PNC Personal Loans Review: A Quick Solution for Your Cash Needs

pnc personal loans

Personal loans are versatile, allowing you to finance just about anything.

Whether you’re looking to consolidate debt, finance a large purchase, or buy a motor vehicle, PNC personal loans can be a solid lending option. Check out the following features PNC offers for both secured and unsecured loans and see which one is the right fit for you.

PNC personal loans review

PNC offers both unsecured and secured personal loans, giving you more options to meet your financial needs.

With an unsecured loan, you can borrow between $1,000 and $25,000 without providing collateral. Repayment terms range from six to 60 months, giving you flexibility in determining your monthly payment.

Secured loans range from $2,000 to $100,000 and require non-real estate collateral — an item worth the loan amount the bank can repossess if you default on your loan. For example, if you’re buying a car, boat, or RV, the vehicle can be the collateral.

PNC secured loans aren’t only for vehicle purchases, though. Like the bank’s unsecured loans, they can be used for just about anything. Repayment terms range from 12 to 84 months.

PNC personal loans fees and interest rates

Online lenders often offer the lowest interest rates and fees. But PNC personal loans are worth considering, even against the best.

Fees

PNC personal loans are largely fee-free. There’s no application or origination fee, and there’s no penalty if you pay off your loan early. However, there is a late fee of $36 if you miss a payment. Setting up autopay can help you avoid this fee.

Interest rates

As of August 2017, PNC unsecured personal loans have starting interest rates ranging from 5.99% to 10.44% APR. Your rate will depend on your loan term, loan amount, and creditworthiness.

Term APR
months As low as 5.99% to 9.49%
12 months As low as 5.99% to 9.49%
24 months As low as 5.99% to 9.49%
36 months As low as 5.99% to 9.49%
48 months As low as 7.79% to 10.24%
60 months As low as 7.99% to 10.44%

PNC doesn’t publish interest rate information for its secured loans. Rates depend on how much you want to borrow, how long your repayment term is, and the collateral you’re using.

For both secured and unsecured personal loans, PNC offers a 0.25% interest rate discount. To get it, you need to have a PNC checking account and set up automatic payments from that account.

Financial and credit requirements for PNC personal loans

PNC doesn’t have any hard-and-fast rules when it comes to your credit score and income. The bank reviews your full financial profile to determine whether you qualify.

To improve your chances of getting approved with a low interest rate, make sure your credit score is good or excellent. It’s also helpful to have a low debt-to-income (DTI) ratio, which is calculated by dividing your monthly debt payments by your monthly gross income.

If you’re not sure what your DTI is, use our online calculator to find out.

How to apply for a PNC personal loan

You can apply by visiting a branch, calling PNC at 1-877-225-5762, or visiting PNC’s website (unsecured loans only).

If you choose to apply for an unsecured loan online, start on PNC’s personal loans page. There, you can view the full range of interest rates by zip code and start the application process.

Here’s a checklist of what you’ll need:

pnc personal loans

Image credit: PNC

Once you submit your application, PNC might ask for verification of your employment and income information. You usually can do this by sending a pay stub or W-2 form  or bank statements if you’re self-employed.

How to contact PNC

If you have any questions about PNC personal loans, you can call the loan department at 1-877-225-5762. Alternatively, you can visit a local PNC branch and speak with a loan officer.

You also can reach PNC on social media on Facebook and Twitter.

Should you apply for a PNC personal loan?

PNC offers competitive rates and fees on its personal loans, but it’s just one of hundreds of lenders from which you can choose.

One big drawback to PNC personal loans is the fact that there’s no way to get pre-qualified. Other personal loan companies such as SoFi and Earnest allow you to get a preliminary offer based on a soft credit check.

Before you apply with PNC, compare other lenders to see what kinds of rates and terms they offer. Go through the pre-qualification process with lenders that offer it to see if you can get a better interest rate that way. With this strategy, you’ll soon have the money you need at the lowest cost.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 6.02% – 15.97% (6.02% – 15.97% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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