PNC Bank Personal Loans: 2023 Review (2024)

Rebecca Betterton

Hannah Smith

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Do you qualify?

PNC doesn't disclose many of its eligibility requirements, but borrowers with solid credit and high income have the highest rates of approval and receive the most competitive loan terms. In general, people who have credit scores that are at least in the high 600s and a debt-to-income ratio (DTI) under 36 percent are most likely to get approved.

On top of meeting the financial requirements, applicants must be 18 years old to apply, show proof of income and must be a U.S. citizen or permanent resident to qualify.

What PNC doesn't allow loan funds to be used for

PNC doesn't allow its personal loans to be used for post-secondary education expenses or to refinance student loan debt. Its personal loans also can't be used to finance illegal activities, investments or certain business-related expenses.

PNC vs. TD Bank

Personal loans from PNC and TD Bank carry similar repayment terms and loan maximums, but TD Bank's minimum amount is higher. Unlike TD Bank, PNC does not offer a rate checking tool — so you'll want to consider prequalifying with TD Bank to see your predicted rates and eligibility odds before formally applying with PNC.

PNC vs. Wells Fargo

Borrowers with a higher credit score or longer credit history may want to look at Wells Fargo's options when comparing the two banks. Wells Fargo also offers a rate discount of up to 0.50 percent to borrowers with a qualifying existing account — more than the 0.25 percent autopay discount offered by PNC Bank.

What we like and what we don’t like

Minimal fees and discounts for existing customers can be overshadowed by being required to visit a branch in person in some cases.

What we like

• Minimal fees: Borrowers don't have to pay application, origination or prepayment fees on PNC personal loans.
• Perks for PNC Bank customers: If you already have a PNC checking account, you can earn a 0.25 percent discount on your loan APR by setting up automatic payments.
• Co-borrowers allowed: Unlike some traditional banks, PNC permits co-applicants on personal installment loans.

What we don't like

• Products vary by location: Your location determines which APRs and repayment terms you’re eligible for. For some ZIP codes, this information is hard to come by on the PNC website.
• May have to visit a branch to receive funds: Depending on your location, you may need to visit a branch in order to sign your loan documents, an inconvenience that many online-only lenders have eliminated
• Smaller loan maximum: PNC offers personal loan maximums of up to $35,000 which pales in comparison to other banks, some of which offer maximums of over $100,000 for the most creditworthy applicants.

How to contact PNC

There are multiple ways to get in contact with PNC, either by phone or through an in-person appointment. Its customer care phone number is 800-762-2265. You can talk to a representative Monday through Friday from 8 a.m. to 9 p.m. ET and on Saturday and Sunday from 8 a.m. to 5 p.m. ET.

PNC also offers a mobile app for iOS and Android devices so you can manage your account while on the go.

How to apply for a personal loan with PNC

You can apply for an unsecured personal loan from PNC through its website, by phone or in person at a branch. The fastest way to start the process is by using the online application.

In order to apply online, you’ll need to provide:

• Your full name, Social Security number and date of birth.
• Your driver’s license, state-issued photo ID or U.S. passport.
• Your current address and previous address if you’ve lived at your current address for fewer than two years.
• Your annual income and any additional income you’d like PNC to consider.
• The dollar amount you’d like to borrow.

In order to apply with a co-signer you'll need to provide:

• Their current employer.
• Their annual income.

If you’re already an account holder, PNC will prefill the application for you. Those applying with a co-applicant will need to provide their co-applicant’s current employer and annual income as well.

There is limited information available online about the approval process. However, borrowers in some states may need to visit a branch to sign loan closing documents before receiving funding.

Features and additional perks

PNC offers additional perks to its existing customers, like a 0.25 percent interest reduction for those who set up autopay from a PNC checking account. However, there are perks for those who haven't banked with the company, like its financial hardship program.

If you find yourself unexpectedly unable to make your loan payments due to life changing events like a sudden loss of income or employment, PNC offers financial assistance to help you get back on track. If you qualify, a representative will work with you to find the best repayment solution for your financial situation.

Fees and penalties

PNC keeps fees to a minimum. It has no origination fee and no prepayment penalty for its unsecured loans. However, it does charge a late payment fee that varies based on location. Keep in mind that those who don’t have a checking account at PNC or decide not to enroll in automatic payments will not qualify for the 0.25 percent interest rate reduction.

Methodology

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