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PNC Personal Loans: 2022 Review
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PNC Bank personal loans at a glance
|APR: 5.99%-24.99%||Loan Terms: 6 to 60 months||Loan Amounts: $1,000 to $35,000||Origination Fee: No origination fees|
PNC personal loans carry attractive rates and terms, making them a worthy option to consider if you’re in need of fast funding. Still, the bank isn’t so clear about its eligibility requirements, and your PNC personal loan offer may change depending on your location; those who are interested in a personal loan should contact PNC Bank for more information. However, in this PNC Bank personal loan review, we’ll reveal our findings on the lender’s product.
- Low base APR: Those with excellent credit can get a relatively competitive interest rate, specifically if they’re able to use a PNC checking account to make their monthly payments and thereby get a rate discount.
- Flexible terms: PNC personal loans can range from as little as $1,000 up to $35,000, with repayment terms ranging from 6 to 60 months.
- Unclear requirements: PNC doesn’t flesh out its requirements to borrow, including for minimum credit score or income — that makes it difficult to know if you can get this loan.
- No origination or prepayment fees: While many of the specifics of this loan are unclear, the PNC website does state that the personal loan does not come with any origination or prepayment penalty fees, as some other loans do.
- Location-dependent terms: The various rates and terms for this loan can vary between locations, so those who are interested will have to contact PNC directly to view the rates and terms that are available in their area.
|Decent rates for highly-qualified applicants: If you can qualify for the lowest rates, the APR associated with this loan is generally much better than you’d get with other financial products, like a credit card.||Unclear qualification requirements: Since PNC doesn’t disclose the various requirements they have to approve an application, it’s difficult to know if you’re a good candidate for this loan.|
|Wide loan amount range: This loan can cover many borrowers’ needs, whether they’re fairly high or relatively small.||Unclear timelines: PNC also doesn’t mention how long the application process takes, or when those who are approved might expect the funds to be deposited into their accounts. That means those looking for fast cash may want to look elsewhere.|
|Rate discount available: Those who have and use a PNC checking account to make their loan payments can get a rate discount of 0.25 percentage points on their personal loan.||Terms vary by location: You’ll need to get in touch with the lender to learn what terms are like in your area.|
|No origination fee or prepayment penalty: Unlike some personal loans, this one doesn’t charge borrowers an origination fee, and borrowers can pay back their loan ahead of time without penalty.|
|Co-applicants accepted: PNC allows you to add a co-applicant, which can make this personal loan more accessible for certain borrowers.|
PNC personal loan requirements
- Minimum credit score: Not Specified.
- Minimum credit history: Hard Pull.
- Maximum debt-to-income ratio: Not specified.
PNC doesn’t provide information about the eligibility requirements for a personal loan. However, the site does note that you should be able to provide some form of photo ID and your annual income, as well as any other income you want to be considered when you apply.
Which borrowers are the best for PNC personal loans
For those who already bank with PNC and have excellent credit, this loan is a solid option. That’s because those borrowers would be most likely to qualify for the lowest rates available for PNC personal loans, and they could score the rate discount if they choose to make their loan payments out of a connected checking account.
Because the timelines and requirements for this loan aren’t clear, it may be best suited to those who don’t necessarily need to get their funds right away and prefer a more person-to-person or brick-and-mortar loan experience (provided you live in an area where those are available).
For example, potential applicants could choose to head to their local branch or give them a call — rather than just sending in their online application — to get more information about the rates and terms that are available in their area, and get a better idea of whether or not they’d make a good candidate from PNC’s perspective.
Even if that’s not you, however, it’s always a good idea to understand the specifics of the loan and borrower requirements before sending in a personal loan application.
Applying for a personal loan from PNC
You can apply for a PNC personal loan by visiting a branch, going online or calling 877-CALL-PNC. You’ll need to provide the following information:
- Full legal name
- Social Security number
- Date of birth
- Desired loan amount
- Previous addresses, if you’ve resided at your current address for less than two years
- A valid photo ID
- Annual income details
If you’re applying with a co-applicant for a joint personal loan, they’ll also need to provide a current address (and previous ones if they lived there for less than two years) as well as their income information.
Unfortunately, PNC doesn’t provide information regarding the rest of the application process, nor do they specify further details, like the average amount of time it takes to process and approve a loan, or how quickly an approved applicant would be able to access those funds. Those who are interested in this personal loan should contact PNC to learn more.
PNC personal loans compared to competing lenders
|Comparing PNC to competitors|
|PNC Bank||LightStream||Marcus by Goldman Sachs®||Happy Money|
Loan length: 6 to 60 months
Loan amount: $1,000 to $35,000
Origination fee: No origination fees
Min. credit score: Not Specified
Loan length: 24 to 144 months
Loan amount: $5,000 to $100,000
Origination fee: No origination fee
Min. credit score: Not specified
Loan length: 36 to 72 months
Loan amount: $3,500 to $40,000
Origination fee: No origination fee
Min. credit score: 720
Loan length: 24 and 60 months
Loan amount: $5,000 to $40,000
Origination fee: 0.00% - 5.00%
Min. credit score: 640
LightStream vs. PNC
With zero fees and a wider borrowing range, LightStream’s personal loan may be a great alternative to PNC’s loan. For those looking for fast cash, LightStream also notes that borrowers can receive their funds as fast as the same day that their loan is approved. Keep in mind, though, that the rates will change depending on the way you plan to use the funds, and if you don’t opt for autopay before your loan is funded, your APR will be 0.50% higher than those quoted above.
Marcus by Goldman Sachs® vs. PNC
This personal loan from Marcus, a division of Goldman Sachs, is another fee-free option for those in need of a loan. Qualified borrowers can take out up to $40,000 and the lowest rates are generally reserved for shorter-term loans. If the lower range of APRs is out of reach, however, you may be better off looking elsewhere — the upper range of rates for this loan is comparable to that of some credit cards.
Although the lender doesn’t specify a minimum credit score needed to qualify for a personal loan, it’s worth calling out that more than 91% of borrowers had a FICO Score above 720, according to the 2020 Annual Report from Goldman Sachs. It also offers prequalification, which allows you to see if you’re likely to qualify for this loan without damaging your credit score.
Happy Money vs. PNC
Rounding out the list of personal loan alternatives is the Happy Money (formerly Payoff) loan, which gives qualified borrowers the option to take out up to $40,000 and is framed as a way of consolidating credit card debt.
This lender is the most transparent of the bunch when it comes to the various credit requirements associated with this loan. Borrowers should have a FICO Score of 640 or higher and zero current delinquencies on your credit report. And although it does have an origination fee, the company says that it has eliminated most “common fees,” like prepayment, late, check processing and annual fees. Plus, for those who are interested, Happy Money also offers prequalification, which can help you understand if you’re a good candidate for the loan before committing to the lender.