Business Insider's personal finance team compared PNC Bank Personal Loan to the best personal loans and found it to be a standard offering.
PNC Bank is a great lender for borrowers looking to take out small loans, as well as borrowers looking to add a co-applicant to their loans. The company falls short when it comes to large loans, as it has a loan maximum of $35,000.
PNC Personal Loan Rates and Terms
PNC Bank offers personal loan amounts from $1,000 to $35,000, with flexible term lengths of 6 to 60 months.
PNC usually takes a few days to approve a loan application, and then you can visit your nearest PNC Bank branch to sign your loan documents or opt to receive the documents by mail. You can receive your funds immediately by signing the documents in person.
The current annual percentage rate (APR) range from PNC Bank is 7.99% to 24.74%. These rates will vary based on your credit score and history.
Borrowers should be aware that PNC Bank does not charge origination or application fees, but it does charge late fees. Late fees from PNC Bank are $40 or 10% of the monthly payment (whichever is greater).
PNC Bank Personal Loan Pros and Cons
Benefits
- Co-applicants allowed. Borrowers with poor credit scores may struggle to qualify for a loan or be saddled with a high rate. By enlisting a co-signer, you may boost your eligibility chances or snag a better rate.
- Low minimum loan amount. Borrow as little as $1,000 with PNC. This is perfect for borrowers who only need a little money to tide them over. Read our guide to the best small personal loans for more options.
- Competitive minimum APR. PNC's minimum rate of 7.99% is competitive with other lenders in our best low-interest personal loans guide, including Prosper personal loans, Discover personal loans, and Wells Fargo personal loans.
- No origination fees. Origination fees reduce your overall loan proceeds by a certain percentage, depending on the lender. PNC doesn't charge an origination fee, which reduces the total cost of your loan.
- Same-day funding available for existing customers. Existing customers can get their money very quickly with PNC. However, other borrowers may have to wait between 3 to 10 days for their funds.
- Discounted rates for automatic payments. When you set up automatic payments from your PNC checking account, you are eligible for a 0.25% APR discount.
Drawbacks
- Low maximum loan amount. PNC has a maximum loan amount of $35,000. Other lenders, like LightStream personal loans and SoFi personal loans, let you borrow up to $100,000. If you're in need of funding for a large expense or a larger debt consolidation loan, other companies might be a better fit for you.
- Late fees. PNC charges a late fee of $40 or 10% of the payment (whichever is greater). Some other lenders don't charge any late fees — or have late fees that are significantly lower. If you're worried about falling behind on your payments, pick a different lender.
Who is a PNC Bank Personal Loan Best For?
PNC is best for borrowers with great credit who qualify for PNC's lowest rates. You might find it difficult to find better rates elsewhere. If you want to avoid origination fees, PNC is an excellent choice. Origination fees eat into your loan proceeds and increase your loan cost.
Personal loans from PNC are also only available in the following states: AL, AZ, CO, CT, DC, DE, FL, GA, IL, IN, KY, MA, MD, MI, MO, NC, NJ, NM, NY, OH, PA, SC, TN, TX, VA, WI, and WV. There may be restrictions if you live in MA, NY, CT, or TN. Borrowers can call 1-877-225-5762 to confirm availability.
How to Apply for a PNC Bank Personal Loan
- Check what rate you qualify to receive. Depending on where you live, you may be able to prequalify for a PNC loan. You'll need to send in basic information, such as your name, address, income, Social Security number, and birthday, to see what rate you'll get. Your credit score won't be affected by this because PNC will only perform a soft credit check.
- Look over different loan offers and choose the one you can afford. After you submit your initial information, PNC Bank will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
- Send in a formal application. You may need to also submit W-2s, pay stubs, and bank statements to confirm the information you initially provided. When you submit a formal app, PNC will conduct a hard credit check, which may temporarily lower your score. If you weren't eligible to prequalify as listed in step one, you'd have to submit a formal application to get your rate.
- Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payments may add significant costs to your loan.
PNC Bank Personal Loan Alternatives
PNC Bank Personal Loans vs. Wells Fargo Personal Loans
Wells Fargo is an excellent option for borrowers looking to take out a large sum. You can borrow up to $100,000 with Wells Fargo, a much higher maximum loan amount than PNC's top amount of $35,000.
Wells Fargo's repayment terms range from one to seven years, while PNC's range from 6 to 60 months. If you want a shorter term length — and to save money on overall interest in the process — PNC may be the choice for you.
Neither Wells Fargo nor PNC Bank charge origination fees.
Read our Wells Fargo personal loan review.
PNC Bank Personal Loans vs. Prosper Personal Loans
Prosper offers personal loan amounts of up to $40,000, which is slightly higher than PNC Bank's $35,000 maximum. This may be the only reason borrowers should look to Prosper instead of PNC.
Prosper will charge you an origination fee between 2.41% and 5% of your total loan amount, while PNC won't charge an origination fee at all. With its complex fee structure and high interest rates, you should consider your options before taking out a loan with Prosper.
Read our Prosper personal loans review.
PNC Bank Personal Loans vs. Service Credit Union Personal Loans
Credit unions are not-for-profit organizations that offer many of the same services as banks, including personal loans. You often have to become a member of a credit union to access their services. Credit unions offer competitive interest rates, so you might want to consider using a credit union before getting a PNC personal loan.
Service Credit Union is a reputable organization that offers personal loans of up to $50,000, far more than PNC's largest loan amount of $35,000. Service Credit Union also has a quick approval process. As a borrower, you can receive funds the same day you are approved.
However, be aware of the strict eligibility requirements for applying for a personal loan from Service Credit Union.
Read our Service Credit Union personal loans review.
7.89% to 24.74%
$1,000 to $35,000
Pros
Cons
- Loan term lengths range between 6 to 60 months
- If you're not an existing customer, you may need to visit a branch to get your loan funds, which could take 3 to 10 days to process
PNC Personal Loan Customer Experience
With an online application process and a phone number for customer service (1-888-762-2265), PNC aims to make getting a personal loan as simple as possible.
PNC gets an average of 1.3 stars on the review site Trustpilot, but low scores are common for major financial institutions. It seems people are more likely to review a bank when they're frustrated than when they're happy. Some customers also praised the customer service, especially the in-person assistance provided at physical branches.
Is PNC Bank trustworthy?
PNC Bank has a top-notch A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB crafts its ratings by evaluating a business's responses to consumer complaints, honesty in advertising, and clarity about business practices.
Note that a top-notch BBB rating doesn't ensure you'll have a great relationship with the lender. Reach out to anyone you know who has taken out a personal loan with PNC and learn about their experiences with the company.
PNC hasn't been involved in any recent scandals. Between its clean history and excellent BBB rating, you might feel comfortable borrowing from the lender.
Why You Should Trust Us: How We Rated PNC Bank Personal Loans
All of the personal loan products in our reviews and guides have been rated on a scale from 1-5. The overall score is a weighted average of several categories that reflects how the personal loan lender compares to its competitors. Here's how the categories and weightings break down:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
See more on how we rate personal loans »
PNC Personal Loan Frequently Asked Questions
Is it hard to get a loan at PNC Bank?
PNC Bank doesn't disclose its minimum credit score requirements, so it's unclear how difficult it is to qualify for a personal loan with the lender. In general, the higher your credit score, the more likely you are to be approved.
What credit score do I need for a PNC personal loan?
PNC Bank doesn't officially state a minimum credit score requirement for personal loans.
How long does it take to get approved and receive funds from PNC?
You should find out whether you've been approved for a PNC personal loan within a few days after applying. Upon approval, you can go to a PNC branch to sign the loan documents and receive your funds immediately. The process will take longer if you request the documents by mail.
Can I apply for a PNC personal loan if I'm not an existing customer?
Yes, you can apply for a PNC personal loan even if you're not an existing customer. PNC isn't specific about eligibility requirements regarding income or credit scores. Make sure that when you apply, you have your Social Security number, a photo ID, and information regarding your annual income.
