in 1889 in Jackson, Mississippi. The bank serves customers in Alabama, Florida, Mississippi, Tennessee, and Texas.
With over a century of experience, Trustmark has built a reputation for providing quality financial services to over 2 million customers.
As of today, the bank offers a range of financial products and services, including personal loans, mortgages, checking accounts, and much more.
How does a Trustmark personal loan work?
Aiming to provide a personal financing solution that could help all of its clients, Trustmark offers two main personal loan options: the Preferred Line of Credit and the True Advantage Loan.
Both loan options provide the customers with the flexibility and terms they need to apply the loan’s funds and make the repayment fit their budget.
Preferred Lines of Credit
Trustmark’s Line of Credit is a flexible borrowing option that can be used to cover various expenses such as purchases, medical bills, unexpected expenses, and more.
Customers can borrow anywhere from $2,001 to $50,000 directly from their Trustmark account and repay it over time. In the meantime, interest will accrue on the outstanding balance.
The minimum monthly payment for this credit line is 3% of the outstanding balance or $50, whichever is greater, while the average interest rate is around 13%.
As with many other banks, Trustmark’s Line of Credit is an unsecured loan, which means customers don’t need to put up collateral to secure the outstanding balance.
True Advantage Loan
Available in both secured and unsecured options, Trustmark’s True Advantage Loan is an exclusive loan option for home improvements.
This loan can be used to replace your home’s air conditioner, repair a leaking roof, paint your home’s exterior, or cover other unexpected house expenses.
Customers can borrow up to $6,500 with monthly payments for up to 60 months. Apart from many other lenders, Trustmark will pay the loan’s closing costs.
Trustmark’s personal loans come with several benefits. Those begin with no prepayment penalties, meaning customers can pay off their loan early without incurring additional fees.
Customers will also not pay any application fee since all loan closing and processing costs will be paid by the bank.
With a complete digital application, customers who already have an account with the bank can be approved in a few minutes and get their funds on the same day.
Trustmark also offers exclusive benefits for checking account holders, including interest discounts for clients who pay their installments on time.
While Trustmark’s personal loans offer many benefits, there are a few drawbacks to consider. Firstly, late payment fees will apply if customers fail to make their payments on time.
Additionally, the bank requires a minimum credit score of 575 to qualify for a loan, which can be a problem for some borrowers with a not-so-good credit history.
Finally, Trustmark’s personal loans are only available in Alabama, Florida, Mississippi, and Tennessee.
The same state restrictions apply to the line of credit, which can be requested in Texas as well.
How to apply?
The application process is quick and easy, and you can receive approval within minutes. Tap the green button below and check out all the requirements and steps to apply for a personal loan with Trustmark.