PNC Bank Personal Loan Review
NMLS#1136
Read more about how we rated PNC Bank.PNC Bank is one of the biggest banks in the United States, and it expanded again in 2021 with the acquisition of BBVA. Personal loans are just one of the many financial products it offers to retail banking customers.
- Low maximum interest rate: Relative to other personal loan lenders, PNC Bank’s 8.19% – 24.74% APR range offers borrowers low rates.
- No origination fees: Unlike some lenders, PNC doesn’t charge this upfront fee that deducts a few percentage points off the loan’s principal value.
- Autopay discount available: PNC checking customers who set up autopay for their personal loan will receive a 0.25% APR discount.
- Good for small amounts: Some lenders offer a much higher loan amount than PNC’s maximum of $35,000. On the other hand, PNC’s $1,000 minimum is lower than that of many other lenders.
- Allows joint applications: Applying for a loan with another person who has excellent credit can help your chances of getting approved for a loan at lower rates.
- Best for existing customers shopping for a rate: You can prequalify for a PNC loan without taking a hard credit check, so borrowers with higher credit scores can see whether this lender is a good option without impacting their credit.
- Not available in all states: PNC Bank offers loans in Alabama, Arizona, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, North Carolina, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Wisconsin, West Virginia and Washington, D.C. Restrictions apply to loans in New York, Connecticut and Tennessee.
PNC pros and cons
Compared to other lenders, PNC doesn’t disclose many of its loan requirements or specifications. There are, however, some notable benefits and drawbacks of a PNC personal loan to consider.
| Pros | Cons |
|---|---|
Access to short terms and small loans Competitive maximum APR (24.74%) Autopay discount available for checking customers Allows joint applications | Loan terms might depend on where you live Relatively low maximum borrowing amount ($35,000) Loans not available in all states |
PNC Bank’s personal loans have a few appealing features. Its interest rates are competitive, and borrowers looking for a small loan can go as low as $1,000, which makes PNC a smart alternative to predatory payday loans.
Opening a free PNC checking account may be helpful if you’d like to secure a 0.25% APR autopay discount on personal loan payments. The bank doesn’t charge origination fees for personal loans, which helps keep more money in your pocket.
At PNC, you can also apply for a joint personal loan with a trusted person. If you need to take out a large loan, PNC may not be a good fit for your needs with a maximum amount of $35,000.
PNC personal loan requirements
PNC doesn’t publicize many specific loan requirements, but you will need to provide certain information during the application process, including:
- Name
- Address
- Date of birth
- Citizenship status
- Social Security number
- Government-issued ID
- Total annual income
- Monthly housing payment
For joint applications, each applicant has to provide this information . If you’re applying for a debt consolidation loan, you’ll also need to list your creditors, current account balances and monthly payment amounts.
If PNC’s loan options don’t fit your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with PNC
PNC has an easy online application process for a personal loan. First, you’ll have to provide some biographical information, including your Social Security number and a government-issued ID. You’ll then review the possible loan options and decide whether to formally apply for a loan.
Within a few days, you’ll get a loan decision from PNC, and you can get your funds as soon as that day at a PNC branch.
If you’re having trouble getting approved, there are ways to boost your credit score and improve your chances of getting a personal loan.
How PNC compares to other personal loan companies
If you’re shopping around for a personal loan, you might want to check if PNC Bank can offer you the lowest possible interest rates. Here’s how some similar brick-and-mortar banks compare to PNC:
| PNC Bank | Wells Fargo Bank | TD Bank | |
|---|---|---|---|
| LendingTree’s rating | 4.0/5 | 4.0/5 | 3.4/5 |
| Minimum credit score | Not specified | Not specified | Not specified |
| APRs | 8.19%-24.74% (with autopay) | 7.49%-23.24% | 8.99%-23.99% |
| Loan amount | $1,000 to $35,000 | $3,000 to $100,000 | $2,000 to $50,000 |
| Repayment term | 6 to 60 months | 12 to 84 months | 36 to 60 months |
| Origination fee | None | None | None |
| Funding timeline | Get a decision within a few days and same-day funding after approval | 1-3 business days | As soon as one business day |
| Bottom line | PNC Bank offers the smallest loans with the shortest repayment terms for borrowers, and you don’t have to be an existing customer to qualify. | Wells Fargo Bank offers the largest loans with the longest repayment terms for borrowers, but you have to be an existing customer to be approved. | TD Bank has the fastest funding timeline available, and you don’t have to be an existing customer to get a loan. |
How we rated PNC
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
PNC does not disclose its minimum credit score, but its website states that PNC considers your credit history, how long you’ve been employed and whether you are a U.S. citizen. Lenders also commonly use your debt-to-income (DTI) ratio when deciding whether to approve you for a loan.
PNC issues unsecured personal loans up to $35,000, meaning you don’t need to use a house, car or other possessions as collateral.
The lender will perform a hard credit check when you apply for a personal loan, which results in a small, temporary drop in your credit score. Late payments will hurt your score, but making consistent, on-time payments will help it over time. Personal loans can also affect your credit mix and amount of available credit.