PNC Bank Personal Loans Review 2022 – Forbes Advisor - Forbes

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Updated: Jul 18, 2022, 6:39pm
PNC Bank offers unsecured, fixed-rate personal loans between $1,000 and $35,000 with annual percentage rates (APRs) starting around 7% (rates may vary by zip code). You can apply online or in person at one of its more than 2,600 locations. Keep in mind, however, that your rates and terms will vary depending on where you live and your creditworthiness.
PNC Bank personal loans are best if you:
PNC Bank personal loans might not be the right fit if you:
Note that the following loan amounts, rates and terms may vary by location. You can check the loan details for your specific location by entering your zip code on the PNC Bank website.
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a PNC Bank personal loan is the right fit.
PNC Bank does not disclose a minimum credit score requirement, but it looks for borrowers with a history of on-time payments on their loans. We recommend a score of at least 670 to increase your chances of approval.
PNC Bank does not share a minimum income requirement. According to a customer service representative, it looks at the full picture of your finances to determine whether you’re a reliable candidate for a loan.
PNC Bank allows you to apply for a personal loan with a co-applicant. It prefers that your co-applicant lives in the same household.
By applying jointly, you could qualify for an even better rate. However, your co-applicant is equally responsible for the debt and the loan repayment will impact their credit. On-time payments can help improve credit, while late payments can damage credit.
You can apply for a PNC Bank personal loan online, over the phone or in person at one of its branch locations. You can kick off the process by prequalifying on the PNC Bank website.
Once you receive your funds, you’ll make monthly payments on your PNC Bank personal loan for the duration of the agreed-upon term. You have a variety of options for making your payments, including online, via mobile app, over the phone, in person at a branch or through the mail. You may choose to set up automated payments that will withdraw from your bank account every month on the payment due date.
As one of the largest banks in the U.S., PNC Bank is a legitimate source for personal loans. However, its customer reviews on TrustPilot and Better Business Bureau (BBB) skew largely negative.
PNC Bank received a rating of just 1.3 out of 5 stars on TrustPilot based on 327 reviews and 1.12 out of 5 stars on BBB based on 439 reviews. Dissatisfied customers complained about high fees, delayed processing times and long wait times for customer service.
PNC Bank received slightly more favorable reviews on Consumer Affairs and Credit Karma, with an average rating of 3.5 out of 5 stars on both sites. Some customers said they had a good experience banking with PNC.
It’s worth noting that these reviews are not specific to PNC Bank’s personal loans, but rather include the entire scope of PNC’s banking services.
While PNC Bank limits its personal loans to $35,000, SoFi lets you borrow up to $100,000. It similarly offers APRs starting around 7% and lets you apply with a co-applicant. If you’re looking to pay for a large project or expense, SoFi might be a preferable option to PNC Bank due to its significantly larger loan limits.
Related: SoFi Personal Loans Review
Avant has the same borrowing limit as PNC Bank, with a maximum amount of $35,000. However, you must take out at least $2,000 with Avant, twice as much as the minimum amount with PNC. Avant’s rates also start higher (around 9%) than PNC Bank’s.
Related: Avant Personal Loans Review
Like PNC Bank, Upgrade lets you borrow as little as $1,000, but it offers larger loan amounts of up to $50,000. This lender has a relatively low credit score requirement of 560 and lets you check your rates online with a soft credit check. It could be worth checking your rates with both PNC Bank and Upgrade (as well as any other lenders that let you prequalify online) to see which offers you the better rate.
Related: Upgrade Personal Loans Review
Featured Partners
1
SoFi
650
6.99% to 22.73%
$5,000 to $100,000
1
SoFi
Via Credible.com’s Website
2
Avant
$2,000 to $35,000
9.95% to 35.99%
580
2
Avant
Via Credible.com’s Secure Website
3
Upgrade Personal Loans
$1,000 to $35,000
5.94% to 35.97%
560
3
Upgrade Personal Loans
Via Credible.com’s Website
4
LendingPoint Personal Loans
$2,000 to $36,500
7.99% to 35.99%
600
4
LendingPoint Personal Loans
Via Credible.com’s Website
We reviewed PNC Bank based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated PNC Bank based on the weighting assigned to each category:
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated PNC Bank’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
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