Our Verdict
PNC Bank offers different business loan products with a fair application process—via online, phone call, or in person at any of the bank’s branches,—and works well for you if you already have an account with the bank. Don’t forget, your rate and terms are dependent on your location. Consider PNC if your business requires financing from $20,000 to $5,000,000 (the actual amount you get depends on the type of loan your business applies for).
Check other relevant information about PNC Bank below:
PNC Bank
Corporate Headquarters
1927 First Avenue North Birmingham, AL 35203
Phone Number: +1 888-762-2265
Website: www.pnc.com
Pros
- Diverse of business loans.
- SBA loans up to $5,000,000
- Straightforward application process.
- Flexible repayment terms
- Simple payment option via auto-deduction from your business checking account.
Cons
- Business longevity of 3+ years means the more your chances of qualifying for the product.
- Interest rates and information about fees are not readily available online.
- Do not allowed pre-qualification.
- Credit score and business revenue required to qualify for the products are not available on the lender’s website.
- Monthly fee can be a requirement.
- Not present in all states.
Who This Product Is Best For
Consider a PNC business loan if your business:
- Already has a partnership with PNC and likes the bank’s customer service.
- Likes and desires the service of a conventional bank instead of online lenders.
- Has existed for a minimum of two years under your ownership.
- Requires a large sum up to $3,000,000 or more.
- Maintains a high level of stability and consistency in profit making and revenue.
Who This Product Isn't Right For
PCN Bank business financing may not be ideal for business owners who:
- Have bad personal and business credit scores. PNC normally conduct an in-depth credit check in order to know if your business always make early payments, has experienced charge-offs, or has fallen victim to tax liens within the past five years.
- Don’t have valuable collateral for higher borrowing needs. If you need PNC Bank’s highest business loan amount, you need to make a deposit that matches the amount you require.
- Require an easy way of managing business loans online. Presently, the lender doesn’t offer mobile app services. Visit the bank’s branch or book an appointment to speak with a customer representative you have any issue to solve.
- Do not live in any of the continental states the bank operates. Check whether there’s a PNC branch in your state before you consider it for your business financing option.
What This Product Offers
- Business term loans. You get a lump sum and repay with interest over a certain period of time.
- Business line of credit. This is a revolving credit that works similarly to a credit card. You pay interest only on the amount you borrow during your draw period.
- Business vehicle financing. Consider this product when the need to purchase a new vehicle arises.
- Commercial real estate loan. This loan is suitable when you want to purchase real estate assets in order to generate revenue—building hotels, offices, apartments, etc., for example.
- SBA loan. This loan helps you reduce your lender’s risk and offers the opportunity to get the funding you require for your business.
Product Details
Business term loans
PNC Bank offers both secured and unsecured term loans for small businesses. You can get anything between $20,000 and $100,000 for PNC unsecured loan—you need a good to excellent credit score, anyway. Alternatively, you can apply for a PNC secured loan of $100,000 with collateral that’s worth the amount you apply for, which is repayable for up to seven years.
Product | Secured loan | Unsecured loan |
Loan amounts | $100,001 to $3,000,000 | $20,000 to $100,000 |
Repayment term | 24 months to 84 months | 24 months to 60 months |
Estimated interest rate | Confidential | Confidential |
Fees | Confidential | Origination fee and perhaps other extra fees that are not disclosed online |
Business line of credit
PNC offers secured and unsecured business lines of credit. When you get a business line of credit, you borrow funds during your draw period and repay later. Unlike term loans, you pay interest only on the amount you borrow with a business line of credit. You pay a $175 annual fee for PNC’s unsecured line of credit and also you must keep your minimum due at whichever is greater between $100 or 1.5% of the amount you owe.
You pay 0.25% of your credit line as annual due when you get PNC’s secured business line of credit.
Product | Secured line of credit | Unsecured line of credit |
Loan amounts | $100,001 to $3,000,000 | $20,000 to $100,000 |
Repayment term | Revolving | Revolving |
Estimated interest rates | Confidential | Confidential |
Fee | Annual fee of 0.25% of the total line of credit and perhaps extra fees that are not disclosed online | Annual fee of $175 and perhaps extra fees that are not disclosed online |
Business vehicle financing
With PNC’s business vehicle financing, you can get funding from $100,000 to $250,000, covering the entire cost of the vehicle. The loan term usually spans between 24 months and 72 months with a fixed interest rate that PCN doesn’t disclose publicly.
Product | Vehicle financing |
Loan amounts | $10,000 to $250,000 |
Repayment term | 24 to 72 months |
Estimated interest rates | Confidential |
Fee | Confidential |
Business commercial real estate loan
PNC demands that you use your commercial real estate as collateral as a requirement for the commercial real estate loan. With a repayment term of 60 months to 180 months, you can get anything between $100,001 and $3,000,000 plus up to 25 years of amortization.
Product | Commercial real estate loan |
Loan amounts | $100,001 to $3,000,000 |
Repayment term | 60 to 180 months (with up to 25 years of amortization) |
Estimated interest rate | Confidential |
Fee | Origination fee and perhaps other extra fees that are not disclosed online |
SBA 7(a) loans
SBA 7(a) loans offer higher amounts (up to $5,000,000) with competitively lower interest rates. The amount SBA charges PCN as annual fees and guaranty fees starts at 2% and max at 3%.
Product | SBA 7(a) loans |
Loan amounts | Up to $5,000,000 |
Repayment term | Up to 300 months |
Estimated interest rate | Rates vary, depending on SBA maximums* |
Fee | Confidential |
SBA 504/CDC loans
If want to fund a construction project, heavy equipment purchase, debt refinancing, or renovations SBA 504/CDC loans are a good option to consider. You can get up to $5,000,000 with SBA 504/CDC loans, but if the need for the loan is energy efficient-related, you can get up to $5,500,000. You pay 3% of the amount you receive with you to 300 months repayment term.
Product | SBA 504/CDC loans |
Loan amounts | Up to $5,000,000 or $5,500,000 depending on the purpose of the loan |
Repayment term | Up to 300 months |
Estimated interest rate | About 3.00% |
Fee | Confidential |
SBA Express loans
If you want to get a quick SBA loan, consider the SBA Express loan—but the loan amount max at $350,000.
Product | SBA Express loans | SBA Export Express loans |
Loan amounts | Up to $350,000 | Up to $500,000 |
Repayment term | Up to 120 months for SBA Express loans issued as lines of credit Up to 300 months for SBA Express loans issued as term loans | Up to 84 months on lines of credit Up to 300 months on term loans |
Estimated interest rate | Depends on SBA maximums | Depends on SBA maximums |
Fee | SBA Guaranty Fee and Prepayment penalties on terms of 15 years or more | Confidential |
Where This Product Stands Out
Offers varieties of loan options in addition to banking services
PNC Bank offers numerous business financing solutions, including secured and unsecured term loans, and lines of credit. You can also apply for PNC’s business credit card, business checking account, and so on.
Is an SBA Preferred Lender
If you do not meet your bank’s business loan requirements, you can seamlessly get an SBA loan via PNC Bank. The bank offers different varieties of SBA, including SBA Export Express loans, Express loans, SBA 7(a) loans, and SBA 504/CDC loans.
Shows criteria for credit check
Review PNC’s credit requirements in order to know how your business and personal credit scores influence your approval for the product you want.
Allows easy loan payments
Avoid going to the bank or mailing check in order to make payment. PNC deduct your due directly from your business checking account, making it more convenient for you to make payments and ensure on-time payments—this boost your credit score eventually.
Extended loan term period
Choose the most favourable repayment term even up to 180 months (especially if you’re applying for a business commercial real estate loan). Averagely, all PNC business loan products spans up to 72 months repayment period.
Where This Product Falls Short
Requires good to excellent credit score
You need to possess credible personal and business credit scores in order to get any PCN Bank business financing products. PCN checks your credit report for the occurrence of late payments, foreclosures, and charge-offs within the last 30 days of submitting your application.
Hoard information about interest rates and fees upfront
PNC doesn’t disclose the exact interest rates and fees on loan products which makes it difficult to compare PNC’s offerings with other alternatives online.
Present in selected states
Unless you reside in the Washington DC or any of the 28 states where PNC offers its products, you can’t apply for the lender’s business loan.
Demands business experience
Count your business experience a plus when it comes to getting a PNC product. Guess what happens if your business experience is not up to two years! It simple: You chances of getting the lender’s business loan is low.
Does not allow pre-qualification
Pre-qualifying for a business loan is the best way to check the amount you’re likely to get (if you qualify in the first place, though) as well as the rate and term before you officially apply for the loan. If you feel the amount, rate, and term are not favorable, you can consider another lender. But PNC doesn’t allow for pre-qualification so you can’t compare its products before applying officially.
How to Qualify for This Product
Maintain a credible business credit score in order to boost your chances of getting any PCN loan products. Generally,
- Run your business for a minimum of three years.
- Keep a good credit report that’s free of any negative information for five years or more.
- Ensure your business credit report doesn’t contain any instance of tax liens, lawsuits, bankruptcy, or judgment.
- Prepare your business’s name, address, business tax ID, number of staff, revenue, and business tax return.
You can also get other personal documents such as your:
- Home address
- Social security number
- Personal tax return
- Ownership percentage and title
How to Apply for This Product
PNC allows applications online, by phone call, or in person at any PNC Bank branch. Don’t forget that you must be an existing customer with PNC in order to complete an online application for the bank’s business products.
To commence with your application, you can meet with a PNC representative or read PCN Bank business loan guidelines online. Before you proceed with your application:
- Clarify the type of business loan product you need.
- Understand the amount you require.
- Clarify the purpose of the loan.
- Get collateral required (for a secured loan).
Alternatives to This Product
Bank of America
Bank of America also offers secured and unsecured business term loans and business lines of credit. Being an SBA Preferred Lender, Bank of America offers you any SBA loan you require. You can get as low as a $10,000 unsecured loan from the Bank of America if you do not require a large loan.
The drawbacks of Bank of America include running a business with a minimum annual revenue of $100,000 and running your business for 2+ years. One cool thing is that you can know the interest rates and fees for all of Bank of America’s loan products on their website upfront.
Credibility Capital
If you’re not comfortable with conventional banks, you can consider Credibility Capital. Credibility Capital offers business owners funding anywhere from $50,000 to $500,000 with the interest rate starting at 6.99%, repayable in one to five years. To boost your chances of getting a Credibility Capital business loan product, run your business for at least two years, generate consistent revenue, and maintain a good personal and business credit score.
Wells Fargo
Wells Fargo is a good alternative for PNC if your business is already established and have a relationship with Wells Fargo. It is also an SBA lender and requires up to 700+ business credit score before qualifying your business for its products. Enjoy competitive interest rates and favourable repayment terms with Wells Fargo.
Lendio
Lendio connects you with over 70 lenders where you can get the funding your business requires. Apply for business term loan, equipment financing, startup business loan, among other loan options. One cool thing is that Lendio is present in all the states and allows you to zero in your efforts on the lender with the best rates and terms. Get between $5,000 to $2,000,000 with APR starting from 6%. Repay the amount you borrow with five years and receive funds within 24 hours of getting an approval.
BlueVine
BlueVine is the one-stop shop to get quick access to working capital even with bad credit. Apply for anything between $6,000 and $250,000 with the interest rate starting from 6.2%. You make no prepayment or monthly fees but pay $15 in order to receive your cash via wire transfer. The repayment term max at 12 months and you have to make weekly repayment. If you qualify, you can get the money the same day you apply.
Customer Reviews
PNC Bank receives a moderately fair rating from customers. In particular, customers appreciate the bank’s low rates, the easy application process, and diverse of business loan products.
Methodology
We reviewed PNC Bank business loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated PNC Bank business loans based on the weighting assigned to each category:
Loan cost: 35%
Loan details: 25%
Customer experience: 20%
Eligibility and accessibility: 10%
Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.
Finally, we evaluated PNC Bank business loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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