PNC Bank

• Flexible Loan Options
• No Prepayment Penalty

Flexible Loan Options

PNC offers consumers unsecured as well as secured loans. Unsecured loans range from $1,000 up to $25,000. The most appealing aspects of the unsecured loan are that consumers can apply for it online and there is no collateral required as a part of the loan agreement. Secured loans range from $2,000 up to $100,000. These loans must be applied for at a branch or by phone and require non-real estate items as collateral in the loan agreement. The terms for each loan option will include a fixed interest rate as well as a fixed monthly payment. Having both the secured and unsecured loan options provide a great deal of flexibility to consumers in regard to the maximum loan amount that can be obtained through PNC. A maximum loan of $100,000 is a very competitive potential loan amount on par with most of the competing personal loans companies we have reviewed.

No Prepayment Penalty

PNC does not charge consumers for early repayment of their loans. This is a great feature for individuals who have the ability to pay off their loan early or who would like to pay a loan off early in order to save on interest.

• Limited State Availability
• Apply Online for Unsecured Loans Only
• Poor Online Transparency

Limited State Availability

PNC Financial Services currently holds branches in only 19 states throughout the United States. States, where consumers are able to access a PNC branch, include Alabama, New York, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, District of Columbia, West Virginia, and Wisconsin. These states primarily reside in the eastern United States which may make PNC an inconvenient option for individuals living outside of these areas.

Apply Online for Unsecured Loans Only

Many of the personal loans companies we have reviewed offer consumers the ability to apply for a loan online. While PNC does offer this service when applying for an unsecured loan, it does not offer the option when applying for the rest of its personal financial services. This may be a turn-off for many consumers who would prefer the simplicity of applying online.

Poor Online Transparency

While reviewing the PNC website, it was easy to obtain answers to simple questions about their loan options such as maximum loan amount, but it became difficult to find answers to additional information beyond that. Consumers in need of more specific answers to questions such as maximum loan term available and APR rates would need to contact a PNC representative directly. 

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