Personal loans with a co-applicant option from a regional bank.
Personal loans can be difficult to find at reasonable rates. PNC Bank personal loans can fill that need — if you live in an eligible state. Like many regional banks, customer service and technology are not its shining points. But your savings might make it worthwhile.
|Product Name||PNC Bank Personal Installment Loan|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$35,000|
|APR||5.99% (as low as)|
|Interest Rate Type||Fixed|
|Minimum Loan Term||.5 year|
|Maximum Loan Term||5 years|
- Age 18 years or older
- Live in an eligible state
How PNC Bank personal loans work
PNC Bank offers unsecured installment loans with fixed terms and APRs. Compared to other loans, PNC Bank loans are relatively small, between $1,000 and $35,000, with shorter terms from 6 to 60 months. Rates vary by loan amount and term, with the lowest rates going to the highest amounts and shortest terms.
What makes PNC Bank personal loans unique?
PNC Bank personal loans could work as an affordable alternative to small-dollar installment loans, many of which are designed to attract subprime borrowers and come with high interest rates. PNC Bank personal loans are simple, straightforward and easy to understand. Don’t have great credit? You can apply with a creditworthy cosigner to increase your chances of getting approved.
PNC Bank secured installment loans and lines of credit
PNC Bank also offers installment loans between $2,000 and $100,000 secured by any non-real estate asset. You can use these loans to finance a vehicle/boat or any other legitimate purpose. You don’t have the option of applying online and less information is available about rates and terms.
Not sure how much you need? With large, continuous projects like home improvements, a line of credit makes more sense: It grants you access to a large amount of funds to withdraw from as you go along.
PNC Bank lines of credit are similar to their unsecured personal loans: They’re available from $1,000 to $35,000 and don’t require collateral. They’re also revolving — meaning that your access to funds doesn’t have an expiration date. Rates are variable and can be a bit higher than personal loans (typically starting at around 9.75%).
What are the benefits of PNC Bank personal loans?
- Discounts available. You can get a 0.25% discount on your interest rate if you sign up for autopay or you’re a PNC employee.
- No prepayment penalty. You can repay your loan early and save on interest without having to fork over a fee.
- Co-applicants accepted. Don’t have great credit? You can still get decent rates if you apply with a creditworthy co-applicant.
- Small amounts available. You can borrow as little as $1,000 without getting slapped with astronomical rates.
What to watch out for
- Maximum loan amount is low. You can only borrow up to $35,000 — low in comparison to other similar lenders.
- Limited geographical reach. PNC Bank loans are only available to residents of 19 states and Washington, DC.
- Unhelpful website. PNC Bank’s website doesn’t include easy access to crucial information like eligibility requirements — or even which states it offers loans in.
- Mostly negative online reputation. This bank has a lot of negative online reviews and complaints lodged against it. Almost all of them are customer service complaints.
Compare personal loans from top providers
Scam alert: Don’t answer this fake PNC Bank email
The Better Business Bureau (BBB) issued an alert that several PNC Bank customers had received emails asking for their user name and billing information. These emails are part of a phishing scheme and should be ignored. The BBB warns consumers not to click on any links or attachments if a customer receives a suspicious email.
What do customers really say about PNC Bank?
PNC Bank has mixed online reviews. It gets an A+ rating from the Better Business Bureau, though it is not accredited. However, it has almost 1,500 customer complaints lodged against it with the BBB and 97% of its customer reviews are negative. Possibly worse, it posts the same form response to all negative reviews. It has no Trustpilot page.
The most popular complaint: Poor customer service. Based on customer reviews, PNC Bank appears to frequently ask customers to jump through unnecessary hoops to get issues resolved.
Keep in mind these reviews are about the bank’s various products. How customer service specifically handles questions and issues about loans may be different.
Am I eligible?
To apply for a PNC Bank loan, you must be older than 18 years old and live in an eligible state. There are no hard income or credit requirements, though you typically need to have a credit score above 700 to qualify. If you don’t have strong credit, you might want to apply with a creditworthy co-applicant to strengthen your application.
You must live in one of the following states to be eligible for a PNC Bank personal loan:
Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Virginia, Wisconsin, West Virginia or Washington, DC.
How do I apply?
Before you sit down to fill out PNC Bank’s personal loan application, make sure you have the following information on hand:
- Your Social Security number
- How much you would like to borrow
- State-issued photo ID
- Previous address, if you’ve moved in the past two years
- Previous employer if you’ve been at your job for less than two years
- Annual salary and other forms of income
- Information on your mortgage or rental obligations such as your monthly payments
If you’re applying with a co-applicant, make sure you know their:
- Current address, and previous if they’ve moved in the past two years
- Employer(s) over the past two years
- Annual income and other forms of income
Once you’re ready to apply, set aside around 15 minutes to complete the online application. Here’s how it’s done:
Review the summary and go back to make changes to your application if you notice anything is incorrect. If not, read the terms and conditions and submit your application.
I got a PNC Bank personal loan. Now what?
Set up autopay before your first repayment is due to take advantage of the discount on rates. Keep tabs on your account to make sure that payments go through correctly and there aren’t any errors. Make sure to contact customer service if you notice anything wrong by calling 888-762-2265 or visiting your local branch.
With its relatively low interest rates and cosigner option, PNC Bank could be a great option for applicants of any credit score to have access to small amounts of funds. And unlike many lenders, PNC Bank offers lower interest rates with shorter loan terms. You might sacrifice some customer service by going with this bank, but in the end, the savings could be worth it.
Interested in looking at other options? Check out our personal loans guide to find other online and brick-and-mortar lenders. If you prefer to stick with a bank, check out our bank personal loans guide for comparisons.