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2024 Guide: Exploring Personal Loan Options with PNC Bank

PNC Bank
PNC Bank, known for its flexible and customer-friendly loan options, offers a wide range of personal loans. Whether you're planning a major purchase or looking to consolidate your debt, our low-APR, no-fee personal loans can be the solution you're searching for. Dive into our comprehensive guide to understand more about PNC loans and make an informed decision that fits your financial needs. Enjoy the convenience of applying for our unsecured personal loans online and take control of your finances in 2024.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 26.02.2024*
Finanso
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

PNC
Personal Installment Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000-$35,000
Rate
i

Effective interest rate on the product

5.99%-28.74%
PNC Bank Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

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Select the desired loan amount

USD
USD
1000 $
100000 $
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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Choose the interest rate on the loan

5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
2024 Guide: Exploring Personal Loan Options with PNC Bank

PNC Bank is a well-respected financial institution offering almost all kinds of loans, including auto and mortgages. Today, we will focus on unsecured personal loans as their popular credit product. Inconvenient products never become popular, so it seems wise to join thousands of happy borrowers who chose PNC bank assistance in reaching their goals.

Unsecured personal loans can be spent on purposes of all sorts, like major purchases, including home renovation, post-secondary educational expenses, or debt consolidation, including the opportunity to refinance student loan debt. PNC unsecured loans are categorized as personal installment loans, which means you receive money in one lump sum and then pay it back in monthly payments with fixed interest rates. With PNC loans, you can choose loan repayment terms and monthly payment methods.

This PNC loan is typically offered to people with good credit history, you need a 700 FICO or higher credit score. to be eligible without a co-borrower.

Note that customers of PNC bank get the most favorable loan options, such as lower interest rates and faster funding, in comparison with offers to non-PNC customers. Origination fees are not applicable for all unsecured personal installment loans of PNC Bank.

In this article, we will review all you need to know to decide whether PNC bank personal loan is the installment loan you need to succeed.

Features

The main feature of PNC Bank is unsecured personal loans with various terms. Minimum loan amounts start with $100. The maximum loan amount is limited to $35,000. The nature of an unsecured loan is without the need for collateral, hence you can get a loan without pledging any valuable assets. Payment frequency is every month, and you are supposed to repay in installments and can pay directly from your checking account.

Access the online platform and complete the application by providing the necessary information to get funds. Seems convenient. In addition, you won't be charged any shocking extra fees. For example, you definitely will not pay the origination fee or the application fee, and, as the cherry on the cake, PNC Bank doesn't charge any prepayment penalty. Of course, you will face fees if you violate the loan agreement, so keeping up with your loan documents will prevent you from unexpected expenses, such as the late payment fee.

The APR ranges from state to state but does not exceed 30%. Let's calculate the approximate maximum cost of borrowing from PNC Bank at the highest rate.

  • If you borrow $1000 for 36 months at a 30% APR, the monthly payment is approximately $45.66. The overall sum you will return to the bank is $1643.

  • If you borrow $2000 for 36 months at a 30% APR, the monthly payment is approximately $91.37. The overall sum you will return to the bank is $3289.

Typically, PNC bank charges a smaller APR, so you won't be offered to pay back more than shown in the example. In fact, your overall cost of borrowing might be lower. Inquire about your personal loan offer, as it will depend on your credit history, length of employment history, and other sufficient factors.

Pros and Cons

Obtaining a loan comes up with its pluses and minuses. Weigh them to find the best personal loans for your purposes.

Pros

Transparent conditions. The bank acted as an open-functioning financial institution, clarifying its conditions beforehand, and you can calmly decide if you should have a loan with them.

Loan amounts vary. Many borrowers can satisfy their needs with unsecured personal loans from $1000 to $35000.

Loan purposes vary. You can use an unsecured personal loan for debt consolidation (including refinancing student loans), a major purchase, or financing a pleiad of life events that matter.Digital performance. PNC provides powerful online and mobile banking solutions.

Discounts. An autopay discount is available to borrowers who enroll in automatic payments from their PNC checking account, allowing them to receive a 0.25% interest rate reduction.

Simple application. You can apply online, saving you time, as you can make it from any place and anytime you feel ready.

Cons

Constrained presence. PNC bank has branches in Alabama, Arizona, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Wisconsin. There are still many states where the bank is not providing its services.

Relatively long approval process for non-existing customers. If you don't have an account at PNC Bank, you must prepare for a slow funding process. You will receive a decision within a few days. If your application is approved, you visit a branch to sign the loan documents and receive your funds. For now, with more and more online lenders offering immediate loan approvals, such a procedure may seem a bit slow-paced, and visiting the branch for signing the agreement may seem uncomfortable after the easiness of a fully online application process.

Late fee. If you miss your due date, the bank will charge $40 or 10% of the monthly repayment (the bank will deduct the greater one).

Strict credit score requirements. PNC Bank is unlikely to offer a personal loan to borrowers with bad credit, as their credit score requirements start with 700 FICO points. Nevertheless, you can consider a joint personal loan with a co-borrower you can trust, but the key point here is that this person should have a high credit score.

How to Apply for a PNC Bank Personal Loan?

Apply For a Loan

On PNC Bank's website

  • You enter the zip code of your current address on PNC's website.

  • The system outlines loan offers available to borrowers in your location.

  • The website lets you choose the loan amount and the repayment term you're alright with.

  • You provide your personal and financial information on PNC bank's demand. If you have a co-applicant, prepare their documents respectively.

  • You evaluate terms, conditions, and other loan details.

  • You push the "Submit" button and wait for approval.

Here on Finanso.com

  • Hit the "Apply" button on this page.

  • We will redirect you to PNC Bank's website, and you can follow their user-friendly application process.

Requirements

PNC Bank has several requirements you necessarily have to meet if you're looking for a personal loan with them:

  1. US citizenship. Residents of other countries are not allowed to get PNC bank personal loans.

  2. Legal age based on your state laws. To borrow from PNC Bank, you must meet the age eligibility criteria set by your state's local government.

  3. Good credit score. With a credit score lower than 700, getting a loan from PNC Bank may become a challenge. You can apply with a co-applicant with good credit history to increase the probability of getting the PNC personal loan you need.

  4. Checking account. It is preferable to have a checking account at PNC Bank to lower the overall cost of borrowing and quicken the funding process. This option is not a requirement, but it can be really helpful.

  5. Papers: Photo ID (e.g., American passport, driver's license, state-issued ID), Social Security number (SSN), verification of your annual income amount, pay stubs, and bank statements. Additionally, you have to provide your previous address if you have lived at your current address for less than two years. If you apply for consolidating debt, prepare information about your creditor, existing loan, its outstanding balance, and monthly payment.

Ways to Receive the Money

Only present banking customers of PNC Bank can access the loan funds on the day of application. What's more, you will get an additional discount in interest if you're an existing PNC bank customer. If you are a customer of a different bank, you will have to visit the nearest PNC Bank branch after the approval to get your funds.

If you have a PNC Bank checking account, you can get money into it. The bank will transfer funds with direct deposit if you have already enabled it on your account. The same goes for an account with another bank, except for an extended funding process.

How to Pay Off PNC Bank Personal Loans?

PNC bank offers many repayment options of all kinds, so everyone can find a suitable one to pay back a personal loan with them.

  1. PNC Online Banking. Select your account on the PNC Online Banking website. Plan a payment by clicking "Make a Payment" on the page on your screen.

  2. PNC Mobile App. Download the app from your application store. Sign up or log in. You can select and plan one-time, same-day payments from your PNC deposit account.

  3. Automated Payments program. Fill out the form to enroll in the program. Follow the instructions provided there, or call +1 (888) 762-2265 to have the form emailed to you for further digital submission. By enabling automatic payments, you can free your attention from focusing on a monthly due date and prevent yourself from occasional late payments, which could occur just because you were swamped at work and forgot to make on-time payments.

  4. Voice banking. You can use Voice Banking by calling +1 (888) PNC-BANK (+1 (888) 762-2265). The option is available even if you have a deposit account with a different bank. You only need to know your account number and routing number information. PNC's Voice banking service allows you to make one-time, same-day payments.

  5. In-person payments. It is counted as soon as you make the payment in the PNC branch. However, it might take up to two business days for the payment to appear in your account.

  6. Mail payments. To make a repayment by mail, you can send a check. If you have a payment slip from your monthly billing statement, include it along with the check. But if you don't have the statement, don't worry. Only make sure to write your PNC account number on the check before sending it.

Things to Consider

The top 10 takeaways we advise you to review if you consider obtaining a PNC bank personal loan:

  1. Loan amounts. PNC Bank offers unsecured personal loans ranging from $1000 to $35,000.

  2. Eligibility. You generally need a good credit score of 700 or higher to qualify for a personal loan.

  3. Same-day funding for present customers. Existing PNC Bank customers may be eligible for same-day funding upon loan approval.

  4. Application procedure. You can apply online through PNC Bank's website, which offers a user-friendly application process.

  5. Joint applications. Consider applying with a co-applicant with a high credit score to increase your chances of approval.

  6. Automatic payments. Enabling automatic payments can help you avoid missing due dates and late fees.

  7. Branch visits. For non-existing customers, funding may take 3 to 10 days, and visiting a branch is necessary for certain processes.

  8. Online and Mobile banking. PNC Bank offers robust online and mobile banking options for managing your loan.

  9. Payment options. You are free to choose from various convenient payment options.

  10. Repayment terms of your choice. You can select the loan amount and repayment term that suit your financial needs.

Alternatives

Wells Fargo

Apply For a Loan

Wells Fargo could be a viable option worth exploring. Wells Fargo offers personal loans with various benefits, including competitive interest rates, flexible repayment terms, and the convenience of a large and well-established financial institution. As with any loan, the actual interest rate and terms you qualify for will depend on factors such as your creditworthiness, income, and loan amount. Wells Fargo's extensive branch network and online banking platform make applying for and managing your personal loan easy.Wells Fargo

SoFi

Apply For a Loan

SoFi, the go-to for Social Finance, is a powerhouse in the online personal finance world. Established in 2011, this fintech giant offers an impressive array of financial products and services. From student loan refinancing to personal loans, mortgage loans, and investment services, SoFi has it all! With its innovative edge, competitive interest rates, and user-friendly digital platform, SoFi serves both savvy borrowers and eager investors.SoFi

OppLoans

Apply For a Loan

OppLoans have been paving the way for individuals with not-so-perfect credit. Say goodbye to those payday loans! OppLoans offers longer repayment terms and better interest rates, making financial freedom within reach. The application process is a breeze; funding can hit your account before the next business day. Responsible lending is their forte, helping customers build or boost their credit while securing the necessary funds.OppLoans

Suncoast Credit Union

Apply For a Loan

Suncoast Credit Union, a thriving financial cooperative with a rich history since 1934, brings sunshine to communities all over Florida. Embracing a not-for-profit spirit, they're all about making their members' financial dreams come true. Savings accounts, checking accounts, loans, mortgages - you name it, they've got it! With a personalized approach, Suncoast is known for its exceptional customer service. But that's not all - they are also big on giving back to the community, so together, they work towards a brighter future for people in Florida.Suncoast Credit Union

Editorial Opinion

Considering your financial goals and needs, a personal loan from PNC Bank could be a reliable choice. PNC personal loans, precisely unsecured personal installment loans, provide the flexibility to receive funds upfront and repay them over time through fixed monthly payments. With a reputable and customer-centric approach, PNC Bank ensures a smooth application process and competitive interest rates for individuals with good credit history. Perhaps the need to visit a branch may not seem such a comfortable option, but take into account their favorable conditions and the reliable service you will get as a result. Moreover, being a PNC Bank customer might provide additional benefits, such as faster funding and personalized loan options in the future.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about PNC Bank personal loans and best practices, check out some of the following resources:

Sources

FAQ

What credit score do you need for a PNC bank personal loan?

To be eligible for a PNC Bank personal loan, having a credit score of 700 or higher is generally recommended. A credit score in this range is considered good to excellent and signifies a history of responsible credit management, which lenders like PNC view favorably when assessing loan applications. However, it's important to note that credit score requirements can vary depending on other factors, such as income, debt-to-income ratio, and the loan amount requested. While a 700 credit score is a good benchmark, some applicants with slightly lower scores and strong financial profiles may still be considered for a personal loan from PNC.

How fast does PNC bank approve loans?

PNC Bank typically expedites the loan approval process for existing customers with a banking account. For such customers, the approval can be completed within one business day, allowing them to receive a quick decision on their loan application. On the other hand, if you are not an existing PNC Bank customer and do not have a banking account with them, the approval process might take a bit longer, usually up to three business days.

Does PNC bank verify income?

PNC Bank verifies income as part of its loan application process. When applying for a PNC personal loan, you must provide income proof and employment history. This information is crucial for the bank to assess your ability to repay the loan and determine your creditworthiness. By verifying your income, PNC ensures that you have a stable source of funds to make timely loan payments, reducing the risk associated with the loan and increasing the likelihood of approval.