PNC Bank is one of the largest banks in the nation, ranking seventh according to the Federal Reserve. It provides a wide range of financial services, such as checking and savings accounts, credit cards, home loans, auto loans, and small business and corporate services.

PNC offers personal loans to pay down or consolidate high-interest debt or pay for a large purchase for which you otherwise don’t have the cash. Read on to see if a PNC personal loan is a good choice for you.

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Pros
  • Co-applicant option

  • Autopay discount

  • Low APR

Cons
  • Limited availability

  • No prequalification

  • Terms vary by location

Pros Explained

  • Co-applicant option – While PNC doesn’t specify a minimum credit score to qualify for a personal loan, you have the option to apply with a co-signer in case you don’t think you can qualify for one on your own.
  • Autopay discount If you already have a PNC checking account and sign up for autopay, you can get a 0.25% discount on your interest rate.
  • Low APR Your location partly determines your interest rate, but annual percentage rates (APRs) can start as low as 8.74% (with autopay) or as high as 15.24%. For those with poor or fair credit who qualify, the highest APR is low compared with some other personal loan lenders, who can charge as much as 35.99%.

Cons Explained

  • Limited availability Even though PNC is available nationwide, it isn’t available everywhere. There are 2,400 locations in 37 states and the District of Columbia, but no branches in Alaska, Arizona, California, Hawaii, Idaho, Iowa, Montana, Nebraska, New Mexico, North Dakota, Oregon, South Dakota, and Wyoming.
  • No prequalification Some lenders let you check your eligibility for their personal loan products before you apply through a prequalification option utilizing a soft credit inquiry, which does not affect your credit score. PNC doesn’t offer that. This means that if you want to see if you qualify, you’ll need to apply first, potentially getting denied while still enduring a hard credit inquiry, which will temporarily reduce your credit score.
  • Terms vary by location Not every state or regional area offers the same products. Your location determines what’s offered and your APR. This might impact what’s available, and you might not get what you need where you live.

Loan Amounts

For PNC loans, you can borrow as little as $1,000 and as much as $35,000.

APR

APRs vary based on where you live, but with excellent credit your APR could be as low as 8.74% (with autopay) or as high as 15.24%.

Loan Terms

You can choose between the following terms depending on how much you borrow:

  • Six Months
  • One Year
  • Two Years
  • Three Years
  • Four Years
  • Five Years

Credit Score Requirements

PNC doesn’t list its credit score requirements for a personal loan, but as recently as 2017, the majority of its consumer loan borrowers have a score of at least 650. If you don’t have at least fair credit, consider asking a cosigner to help you qualify for a personal loan.

Fees

PNC doesn’t charge some fees, so you won’t see familiar ones, such as an origination fee, like some other lenders charge. Nevertheless, there is a late fee of $40 or 10% of your amount due, whichever is more. If you don’t have a PNC checking account to set up autopay, your APR will be 0.25% higher than what you would otherwise be quoted.

Time to Receive Funds

PNC doesn’t disclose how fast you’ll receive your funds after getting approved for a personal loan. 

PNC Personal Loan Features

  • Apply online, over the phone, or in a branch
  • Co-applicant option available
  • Repayment terms of varying lengths
  • No prepayment penalty
  • Low APR
  • Autopay available for PNC customers

Apply for a PNC Personal Loan

As there’s no prequalification option for a PNC loan, you’ll need to get your paperwork and files in order for a full application. You’ll need:

  • Your name, Social Security number, and date of birth
  • How much you want to borrow
  • A photo ID, such as a driver’s license or passport
  • Your address (both current and previous if you’ve been at your current one for less than two years)
  • Your income

If filing with a co-applicant, you’ll need their address and earning information as well.

Can I Refinance a Personal Loan with PNC?

PNC doesn’t offer personal loan refinancing at this time.

Verdict

For current PNC banking customers, taking out a personal loan here is a good idea. There’s an autopay discount if you link a PNC checking account to your personal loan.

It’s also a good option if you have decent credit. Most borrowers have a high fair credit score, which means you might qualify if your credit score isn’t stellar. If you don’t have a great credit score or don’t think you’d qualify for a PNC personal loan on your own, co-applicants are welcome. Keep in mind that both you and your co-signer are responsible for your loan if you don’t pay it back. If you miss payments, your credit score will tank—and so will your co-signer’s.

The various ways to apply and many different levels of repayment terms also make PNC enticing. It’s a great option for potential borrowers who don’t need that much money—as little as $1,000. You can pay your loan back in as few as six months or even sooner, as there’s no prepayment penalty. It’s a good alternative to a payday loan.

However, there are some drawbacks. The lack of a prequalification option means that the only way to know if you qualify for a PNC personal loan is to apply first. If you don’t get approved, you’ll still have a hard credit inquiry on your credit report, which temporarily reduces your credit score. And you’ll still need to apply to other lenders for a personal loan.

Not all personal loan products are available nationwide, which means certain amounts and terms may not be an option where you live. If you don’t have some choices available, you might want to look at other personal loan options that are more in line with your needs.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.