You may not expect a traditional brick-and-mortar bank to offer competitive personal loans with low rates and fees, but PNC Bank is doing just that. If you need to consolidate high-interest debt, make home improvements or finance a major purchase, take a look at what PNC personal loans have to offer.
As one of the largest banks in the nation by assets, PNC provides unsecured personal installment loans with fixed rates that vary by location. While borrowers don’t need an existing relationship with PNC to get a loan, those with a PNC checking account who opt for automatic loan payments receive a discount on their interest rate.
*Rates and terms vary by state.
Pros and cons of PNC Bank personal loans
Here’s a list of some of PNC Bank’s benefits and drawbacks.
- No prepayment penalty: Unlike some lenders, PNC Bank gives you the freedom to pay your loan off early without a fee.
- Perks for PNC Bank customers: If you already have a PNC checking account, you can earn a 0.25 percent discount on your loan APR by setting up automatic payments.
- Products vary by location: Your location determines which APRs and repayment terms you’re eligible for. For some ZIP codes, this information is hard to come by on the PNC website.
- May have to visit a branch to receive funds: Depending on your location, you may need to visit a branch in order to sign your loan documents, an inconvenience that many online-only lenders have eliminated.
PNC offers unsecured personal loans that range from $1,000 to $35,000 and repayment terms of six to 60 months in some states. The bank’s fixed rates start at 6.54 percent in some ZIP codes, but the rates available to you depend on creditworthiness, loan amount and where you live.
PNC doesn’t disclose a minimum credit score to qualify for a loan, nor the amount of time it will take to fund your loan.
Fees and penalties
PNC keeps fees to a minimum. It has no origination fee and no prepayment penalty for its unsecured loans. But those who don’t have a checking account at PNC pay 0.25 percent more in interest. Late fees vary.
How to apply for a loan with PNC Bank
You can apply for an unsecured personal loan from PNC through its website, by phone or in person at a branch. The fastest way to start the process is by using its online application.
In order to apply online, you’ll need to provide:
- Your full name, Social Security number, and date of birth.
- A photo ID.
- Your current address (and previous address if you’ve been there fewer than two years).
- Your annual income.
- The amount you’d like to borrow.
Those applying with a co-applicant will need to provide their co-applicant’s information as well.
While information about the approval process is scarce, borrowers in some states may need to visit a branch to sign final loan documents before receiving funding.
If you have questions about your loan options, customer care consultants are available at 1-888-762-2265 from 7 a.m. to 10 p.m. EST Monday through Friday and 8 a.m. to 5 p.m. EST Saturday and Sunday.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.