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.
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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.
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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
Cons
How to Apply for a PNC Bank Personal Loan?
On PNC Bank's website
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You enter the zip code of your current address on PNC's website.
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The system outlines loan offers available to borrowers in your location.
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The website lets you choose the loan amount and the repayment term you're alright with.
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You provide your personal and financial information on PNC bank's demand. If you have a co-applicant, prepare their documents respectively.
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You evaluate terms, conditions, and other loan details.
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You push the "Submit" button and wait for approval.
Here on Finanso.com
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Hit the "Apply" button on this page.
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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:
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US citizenship. Residents of other countries are not allowed to get PNC bank personal loans.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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:
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Loan amounts. PNC Bank offers unsecured personal loans ranging from $1000 to $35,000.
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Eligibility. You generally need a good credit score of 700 or higher to qualify for a personal loan.
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Same-day funding for present customers. Existing PNC Bank customers may be eligible for same-day funding upon loan approval.
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Application procedure. You can apply online through PNC Bank's website, which offers a user-friendly application process.
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Joint applications. Consider applying with a co-applicant with a high credit score to increase your chances of approval.
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Automatic payments. Enabling automatic payments can help you avoid missing due dates and late fees.
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Branch visits. For non-existing customers, funding may take 3 to 10 days, and visiting a branch is necessary for certain processes.
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Online and Mobile banking. PNC Bank offers robust online and mobile banking options for managing your loan.
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Payment options. You are free to choose from various convenient payment options.
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Repayment terms of your choice. You can select the loan amount and repayment term that suit your financial needs.
Alternatives
Wells Fargo
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.
SoFi
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.
OppLoans
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.
Suncoast Credit Union
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.
Editorial Opinion
Important
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:
- Discover the Best Personal Loans Available Online in the U.S.
- Understanding the Power of a Line of Credit
- Harnessing the Power of Credit Builder Loans for a Strong Credit Score
- Instant Loans: Quick Cash When You Need It Most
- Exploring Best Online Cash Advance Loans for 2024
- Best No-Credit-Check Loans
- Your Guide to Loans with Bad Credit in the U.S.
Sources
- NerdWallet™. PNC Bank Personal Loans: 2024 Review 31.07.2023
- Bankrate. PNC Bank personal loans: 2024 review 31.07.2023
- Forbes. PNC Bank Personal Loans Review 2024 31.07.2023
