PNC Bank Personal Loans Review 2022
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 United States and offers a wide range of personal and business banking services. Among its product line, PNC offers unsecured personal installment loans up to $35,000. Applicants are considered based on their satisfactory credit history, repayment capacity and income.
- A range of loan amounts and repayment terms.
- No prepayment penalty and no application or handling fees.
- Get a 0.25 percentage point discount if you set up autopay using a PNC checking account.
- Candidates can obtain a loan with a co-signer.
- Account features (such as the ability to complete the full application online or be prequalified) and pricing vary by location.
- Prequalification is only available for certain customers.
PNC personal loans, which start from $1,000, can be used for a variety of purposes. The main ones are to consolidate debt, finance home improvements or repairs, or meet unexpected expenses.
Prospective borrowers can begin the PNC personal loan application process online, in person at a branch, or over the phone. You will need to share personal and financial information, including:
- Name, social security number, date of birth and address
- An identity photo
- Annual income plus any other income you want to include
- Monthly housing expenses
- Desired loan amount
- If you are consolidating other debts, you must list the names of the creditors, the total balance owing, and the monthly payment amount.
Co-applicants will also need to include address and annual income.
For those who already have a PNC online banking account, logging in pre-populates your application.
The application only takes a few minutes to complete, and in some (but not all) cases, PNC will offer a decision immediately along with instructions on how to proceed.
Borrowers cannot use the loans to pay for college-related expenses or to refinance a student loan. PNC offers separate student loan and refinance options.
Borrowers can take out personal loans from $1,000 up to $35,000. Some states have lower loan limits. Annual percentage rates vary by zip code and other factors.
Keep in mind that the APR may increase depending on the applicant’s credit rating. Other factors affecting the rate include the loan amount and the repayment terms chosen. For example, a 24 month term will generally have a lower APR than a 36 month gain.
Note that borrowers can also get a 0.25 point interest rate reduction by automating payments using a PNC checking account.
PNC does not charge set-up or administration fees, and there is no penalty for early repayment. The late fee, once a payment is 15 days late, is 10% of the payment or $40, whichever is less.
Repayment terms vary 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 themselves.
Depending on the loan amount requested and the repayment terms you seek, qualifications and rates may vary. PNC offers a pre-qualification option to some applicants in some locations, but if this is not available, you must submit the full application to see if you are eligible.
Although PNC does not disclose minimum score thresholds, all applicants will be considered for approval based on their satisfactory credit history, repayment capacity and income.
PNC has a branch footprint in the Mid-Atlantic, Midwest and Southeast regions. People in the 50 states plus Washington, DC 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 over the past 12 months. PNC Bank has a rating of 2.3 (out of 5) on Trustpilot. The Consumer Financial Protection Bureau has received 132 complaints over the past 12 months regarding PNC personal loans and has closed them in a timely manner.
Customers can reach customer service by phone Monday through Friday, 7 a.m. to 10 p.m. ET, or Saturday and Sunday, 8 a.m. to 5 p.m. ET.
During the application process, users can open an online chat window or call to reach a representative for assistance.
PNC also has a Twitter handle that is responsive to customer questions and requests, as well as a Online FAQs on the website that covers common issues.
Some customers may complete the personal loan application online, while others in some locations may need to visit a branch or call by phone to complete the process. The same is true for prequalification – it is not available to everyone.
Once the loan is processed and approved, borrowers can set up automated payments or pay the bill online PNC Bank also has a mobile application for account management including loans where you can view account activity and make payments.