What is PNC?
PNC is a major bank — the fifth-largest bank in the U.S. by asset size. It has more than 8 million members and bank branches in the 19 states along the Atlantic Coast and into the Midwest (along with the District of Columbia). In addition to serving customers in these branches, PNC Bank also offers select online and mobile products nationwide.
Personal loans and lines of credit are among the products that PNC offers. Here’s an overview of these types of credit and how they work:
- PNC unsecured personal loans are installment loans that a repaid in fixed monthly payments. They do not require any collateral, and can be used for a wide variety of purposes from debt consolidation to paying for an emergency expense, life event or major purchase.
- PNC secured personal loans can be used to buy a recreational vehicle, such as a boat, motorhome or motorcycle — or to refinance a loan previously used for this purpose. This personal loan is secured by the equipment it’s used to finance, which acts as the collateral for this loan.
- PNC personal lines of credit are a form of revolving credit, allowing you to borrow what you need when you need to up to the credit limit.
With three ways to borrow through a personal loan or line of credit, PNC provides flexible financing options that can meet many credit applicants’ needs. This PNC loan review will focus solely on unsecured personal loans.
PNC personal loan highlights
- Wide range of loan options: PNC personal loans can meet a wide range of needs, offering loan amounts of $1,000 to $35,000 and repayment lengths of 6 to 60 months.
- No origination fees: There are No origination fees or prepayment penalties charged on PNC personal loans.
- Apply with a co-applicant: If you want to apply for a personal loan with a co-applicant, PNC allows you to do so.
- Rate discount for PNC members: A 0.25% interest rate discount is applied for automatic payments made from a PNC checking account.
- Limited area of service: These PNC loans are not offered nationwide, and applicants will need to check the lender’s website to see if personal loans are offered in their ZIP code.
- APR: 4.99% to 19.99%
- Credit requirement: Not specified
PNC Personal Loan Details
*Listed APRs are quoted using the ZIP code of PNC’s headquarters; rates may vary from those offered in other areas, and may reflect a 0.25% discount for automatic payments.
PNC product details
As with any unsecured personal loan, you don’t have to offer up any collateral to borrow from PNC. Additionally, PNC offers terms that can make it easy and fast to borrow what you need and repay it on terms of your choosing.
PNC loans allow you to borrow as little as $1,000 or up to $35,000, making them a suitable choice to finance minor or major money moves. You can use a small personal loan to cover an emergency car repair instead of charging it to a credit card, for example, or borrow more to help pay for a home improvement project.
The wide range of repayment lengths from six months up to five years give you even more flexibility and control over you personal loan. You can select the best personal loan term to help you achieve your goals, whether it’s to repay the loan as fast as possible or keep monthly payments affordable.
Lastly, PNC offers fixed personal loan rates that are affordable and competitive, starting as low as 4.99% APR. On top of this, these PNC loans carry No origination fees, application fees or prepayment penalties — that means no surprise costs during application or repayment.
- Minimum credit score: Not specified
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
Currently, PNC does not provide detailed information about its requirements to qualify for a personal loan.
One major factor that determines whether you can get a PNC personal loan is where you live, for instance — but the lender’s site doesn’t list the states in which it currently provides this product. Instead, you have to check if loans are offered in your area by providing your ZIP code in PNC’s personal loan rate tool.
The lender’s site also doesn’t list eligibility details such as the minimum income or minimum credit score required for PNC personal loans.
PNC does clarify that advertised rates are reserved for well-qualified applicants, and the actual offered APR will depend on your specific credit history and requested loan amount and length. You’ll also need to provide your annual income when applying, a sign that PNC will consider your pay and debt-to-income (DTI) ratio when evaluating your loan request.
Applicants worried that they might not qualify for PNC loans due to an unfavorable credit history or DTI might want to consider applying with a co-applicant. When you submit a joint application for a PNC loan, you’ll add a co-applicant who has agreed to be equally responsible for the repayment of the loan. Having another person guaranteeing the loan could increase your chances of approval.
Applying for a personal loan from PNC
If you’re interested in getting a loan from PNC, you can submit a personal loan application in as little as 15 minutes — just click the “Start Application” button on its personal loans page. You can also complete a personal loan application over the phone (at 1-877-CALL PNC) or by visiting a PNC branch in person. Whichever way you apply, however, you’ll still need to visit a PNC branch in person to sign a loan agreement and get your funds disbursed to you.
Note that PNC does not offer pre-approval or rate quotes for its personal loans. To find out what personal loan rates PNC can offer you, you’ll have to submit a full loan application that will include a Hard Pull of your credit report, which can affect your credit score.
You’ll want to have these details handy before you start a PNC loan application:
- Requested loan amount and length, and purpose for borrowing
- Identifying information such as your name, date of birth and Social Security number
- Current residential address (and any addresses used in the past two years)
- Form of photo ID such as a driver’s license or U.S. passport
- Annual pay and any additional income
If you’re using a PNC loan to consolidate debt, you’ll also need to provide the creditors, current balances and minimum monthly payments for the debts you’re combining.
For a joint application, you’ll also need the address, current employer, and annual income of your co-applicant.
Pros and Cons of a PNC Personal Loan
Who’s the best fit for a PNC personal loan?
Overall, PNC personal loans are a straightforward option that won’t land you with unexpected costs or high fees. The wide range of loan amounts and terms also means these loans can suit a variety of needs. Here are a few signs that a PNC loan could be a good fit for you:
You’re already a member of PNC with a checking account. If so, you’ll more easily qualify for the 0.25% discount for automatic payments, which is only valid if those are made from a PNC checking account.
You live in the service are for PNC personal loans. These PNC loans are only an option only for people residing in a ZIP code in which this product is offered — so check your ZIP to see if that’s you.
You need more control over your loan. With loan amounts of $1,000 to $35,000, PNC lets you borrow exactly what you need. In comparison, other lenders have minimum loan amounts of $5,000 or more. PNC loans also have terms ranging from 24 to 144 months. You can choose the loan length that will help you get out of debt while keeping monthly payments affordable.
You’re seeking a joint personal loan. Some applicants will be borrowing for a joint purpose, such as couple improving their home or business partners looking to grow their venture. You might also want to add another applicant to boost your chances of approval. PNC’s option to apply for a joint loan can meet this need.
You need an alternative to credit card debt. With APRs that beat most credit card rates, PNC personal loans can help you borrow what you need at a lower cost. You can use a loan to pay for a major purchase, instead of charging it to a credit card. A PNC loan can also be used to consolidate credit card balances or other debt to help you save money or lower monthly payments.
You want a fee-free personal loan. PNC charges no personal loan origination fees, where other lenders can have fees of up to 6%. You also won’t face a prepayment penalty if you decide to pay off your loan ahead of schedule.
Alternative personal loan options
Before applying for a personal loan, it’s wise to check out the competition and compare the terms and rates different lenders offer.
We highlighted some lenders below that have terms and rates that are competitive with PNC personal loans. Here are some alternatives to consider.
- APR: 3.99% to 16.99% with automatic payments
- Credit score requirement: 660 minimum credit score
- Terms: 24 to 144 months
- Fees: No origination fee or prepayment penalties
LightStream can finance $5,000 up to $100,000 with loan terms between 24 to 144 months. A division of SunTrust Bank, it offers low interest rates which include a 0.50% discount for setting up automatic payments. In fact, LightStream even has a rate beating program that promises to offer you a rate that’s 0.10% below an APR from a competitor. It uses a Hard Pull credit to generate loan offers for borrowers and you’ll need good or excellent credit to qualify. The application process is also speedy, with approved applications funding as early as the same day you apply.
- APR: 5.99% to 24.99%
- Credit score requirement: 640 minimum credit score
- Terms: 24 to 60 months
- Fees: Origination fee of up to 0.00% - 5.00% may apply (reflected in APRs)
Payoff is an online lender that offers personal loans specifically designed to consolidate credit card debt (they actually can’t be used for anything else). This lender could help you consolidate $5,000 to $35,000 in credit card balances. Making this move might lower your interest rate, boost your credit score and help you get out of debt faster. Payoff does charge an origination fee to some borrowers, which is reflected in the APR, but it has no other personal loan fees — including no late payment fees. Request a rate quote to see what Payoff could offer you, without affecting your credit.
- APR: 5.99% to 29.99%
- Credit score requirement: 700 minimum credit score
- Terms: 36 or 60 months
- Fees: Origination fee of 0.99% - 5.99%
Finally, BestEgg is another option for unsecured personal loans. You can use this financing tool for a range of purposes from debt consolidation to paying for a major purchase, with amounts of $2,000 to $35,000. It offers competitive APRs, but this rate will include an origination fee. This online provider of personal loans can pre-approve applicants through a Soft Pull credit check. You can also apply online and quickly get a response, and receive funds within a day if you’re approved.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|