How to Pay a Truist Loan and What Happens If You Miss a Payment
How to Make a Truist Loan Payment
Truist offers several ways to pay your loan, and the method you choose affects when the payment posts to your account. You can pay online through your Truist account, by phone, through automatic transfer (ACH), by mail, or in person at a Truist branch. Online and phone payments usually post within one business day. ACH transfers and mailed checks take longer — typically three to five business days — so plan ahead if your payment is due soon.
To pay online, log into your Truist account, find the loan in your accounts list, and select "Make a Payment." You'll enter the amount and choose your payment date. Phone payments go through Truist's automated system or a representative; call the number on your loan statement. ACH transfers require you to set up your bank account as a payment method first, which you can do in your online account under payment options.
If you pay by mail, send your check to the address listed on your statement — never mail a check to a branch. In-person payments at a Truist branch are processed immediately, but not all branches accept loan payments, so call ahead. Whichever method you use, keep a record of your payment: a confirmation number from online or phone, a receipt from a branch, or the cancelled check from the mail.
Key Takeaways
- Online and phone payments post within one business day, while mailed checks and ACH transfers take three to five business days.
- You can set up automatic ACH payments through your Truist account to avoid missing a due date.
- Late payments trigger fees and damage your credit score, even if you pay within a few days.
- If you cannot make a payment, contact Truist before the due date to discuss options like deferment or a payment plan.
- Truist may offer hardship programs for borrowers facing temporary financial difficulty, but you must request them.
Setting Up Automatic Payments
Automatic payments remove the risk of forgetting a due date. In your Truist online account, go to the loan and select "Set Up Automatic Payment" or "Autopay." You'll choose the amount (minimum payment, a fixed amount, or the full balance), the day of the month it should withdraw, and the bank account it should pull from. Once set up, the payment happens on that day every month without you having to do anything.
You can change or cancel automatic payments anytime through your account, but cancelling means you're responsible for making manual payments again. If your automatic payment fails — for example, because your bank account has insufficient funds — Truist will attempt to retry it, but you may still be charged a late fee. Check your account a day or two after your autopay date to confirm it went through.
What Happens When a Payment Is Late
A payment is considered late if it arrives after the due date shown on your statement. Truist typically charges a late fee, usually a percentage of your monthly payment or a flat dollar amount, depending on your loan agreement. The fee is added to your balance, so you owe more the next month. Late fees vary by loan type and state, so check your loan documents or call Truist to find out what yours is.
More damaging than the fee is the credit impact. Once your payment is 30 days late, Truist reports it to the credit bureaus (Equifax, Experian, and TransUnion), and it appears on your credit report. A single 30-day late payment can lower your credit score by 50 to 100 points or more, depending on your current score and credit history. This affects your ability to borrow money, rent an apartment, or even get a job in some fields.
If you miss a payment, contact Truist immediately — do not wait. Explain your situation and ask what options exist. Truist may allow you to make a partial payment, defer the payment to the end of your loan, or enter a forbearance agreement where payments are temporarily reduced or paused. These options prevent the late report from reaching the credit bureaus if you act before the 30-day mark.
Deferment and Forbearance Options
If you face a temporary hardship — job loss, medical emergency, or reduced income — Truist may allow you to pause or reduce payments through deferment or forbearance. These are not the same. Deferment postpones payments, and interest may or may not accrue depending on your loan type. Forbearance temporarily reduces your payment or pauses it, but interest usually continues to accrue, meaning you owe more at the end.
To request either option, contact Truist's customer service before your payment is due. Have details ready: when your hardship began, how long you expect it to last, and what your current financial situation is. Truist will review your request and tell you whether you may have access to and for how long. Approval is not may provide, and these options are typically available for a limited time — usually three to six months, though it varies.
If you are approved, the missed or reduced payments do not appear on your credit report as late, which protects your score. However, the loan term may extend, meaning you pay interest for longer. Read the agreement carefully before you sign to understand what happens to your interest and when regular payments resume.
Understanding Your Loan Statement
Your Truist loan statement shows the payment due date, the minimum payment amount, how much of your payment goes to principal versus interest, and your remaining balance. The due date is the last day Truist will accept your payment without charging a late fee. If the due date falls on a weekend or holiday, Truist typically extends it to the next business day, but do not assume this — check your statement or account.
The breakdown between principal and interest matters because it shows how much of your payment actually reduces what you owe. Early in a loan, most of your payment goes to interest. As you pay down the balance, more goes to principal. If you make extra payments toward principal, you reduce the total interest you pay and shorten the loan term. Some loans allow you to specify that extra payments go to principal; others apply them automatically.
Paying Off Your Loan Early
Paying off a Truist loan before the due date saves you interest. You can make extra payments anytime through your online account, by phone, or by mail — just specify that the extra amount should go toward principal, not toward future payments. Some Truist loans have a prepayment penalty, which is a fee charged if you pay off the loan early, but many personal loans do not. Check your loan agreement or call Truist to confirm whether yours has one.
If you receive a lump sum — a bonus, tax refund, or inheritance — applying it to your loan can cut years off the repayment period. For example, a $5,000 extra payment on a personal loan might save you $1,000 or more in interest, depending on your interest rate and remaining balance. Use Truist's online calculator or call to see how much interest you would save with a specific extra payment.
Frequently Asked Questions
What time of day does Truist process online payments?
Online payments submitted before a certain time (usually 5 p.m. Eastern) on a business day post the same day or the next business day. Payments submitted after that time or on weekends and holidays post the next business day. Check your confirmation for the exact posting date.
Can I change my payment due date?
Yes. Log into your Truist account, find your loan, and look for "Change Due Date" or contact Truist by phone. You can usually move your due date to align with when you get paid, which makes it easier to remember. Changing your due date does not affect your interest rate or loan term.
What happens if I pay more than the minimum?
The extra amount reduces your principal balance and saves you interest over time. Make sure to specify that extra payments go toward principal, not toward future minimum payments. If you do not specify, Truist may apply the extra to next month's payment instead.
Will paying off my loan early hurt my credit score?
No. Paying off a loan early does not damage your credit. Your score may dip slightly in the short term because you have less active credit, but it recovers quickly. The long-term benefit — less interest paid and a clean payment history — outweighs any temporary change.
Can I get my late fee waived?
It depends on your history and the reason for the late payment. If this is your first late payment and you have a good payment history, Truist may waive the fee as a courtesy. Call customer service and explain your situation. There is no harm in asking, but Truist is not required to waive it.