PNC personal loan review: A solid choice for small loans

Young couple using computer at home to research PNC personal loansImage: Young couple using computer at home to research PNC personal loans

In a Nutshell

PNC Bank offers personal loans with loan amounts starting at just $1,000 and the ability to add a co-applicant, which may improve your odds of approval or getting a lower rate. But availability of some of the bank’s personal loan features will depend on where you live.

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Pros Cons
Loans starting at $1,000 Lowest interest rates are available only for higher loan amounts
Co-applicants allowed Different terms and features based on where you live
  Not available in all states

What you need to know about a PNC personal loan

With about 2,300 branches, PNC is one of the largest bank in the U.S., operating in 37 states and Washington, D.C.

If you’re eligible, you can use a PNC personal loan for home improvements, credit card debt consolidation or other large purchases. If you’re trying to decide whether a personal loan from PNC is right for you, here are a few things to consider.

Good credit requirement

Getting a personal loan from PNC Bank will likely require solid credit for the best rates. PNC doesn’t publish its eligibility requirements on its website, but people typically need FICO® credit scores of at least 650 to qualify for a PNC personal loan.

Co-applicants allowed

PNC allows co-applicants, which may improve your chances of qualifying for a loan or help you qualify for a lower interest rate if they have good credit.

Lower interest rates on higher unsecured loan amounts

The annual percentage rate, or APR, on unsecured personal loans from PNC varies based on the amount you’re borrowing. PNC offers competitive rates compared to other large lenders, but its lowest unsecured loan rates are only available if you borrow at least $15,000.

Options vary based on where you live

You’ll get a different experience from PNC based on where you live. For instance, based on your state, you may be able to apply for prequalification — or you may not. You may encounter different maximum loan amounts or APR discounts as well.

Keep in mind that if you do apply for prequalification, it won’t hurt your credit scores but moving forward with your offer and submitting a formal application may result in a hard inquiry and affect your scores slightly.

Make sure to enter an accurate ZIP code to help ensure you see the correct features that may be available to you.

A closer look at PNC personal loans

If you’re considering an installment loan from PNC, there are a few more details you should know.

  • No origination or prepayment fee — The bank doesn’t charge an origination fee to set up your loan account. You also won’t face a prepayment penalty if you want to repay your loan early.
  • Multiple repayment terms — PNC offers personal loan terms of six months to 60 months, depending on the loan amount.
  • Unsecured loans — PNC’s unsecured personal loans don’t require collateral such as a vehicle.
  • Line of credit — PNC also offers personal lines of credit from $1,000 to $25,000, which may be a good option if you need to pay for ongoing expenses.

Who is a PNC personal loan good for?

PNC personal loans can be a good option for people with strong credit who want to borrow at least $15,000 but less than $35,000, since they may qualify for the lowest rates the bank offers.

You’ll also need to live in an area where PNC offers loans, which are clustered in the eastern half of the U.S.

If you only need a small loan, PNC also may be worth a look, since its personal loans start at just $1,000. Plus, you can add a co-applicant if you think that will help you qualify for better rates or terms.

How to apply with PNC

You can apply for unsecured loans online, by phone or at one of PNC’s branches. The application process is simple and should only take about 10 to 15 minutes to complete if you have all the information required.

You’ll need to provide your identifying information, including full name, date of birth and Social Security number.

You’ll also want to have your desired loan amount, purpose of the loan and creditor information ready if you’re using the loan for debt consolidation.

Not sure a PNC loan is right for you? Consider these alternatives.

Here are some other lenders to consider if you’re shopping for a personal loan.

  • LightStream: A LightStream personal loan may be a good choice for people with good credit who can qualify for lower rates than PNC offers.
  • Avant: If your credit isn’t perfect, Avant may be an option because it considers customers with a range of credit scores.

About the author: Jennifer Brozic is a freelance financial services writer with a bachelor’s degree in journalism from the University of Maryland and a master’s degree in communication management from Tow… Read more.