PNC Bank Personal Loans: 2021 Review

PNC’s unsecured personal loans are available to fair- and good-credit borrowers, and loan offerings vary by ZIP code.
Jackie VelingAug 10, 2021

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Our Take

4.0

NerdWallet rating 

The bottom line: For borrowers who want flexibility, PNC delivers with small and medium loan amounts, a wide range of repayment terms and a joint loan option.

PNC Bank Personal Loan

PNC Bank Personal Loan

Min. Credit Score

None

Est. APR

5.99-28.74%

Loan Amount

$1,000-$35,000

Pros & Cons

Pros

  • No origination fee.
  • Offers joint loan option.
  • Wide variety of repayment terms.
  • Existing customers can get a 0.25 percentage point rate discount for setting up autopay.

Cons

  • Charges late fee.
  • May require an in-person visit.
  • Product varies by location.

Compare to Other Lenders

Marcus by Goldman Sachs
Lightstream
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99-19.99%

Est. APR

4.49-20.49%

Loan Term

3 to 6 years

Loan Term

2 to 7 years

Loan Amount

$3,500-$40,000

Loan Amount

$5,000-$100,000

Min. Credit Score

660

Min. Credit Score

660

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

PNC Bank offers unsecured personal loans ranging from $1,000 to $35,000 that can be used for almost any purpose.

According to the lender, borrowers are evaluated by their credit history, income, length of employment and other factors. The lender’s 2020 annual report shows that most of its consumer loan borrowers have a FICO score of at least 660.

You can apply online for a loan from all 50 states, but the ZIP code you plug into PNC’s website could have an impact on the maximum loan amount and interest rate you see, plus the ability to pre-qualify.

PNC is best for borrowers who:

  • Have fair or good credit (630 to 719 FICO score).

  • May add a co-borrower to their application.

  • Want a wide range of repayment terms to choose from.

  • Want a smaller loan.

PNC at a glance

Affordability

  • APRs are consistent among lenders targeting borrowers with similar credit.

  • No origination or prepayment fees.

  • Charges late fee.

  • Rate discount for autopayments made from a PNC account.

Loan flexibility

  • Offers joint loans.

  • Allows changes to payment date once per year.

  • Offers direct payment to creditors for debt consolidation loans.

  • Available in 50 states and Washington, D.C.

Transparency

  • Soft credit check to pre-qualify available in some ZIP codes.

  • Discloses rates and fees on website; terms are not disclosed.

  • Loan varies by location.

Customer experience

  • Offers multiple customer contact channels and support seven days a week.

  • Offers mobile app to manage loan.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where PNC stands out

Joint loans: The lender allows co-borrowers, so you can add another person to your loan application. Adding someone with a higher credit score than you could increase your chances of getting approved for a larger loan or getting a lower rate.

Flexible repayment terms: Borrowers at PNC can choose from a variety of repayment terms ranging from six months to five years. A longer term may mean more affordable monthly payments; a shorter term means you'll pay less interest on the loan.

Small loans: PNC loans start at $1,000, so applicants who are looking to cover smaller expenses can apply for a loan suited to their needs. This amount is unique among lenders, with most loans starting at $2,000 or higher.

Mobile app: PNC offers mobile banking through its app. You can view your loan account, including the remaining balance and transaction history, and make payments from a PNC checking or savings account.

Where PNC falls short

Product varies based on location: Rates and terms on a PNC personal loan can vary by state. Depending on where you live, you also may not be able to pre-qualify, which lets you view potential rates without a hard credit check. Enter your ZIP code on the lender’s website to find out what’s available in your area.

Charges late fee: PNC charges a late fee of 10% of the payment or $40, whichever is greater, after a 15-day grace period. While many lenders charge late fees, this one is in the higher range.

Funding for non-customers: Current PNC online banking customers can receive funds in their account the same day they sign the loan documents. However, applicants who aren't customers have to visit a branch to close the loan, and funding time can range from three to 10 days.

How to qualify for a PNC loan

PNC doesn't publicly disclose many borrower requirements, but here’s what you need to qualify:

  • Minimum credit score: None.

  • Must be at least 18 years old.

  • Must provide date of birth and Social Security number.

  • Must provide photo ID.

  • Must be able to show proof of income.

Loan example: A two-year, $7,000 loan with a 20.5% APR would cost $358 in monthly payments. You’d pay $1,592 in total interest on that loan.

How to get a PNC loan

Apply on PNC

You can apply online through PNC’s website, by phone or in person at a branch. You'll need to provide a photo ID and Social Security number. PNC may require additional documentation to verify your income.

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Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.