PNC Personal Loans Review
- November 1, 2016
- Posted by: Jeff Gitlen
- Category: Personal Loans
PNC Financial Services, PNC for short, was founded way back in 1845. After cycling though plenty of different names, PNC found is modern name when Pittsburgh National Corporation and Provident National Corporation merged together.
Over the past 150 years, PNC has survived to grow large; in fact, it is the fifth largest bank in terms of branch offices and in the top ten for assets in the United States.
Many different financial services are offered by PNC ranging from common checking and savings account, home mortgages, and even personal loans. For its devoted customers and newcomers, PNC provides personal loans for many different reasons.
PNC Personal Loan Offerings
If a customer or borrower needs money, then he or she can find a personal loan from PNC. There are several reasons, and they pertain to basically anything financial. There are two different personal loans from PNC: secured and unsecured. A secured loan requires collateral before getting approved while unsecured does not.
Reasons for Borrowing
There are two major reasons for borrowing a personal loan. First, many potential borrowers are in need of a loan for debt consolidation. Some unfortunate people end up with multiple forms of debt. By getting a personal loan, they can pay off this debt immediately, and they are left with just one loan at a different interest rate.
Second, a potential borrower may just be in need of funds which PNC is happy to provide. The PNC personal loan page lists reasons that include home improvements, boat expenses, RV expenses, automobile expenses, medical expenses, motorcycle purchases, and more. If there is a good reason for it, then a borrower with good credit should have no trouble with getting a PNC personal loan.
Since there are two different types of loans (secured and unsecured), there are two different terms as far as loan amount is involved. PNC offers an unsecured loan for anywhere between $1,000 and $25,000, and secured loans range from $2,000 to $100,000.
Multiple repayment periods are available; in fact, PNC boasts some of the most flexible personal loan repayment plans. Borrowers can choose between 6, 12, 24, 36, 48, and 60 months.
Annual percentage rates (APR) vary depending on the total loan amount. The absolute maximum APR for all personal loans is 20.49% and the minimum APR is 7.99%. Larger loans can have lower annual percentage rates while smaller loans tend to have great APRs. All APR are fixed, and they take into account the origination fee.
There is no prepayment penalty for deciding to pay off the loan earlier than the payment period closes. Some lenders charge extra for paying loans early, but PNC does not impose this fee.
PNC is one of the few personal loan lenders that provides its borrowers with APR discounts. A 0.25% APR discount is available to borrowers who set up automatic payments from a PNC checking account. This means the APR minimum can be dropped to 7.74%.
Another common perk of a personal loan is the quick application process which can often be finished on online. PNC offers a simple online application for unsecured personal loans but secured loans require the borrower to apply at a branch location or over the phone. You also may want to consider than Discover, Citizens Bank, and TD Bank all offer an online application too.
The PNC website offers all sorts of resources to help borrowers figure out loans. These can all be accessed from the homepage, and these resources certainly are relevant to personal loans.
PNC is a great place to go for a personal loan. The offers are simple and flexible which is a great positive. PNC has one of the most flexible repayment plan packages in the industry with six different options. There is great potential for a low APR depending on creditworthiness.
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Author: Jeff Gitlen
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