PNC Financial Services dates back to 1845. Over the years, it has grown to become one of the leading banks of the United States, thus offering various types of loan options to its customers. It is the fifth largest bank in the country, and is ranked in the top ten for assets.
Personal loan is borrowed mainly for two reasons. The first is to consolidate other debts and merging all the debts into one interest rate. Doing so would help you pay off your loan faster. The other reason is to access extra funds for any personal use.
Secured and Unsecured Loans
PNC personal loans can either be secured or unsecured. Secured loans are offered from $2,000 to $100,000, whereas unsecured loans are offered from $1,000 to $25,000 respectively. Customers can choose a repayment period of anywhere between 6 and 60 months.
- Personal Unsecured Loan – This loan is offered without any collateral. It allows customers to borrow one lump-sum amount and pay it back through monthly payments. These are offered at fixed rates, thus keeping your monthly payments the same each month. The bank does not charge any penalty, if the customer decides to repay the loan in full at any time during the loan tenure.
- Personal Secured Loan – It requires customers to keep some collateral in the form of cash or a vehicle. It is important for the customer to choose any non-real estate item as collateral. The bank has various repayment terms and conditions and offers fixed monthly payments too.
- Personal Line of Credit – Customers are given a pre-approved credit limit. You can then decide how much you would want to borrow. The borrowing process is simple. All you have to do is write a check or transfer money in your checking account.
Benefits of PNC Personal Loans
PNC bank provides its customers an APR discount of 0.25% if you choose to set automatic payments. The minimum APR for personal loan is 7.99%, but borrowers who set up auto-payments, the APR drops down to 7.74%.
Personal loans can be applied online. They have a quick online application which has to be filled. Once the bank approves your loan, funds are credited into your account within 24 hours. This is however applicable only to unsecured loans and not secured personal loans.
There is no pre-payment penalty nor does the bank charge any annual fee or origination fee. All fees and charges should be made clear beforehand with a loan specialist. PNC executives would let you know all the hidden charges if any.
PNC Personal Loan with a Bad Credit
PNC is one such bank that favors only those with a good credit. So, if you feel you might not have a perfect credit score, there is no harm in applying once and seeing where you stand. Loan terms depend on your credit history. If you are lucky enough, you may qualify for a PNC personal loan, but with a higher rate of interest. This is applicable not only to PNC but a majority of banks too.
Whether it is PNC or any other bank of your choice, staying in good credit is imperative. Not only does it affect your credit score but also helps you in seeking loan at lesser interest rates. PNC is a well-known name in the banking industry and therefore, we are sure you will not be disappointed after banking with PNC.