As two nationally recognized and established banks in the U.S., it can be difficult to decide which personal loan is the best fit for your financial needs. While it may be wisest to borrow from the bank you already have an existing relationship with, it’s important to carefully compare and contrast both options to ensure you’re getting the most out of your loan.

Wells Fargo vs. PNC at a glance

Wells Fargo PNC Bank
Bankrate score 4.6 4.6
Better for Serving customer needs •An in-person experience

•Small loan amounts
Loan amounts $3,000-$100,000 $1,000-$35,000
APRs 7.49%-23.74% Varies by ZIP code
Loan term lengths 12-84 months 6-60 months
Fees Late fee: Undisclosed amount Late fee: Varies by location
Minimum credit score Not specified Not disclosed
Time to funding 1-3 business days Within a few business days

Wells Fargo personal loans

Pros

  • Low fees.
  • High loan amounts.
  • Same-day credit approvals

Cons

  • No co-signer or joint applicant options.
  • Must be an existing Wells Fargo customer.
  • Not available in 14 U.S. states.

Wells Fargo is a well-known American bank that funds personal loans to  existing customers. While the bank doesn’t provide financial or credit minimum requirements, it’s suggested that borrowers with a good credit history and higher score are more likely to get approved.

PNC Bank personal loans

Pros

  • Few fees.
  • Co-borrowers allowed.
  • Benefits for existing customers.

Cons

  • Smaller loan maximum.
  • Loan details vary by location.
  • Vague approval requirements.

Much like Wells Fargo, PNC is a traditional brick-and-mortar bank offering unsecured installment loans. However, PNC Bank doesn’t require that applicants have an existing banking relationship to qualify for a loan.

While there are perks for existing customers, like a 0.25 percent interest rate reduction, the terms and loan amount you’re offered will ultimately depend on where you live and your ZIP code.

How to choose between Wells Fargo and PNC Bank

Wells Fargo and PNC Bank both offer its customers valuable benefits, competitive rates and flexible repayment options; however, they’re not a one-size-fits-all option. Here’s when to choose one loan over the other to best suit your borrowing needs.

Wells Fargo has large borrowing amounts

Wells Fargo is one of the top lenders for borrowing amounts. While most allow applicants to borrow up to $50,000 (or $35,000 with PNC), Wells has a maximum of $100,000.

What’s more, the bank offers minimal fees and discounts to its customers. This is a valuable perk considering most lenders and institutions charge at least an origination fee, which adds significant cost to larger loans.

PNC offers co-borrower applications

While PNC doesn’t require its borrowers to be members, it does offer discounts to its existing customers. Its rates and product terms vary by location and its listed eligibility requirements are thin, but it does allow borrowers to apply with a co-borrower.

Applying with a creditworthy co-borrower increases approval odds and can significantly reduce rates, making this loan ideal for those who may not otherwise get approved.

Compare lenders before applying

Both Wells Fargo and PNC Bank have strong personal loan products, existing customers with strong credit, a stable income and a low debt-to-income ratio will likely fare better with a Wells Fargo personal loan. Borrowers who have a co-signer and a less-than-stellar credit score are better candidates for a PNC loan.

Before making a decision, compare all of your options to make sure you’re getting the best rate and loan possible. Compare prequalification offers and loan details from online lenders and credit unions as well; it’s likely that those with good credit may score a lower rate with an online lender.