While you don’t need to be a customer to apply, we think a PNC Bank personal loan is a better choice for borrowers who already have or plan to open a PNC checking account. This is because customers can receive APR discounts if they enroll in automatic payment through their qualifying checking account. We also recommend the bank for secured personal loans, as you can borrow up to $100,000 with low rates and long terms. One downside to PNC Bank is that you won’t be able to borrow more than $25,000 through an unsecured loan, which is somewhat low compared to other banks and online lenders.
- Review: Should You Apply?
- Eligibility Criteria
- Personal Loan Terms and Requirements
- Application Process
- How Does PNC Bank Compare to Other Lenders?
PNC Bank Personal Loan Review: Should You Apply?
We think bank is best suited for borrowers who have or are planning to open a PNC checking account, and for those looking for a secured personal loan. However, you don’t need to be a customer of the bank to apply. Rates and terms on both secured and unsecured personal loans are competitive, but you’ll only be able to borrow up to $25,000 on an unsecured loan.
|Good for...||Bad for...|
While you don’t have to be an existing bank customer to apply, there are some perks if you are. By paying through an eligible PNC checking account, you can get an AutoPay discount on your APR of 0.25%. For instance, on a $10,000 five-year loan with an APR of 8%, you would repay a total of $12,165. By applying the AutoPay discount, your rate would be reduced to 7.75%, and you would repay a total of $12,094. While this doesn’t amount to huge savings, it’s still a savings of $71 by simply enrolling in automatic repayment from your checking account.
Another reason we like this lender is the secured personal loan option. You can borrow up to $100,000 through a secured loan, with rates starting at 3.99% with AutoPay (4.24% without AutoPay). You can secure your loan with cash or non-real estate collateral, such as a vehicle. And based on what you use to secure your loan, you can get terms up to seven or 15 years, which is great for large loan amounts.
One area where we think PNC Banks falls a little short is the loan amounts on the bank’s unsecured loans. While the rates and terms are quite competitive, you can only borrow up to $25,000. For comparison, you can borrow up to $100,000 at Wells Fargo and over $50,000 at Navy Federal Credit Union (though you will need to be a member at these institutions to get a loan). Many online lenders, such as Earnest and SoFi, also offer higher loan amounts up to $50,000 or $100,000, and they let you check your rate online without affecting your credit score -- something PNC Bank does not do.
To be eligible for a personal loan from this lender, there are minimum criteria you must meet. We’ve also listed recommended criteria to meet that will improve your chances of getting approved.
- Must live in area PNC Bank serves
- At least 18 years old
PNC Bank mainly serves the East Coast and some parts of the South and Midwest.
PNC Bank Personal Loan Terms and Requirements
The company makes unsecured personal loans up to $25,000 and secured personal loans up to $100,000.
Unsecured Personal Loan Terms and Requirements
You can borrow between $1,000 and $25,000 through an unsecured personal installment loan. Terms range from six months to five years.
|Loan Amount Range||$1,000 - $35,000|
|APR Range||5.99% - 25.44% with AutoPay|
|Loan Terms||6 months to 5 years|
|Direct Payment to Creditors||No|
Unsecured Personal Line of Credit Terms and Requirements
If you want more flexibility, the bank also offers an unsecured personal line of credit with flexible terms.
|Loan Amount Range||$1,000 - $25,000|
|APR Range||10.00% - 17.50% with AutoPay|
|Direct Payment to Creditors||No|
Secured Personal Loan Terms and Requirements
For borrowers who need more than $25,000, the bank makes secured loans up to $100,000 with very long terms up to 15 years.
|Loan Amount Range||$2,000 - $100,000|
|APR Range||Starting at 3.99% with AutoPay|
|Direct Payment to Creditors||No|
For unsecured loans, you can apply online, by phone or in person at a PNC Bank branch location. If you want a secured loan, you’ll need to call or visit a branch in person to complete your application.
|Application Process||Online (unsecured loan and line of credit only), by phone or in person|
|Time to Get Funds||3+ days|
|Credit Check||Hard credit check when you apply|
If you apply online, the application process will take 10 to 15 minutes to complete. You’ll need to provide the bank with your personal information, such as address, Social Security Number and date birth, your employment and salary information, information about your home or mortgage and details about the loan. The bank will also ask for a copy of a photo I.D., such as a driver’s license, state-issued I.D. or U.S. passport. If you’re consolidating debt, the bank will also ask for the name, account number, outstanding balance and monthly payment for each creditor. For borrowers applying with a co-applicant, you will need your co-applicant’s address, employer information and annual income.
How Does PNC Bank Compare to Other Lenders?
If you’re planning on getting a personal loan, it’s a good idea to shop around before you commit. We take a look at some of the other banks and lenders who offer personal loans.
PNC Bank vs. Wells Fargo
Like PNC Bank, Wells Fargo makes secured and unsecured personal loans, but for much higher amounts (with secured loans providing even higher amounts). You will, however, need to be an existing Wells Fargo customer to apply. Rates and terms are Wells Fargo are comparable to those at PNC Bank, and the bank also offers APR discounts up to 0.50% for enrolling in AutoPay and holding a qualifying account(s). Like PNC Bank, you won’t be able to check your rate before applying, so we only recommend Wells Fargo for those bank customers who are likely to get approved and receive a good rate.
PNC Bank vs. SoFi
We recommend SoFi over PNC Bank for borrowers who need an unsecured personal loan over $25,000. SoFi makes personal loans with a wide range of loan amounts and terms up to seven years. Rates at SoFi are comparable, if not a little more competitive, to those at PNC Bank, and the company offers both fixed and variable rates. To be eligible for a SoFi loan, you’ll need to be employed or have sufficient income and be a U.S. citizen or permanent resident who has reached the age of majority in your state. If you want to improve your chances of getting approved, we recommend having good to excellent credit history, a low debt-to-income ratio and several years of steady employment, and demonstrating an ability to save.
PNC Bank vs. Discover Personal Loans
A Discover personal loan is very similar to an unsecured personal loan from PNC Bank, albeit with slightly higher rates and loan amounts. One thing we like about Discover is the lender’s 30-day money-back guarantee. If you decide you no longer want or need the loan, you can return the full loan amount to Discover within 30 days and you won’t be charged any interest. Keep in mind that if you opt for Discover to pay your creditors directly and you want to refund your loan, you’ll need to come up with the cash yourself. You can also check your rate at Discover, without affecting your credit score, which is something PNC Bank does not presently offer.