When it comes to finding financial services that cater to personal loans and other banking needs, Truliant Federal Credit Union has made a name for itself over the last 70 years. However, like many institutions in the financial sector, it comes with a mix of positive accolades and negative customer experiences. So, is Truliant a reliable option for your financial needs, or should you think twice before getting involved? Here’s a comprehensive review to help you navigate this decision.
A Long-Standing Legacy of Financial Services
Founded in 1952, Truliant Federal Credit Union has a solid history of providing its members with a variety of financial services. Headquartered in Winston-Salem, North Carolina, it offers everything from personal loans and home loans to savings and investment services. Being a credit union, it emphasizes a member-first approach, claiming to offer better rates and more personalized service than traditional banks.
Truliant holds an A+ rating from the Better Business Bureau (BBB) and has been an accredited business since 1997. This rating reflects the institution’s longstanding commitment to serving its members. Despite this, the credit union has a mixed reputation when it comes to customer satisfaction.
Customer Reviews: The Mixed Experience
While Truliant has garnered a history of helping people manage their finances, the customer feedback is less than stellar. On the BBB platform, Truliant holds an average rating of just 1.49 out of 5 stars, with 45 reviews and 41 complaints closed in the past three years. Many borrowers report frustrations with the application process, poor customer service, and dissatisfaction with loan terms. Below are a few standout reviews:
- Ethen M (August 2022): “I keep getting denied for loans, even though I have good credit and make all my payments on time. I’ve had loans with Truliant before that I paid off early, but when I applied for another loan, I was rejected.”
- Tasha P. (June 2022): “Terrible experience! We had to withdraw our application due to the awful customer service and numerous mistakes. The representatives were unprofessional, leaving us feeling like a burden.”
- Gianela G (May 2022): “Truliant misled us about the terms of our home equity line of credit (HELOC). They provided false information about the monthly payment structure, which ended up being significantly higher than expected.”
These reviews highlight serious concerns that could make potential borrowers reconsider Truliant as a lending option.
What Does Truliant Offer?
Truliant provides a variety of loans, including personal loans, home loans, and lines of credit. The most common loan options available include:
- Personal Loans: These are unsecured loans ranging from $1,000 to $50,000 with fixed APRs from 6.99% to 17.99%. Loan terms range from 6 months to 84 months. Truliant also allows borrowers to defer their loan payments for up to 90 days, which can provide some financial breathing room, but note that interest accrues during this period.
- Home Loans: Truliant offers various home loan products, including mortgage loans, home equity loans, and lines of credit. They emphasize competitive rates for members, though the negative feedback regarding misleading loan terms should make potential borrowers cautious.
How to Qualify for a Loan with Truliant
To qualify for a loan with Truliant, you must be a member of the credit union, which means you need to meet their membership criteria. Membership is generally open to anyone who lives, works, or worships in specific geographic areas or is related to a current member. Once you become a member, your ability to access favorable loan rates largely depends on your credit score.
Truliant offers some of the most competitive rates for those with excellent credit. However, it’s important to remember that loans are subject to credit approval, and Truliant has strict requirements for qualifying for the best rates. If you have less-than-perfect credit, you may not be eligible for the lowest APRs, and you may face more stringent terms.
What to Expect from Truliant’s Fees and Penalties
One area where Truliant shines is its transparency regarding fees. They do not charge application fees, origination fees, or prepayment penalties. This means that if you pay off your loan early, you won’t incur any extra charges. However, while there are no prepayment penalties, interest accrues from the moment the loan is disbursed, which could add up depending on how quickly you begin paying off the loan.
The Application Process
Applying for a loan with Truliant can be done online, at one of their local branches, or over the phone. Once your application is submitted, a member of their Digital Guidance Team will help walk you through the next steps. While the process is relatively straightforward, some customers have reported frustrations with delays and confusion, especially when it comes to loan terms and approval criteria.
Is Truliant Federal Credit Union a Scam?
Despite its BBB accreditation and long history, Truliant Federal Credit Union’s customer reviews paint a picture of an institution that struggles to deliver on its promises. While the credit union offers competitive loan products, the negative feedback regarding poor customer service, unclear loan terms, and issues with loan rejections should not be ignored.
In the world of lending, a company’s reputation is everything. Truliant’s A+ BBB rating and decades-long history indicate that it’s a legitimate institution. However, the complaints surrounding the company suggest that they have room for improvement in terms of customer experience and communication.
Before deciding whether Truliant Federal Credit Union is right for you, it’s crucial to weigh the benefits and drawbacks. The competitive rates and flexible loan terms are attractive, but the negative reviews surrounding customer service and loan mismanagement may be significant red flags.
Conclusion
Truliant Federal Credit Union offers a variety of financial products and services with competitive rates and no prepayment penalties. However, their negative customer feedback—especially regarding loan approval processes and service quality—should give potential borrowers pause. If you are considering applying for a loan with Truliant, it’s important to carefully review their terms and conditions, and perhaps look into other options as well. Always research your financial choices thoroughly to ensure that you’re making the best decision for your needs.
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