PNC Financial Services Group offers a personal installment loan for borrowers who want to borrow up to $35,000. The lender’s Personal Unsecured Installment Loan give customers access to money without the need for collaterals like properties. Borrowers can use the money for emergencies, consolidating debt, booking trips, house improvement, and for making other large purchases.
The PNC Personal Installment Loan has no prepayment penalty, which allows borrowers to repay the loan at an earlier date and save on interest. The lender also accepts co-applicants for people with low credit scores.
Applicants of the PNC Personal Installment Loan can apply online, by phone or at a PNC branch. They should be 18 years old or over and US citizens or permanent residents. Aside from the Social Security Number, they should also show a valid ID and proof of income.
They can borrow from $1,000 to $35,000 which they can pay for 6 to 60 months. Ideally, PNC considers people with a credit score of at least 650 to qualify, although those with low credit score can apply with a creditworthy co-applicant.
Fees and Interest Rates
PNC Personal Installment Loan has no origination fee, but it has a late payment fee of $40 or 10% of the amount due, whichever is greater, after the 15-day grace period. It has an annual interest of 4.99% to 25.44% which depends on the amount of the loan and the state of the borrower.
While the PNC Personal Installment Loan offers lower interest rates and shorter loan terms than other lenders, the lender only operates in 20 states, including Washington, D.C., the online comparison site finder.com said. Meanwhile, Nerdwallet says this product is ideal for debt consolidation because borrowers can get a loan at lower interest rates which they can use to pay high-interest debts.