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Even if you’re married to your favorite credit card, you may find that there are times when it just doesn’t make sense to use it. For one thing, your credit limit may not be enough to cover a very large expense like a home renovation or a wedding. Also, credit cards usually carry high interest rates. These are areas where personal loans have the upper hand.
Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. And in some cases, it may actually be more affordable to use a personal loan than to use a credit card, since personal loans are known for their relatively low interest rates.
There are many personal lenders out there, so it can sometimes be difficult to determine what each loan offers, but there are a few highlights to look out for. Avoiding prepayment charges and origination fees can help you save money on the cost of borrowing so that it can work in your favor to seek out a lender who doesn’t incur these charges – like PNC Bank Personal Loans.
Of course, however, you should always do additional research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.
To help, Select has reviewed PNC Bank’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if PNC Bank is the right lender for you.
Annual Percentage Rate (APR)
5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)
Purpose of the loan
Debt consolidation, home improvement, wedding, moving and moving or vacation
10% of payment or $40, whichever is greater
APRs typically range from 5.99% to 28.74% for PNC Bank Personal Loans, but a more accurate rate range (as well as other terms) will depend on your location and, of course, factors such as credit rating and amount of money needed. Prospective borrowers are encouraged to verify the rate range for their location by entering their zip code on the PNC Bank personal loan website.
Like many other personal lenders, PNC Bank offers a small discount on the interest rate to make payments automatically through a Current account PNC Bank (Borrowers can get a 0.25% discount by signing up to have their payments automatically applied to your balance).
Personal loans from this lender also carry fixed interest rates that will not fluctuate over the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. PNC Bank does not disclose the exact minimum credit score required to qualify for its personal loan products.
There is some flexibility regarding your loan repayment schedule; borrowers can choose loan terms of up to 60 months.
And, as we mentioned above, if you already have a checking account at PNC Bank and use it to make your monthly payments automatically, you can qualify for an interest rate reduction of 0 .25%.
PNC Bank does not charge an application fee or set-up fee, and there is no prepayment penalty if you make additional payments to pay off your loan early.
However, there are late fees. Borrowers will be charged 10% of the payment or $40, whichever is greater, if a late payment is made.
And as with any other loan or credit product, it’s important to keep in mind that failure to pay in full on time may result in the lender notifying a credit reporting agency, which may affect your credit score.
Amount of the loan
Loan amounts range from $1,000 to $35,000, making this lender an attractive option for those looking to borrow small amounts of money (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.
And while PNC Bank Personal Loans can be used for a variety of expenses – including debt consolidation, home renovations, weddings, moving or even vacations – there are some things you cannot use this loan for. Prohibited uses include post-secondary education expenses, student loan debt refinancing, or any unlawful purpose.
Candidates have a range of term lengths of up to 60 months.
PNC Bank Personal Loans are a solid option for those who want to avoid set-up fees and prepayment penalties. Although you don’t need to be an existing customer to apply for the loan, the biggest benefit is for those who set up automatic monthly payments through an existing PNC Bank checking account – you will receive an interest rate by 0.25%.
Since personal loan products may vary by location, your actual interest rate range and other terms may depend on your zip code. So you will have to check this before applying for this loan.
If you are not comfortable with the terms you receive and are looking for slightly lower interest rates, check out LightStream Personal Loanswhich offers APRs as low as 2.99% and an APR deduction of 0.25% for automatically paying your bill each month.
To determine which personal loans are the best, Select has analyzed dozens of US personal loans offered by online and physical banks, including major credit unions, that have no origination or enrollment fees, fixed-rate APRs, and loan amounts and terms. flexible to meet a range of funding needs.
When selecting and ranking the best personal loans, we focused on the following characteristics:
- No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
- Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
- Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
- No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
- Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
- Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
- Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
- Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
- Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of what your interest rate and monthly payment would be for such an amount.
After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.
Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.
Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.