See how PNC Bank stacks up to have your financing needs met in one place.
Want to keep all of your finances in one place? Live in the eastern half of the US? You might want to consider PNC Bank. This regional bank offers loans for a wide range of purposes like paying for a wedding or buying inventory for your small business. Its personal loans come in lower amounts than much of the competition, so it might not be for you if you’re looking to finance a private jet. Read on to get an idea of whether this bank is right for you, and check out our in-depth reviews for more details.
What types of loans does PNC Bank offer?
PNC Bank offers a variety of loans including personal, student, car and business loans. Here’s a snapshot of how they work.
|Loan type||What it is||APR||How much you can borrow||Loan term|
|Personal loan||An unsecured personal term loan that you can use for any legitimate purpose, including home improvements, refinancing debt or paying for a large one-time expense.||as low as 5.99%||$1,000–$35,000||6 to 60 months|
|Student loan refinancing||A refinancing loan to replace your current private and federal student loans.||4.39% to 6.59%||$10,000–$75,000||10 or 15 years|
|Private student loan||Loans for undergraduate students to pay for school.||5.03%–11.23%||$1,000–$225,000||up to 15 years|
|Auto loan||A term loan to pay for a new or used car, lease buyout or refinance your current car loan.||3.69% to 3.99% (As low as)||$5,000–$50,000||12 to 72 months|
|Business loan||Financing for any legitimate business purpose. Secured and unsecured business term loans, real estate financing, auto loans, SBA loans and lines of credit.||Varies by state||Unsecured loans: $10,000–$100,000
Secured loans: $10,000–$5,000,000
|Unsecured loans: up to 48 months
Secured loans: Up to 84 months
|Mortgage||Purchase or refinance a home.||Varies depending on your location and credit||Up to $453,100||10–30 years|
The loans listed above are available to residents of the following states: AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, NY, OH, PA, SC, VA, WI, WV. With the exception of undergraduate student loans, which are available in all 50 states.
PNC Bank also offers personal lines of credit, secured installment loans and student loans for higher education and postgraduate expenses. To learn more about how these loans work, read our review of PNC Bank personal loans or PNC Bank student loans.
Why should I consider taking out a loan with PNC Bank?
- One-stop shop. Folks who prefer sticking with one institution for all of their financial needs can use PNC Bank to borrow for home improvements, expand their business, get a new car and even send their kids to school.
- Secured and unsecured options. Most PNC Bank loans come with an option to add collateral to your loan for lower rates or a greater chance of approval — or not if you don’t want to risk it.
- Small amounts available. You can borrow as little as $1,000 with PNC Bank’s personal and student loans — lower minimum than many personal loan providers.
- Apply online. While you can still apply for a loan in person at a PNC Bank branch, you don’t need to leave your home to fill out your application.
- Rate discount for PNC Bank members. Some loans come with a 0.25% or even 0.5% discount on APR for borrowers who enroll in automatic payments from a PNC Bank checking account.
- Live chat. You can also use PNC Bank’s live chat feature to get quick answers at any time — even before you’ve started your application.
How much will it cost me to borrow with PNC Bank?
PNC Bank loan costs vary widely depending on your ZIP code, loan type, loan amount and creditworthiness. Personal loans as low as 5.99% APR, though the starting rate might be higher in your area. Student loans begin at 4.39% to 6.59% APR for fixed rates that stay the same over the life of the loan and 4.19% to 6.39% for variable rates that change over time. PNC Bank caps both fixed and variable APRs at 13% on student loans.
Auto loans are perhaps the least expensive financing option that PNC Bank offers, with APRs 3.69% to 3.99% (As low as). Business loan rates are generally determined on a case-by-case basis so you might want to reach out to PNC Bank to find out what rate you can expect.
Why should I care about the APR?
The best way to compare the costs of loans is by comparing their annual percentage rate (APR). This number is an expression of your loan’s interest rate and any other mandatory fees (not including prepayment penalties or late fees).
Since interest adds up over time, the longer you take to pay off your loan, the more you’ll pay in total. Generally, you’ll get a more accurate comparison if you look at loans with a similar term length.
Are PNC Bank loans safe?
Generally, yes. PNC Bank uses EV SSL certificates to protect your data while entering sensitive information online — or simply browsing its website. Look for the green lock on the address bar when you’re visiting the legitimate PNC Bank site. EV SSL certification means that PNC Bank not only protects your information, but that its site has passed an identity authentication test that ensures you’re on a trusted page.
After you’ve given PNC Bank your personal information, it shares your information with other affiliates for marketing and everyday business purposes like processing transactions. However, you can limit how much it shares by calling 800-762-2118 or through its site once you’re an existing customer.
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How to apply for a loan with PNC Bank
You can apply for a PNC Bank loan online, over the phone or in person at one of its branches. The one exception is business loan applicants, who can’t apply online. To start your online application, follow these steps.
Follow the directions to complete the application, read the terms and conditions and submit.
PNC Bank’s eligibility requirements vary, depending on what type of financing you apply for. However, you typically need to meet the following requirements to qualify for a PNC Bank loan of any type:
- Have good credit.
- Be over 18 years old.
- Be a US citizen or permanent resident.
- Live in one of PNC’s serviced states
PNC Bank student loans are available to residents of all 50 states, though you’ll need to go to an eligible school to qualify. Otherwise, you’ll need to live in one of the following states to be eligible for a PNC Bank loan.
- Washington, DC
- New Jersey
- New York
- North Carolina
- South Carolina
- West Virginia
Pros and cons
- Accepts cosigners. You can have a cosigner with stronger credit sign on to some PNC Bank loans, upping your chance of approval for a competitive rate.
- Autopay discounts. You can get a lower rate if you sign up for automatic payments with a PNC Bank checking account on some loans.
- No prepayment penalty. Save on interest by paying off your loan early without getting slapped with a fee.
- Limited website. It’s hard to get an idea of what rates you can expect without picking up the phone or turning to live chat.
- Not nationwide. You’ll have to live in an eligible state to qualify for most PNC Bank loans.
- Poor online reputation. PNC Bank gets an F from the Better Business Bureau and mostly negative reviews from customers across different sites — mostly about its customer service.
PNC Bank could be an attractive option for those living in the southeast, midwest or on the east coast who would rather stick with one bank for all of their financing needs. It only operates in 20 states, so make sure you’re eligible before you apply. Since its rates and terms vary by location and other factors, you might want to reach out to PNC Bank before you apply to learn what you personally can expect.
Want to know more? Find out how PNC Bank stacks up to other providers by visiting our loans guide.