Truliant Federal Credit Union Review: Is It A Scam Or A Legit Lender?

Truliant Federal Credit Union provides numerous loan options such as home loans and personal loans for consolidating debt. Their trademarked name is Truliant and they advertise their services through truliantfcu.org.

Truliant Federal Credit Union Summary

There are many options available to you when it comes to personal loans. A personal loan can be used to pay off debt, improve your home, or simply have extra cash on hand. But it can be confusing to know where to look with so many lenders to choose from.

You want a financial institution that will offer you the best interest rates and terms when deciding which one to use. There is a choice that has recently received a lot of attention: Truliant Federal Credit Union. But is this lender a good fit for you? To help you decide, here is a closer look at what Truliant has to offer.

Some of the interesting details that can be seen on their website after carefully inspecting it and reading their terms and conditions include:

• Fixed rates range from 6.99% APR to 17.99% APR.
• Repayment terms range from 6 to 84 months.
• Rates and terms are subject to change.
• The website offers a free checking account
• Loans are subject to credit approval.
• Borrowers who qualify may defer their loan payments for up to 90 days after signing their loan.
• Accrued interest on your loan will start from the date of closing until you begin making payments.

What is Truliant Federal Credit Union?

Truliant Federal Credit Union has been offering great benefits to a wide range of financial services and products to its members since 1952. These include investment options, savings and loan services, a checking account, and credit union membership. They are based in Winston Salem, North Carolina, and can be reached at (336) 659-1955.

Getting a loan from Truliant Federal Credit Union might be an option for you because they have been accredited by the Better Business Bureau since 1997 and have an A+ rating. However, they have received an average of 45 customer reviews and 41 complaints over the past three years, earning an average customer rating of 1.49 out of 5 stars.

How does Truliant Federal Credit Union work?

You can apply for a loan in person, over the phone, or by online banking using their digital application. Depending on the customer service availability you will receive assistance from a member of Truliant’s Digital Guidance Team throughout the process, who will also be available to address any questions you may have. They will help you conducting financial transactions and your funds will be made immediately available upon approval.

How to qualify for Truliant Federal Credit Union?

In the marketplace, Truliant Federal Credit Union provides competitive rates. However, only those with excellent credit scores are eligible for these rates. To find out where you stand, check your credit report first to get a full picture of where you stand.

Truliant Federal Credit Union BBB Reviews

Although Truliant Federal Credit Union has been accredited by the Better Business Bureau since 1997 and the review highlights they have is an A+ rating from them, their customer reviews average a rating of 1.49 out of 5 stars from 45 customer reviews, and 41 complaints closed in the last three years.

Here are some Truliant Federal Credit Union BBB 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 cancelled. 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 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 our assigned loan processor she 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 and forced a credit pull on us based off of a lie.

Truliant Federal Credit Union FAQs

How much does Truliant Federal Credit Union charge?

Loans from Truliant Federal Credit Union have fees ranging from 6.99% to 17.99%. With variable rates ranging from 12.49% APR to 18.00% APR, the Preferred Line of Credit is a good option for people who want more flexibility with their payments. It has zero monthly maintenance fees and zero minimum balance requirements.

After you sign the loan agreement, as the borrower, you might be able to postpone loan payments for up to 90 days. As a result, interest will start to accrue from the closing date up until payments start, even though there won’t be any payments due during this time. This program allows you to extend your loan for up to 90 days, up to an 84-month maximum term.

Truliant Federal Credit Union might be a good choice if you would like to open accounts that do not charge monthly maintenance fees. Most of its accounts also have low minimum opening deposits. For example, you can open a savings account with a $5 minimum opening deposit or a share certificate with only $250 upfront with the savings account. If you’re strictly searching for competitive interest rates on savings account or CDs, online banks may be a better option for you since Truliant doesn’t stand out for this feature.

Also, the annual percentage yield from data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. But you could get a 3.45% of the annual percentage yield of $25,000 minimum opening balance with at least $25,000 from funds not currently on deposit at Truliant.

Are there any pre-payment penalties?

If you decide to pay off your loan sooner than anticipated, you can do so at no extra cost to you as they do not charge any prepayment penalties. Additionally, they do not charge application fees, origination fees, or processing fees.

How does Truliant Federal Credit Union affect your credit?

The lender will run a soft credit pull when you submit your initial loan application in order to determine what interest rates and loan terms you might be eligible for. Your credit score won’t be impacted by this in any way.

It’s crucial to comprehend how hard inquiries can affect your credit score before you apply for a loan. When a lender pulls your credit report to check your history and provide you with final rates, this is known as a “hard inquiry.” Although frequent when applying for loans, these inquiries can harm your credit rating.

How to cancel Truliant Federal Credit Union?

After submitting a personal loan application, you cannot withdraw it. The transfer of money into your account is irrevocable and cannot be stopped or reversed. To prevent future changes or cancellations, be certain of your choice before submitting an application for a personal loan.

Do you have trouble making ends meet? Here are some tips that could assist in your financial recovery.

• A great way to stay on track is to make and adhere to a budget.
• You might prefer to research your options and create a plan on your own rather than consulting a financial advisor. Finding what works best for your specific situation can be a difficult challenge, but it can also be very rewarding.
• Don’t let debt limit your progress! Many businesses are open to collaborating with clients to develop a more manageable payment schedule. Contact their customer service department to learn more. You won’t believe how simple it is to get back on track.

How to be part of Truliant Federal Credit Union?

Also, of having a Membership in Truliant Federal Credit Union you need the following requirement to qualify:

• 1) You live, work, worship, or go to school in an eligible county in North Carolina, South Carolina, Tennessee, or Virginia.
• 2) You are an employee of a participating employer or a former employee.
• 3)You are a resident of North Carolina, South Carolina, Virginia, Georgia, or Tennessee and be a member of the American Consumer Council

Is Truliant Federal Credit Union legit or a scam?

With more than 70 years of experience providing these services, Truliant Federal Credit Union has a long history of assisting people with their financial needs through personal loans. The Better Business Bureau has granted Truliant accreditation and given it an A+ rating. Customers, on the other hand, weren’t as impressed, giving the business a 1.49 out of 5-star rating, with the majority of the reviews being unfavorable.

It’s vital to carefully weigh all of your options before taking out a loan. Before choosing a lender, it is crucial to compare their terms and interest rates because they will vary. On multiple occasions Reading customer reviews is a smart idea as well to learn what other people think of the lender and find a great company for you that doesn’t use your information for their bad direct marketing purposes. This will enable you to make the best decision possible and prevent you from taking out a loan you cannot afford.

If you have had any experience with trulianfcu.org, feel free to let us know about it in the comments.

Thank you for reading!