PNC Bank Personal Loans Review 2021
PNC Bank can trace its history back to 1852 and the Pittsburgh Trust and Savings Co. Today, PNC Bank is the seventh-largest bank in the U.S., and it features a wide range of consumer and business banking services. Among its suite of products, PNC offers personal, unsecured installment loans up to $35,000. Applicants are considered based on satisfactory credit history, ability to repay and income.
- A range of loan amounts and repayment terms.
- No prepayment penalty and no origination or application fee.
- Get a 0.25-percentage-point discount if you set up autopay using a PNC checking account.
- Applicants can secure a loan with a co-signer.
- Account features (like the ability to complete the full application online or get prequalified) and rates vary by location.
- Prequalification is only available to select customers.
PNC personal loans, which start as low as $1,000, can be used for a variety of purposes. The main ones are to consolidate debt, to fund home improvements or repairs, or to handle unexpected expenses.
Potential borrowers can begin the application process for PNC personal loans online, in person at a branch, or by phone. You will have to share personal and financial information including:
- Name, Social Security number, birthdate and address
- A photo ID
- Annual income plus other income you wish to include
- Monthly housing expenses
- Desired loan amount
- If consolidating other debt, you must list the creditor names, total balance owed and the amount of the monthly payment.
Co-applicants will also need to include address and annual income.
For those who already have a PNC online banking account, signing in will pre-fill your application.
The application takes just a few minutes to complete, and in some (but not all) cases, PNC will offer a decision right away along with instructions on how to proceed.
Borrowers may not use loans to pay for college-related expenses or to refinance a student loan. PNC has separate student loan and refinancing options.
Borrowers can take out personal loans starting as low as $1,000 and up to $35,000. Some states have lower loan maximums. Annual percentage rates vary by ZIP code and other factors.
Keep in mind that the APR may increase based on the applicant’s credit score. Other factors affecting the rate include the amount of the loan and the repayment terms chosen. For instance, a 24-month term will typically have a lower APR than a 36-month payoff.
Note that borrowers can also get an interest rate reduction of 0.25 of a point by automating payments using a PNC checking account.
PNC does not charge origination or application fees, and there is no penalty for early repayment. Late fees, once a payment is 15 days overdue, are 10% of the payment or $40, whichever is less.
Repayment terms range from six to 60 months.
PNC does not disclose specific credit score requirements. Co-applicants can help borrowers qualify if they are unable to do so on their own.
Based on the loan amount requested and the repayment terms you’re seeking, qualifications and rates may vary. PNC does offer an option to prequalify to some applicants in certain locations, but if that’s not available, then you must submit the full application in order to see if you qualify.
While PNC does not disclose minimum score thresholds, all applicants will be considered for approval based on satisfactory credit history, ability to repay and income.
PNC has a branch footprint in the mid-Atlantic, Midwest and Southeast regions. People from all 50 states plus Washington, D.C., can apply for a personal loan online. The application process may vary depending on where the borrower is located.
PNC Bank has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. It has closed 608 complaints in the last 12 months. PNC Bank has a 2.3 (out of 5) rating on Trustpilot. The Consumer Financial Protection Bureau received 132 complaints in the past 12 months related to PNC’s personal loans and closed them in a timely matter.
Customers can reach customer service by phone from Monday to Friday, 7 a.m. to 10 p.m. ET, or Saturday and Sunday from 8 a.m. to 5 p.m. ET.
During the application process, users can open a chat window online or call to reach a representative for assistance.
PNC also has a dedicated Twitter handle that is responsive to customer questions and inquiries, as well as an online FAQ section on the website that covers common issues.
Some customers can complete the personal loan application online, while others in certain locations may have to go to a branch or call by phone to complete the process. The same goes for prequalification – it isn’t available to all.
Once the loan is processed and approved, borrowers can set up automated payments or pay the bill online PNC Bank also has a mobile app for account management, including loans, where you can see account activity and make payments.