PNC Personal Loans Review: What You Need to Know

Quick Take: PNC Bank offers competitive personal loans with no origination fees and flexible terms from 6 to 60 months, making it a solid choice for borrowers with good credit who want affordable, straightforward financing.

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Pros and Cons

Pros

• No origination fees or prepayment penalties

• Low minimum loan amount of $1,000

• Accepts co-applicants

• Flexible terms from 6 to 60 months

• Co-applicants allowed to improve approval odds

• 0.25% autopay discount with a PNC checking account

Cons

• Only available in 26 states, plus Washington, D.C.

• No prequalification with a soft credit pull

• Maximum loan amount capped at $35,000

• Non-customers may need to visit a branch to finalize

Company Overview

PNC Financial Services Group is one of the largest banks in the United States, with roots tracing back to 1865 when the Pittsburgh Trust and Savings Company was founded in Pennsylvania. 

Headquartered in Pittsburgh, Pennsylvania, PNC operates branches in 26 states and serves millions of customers. PNC offers a full range of financial products, including checking and savings accounts, credit cards, mortgages and personal loans. The bank is known for its traditional brick-and-mortar presence combined with robust digital banking capabilities.

PNC's personal loans are unsecured installment loans, meaning you don't need to put up collateral like your home or car to qualify. They're designed primarily for borrowers with good to excellent credit who need funds for things like debt consolidation, home improvement projects, major purchases or unexpected expenses.

Interest Rates

PNC personal loan rates currently range up to 26.44% APR for loan amounts between $1,000 and $35,000. You could qualify for a 0.25% discount on your APR for setting up autopay from a PNC checking account. 

Your actual rate will depend on factors like your credit score, loan amount, repayment term and your existing relationship with PNC.

One thing to note: PNC's rates can vary by location, so you'll want to check the specific rates available in your ZIP code. The good news? PNC's maximum APR of 26.44% is significantly lower than the 35.99% cap you'll find at many competitors.

Loan Amounts

PNC offers personal loans from $1,000 to $35,000. That low minimum is a standout feature, most lenders require you to borrow at least $2,000 to $5,000. This makes PNC a great option if you just need a smaller amount to cover an unexpected expense or minor project.

However, if you're looking to borrow more than $35,000, say, for a major home renovation or to consolidate a substantial amount of debt, you'll need to look elsewhere. Lenders like LightStream and SoFi offer loans up to $100,000 for qualified borrowers.

Repayment Terms

PNC offers repayment terms ranging from 6 to 60 months. This is actually pretty impressive flexibility. That 6-month minimum is rare, many lenders require at least 12 to 24-month terms. If you want to pay off a small loan quickly and save on interest, PNC lets you do that.

Funding Speed

After applying, you should receive a decision within a few days, with funds deposited shortly after. If you're already a PNC banking customer, you may be able to sign your loan documents and receive funds faster, but there’s no guarantee. 

How To Apply for a PNC Personal Loan

Applying for a PNC personal loan is straightforward, though the process differs slightly depending on whether you're an existing customer.*

1. Check availability: Visit PNC's website and enter your ZIP code to confirm personal loans are available in your area. Remember, PNC only offers personal loans in 26 states, plus D.C.

2. Start your application: Existing PNC online banking customers can sign in and apply directly. New customers can apply online or at a local branch.

3. Provide required information: You'll need your Social Security number, date of birth, address, income information and more.

4. Submit and wait for a decision: PNC will perform a hard credit inquiry. Some applicants may receive same-day decisions, while others may wait a few days.

5. Sign loan documents: If approved, existing customers may sign electronically. New customers typically need to visit a branch or receive documents by mail. Once signed, funds are deposited into your bank account. 

Important: Unlike many online lenders, PNC doesn't offer prequalification with a soft credit pull. This means checking your potential rate requires a hard inquiry that will show up on your credit report.

Comparable Options

Shopping around is always smart when it comes to personal loans. Here's how PNC stacks up against a couple of popular alternatives.*

Upgrade

Upgrade is more likely to accept borrowers with less than perfect credit scores, making it a better choice if your credit isn't quite in the "good" range. However, if you have good credit and live in a PNC service area, PNC's lack of fees likely makes it the more affordable option.

LightStream

If you have top-tier credit and need a larger loan amount, LightStream is tough to beat. They also provide same-day funding. The catch? You'll need excellent credit to qualify, and the $5,000 minimum may be too high if you only need a small loan. 

Who PNC Is Best For

PNC personal loans make the most sense for:

• Existing PNC customers who want a seamless experience with faster funding and the autopay discount

• Borrowers with good to excellent credit who can qualify for competitive rates

• People who need smaller loans (as low as $1,000) or short repayment terms

• Debt consolidators who want PNC to pay creditors directly

• Anyone who values no-fee lending (no origination fees or prepayment penalties)

When to look elsewhere: If you don't live in one of PNC's 26 service states, need to borrow more than $35,000, have fair or poor credit, or want to prequalify without a hard credit pull, you'll want to explore other options.

Final Take

PNC offers a solid personal loan product with some genuinely appealing features. The combination of no origination fees, competitive rates, and flexible terms from 6 to 60 months makes it a cost-effective choice for qualified borrowers. The $1,000 minimum loan amount is particularly helpful if you just need a modest sum.

That said, PNC isn't perfect. The limited geographic availability (26 states plus D.C.) rules it out for many borrowers right off the bat. The lack of prequalification means you'll take a hit to your credit score just to check your rate, something many online lenders don't require. And if you're a new customer, the potential need to visit a branch slows things down.

Bottom line: If you're already a PNC customer with good credit and live in a service area, a PNC personal loan deserves serious consideration. But as with any financial product, take the time to compare a few options before signing on the dotted line. Your wallet will thank you.

FAQs

Does PNC allow co-signers on personal loans?

PNC allows co-applicants (also called joint applicants), with a joint application, both applicants share equal responsibility for repaying the loan. This can help you qualify for a larger loan amount or better rate if the co-applicant has stronger credit than you do.

What credit score do I need for a PNC personal loan?

PNC doesn't publicly disclose its minimum credit score requirement. Generally speaking, PNC's competitive interest rate range, and borrowers with higher credit scores will qualify for the best rates.

How long does it take to get funds from a PNC personal loan?

Existing PNC online banking customers may receive funds the same day they sign their loan documents electronically. For new customers who need to visit a branch or receive documents by mail, the process could take several business days.

Can I use a PNC personal loan to pay for college?

No. PNC explicitly prohibits using personal loan funds for post-secondary education expenses or to refinance student loan debt. If you need to finance education costs, you'll need to look at student loans or other financing options.

Where are PNC personal loans available?

PNC personal loans are only available in the following states: AL, AZ, CO, CT, DC, DE, FL, GA, IL, IN, KY, MA, MD, MI, MO, NC, NJ, NM, NY, OH, PA, SC, TN, TX, VA, WI and WV. Certain restrictions apply for MA, NY, CT and TN. 

Sources

• PNC Personal Lending Rates and Fees (pnc.com)  

• PNC Corporate History (pnc.com)

• LightStream Official Website (lightstream.com)

• Upgrade Official Website (www.upgrade.com)