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PNC Bank business loans review

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Funding with a low maximum APR for large projects.

finder.com’s rating: 2.76 / 5.0

★★★★★

  • Best for businesses that need funding over $20,000.
  • Pick something else if you have an emergency expense.

$20,000

Min. Amount

$100,000

Max. Amount

Details

Product NamePNC Bank business loans
Min. Amount$20,000
Max. Amount$100,000
Loan TermUp to 5 years
APR8.18% to 15.57%
RequirementsBusiness is 3+ years old, meet revenue standards, no bankruptcy claims, no outstanding financial obligations

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like CNBC, Business Insider and The Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

This regional bank offers unsecured business loans from $20,000 to $100,000, and you can borrow as much as $3 million if you have collateral. Its rates start 8.18% APR — relatively high compared to other banks. But they don’t go any higher than 15.57% APR, meaning you may be able to find a good deal if you just meet the requirements.

And with no online application for new customers, it may not be ideal for covering a quick, one-time expense. You’ll need to apply over the phone or in person at a branch unless you already have an account.

How much will this loan cost me?

PNC Bank unsecured business loans come with rates from 8.18% to 15.57% APR — including an origination fee. You can borrow between $20,000 and $100,000 without collateral and repay it over terms of two to five years.

Use the calculator below to see how much a loan might cost your business at different rates, terms and loan amounts.

Business loan calculator

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How it works

Factors like your business’s revenue, time in business and your personal finances can affect the business loan you get. If you just meet PNC’s time in business requirement, for example, you’ll likely get a rate on the higher end. And you’ll need to show that your business has the cash flow to handle repayments on the loan amount and term you’re applying for.

What do I need to qualify?

PNC Bank doesn’t have any hard requirements, but it prefers working with businesses that meet the following criteria.

  • At least three years in business
  • Personal debt-to-income ratio of 40% or lower
  • Personal credit history of at least five years
  • No recent payments over 30 days past due on personal credit report
  • No business bankruptcies, judgements, tax liens or lawsuits
  • No personal records of bankruptcy, collection accounts, foreclosures or tax liens

Having a large amount of unpaid business debt can also affect your ability to qualify for a loan.

What information do I need to apply?

Have the following information ready before you apply for an unsecured business loan with PNC Bank.

  • Business legal name and contact information
  • Business legal type and establishment date
  • How long it’s been under current ownership
  • NAICS industry code
  • Business tax ID or Social Security number
  • Annual sales or gross revenue
  • Number of employees

You’ll also need to provide personal information and IDs for all owners with a stake in the company of 25% or more.

What industries does PNC Bank work with?

PNC Bank doesn’t specifically exclude any industries from its loan amount. But if your business is in an industry that doesn’t have steady revenue throughout the year, you’ll need to meet a higher standard for revenue requirements than other industries. These requirements vary depending on the business.

What other types of financing does PNC Bank offer?

In addition to unsecured term loans, you can also find the following products at PNC Bank:

Type of loanHow it worksLoan amountLoan terms
Secured term loanOne-time financing secured by your business’s assets for large expenses$100,001 to $3 millionUp to 7 years
Unsecured line of creditA business that has equity in its residential or owner-occupied commercial real estate that needs financing to expand the business or explore new opportunities$20,000 to $100,000Revolving
Secured line of creditAccess to cash as your business needs it, secured by your business’s assets.$100,001 to $3 millionRevolving
SBA loansGovernment-backed financing through the SBA 7(a), Express, Export Express, Veterans Advantage and 504 programsUp to $5 million, depending on the programUp to 25 years, depending on the program
Commercial real estate loanA business that wants to buy or refinance owner-occupied commercial property$100,001 to $3 millionUp to 10 years, with up to a 20-year amortization
Business vehicle loanUp to 100% financing for new and 90% financing for used vehicles for business use$10,000 to $250,000Up to 6 years

Pros and cons

PNC Bank might offer a great deal to some businesses, but it’s not right for all expenses.

Pros

  • Rates no higher than 15.57% APR
  • Secured and unsecured financing
  • Wide range of financing available besides unsecured term loans

Cons

  • Requires at least three years in business
  • Limited information available online
  • No online application if you’re new to PNC

See other top business loan options

Data indicated here is updated regularly
Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$4,000 – $300,000
5.49% to 22.79%
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 300
Alternative financing up to $300K with highly competitive rates.
Lendio business loan marketplace
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Fundera
$2,500 – $5,000,000
7% to 30%
$300,000+ of annual revenue, 680+ personal credit score, in business for 3+ years
Get connected with short-term funding, SBA loans, lines of credit and more.
Kickpay e-commerce loans
$20,000 – $1,000,000
Not applicable
At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location.
Get a loan for your e-commerce business based on your sales history.
Credibly Business Loans
$5,000 – $250,000
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
Funding to cover business expenses with daily or weekly repayments.
SmartBiz
$30,000 – $5,000,000
4.75% to 7.00%
650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.
LendingClub small business loans
$5,000 – $500,000
9.77% to 35.98%
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
Monevo Business Loans
$500 – $100,000
3.99% to 35.99%
Credit score of 500+, legal US resident and ages 18+.
Use this connection service to get paired with a loan you can use for business.
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Compare up to 4 providers

Is PNC Bank legit?

Yes, PNC Bank is a regional bank that’s a member of the FDIC and an Equal Housing Lender. This means that it meets federal regulations for bank lenders, which are more strict than your typical online lender.

It also takes steps to protect your information, like destroying any sensitive personal data as soon as it’s no longer needed. And you have the option to sign up for security alerts and multifactor authentication to protect your online accounts.

Watch out for this PNC Bank scam

PNC Bank reported to the Better Business Bureau (BBB) that customers were receiving emails from scammers asking for their username and billing information. If you receive an email from PNC Bank or its parent company, PNC Financial Services, reach out to customer service first. Banks generally don’t ask customers to provide sensitive information over email.

Do PNC Bank business loans get good customer reviews?

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.1 out of 5 stars, based on 150 customer reviews
Trustpilot Score 3.6 out of 5 stars, based on 9 customer reviews
Customer reviews verified as of 29 June 2020

PNC Bank gets mostly negative reviews — though most aren’t about its business loans. Some borrowers say this lender’s interest rates are among the more competitive on the market. But other reviewers speak poorly of the bank’s disorganized customer service and the hassle of multiple fees on its loan products.

How do I apply?

If you aren’t an existing customer with PNC Bank, you can apply online by logging into your account and filling out an application. Otherwise you’ll need to visit a branch or apply over the phone at 800-762-5684. Phone applications are available from Monday through Friday, 8 a.m. to 6 p.m. ET.

What happens after I apply?

After you complete the application, PNC Bank will review your information and reach out to you with an offer. Review your loan agreement before you sign, looking out for any fees or penalties.

How do repayments work?

PNC Bank’s unsecured business loans come with fixed, monthly repayments. You can find out when they’re due and how much you’ll pay in your loan agreement.

If your business has a PNC Bank account, it’ll automatically deduct repayments from that account. Otherwise, reach out to find out if you can sign up for automatic repayments to avoid late fees. Reach out to customer service if you have any questions or concerns.

You can explore your other business loan options by reading our guide to business loans.

Frequently asked questions about PNC Bank

Business loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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