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PNC Personal Loans: 2018 Review

Oct. 24, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.5 NerdWallet rating

Good for: Debt consolidation

PNC Bank provides personal loans for borrowers looking to consolidate debts, fund home improvements or cover other personal expenses.

PNC may be a good fit if you:

  • Need to consolidate debt: PNC’s starting rates are lower than most credit cards, and the loans can be used to pay off high-interest debts.
  • Want fast funding: PNC’s application takes 10 to 15 minutes to complete, with approval and funding within two business days.
  • Have a PNC checking account: You don’t have to have a PNC account to get a loan, but you get a 0.25% rate discount for automatic loan payments from a PNC checking account.

PNC loan terms and rates

Loan amounts$1,000 - $35,000
Typical APR5.99% - 25.44%
Fees
  • Origination fee: None
  • Late fee: Greater of $40 or 10% of amount due, after 15-day grace period
  • Prepayment fee: None
Time to fundingAs fast as two days
Repayments6 to 60 months
Soft credit check?No
How to qualify
  • No minimum credit score, income or debt-to-income ratio requirements disclosed
  • PNC makes loans to borrowers in 20 states and Washington, D.C.*
Best forDebt consolidation
Click "Compare rates" to see estimated rates from multiple lenders on NerdWallet.


*PNC loans are available in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Washington D.C., West Virginia and Wisconsin.

» MORE: Best loans for debt consolidation

PNC personal loan review

PNC Bank is the ninth largest bank in the U.S. by total assets. Its unsecured personal loans are an option for one-time borrowing needs, such as debt consolidation, home improvements or emergency expenses.

How to qualify: Approval depends on your credit score, income and debt-to-income ratio, which are weighed evenly on applications, according to a PNC customer service representative.

No specific credit score requirements were disclosed, but you’ll likely need fair to good credit to qualify. According to PNC’s 2017 annual report, most of its consumer loan borrowers have a FICO score of at least 650.

Co-applicants can be added to applications to increase approval odds and get you a lower rate. The co-applicant will also be responsible for repaying the loan if the main applicant fails to pay.

Cost: PNC’s loans carry an annual percentage rate ranging from 5.99% to 25.44%, depending on where you live, the loan amount and repayment term, your credit score and income. The APR range includes a 0.25% discount for automatic payments from a PNC checking account.

Hard credit pull: PNC does not offer pre-qualification with a soft credit check; rather, applying requires a hard pull, which may result in a temporary hit to your credit score.

Loan example: A borrower in New York who takes out a $10,000 loan with a 36-month repayment term and 6.74% to 8.49% APR would pay between $308 and $316 per month, according to PNC’s rate calculator.

» MORE: PNC student loan review | PNC banking review

How PNC compares

4.0 NerdWallet rating


5.0 NerdWallet rating
4.0 NerdWallet rating

APR

5.99% - 25.44%





Min credit credit score

None specified





Best for

Debt consolidation



APR

6.99% - 24.99%





Min credit score

660





Best for

Flexible loan terms



APR

7.24% - 24.24%





Min credit score

Typically above 660





Best for

Good credit, debt consolidation



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

Marcus is an online lender providing loans between $3,500 to $40,000, with competitive rates and flexible payment terms. Unlike PNC, you can check to see if you qualify and get an estimated rate without impacting your credit score. Most of its borrowers have credit scores higher than 660.

Wells Fargo offers a similar APR range, but higher borrowing amounts up to $100,000. Borrowers typically have a credit score of at least 660, and you’ll need to become a Wells Fargo customer and visit a branch to get a loan.

How to apply for a PNC loan

You can apply online through PNC’s website, by phone or in person at a branch. PNC says it takes about 10 to 15 minutes to complete the application and provides a list of what you’ll need to apply, including one form of photo ID and your annual income.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

 

Before you shop for a personal loan:

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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