PNC Bank Personal Loan Review

(May 2024)

PNC Bank Personal Loan Review

In This Article

Our Verdict

PNC Bank gives personal loans starting at $1,000 up to $35,000 with competitive rates that start at 7% (based on your geographical location). Apply online or in-person for the lender’s personal loan products. PNC Bank uses your credit score and location to determine your rate and term.

More information about the lender is here:

PNC Bank

Corporate Headquarters

Address: 249 Fifth Ave, Pittsburgh, PA 15222, United States.

Phone Number: +1 888-762-2265

www.pnc.com

Pros

  • Allows co-signer and joint loans
  • Charges no origination or application fees.
  • Offers autopay discount.
  • Gives Competitive rates and terms

Cons

  • Requires excellent credit score.
  • Offers rates and terms that depend on your geographical location.
  • Gives lower loan amounts which max at $35,000.
  • Hides its eligibility requirements.

Who This Product Is Best For

PNC Bank personal loan products can be your best fit if you:

  • Require a lower loan amount. PNC Bank personal loans cap at $35,000. If you require anything less than the maximum amount, PNC Bank is a perfect option for you.
  • Are an existing customer. Get up to 0.25% rate discount by signing up for autopay with your existing PNC Bank checking account.
  • Want to apply with a co-borrower. Applying with a co-borrower boosts the loan amount you qualify for even if you have bad credit—in this case, your co-signer must have an excellent credit score.

Who This Product Isn't Right For

Think of other lenders for funds if you:

  • Require larger loan amounts. PNC Bank offers you anything from $1,000 to $35,000. Think of other option if you need a personal loan to finance a huge project that demands more than $35,000.
  • Have excellent credit score. If you have an excellent credit score, you’re likely going to qualify for better rates and amounts with other lenders.
  • Want to avoid late payments. If you can’t keep from making late payments, you may consider other lender to source funds. PNC imposes whichever is bigger between 10% of the amount due or $40 for late payments. Don’t forget that making late payments affects your credit score.
  • Are looking for means to refinance student loans or pay college fees. PNC doesn’t allow you to use its personal loan products on post-secondary education.

What This Product Offers

  • Medical expenses. Pay for unexpected medical emergencies, such as surgeries, dental care, among other.
  • Debt consolidation. Relief your weight of debts by combining all your loans into one, thereby making a single low interest paying every month.
  • Home improvement. Upgrade your home and finance minor renovation expenses with PNC personal loan.
  • Events and large purchases. Finance your wedding, birthday, or any event by getting PNC personal loan product.

Product Details

Medical expenses

Get PNC unsecured medical loan in order to clear your medical bills. PNC calculates your rate based on where you live and the value of your FICO score and release funds as soon as one or two business days after getting an approval. The interest rate is from  7.49% to 29.89%. Consider this product as an alternative when your health insurance is not enough.

Debt consolidation

 If you have a few thousand of debts to pay different creditors and don’t know how to go about it? Apply for PNC Bank personal loan. You can get up to $35,000 in order to clear your high interest-rate debts. One downside is that you enjoy a longer term but paying more in interest. But that’s not bad if you don’t have to worry about the fear of missing your next payment on your high-interest loans. One cool thing is that PNC Bank makes a direct payment to your creditors.

Home improvement

Making some little changes and adjustments can increase the value of your home and makes it more attractive. But when financing a home improvement project becomes an issue of concern, PNC Bank is an option to explore. It offers your quick funds to renovate, upgrade, remodel, and repair damage your home.

Event and large purchases

Make your events memorable. Getting a few thousands of dollar from PNC can create a significant effect and allows you achieve the results you desire for your events. When the need to make large purchases arises—replacing home furniture, buying kitchen appliances, for example—calculate how much you need and apply for PNC Bank personal loan. Don’t forget, the limit you can get from the lender is from $1,000 to $35,000.

Where This Product Stands Out

Offers autopay rate discount

Set up automatic payments with your PNC Bank checking account and get 0.25% rate discount.

Allows joint loans

If you have bad credit, you can apply with a co-borrower with a good to excellent credit score in order to boost your chances of getting an approval and the loan amount you qualify for.

Makes direct payment to creditors in order to consolidate your debt

If you want to combine your debts into one lump sum, PNC can pay your creditors on your behalf, saving you the stress of having to do it yourself.

Offers more convenient repayment terms

Choose the repayment term that’s mostly convenient for you. PNC offers anything from six months to five years term. Remember that the longer your term, the more interest you pay.

Where This Product Falls Short

Products depends on borrower’s location

PNC rates and terms are not fixed. It varies from one state to the other. To know your rate and term, enter your location ZIP on the lender’s website.

Lower loan amounts

The lender is a good fit for lower financial situations. If you need to make huge expanses, including major home renovation or large expenses, you need to consider another lender.

Slow low process for non-customers

 If you’re not a PNC Bank customer, you have to visit the bank to apply for its products and wait, sometimes, up to 10 business days to receive the funds once your application is successful.

How to Qualify for This Product

PNC Bank doesn’t state its qualification criteria on the website. Below are what to put in order before you submit your application to the lender:

Solid credit score

PNC doesn’t specify the minimum FICO score you need to get its personal loan products. Wisdom demands you maintain a credit score not less than 670 as most lenders prioritize applications from borrowers with stellar credit scores.

Proof of income

PNC wants to be sure you can repay every single dollar you borrow with little to no friction. To portray yourself as a responsible borrower, maintain a debt-to-income ratio of 36% or less.

Co-borrower requirement

Depending on your credit score situation, you can apply with a co-signer for PNC Bank personal loan. Don’t forget that you and the co-applicant are both responsible for repaying the loan. Making late payments will affect you and your co-borrower’s credit score.

How to Apply for This Product

Apply for PNC Bank personal loan products is easy and straightforward. Check below what you need to commence with your application:

  • Provide your full name, date of birth, and social security number.
  • State the amount your require in dollar.
  • Upload a form of identification—US passport, driver’s license, or state-issued ID).
  • Provide your previous address if you haven’t stayed up to two years in your present residence.
  • Indicate how much you earn per year.

Upon getting the information above,

  • Pre-qualify. Know how much you potentially qualify for before you officially apply for the product.
  • Submit your application. Fill the application form and provide every required information. Wait for the lender to make its lending decision. If your application is successful, expect to receive the fund within two business days
  • Repay the loan. PNC reports your payments to Experian, Equifax, and TransUnion. Ensure you make on-time payments in order to build your credit and qualify for better loan amounts and terms in the future.

Alternatives to This Product

Upgrade

If you need a larger loan amount up to $50,000, consider Upgrade personal loan. You don’t require a stellar credit score to qualify for the lender’s product (you need 580+) and you can pre-qualify online before submitting your application. Upgrade and PNC Bank offer similar rates and terms. So check what each of them offers before you choose your best fit.

Avant

Avant’s products cap at $35,000 just like PNC, but its minimum loan amount is $2,000. The lender’s APR starts at 9% with flexible repayment terms.

Customer Reviews

 PNC rating on Trust Pilot is bad. It receives 1.3 star rating based on 704 customer reviews on Trust Pilot. Angry customers criticize the bank for bad banking service and lack of transparency. Happy customers commend the bank for its friendly employees. Don’t forget that the rating encompasses the lender’s entire banking services.

Methodology

We reviewed PNC Bank personal 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 personal 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 customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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