While PNC Bank was founded in 1845 as Pittsburgh Trust and Savings Company, the company has completely reimagined itself since then. These days, PNC Bank offers an array of banking products and tools that target a wide range of consumers. Offerings include wealth and asset management, checking accounts, online savings accounts, home loans, credit cards, and more. PNC also boasts a robust small business banking platform that helps business owners borrow the capital they need to grow over time.
When it comes to personal banking, PNC offers many popular products including their dynamic personal loans and personal lines of credit. Each of their lending solutions make it easy to borrow money for nearly any goal, including pricey home improvement projects, debt consolidation, financing a wedding, and more.
If you need to borrow money for any reason, a personal loan or line of credit may be what you need. PNC Bank could also be the best lender for your goals, but you should take the time to compare their offerings, interest rates, terms, and other factors before you move forward.
PNC Personal Loans: Key Takeaways
- Borrow between $1,000 and $35,000 with an unsecured personal loan.
- Secured loans are available in amounts up to $100,000.
- A PNC line of credit lets you borrow up to $25,000, and you’ll only repay amounts you borrow.
- Interest rates vary by ZIP code but may be as low as 4.99% APR.
- Repay your loan with a timeline between 6 months and 60 months.
- Get a 0.25% rate discount with automatic payment from a PNC checking account.
- Unsecured personal loans come with no origination fees or hidden fees.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
PNC Personal Loans and Lines of Credit: A Review
If you’re a PNC customer already, you probably know about the many banking solutions they offer. You can access this bank for a home equity loan, an auto loan, or your personal banking needs. PNC even offers a wide range of personal and business credit cards that can help you earn points for each dollar you spend.
When it comes to their loan options, PNC offers more than one choice there as well. As of right now, borrowers can choose from:
- Unsecured personal loans in amounts up to $35,000
- Secured personal loans in amounts up to $100,000
- Lines of credit in amounts of up to $25,000
With an unsecured personal loan from PNC, you can borrow up to loan limits without any collateral. You can also repay your loan for up to 60 months and you have the option to apply online. With PNC secured personal loans or lines of credit, on the other hand, you’ll need to apply on the phone or in person at a PNC branch.
While any of these options may work for you, many consumers like the fact that unsecured personal loans come with fixed interest rates, fixed monthly payments, and fixed repayment timelines. Having this type of stability means you’ll never be surprised by your loan payment and you’ll always know when your loan will be paid off.
With a PNC line of credit, on the other hand, you’ll be subject to a variable interest rate that can change over time. And since you only repay amounts you borrow, your monthly payment and payoff date can change as well.
We like PNC’s unsecured personal loan options because it comes with extremely low rates for borrowers with great credit. You also get a loan with no origination fee and the ability to tailor your loan amount and payoff date to your needs. Finally, PNC makes it easy to apply for their unsecured personal loans online and from the comfort of your home. You also get a 0.25% discount on your rate if your set up automatic payments from a PNC checking account.
Here’s an example of how an unsecured personal loan from PNC might look once you enter your ZIP code to see rates in your area:
PNC Personal Loans: What to Watch Out For
It’s true PNC offers some of the most affordable and transparent personal loans in the business, but there are a few downsides. For starters, PNC does not let you get prequalified for a personal loan online without a hard inquiry on your credit report. Many other lenders do, and this puts PNC at a disadvantage.
Another potential downside is the fact that the best rates from PNC only go to those with excellent credit. PNC advertises loan rates as high as 24.49% APR in their fine print, so we can assume borrowers with less-than-stellar credit would wind up paying rates toward the higher end of the scale.
As a final downside, it’s important to remember that PNC limits is unsecured personal loans to $35,000. If you need to borrow more than $35,000 in an unsecured loan, you may need to find a different lender.
Who PNC Personal Loans are Best For:
- PNC customers who can get the 0.25% rate discount
- Anyone who needs to borrow up to $35,000 for nearly any reason
- Consumers with great credit who can qualify for PNC’s lowest interest rates
- Borrowers who want a personal loan with no origination fee
How We Rate PNC
At Money360, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how PNC stacks up:
|PNC Personal Loans at a Glance|
|Affordability (interest rates, fees, and terms)||🌕🌕🌕🌕🌑|
|Availability (credit requirements, geographic reach)||🌕🌕🌕🌕🌑|
|Ease of Use||🌕🌕🌕🌕🌑|
How to Apply for a Personal Loan from PNC
Remember that you need to apply over the phone or in a branch if you want a secured personal loan or line of credit from PNC. If you want an unsecured personal loan for up to $35,000, you can complete the entire loan application process online.
Start by heading to the PNC website. Once you find the section of the website where you can apply, plan to submit the following information in your application:
- Your name
- Photo ID
- Employment information
- Social Security number
- Information on other debts
- Email address
- Phone number
Once you complete your application, you can expect a response in as little as 2-3 business days. If your loan is approved, you may get the funds you need deposited into your bank account within a few more business days.
The Bottom Line
Borrowing money can make sense sometimes, and that’s particularly true if you have high-interest debt to consolidate or you need time to pay off a big purchase. A personal loan is often a good option since you get a fixed interest rate and fixed monthly payment that will never catch you by surprise.
Before you apply, however, make sure to compare loan rates and terms from at least three to four lenders. By shopping around, you can ensure you’ll get the loan you need at a price you can afford.