MoneyGeek’s Take: PNC Bank Personal Loan Review
PNC Bank is an online lending platform that offers personal loans for expenses such as home improvements, relocation and unexpected expenses. This lender is a good option for those who have at least a fair credit score and need to make small to medium payments.
While PNC Bank's personal loan rates vary across locations, it generally offers loans up to $35,000 with fixed interest rates, no origination fees and no prepayment penalty. Consumers who have an account with PNC Bank enjoy additional perks, such as faster funding and autopayment discounts.
At a Glance: PNC Bank Personal Loans
- 5.99% to 28.74%APR Range
- NoneMinimum Credit Score
- $1,000 to $35,000Loan Amount Range
- 6 to 60 monthsRepayment Terms
- Two DaysTime To Recieve Funds
on PNC Website
MoneyGeek Breakdown - PNC Bank Personal Loan Details and Requirements
PNC Bank personal loan APR can be as low as 5.99% and can be as high as 28.74%
Credit Score Requirements
Borrowers need no minimum credit score to qualify.
To be eligible for a PNC Bank loan, you must have verifiable income.
PNC Bank lets you borrow $1,000–$35,000.
The repayment term range is 6–60 months.
Is PNC Bank Right for You?
Different lenders have different rates and conditions for personal loans. That said, it’s critical to assess each lender to determine whether they're a good match for you and meet your requirements. MoneyGeek's PNC Bank personal loan review provides you with further details.
Who PNC Bank Is Perfect For
PNC Bank personal loan is perfect for individuals who have a fair credit score and need to borrow a moderate amount to fund almost any type of expense or require a small loan for an emergency situation. PNC Bank does not charge an application or origination fees to borrowers applying for a personal loan. Furthermore, unlike some lenders, PNC Bank allows you to pay off your loan early without incurring a cost.
It's also a good option if you already have a PNC Bank account because setting up automatic payments will save you 0.25% on your loan’s APR. PNC Bank also allows co-applicants on personal installment loans, which is uncommon among traditional banks.
Who Should Not Choose PNC Bank
Because PNC Bank personal loans only go up to $35,000, borrowers needing a higher maximum loan limit may find this amount insufficient. This lender also charges a late fee as well that can go as high as $40, which is quite expensive compared to other personal loan lending services.
It is important to keep in mind that rates vary by location. This includes the maximum loan amount, APR, late fees and more. Additionally, the availability of pre-qualification is dependent on where you are located. This makes it harder to find information about the bank’s personal loan offerings that fit your needs and match your profile.
How to Apply for a PNC Bank Personal Loan
We've outlined the key stages to ensure you don't get lost in the process of applying for a personal loan with PNC Bank. You'll need to fill out an application form, sign agreements, get funding and check if you qualify.
You can determine if you are prequalified by going to their help website and entering your information. While PNC Bank does not disclose its exact requirements, you will need to meet the following: have a U.S. residential street address, be at least 18 years old, have a valid email address and Social Security number, and fulfill their minimal credit and gross income standards, among other things. If you already have an account on PNC, the bank will pre-fill the application for you.
Fill Out Application Form
You may fill out a personal loan application form on PNC Bank's website. You must supply personal information, your financial situation and your plan for the loan proceeds, among other things.
Wait for Approval
It will usually take a few minutes of waiting after submitting your form before getting a response. However, it may take longer for some depending on various circumstances.
Review Loan Agreement
Sign Loan Agreement
You must read and sign the truth-in-lending disclosure before PNC Bank can accept your loan. After that, you're ready to sign the loan contract.
Receive or Direct Funds
Receiving funds can be as fast as two days of approval up to 10 days.
You can make your payment through online banking or over the phone. If you’re an account holder, you can also set up autopayment to withdraw the payment from your account.
What to Do if You Are Rejected From PNC Bank
Don't panic if your personal loan application gets turned down. There are plenty of alternative lenders from which you can choose. Your application can get rejected because you don’t fulfill specific standards or qualifications. Low credit scores, missing documentation, insufficient income, a lack of credit history and other factors might lead lenders to reject applications.
The best course of action is first to ask your lender why your application was denied. You may be able to make an adjustment to your application, such as a lower loan amount or different payment terms, to make it more acceptable to the lender. If not, you might be able to improve any unsatisfactory factors over time if you work on them. Then, you can try to apply for a personal loan with a different lender.
Frequently Asked Questions About PNC Personal Loans
We answered some frequently asked questions in our PNC Bank personal loan review to assist customers on their personal loan journey. While this company has its advantages and disadvantages, you should consider if it is the ideal lender for you based on your needs and financial obligations.
Read More on Personal Loans
- PNC. "Unsecured Personal Installment Loan." Accessed March 22, 2022.
- PNC. "Personal Loans From PNC Bank." Accessed March 22, 2022.
- PNC. "Personal Loan & Line of Credit Customer Service & Support." Accessed March 22, 2022.
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