2023 PNC Bank Personal Loan Review
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 11.69% – 17.14% APR range offers borrowers lower rates.
- High minimum credit score: You’ll need a good credit score to qualify, at least 700. Borrowers with poor or little credit may not be eligible for a loan from PNC Bank.
- 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 many other lenders.
- Allows joint applications: Applying for a loan with another person who has great 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.
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 to a PNC personal loan to consider.
Access to shorter and smaller loans (as few as six months, as little as $1,000)
Competitive maximum APR (17.14%)
Autopay discount available for checking customers
Allows joint applications
High minimum credit requirement (700)
Loan terms might depend on where you live
Relatively low maximum borrowing amount ($35,000)
PNC 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 nice alternative to more predatory payday loans, assuming you qualify).
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 a bit more money in your pocket.
A personal loan from PNC Bank is unlikely to be accessible to borrowers with bad credit, as this lender requires a minimum credit score of 700 to qualify. However, if your credit score doesn’t meet PNC’s requirements, you can apply for a joint personal loan with a trusted person with a high credit score. If you’re looking for a large loan amount, PNC may not be a good fit for your needs with a maximum amount of $35,000.
PNC doesn’t publicize many specific loan requirements beyond its 700 minimum credit score, but you will need to provide certain information during the application process, including:
- Date of birth
- Citizenship status
- Social Security number
- Government-issued ID
- Total annual income
- Monthly housing payment
Each applicant has to provide that information for joint applications. If you’re applying for a debt consolidation loan, you’ll also need your creditor names, 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 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 available through prequalification and decide whether to formally apply for a loan.
If you’re an existing customer, you could get same-day approval and funding within one to three business days. Otherwise, it could take longer. Options for applying over the phone or in a branch are also available.
If you’re having trouble getting approved, there are some 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’ve prequalified for a PNC Bank loan, you might want to check if it has the best possible interest rate for you. Here’s how some similar brick-and-mortar banks compare to PNC:
|Lender||PNC||Wells Fargo||TD Bank|
|LendingTree’s rating||3.8/5||3.9/5 (Read review)||3.3/5 (Read review)|
|Minimum credit score||700||Not specified||Not specified|
|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|
|Funding timeline||1-3 business days||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.|
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.