PNC Personal Loans Review

PNC is an online lending platform offering personal loans for various uses

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PNC Bank personal loan
overall rating
3.5

Our Take

Current PNC customers that qualify for an autopay discount may benefit from the bank’s personal loan offerings. However, loan rates vary by location, and PNC doesn’t offer pre-qualification for borrowers interested in comparing loan options.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Permits co-applicants

  • Offers current banking customers an auto-pay discount

  • Offers secured personal loans for borrowers with poor credit

Cons
  • Rates vary by location

  • Website does not state eligibility requirements

  • Does not disclose loan funding speeds

Key Takeaways
  • PNC is best for borrowers who already have a checking or savings account with the bank.
  • The lender does not let prospective borrowers pre-qualify to see what rate they’re likely to qualify for. 
  • Customers can apply for a loan online, over the phone, or in person. 
Specifications
  • APR Range 6.39% to 16.39%
  • Loan Amounts $1,000 to $35,000
  • Loan Terms 6 to 60 months
  • Recommended Minimum Credit Score Not disclosed
  • Average Origination Fee Not applicable
  • Late Fee 10%

Pros Explained

  • Permits co-applicants: PNC lets prospective borrowers apply with a co-applicant. By choosing a co-applicant with a strong credit profile, applicants may qualify for better rates and loan terms than they would on their own. 
  • Offers current banking customers an auto-pay discount: Borrowers who sign up for automatic payments from their existing PNC checking account get a 0.25% rate discount. This autopay discount is only available when payments are made from an eligible PNC account. 
  • Offers secured personal loans for borrowers with poor credit: Unlike many traditional and online lenders, PNC offers both unsecured and secured personal loans. Secured loans generally pose less risk to the lender and are often easier to qualify for.

Cons Explained

  • Rates vary by location: PNC personal loans come with APRs as low as 6.39%, but rates vary by location. Prospective borrowers must enter their zip code on the personal loan homepage to see the available rates in their area. 
  • Website does not state eligibility requirements: PNC doesn’t disclose its minimum credit score or income requirements to qualify for a personal loan. There is also no pre-qualification option, so you can’t review what you might be eligible for before applying. 
  • Does not disclose loan funding speeds: While many lenders disclose average funding times for personal loans, PNC does not publish this information on its website.

Introduction

PNC offers unsecured and secured personal loans, in addition to other financial services. Its loans range from $1,000 to $35,000, with terms extending from six months to five years. There are no origination fees, and borrowers who wish to pay off their loan balance early aren't charged a prepayment penalty.

However, the lender does charge late payment fees equal to 10% of the late payment. PNC personal loans come with a fixed rate APR, though available rates vary by location. 

To see the personal loan rates PNC offers in your area, select “Personal Unsecured Installment Loan” from the pulldown menu on the personal loans homepage and enter your zip code. You can then select a repayment term and view available rates and monthly payment ranges for multiple loan amounts. Note, however, that displayed APRs include a 0.25% discount for PNC customers who opt for automatic payments through their PNC checking account.

Many lenders offer an APR discount for borrowers who set up automatic payments. Setting up autopay can be a great way to save on interest costs.

Company Overview

PNC Bank is a subsidiary of the bank holding company PNC Financial Services Group, Inc., which was founded in 1845. In addition to basic banking services, PNC offers personal loans, personal lines of credit, and investment lines of credit.

The bank has almost 3,000 branches and more than 19,000 PNC and partner ATMs across 27 states and the District of Columbia, and personal loans are available in 50 states. PNC completed its acquisition of BBVA in 2021, which increased the bank’s physical locations. 

Types of Personal Loans Offered by PNC

PNC personal loans are flexible and can be used for several purposes, including debt consolidation, home improvement, medical expenses, moving and relocation, events, and other large purchases. PNC personal loan funds cannot be used for postsecondary educational expenses or to refinance student loan debt. However, PNC offers student loan refinancing options through pnconcampus.com.

PNC does not disclose the minimum credit score required or maximum debt-to-income (DTI) ratio allowed to qualify for a personal loan.

Many lenders require that borrowers have a good FICO score to be approved for a loan. A good FICO score falls within the range of 670-739.

Time to Receive Funds

PNC does not indicate how long it takes to receive personal loan funds. Competitors may offer funding in as little as one day up to a few days.

PNC Personal Loan Features

Joint Applications

PNC allows joint applications but does not allow co-signers. To apply for a personal loan with a co-applicant, select “Yes” under “Co-Applicant Information” on the first page of the loan application form. Then, indicate whether you have the co-applicant’s authorization to apply jointly and disclose whether the co-applicant’s address or time at residence is the same as yours. 

In-Person Banking

Unlike exclusively online lenders, PNC has a network of 2,600 branches across 27 states and Washington, D.C. Not only can prospective borrowers visit a branch to apply for a personal loan, but customers with a nearby PNC location can also use the bank to handle all of their banking needs.

Financial Hardship Assistance

PNC borrowers who struggle to make loan payments can contact the lender via telephone to request financial hardship assistance. Borrowers can share information regarding their financial circumstances—changes to employment or income, illness, divorce, or other unexpected life events—so PNC can find a solution that meets their unique needs and payment abilities. 

Apply for a PNC Personal Loan

Unlike many online lenders, PNC does not offer a pre-qualification option, so you’ll have to apply for a loan to see your APR. However, PNC adds a level of flexibility by allowing consumers to apply for a personal loan online, over the phone, or at a branch. 

Follow these steps to apply for a PNC personal loan online:

  1. Complete online application. Applying for a PNC personal loan requires you to enter your social security number, monthly housing payment, and total annual income, among other personal details. Current PNC customers can sign into their online account to automatically pre-fill portions of the application, but this is not required. 
  2. Provide creditor information. If you plan to consolidate debts with the PNC personal loan, provide the creditor name, current balance, and monthly payment amount.
  3. Verify your application and provide documentation. Once you apply, it may be necessary to provide additional documents to verify your identity, employment, and income. You can check the status of your application by calling a Client Loan Advisor on Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern time, or Saturday from 9:00 a.m. to 2:00 p.m. ET.
  4. Await approval. Some applicants receive an immediate response upon submitting their loan application. However, it may take longer—though PNC does not provide details regarding approval and funding speeds. 

Can You Refinance a Personal Loan with PNC?

Borrowers cannot refinance an existing PNC personal loan with another PNC installment loan. However, the bank does extend personal loans to consolidate third-party, non-student loan debts. 

Customer Service

PNC borrowers can contact customer support via telephone, Monday through Friday, 7 a.m. to 10 p.m. ET, and Saturday and Sunday from 8 a.m. to 5 p.m. ET. Support is also available through the PNC Twitter account, but the bank does not offer an online chat tool through its website. Customers and prospective borrowers can also access PNC’s support page to get answers to frequently asked questions.  

Customer Satisfaction

PNC has mixed reviews online, but many are for other financial products, including auto loans and general banking. It receives an average of just 1.3 out of 5 stars across nearly 200 Trustpilot reviews.

Unsatisfied customers report high-interest rates, issues contacting customer support, and lengthy application and approval times. Happy PNC borrowers appreciate the low fees, fast application and approval processes, and helpful customer service team.  

Account Management

Borrowers can manage their personal loans through PNC’s online banking portal. To do so, navigate to “Sign On” from the PNC homepage. From there, you can manage and make payments, and view the loan balance, account activity, and payoff options.

How PNC Compares to Other Personal Loan Companies

Like PNC, PenFed Credit Union is a traditional financial institution that also offers personal loans. Neither of the lenders charges borrowers prepayment penalties or origination fees, and APR ranges are similar with PenFed’s rates extending from 4.99% to 17.99%. That said, the lenders also provide limited qualification information on their websites.

Despite the similarities, there are a few key differences between the lenders:

  • PenFed and PNC loan offerings vary by location, but PNC applicants can enter their zip code to review available APR ranges. On the other hand, prospective PenFed borrowers can view rates during pre-qualification. 
  • While PNC does not offer a pre-qualification process, PenFed lets consumers see the rate they’re likely to qualify for with just a soft credit check.
  • PenFed personal loans are available up to $50,000, while PNC borrowers are limited to $35,000 loan amounts.

Because PNC does not have a pre-qualification process, PenFed may be the best option—especially for borrowers who aren’t sure they’ll qualify for a loan and don’t want to undergo a hard credit inquiry. PenFed also provides more information about its personal loans online, and it offers more flexible loan amounts and repayment terms than PNC. 

Read our PenFed personal loans review.

Final Verdict

PNC personal loans are best for existing PNC customers who are eligible for the lender’s autopay discount. Current customers can also benefit from an automatically pre-filled application, and support from their local banking branch. The bank also may be a good fit for borrowers who need a secured personal loan and cannot find one elsewhere.

That said, PNC offers low maximum loan amounts and does not let customers check their rates before applying for a personal loan. The bank also fails to disclose relevant approval and funding speeds, which can complicate the application process—especially for borrowers who need funds quickly. For that reason, we recommend using an online lender that offers a pre-qualification process, more information about qualification requirements, fast funding, and more flexible loan options.

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.

Article Sources

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  5. PNC. "Personal Loan & Line of Credit Customer Service & Support." Accessed Dec. 2, 2021.

  6. Trustpilot. "PNC Bank." Accessed Dec. 2, 2021.

  7. PenFed. "Personal Loans." Accessed Dec. 2, 2021.