PNC is a branch of the bank holding company PNC Financial Services Group, Inc. It was established in 1845. In addition to banking services, PNC offers personal loans, personal lines credit, and investment lines of credit.
With PNC, you can get secured and unsecured loans, with no origination fee. Not good for everyone, let’s see what reviews have to say.
How PNC Personal Loans Works
You can get secured and unsecured personal loans as well as other financial services. Loans are offered with no origination fees and borrowers who want to pay off loans early are not charged early payment fees. Instead, PNC charges borrowers with a late payment fee and that is 10% of the amount.
Loans can be applied from all 50 states but Zip Code determines the maximum loan amount and interest rate. PNC loan is different according to location and it comes with a fixed APR. Get unsecured and secured loans from $1000 to $35,000. Good credit history, ability to repay, and income are some of the criteria for application.
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How To Apply For PNC Personal Loan
To apply for a PNC personal loan online, follow these steps
- No Prequalification- PNC does not offer a prequalification option so you’ll have to apply for a loan to see your APR.
- Complete Online Application- To apply for PNC online, you need to input your social security number, monthly housing payment, and total annual income among other personal details.
- Provide Creditors Information- With PNC you can consolidate debts, provide creditors’ names, current balances, and monthly payment amounts.
- Confirm Your Application- Once you apply, you may have to provide additional documents to verify your identity, employment, and income. After this, call a Client loan Advisor to verify the status of your application. Calls can be made from Monday to Friday from hours of 8 to 6 Eastern time or Saturday from 9:00 am to 2:00 pm ET.
- Await Approval- PNC does not provide details regarding approval and funding speed. Some applicants receive an immediate response while others don’t.
Features of PNC Personal Loans
Co-Application- PNC allows co-applicants not co-signers. To apply for a personal loan with someone choose “Yes” under “co-applicant information” on the first page of the loan application form. After this, indicate that you have the co-applicants address or time at residence is the same as yours.
In-Person Banking- With PNC, you can choose to be an online lender or not. PNC is a brick-to-mortar company with 2,600 branches across 27 states including Washington DC. You can visit a branch to apply for a loan or use the bank to handle all of your needs.
Financial Hardship Assistance- PNC borrowers who have problems making loan payments can contact the lender via telephone to request financial hardship assistance. Borrowers can be open about information regarding their financial circumstances such as illness, divorce, or other unforeseen circumstances. This way PNC can find a solution to this problem by meeting their needs and payment abilities.
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Advantages
Allows Co-Applicants- PNC allows borrowers to apply with co-applicants. When you apply with a co-applicant with strong credit, profile you may qualify for better rates and loan terms than you would on your own.
Banking Customers get an auto pay discount- Borrowers who sign up for automatic payment from their PNC checking account get a 0.25% rate discount. This is only possible for borrowers whose payments are made from an eligible PNC account.
Offers Secured Personal Loan– Borrowers with poor credit are not left out. PNC offers both secured and unsecured loans to borrowers with unimpressive credit scores.
Small loans: PNC loans start at $1,000, so applicants who are looking to cover smaller expenses can apply for a loan suited to their needs. This amount is unique among lenders, with most loans starting at $2,000 or higher.
Mobile app: PNC offers mobile banking through its app. You can view your loan account, including the remaining balance and transaction history, and make payments from a PNC checking or savings account.
No Fees- No origination or prepayment fees
Disadvantages
The difference in Rate- Borrowers must enter their Zip Code on the personal loan home page to see the available rates in their area as rates vary by location.
Undisclosed Credit Score- PNC keeps its minimum credit score and income requirements to qualify for a personal loan a secret. There is also no disqualification option, so you can’t check what you might be eligible for before applying.
Undisclosed Funding Time- Funding time are not started or published on the website
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Customer Service
PNC borrowers can contact customer care via telephone from Monday to Friday, 7 am to 10 pm ET, and on Saturday to Sunday from 8 am to 5 pm ET. PNC is also available on Twitter through the PNC Twitter account. Customer and prospective borrowers can get help from the support page through provided answers to frequently asked questions.
Customer Reviews
The PNC review is a mixture of good and bad with many unsatisfied customers. It has an average of 1.3 stars out of 5 stars across 200 Trust pilot reviews.
On Credit Karma, PNC has a 3.2 rating out of 5 from 35 reviews. Unsatisfied customers complain about getting lower rates despite having good credit scores, bad customer service, and slow verification of identity.
Needwallet gives PNC personal loan a 4.0 rating out of 5.
“Will make you submit tons of documentation then come back with an answer they can’t explain “unable to verify identity” and can’t give one reason why they can’t verify??…”
“This process was really easy, I didn’t even have to talk to anyone. I uploaded my check stubs, bank statements and they verified me by a website that scanned mine is and my face. 4 days later I was approved with a lower interest rate than all the other loans like payoff and lending tree.”
About The App
PNC mobile banking app has a 4.8-star rating out of 5 on Apple Store. It is available on Google Play and the Apple store. The app is compatible with iPhone, IPad, iPod Touch. It comes with two language options namely English and Spanish. It is free for download.
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How To Qualify For a PNC Loan?
- PNC is a little secretive about borrowers requirements but below is a list of what you need to qualify
- The borrower must be 18 years or above above
- You must provide date of birth and social security number
- Photo ID
- The borrower must show proof of income income
- Monthly housing expenses
- The desired loan amount
- If consolidating other debts, listing the creditor’s names, the total balance owed and the amount of the monthly payment would be wise.
What Types of Personal Loans Does PNC Offer?
PNC offers two major forms of personal loans namely secured and unsecured loans. A secured personal loan has to do with having collateral while an unsecured loans do does not. Secured loans are used for recreational vehicles, boats, motorcycles, and other personal use vehicles.
Where Does PNC Operate?
PNC has a branch in the mid-Atlantic, Midwest, and Southeast regions. People from all 50 states plus Washington, D.C., can apply for a personal loan online. The application process may vary depending on where the borrower is located.
Is PNC Worth It?
PNC Bank has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. It has closed 608 complaints in the last 12 months. PNC Bank has a 2.3 (out of 5) rating on Trustpilot. The Consumer Financial Protection Bureau received 132 complaints in the past 12 months related to Personal loans and closed them in a timely matter.
What Are Some of the Online Features for PNC Personal Loans?
Some customers can complete the personal loan application online, while others in certain locations may have to go to a branch or call by phone to complete the process. The same goes for prequalification – it isn’t available to all.
Once the loan is processed and approved, borrowers can set up automated payments or pay the bill online PNC Bank also has a mobile app for account management, including loans, where you can see account activity and make payments
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Conclusion
PNC is great for personal loans. It offers two types of loans, unlike most loan-giving apps. Its priority is solely taking care of its customers. All of this is not without some imperfections as reviews have shown us. So, make weigh your options and make decisions wisely.
References
- https://loans.usnews.com/reviews/pnc-bank-personal
- https://www.nerdwallet.com/reviews/loans/personal-loans/pnc-personal-loans
- https://www.investopedia.com/pnc-personal-loan-review-4846471
- https://www.creditkarma.com/reviews/personal-loan/single/id/PNC-Personal-Loan
- https://www.bankrate.com/loans/personal-loans/reviews/pnc/
- https://pixabay.com/photos/credit-bank-money-finance-payment-4516068/
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