PNC Bank business loans: 2023 review
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At a glance
| Overall Score | 3.9 |
|---|---|
| Overview | PNC Bank is a U.S. banking institution serving customers all throughout the country and offering multiple business loan options. PNC has over 2,500 retail locations throughout 28 U.S. states and Washington, D.C. |
| Loan amount: | $10,000-$3 million |
| Interest rate from: | Prime + 0.51% |
| Term lengths: | 2-15 years |
| Minimum credit score: | 660 |
Who PNC Bank is best for
PNC business loans are best for well-established businesses looking to grow. The bank has a variety of lending options available for businesses that can show a strong financial history. Their loans cater to businesses who can demonstrate success and stability. If that’s your business, PNC can give you a variety of loan options that include both secured and unsecured options.
Businesses looking for convenient, digital tools to help manage their loan will want to find a different lender. PNC Bank doesn’t offer an online application or app to oversee their business loans. And their in-person branches are only located in 28 states (plus Washington, D.C.).
PNC Bank pros and cons
PROS
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Multiple small business loan types
Quick approval times
Large loan amounts
CONS
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No online application process
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Don’t offer a prequalification option
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Not available in all states
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Require businesses to be open at least two years
Business loan types offered
PNC offers a variety of business loan options, including SBA loans. The bank doesn’t provide specific information on current interest rates for most loans, but you can reach out by phone or in-person to learn more.
It’s also important to note that for all loan types, a personal guarantee is required by any business owner who owns 25 percent or more of the company.
Small business loan (unsecured)
The small business loan from PNC Bank is a traditional term loan that doesn’t require any collateral. Businesses can expect to pay a 1 percent origination fee for this loan. Set up automatic payments to make sure you never miss a monthly payment.Secured small business loan
If you want a lower interest rate and larger loan amount, you may want to apply for the secured small business loan. Collateral that can be used for this loan includes machinery, equipment or other non-real estate business assets. Origination fees for the loan are 0.5 percent.
Commercial real estate loan
PNC’s commercial real estate loan for small businesses can help fund a real estate purchase or refinance. The real estate itself secures the loan. Loan terms are flexible with loan term options anywhere from five to fifteen years, and borrowers have the choice of a fixed or variable interest rate. The loan includes origination fees of 0.5 percent plus any third party costs.
Small business vehicle finance loan
This loan allows you to finance the purchase of a new or used vehicle to use for business purposes. As with personal vehicle loans, your vehicle functions as the collateral for the loan. You’ll need to pay a title recording fee.
Unsecured small business line of credit
An unsecured small business line of credit doesn’t require collateral but interest rates will be higher and loan amounts are smaller. The annual fee for unsecured lines of credit with PNC is $175. Funds can be accessed by writing a check or transferring funds to an eligible PNC account, and they can be used as overdraft protection for a business checking account with PNC.
Secured small business line of credit
This lending option from PNC offers businesses a revolving line of credit secured by non-real estate business assets. There is an annual fee of 0.25 percent of the committed amount. Funds can be accessed by writing a check or transferring into an eligible PNC account. A secured small business line of credit can also be used for overdraft protection on a business checking account with PNC.
Do you qualify?
PNC doesn’t offer any information on industry limitations on their website. If you want to make sure they offer business loans in your industry or clarify any other requirements, reach out to the bank for questions.
PNC doesn’t give specific details on every qualifying factor for their business loans, but they do give some requirements and guidelines. And you’ll need to live in a state where they have a retail bank. Here’s the categories they examine for loan applicants and any specific qualifications you will need for each factor:
What we like and what we don’t like
Offering a variety of loan types, PNC Bank has options for businesses. However, they lack some of the convenience that other lenders offer.
What we like
- Multiple small business loan types: PNC has both secured and unsecured loan options. They offer business loans that finance real estate purchases, vehicle purchases and working capital needs.
- Quick funding times: Most loans are funded within one to five days. Businesses can get their hands on needed cash efficiently without worrying about slow processing timelines.
- Large loan amounts: If you have valuable-enough collateral to offer, you could qualify for up to $3 million in funding. That beats the amounts offered by most online lenders.
What we don't like
- No online application process: PNC doesn’t offer applicants a way to apply online, making the application process less convenient. To apply for a PNC business loan you must call or visit a local branch.
- Don’t offer a prequalification option: Some lenders allow you to fill out a few questions and find out if you qualify for the loan without doing a hard credit check, but PNC doesn’t give potential applicants this option.
- Not available in all states: PNC only has branches in 28 states and Washington, D.C., and you can only apply if you live in a state with a retail bank location.
- Large time in business requirement: Aside from healthcare startups, young businesses won’t find funding options through PNC. Like many traditional banks, PNC requires at least two years in business.
How to apply for a loan with PNC Bank
To apply for a business loan with PNC Bank, fill out the application in-person at a branch or by phone. You can call 1-800-762-5684 anytime between 8 a.m. and 6 p.m. ET, Monday through Friday. Hours for branch locations vary, so check with local branches before you visit them and consider making an appointment to avoid wait time.
There is no online application option available. Before you sit down to apply for a loan, make sure you gather all the necessary documents and information.
PNC Bank FAQs
How Bankrate rates PNC Bank
Overall Score 3.9 Accessibility 4.3 PNC offers a great maximum loan amount, but its minimum amounts could be smaller. Affordability 3.6 PNC has minimal fees and a good starting interest rate on its lines of credit. Transparency 4.1 Unlike most banks, PNC discloses the majority of its eligibility requirements for loans. Customer experience 3.5 PNC offers weekday phone support but its lack of an online application drags this score down. Flexibility 3.8 With many traditional loan options, this lender offers a funding solution for most needs. Methodology
To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 20 lenders and gave each a rating, which consists of five categories:
- Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
- Affordability: This section measures interest or factor rates and fees.
- Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
- Customer experience: Customer service hours, online applications and app availability are considered in this category.
- Flexibility: This category considers factors like the number of loan products and ability to change payment due date.
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.