Truliant Federal Credit Union Review: What Is The Truth About It?

This company offers debt consolidation loans, home loans, and personal loans under the trademark “Truliant.” It advertises its services at truliantfcu.org.

The Truliant Federal Credit Union has been receiving a lot of attention in recent months. But is the lender right for you? We created this Truliant Federal Credit Union Review to help you find out if you are making the right decision.

Overview Of Truliant Federal Credit Union

If you are considering taking out a personal loan, there are many benefits. For instance, you can consolidate debt, make home improvements, or even simply have extra cash on hand. However, with so many lenders to choose from, it can be difficult to know where to look.

Following a close examination of their website and terms and conditions, we discovered some interesting facts.

• Fixed rates range from 6.99% to 17.99% APR.
• There are a variety of terms available, ranging from six to 84 months.
• Rates and terms are subject to change without notice.
• Credit approval is required for all loans.
• After signing a loan agreement, borrowers who qualify may defer their payments for up to 90 days.
• Your loan will accrue interest from the date of closing until you begin making payments on your loan.

Truliant Federal Credit Union: What Is It?

In 1952, Truliant Federal Credit Union began providing full-service financial solutions to its members. In addition to its credit union services, Truliant Federal Credit Union also offers savings, loans, and investment services. It is headquartered in Winston-Salem, North Carolina. Their telephone number is (336) 659-1955.

The Better Business Bureau has rated Truliant Federal Credit Union as an A+ credit union. With an average customer rating of 1.49 out of 5, the credit union has been accredited since 1997. In the last three years, the credit union has received 45 customer reviews and has resolved 41 customer complaints.

How Does This Company Work?

It is easy and quick to apply for Truliant membership, whether you are applying at one of their branches, by telephone, or online through their digital application. Upon submitting your application, a member of their Digital Guidance Team will assist you throughout the remaining process, providing personalized attention and answering any questions you may have. After that, your funds will be available at your convenience.

Qualifying Process

The Truliant Federal Credit Union offers some of the most competitive rates around. However, there is a catch – you must have excellent credit to qualify.

Truliant Federal Credit Union Reviews By The BBB

In addition to its A+ rating from the Better Business Bureau, Truliant Federal Credit Union has received 45 customer reviews in the last three years and has closed 41 complaints. The credit union has been accredited since 1997 and has an average customer rating of 1.49 out of 5 stars.

Some reviews:

Ethen M 08/19/2022

I keep getting denied for loans, even though I have good credit and make all my payments on time. I’ve had a line of credit with them before, which I paid off early, and an auto loan, which was always paid on time, but when I applied for a loan to help to help cover moving expenses, or to consolidate some of my bills, I get rejected.

Tasha P. 06/23/2022

Terrible experience trying to take out a loan with Truliant. We ended up withdrawing our application due to the horrid customer service and the several mistakes that were made throughout the process, and even after we canceled. The representatives have no respect for first time customers and seem to tell you anything just to get you off the phone. I felt as if I was a burden to the representatives that I spoke with. I do not trust this company and will not be recommending them to anyone.

Gianela G 05/12/2022

Do not take out a loan with Truliant; they will tell you whatever it takes to get you to do it, even lie to you about monthly payments, etc. My husband and I applied for a home equity line of credit under FALSE PRETENSES of what our monthly payment would be and how the HELOC worked. We were told there would be a draw period (like all HELOCs) where we pay a lower monthly payment, but it would mostly cover the interest. After applying for the loan turns out that they expect you to pay 1% of the outstanding balance on the loan every month, and there is no true draw period where you pay mostly on interest; it’s just “like a big credit card.” So we wanted to take out 75k, and we’re originally quoted $532/month given our credit, etc. We’ll when the assigned loan processor told us our payment was going to be $750. And that she also couldn’t tell us how much of it would go to interest and principal even though she knew the exact amount. A bunch of crooks forced a credit pull on us based off of a lie.

FAQs

How Much Does Truliant Federal Credit Union Cost?

It is a great choice for borrowers who prefer predictable monthly payments to take advantage of the fixed interest rates offered by Truliant Federal Credit Union’s Personal Convenience Loans, which range from 6.99% APR to 17.99% APR. They offer a variable rate Preferred Line of Credit that ranges from 12.49% APR to 18.00% APR for those who prefer a variable rate.

You can defer payments on your loan for up to 90 days after signing, with interest accruing from the closing date until the due date. This program provides up to a 90-day extension of your loan for a maximum term of 84 months.

Is There Any Penalty For Pre-Payment?

Truliant Federal Credit Union does not charge any application fees, processing fees, origination fees, or prepayment fees for any of its products and services.

What Is The Impact On Your Credit Score?

There will be a soft credit pull performed at the beginning of the application process to give you an idea of what interest rates and loan terms you may be qualified for. Your credit score will not be affected at all as a result of this soft credit pull.

Once you decide to proceed with the loan application, they will have to perform a hard credit inquiry to obtain a complete assessment of your credit history and offer you a final rate. These hard inquiries are common when applying for loans and can adversely affect your credit rating.

Is it possible to cancel Truliant Federal Credit Union?

If you apply for a personal loan, you can’t go back. Once the funds are in your bank account, you can’t reverse or cancel the transaction. So be sure of your decision before applying for one. You won’t have to worry about cancellations or changes down the road.

These tips may help you get back on track if you’re struggling to make ends meet.

• Staying on track is easy with a budget.
• Getting advice from a financial advisor can help you understand your options and come up with a plan that works for you.
• Last but not least, don’t worry if you’re already in debt. Many companies are willing to work with customers to create a more manageable payment plan.

Is It Legit?

Since 1973, Truliant Federal Credit Union has helped people with their finances. Truliant has received an A+ rating from the Better Business Bureau and has been accredited since 1997. They offer various services designed to meet your needs and assist you in getting the money you need. The company has received only 1.49 out of 5-star customer ratings, with the most negative reviews.

You should consider several factors before taking out a loan. The importance of shopping around and comparing rates from different lenders cannot be overstated. Be sure to read customer reviews to better understand the lender. You can avoid taking out a loan you cannot afford if you do this.

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Thanks for reading!