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 provides 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 on the basis of their satisfactory credit history, repayment capacity and income.
- A range of loan amounts and repayment terms.
- No prepayment penalty and no origination or application fees.
- Get a 0.25 percentage point discount if you set up automatic payment using a PNC checking account.
- Applicants can get 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 debts, finance home renovations or repairs, or face unforeseen 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
- One piece of photo identification
- Annual income plus any other income you want to include
- Monthly housing costs
- Desired loan amount
- If you are consolidating other debts, you must include the names of 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 bank account, the login will pre-fill your request.
The app only takes a few minutes to complete, and in some (but not all) cases PNC will offer an immediate decision along with instructions on how to proceed.
Borrowers cannot use the loans to pay for college expenses or to refinance a student loan. PNC offers separate student loan and refinancing options.
Borrowers can take out personal loans from $ 1,000 and up to $ 35,000. Some states have lower loan maximums. Annual percentage rates vary by postal code and other factors.
Keep in mind that the APR may increase depending on the applicant’s credit rating. Other factors influencing the rate include the loan amount and the chosen repayment terms. For example, a 24 month term will generally have a lower APR than a 36 month repayment.
Note that borrowers can also get an interest rate reduction of 0.25 points by automating payments using a PNC checking account.
PNC does not charge any original or request fees, and there is no prepayment penalty. The late charge, 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 on their own.
Depending on the loan amount requested and the repayment terms you are looking for, the qualifications and rates may vary. PNC offers a prequalification option for certain applicants in certain locations, but if that is not available, you must submit the full application in order to see if you qualify.
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 presence in the Mid-Atlantic, Midwestern and Southeastern regions. People in all 50 states and Washington, DC can apply for a personal loan online. The application process may vary depending on the location of the borrower.
PNC Bank has an A + rating with the Better Business Bureau, but it is not BBB accredited. It has closed 608 complaints in 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 in the past 12 months regarding PNC’s personal loans and filed 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 a representative for assistance.
PNC also has a Twitter manage who is responsive to customer questions and requests, as well as a Online FAQ section on the website that covers common issues.
Some clients 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 goes for prequalification – it is not accessible to everyone.
After 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.