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Personal Loans

PNC Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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Updated November 08, 2017
With about 2,800 branches in 19 states and the District of Columbia, PNCis the fifth largest bank in the United States. It’s primarily located in the eastern half of the US, with most of its branches and its headquarters being in the northeast.

If you’re looking for a personal loan from a trustworthy, familiar source, PNC might be your answer. It offers an unsecured personal loan on par with most lenders, as well as a secured loan that allows up to $100,000 to be borrowed.

Most traditional banks haven’t been able to compete with online-only lenders in the personal loan space, so let’s see how PNC compares.

PNC Bank
APR

4.99%
To
19.99%

Credit Req.

0

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on PNC Bank’s secure website

Personal Loan Details

PNC has three personal loan options – secured and unsecured installment loans, and a line of credit. For the purpose of this review, we’ll be focusing on the installment loans.

Most online lenders only offer unsecured loans. In case you’re not sure of the difference:

  • Secured loans require an agreement to let your creditor use your assets as collateral in the event you default on your loan. This protects the creditor as it can sell your assets and recoup the cost of the loan.
  • Unsecured loans are the exact opposite – there’s no collateral involved. There’s less risk for the borrower and more for the creditor.

While secured loans seem to take the creditor’s side, the bonus is they often have more favorable terms because creditors are taking on less risk. You may have access to better interest rates or more money.

A simple example of a secured loan is a mortgage loan. Your home (property) is used as collateral. If you don’t pay your mortgage, your mortgage lender can seize the property and sell it.

Now that you know what it means to have a secured or unsecured loan, we’ll take a look at the differences between the details.

PNC’s unsecured personal loan allows you to borrow between $1,000 to $35,000 on a variety of terms: 6 months, and 1, 2, 3, 4, and 5-year options are available.

PNC’s secured loan allows you to borrow much more – between $2,000 and $100,000. The collateral required for this loan is non-real estate (a vehicle, for example).

Both the unsecured and secured loans have fixed interest rates.

Unfortunately, you can’t check APRs or sample payments for secured loans online, and when we called, we were told they vary based on your credit. They were unable to give any APR range.

The APR for unsecured loans varies by the loan amount:

  • For a $5,000 loan, the APR ranges from 9.49% – 21.99%
  • For a $10,000 loan, the APR ranges from 6.74% – 19.24%
  • For a $15,000 loan and up, the APR ranges from 5.99% – 18.49%

A payment example: if you borrow $20,000 on a 5-year term with an APR of 7.74%, your monthly payment will be $403.04.

The Pros and Cons

Applying for a personal loan with a bank is typically a bit more time consuming than applying with an online-only lender. This is because banks are thorough with the documentation they request.

However, PNC states the application should take no longer than 15 minutes online.

Unfortunately, if you’re looking at the secured loan option, you can’t apply online. You can only apply by phone, or in person at a branch. You can apply online with the unsecured loan option.

PNC’s APRs are also quite high, especially for the loan amounts. Many online-only lenders are offering better rates starting in the 5% range.

An additional negative might be that PNC only offers fixed rates. While variable rates aren’t stable, they’re usually lower than fixed rates. If you’ll have the ability to pay the loan off soon after it’s disbursed, having the lower variable rate can be beneficial.

If you fall on hard times, there’s a possibility that PNC will allow you to defer your payments, but this is reviewed on a case-by-case basis.

PNC urges borrowers to contact the bank at the first sign of trouble – before their payment is due.

Application Process and Documents Needed to Apply

If you’re applying for an unsecured loan, you can easily apply online and be done within 15 minutes. PNC recommends having the following information ready:

  • Your photo ID
  • Annual income, plus any other sources of income you have
  • Employer information (if you’ve been working there for less than 2 years, have your previous employer information as well)
  • Address/proof of residence (if you’ve been living there for less than 2 years, have your previous address ready)
  • If you’re applying with a co-applicant, you’ll need the same information for them
  • If you’re applying for a personal loan to consolidate debt, you’ll need account statements as PNC needs to know your account number, monthly payment, and outstanding balance

PNC’s application is straightforward, and it also has a checklist available for you on the application in case you need to reference it.

PNC will use a hard credit inquiry when applying for a loan with them.

Who Qualifies for a Personal Loan With PNC?

To have the best chances of being approved for a loan with PNC, you need very good and established credit, along with a reasonable debt-to-income ratio. Your loan terms greatly depend on these two factors. Being a customer with PNC doesn’t increase your chances of getting approved.

Just a note – if you choose the secured loan and want to use your vehicle as collateral, it must be less than 8 years old and have less than 80,000 miles on it.

Who Benefits the Most from a Personal Loan With PNC?

Borrowers looking for a larger loan amount would benefit from the secured personal loan with PNC.

SoFi is the only other personal loan lender offering that much money, and while the loan is unsecured, it doesn’t have any physical locations. If you feel more secure applying in-person and receiving assistance from a trusted bank, you might prefer to go with PNC.

However, most borrowers will benefit from going elsewhere to get an unsecured personal loan.

The Fine Print

There is no prepayment penalty for either loan, so you can pay your loan in full at any time.

There’s no origination nor annual fee for the unsecured personal loan.

When called, a PNC representative wouldn’t disclose any other fees associated with the loan (late fees, returned payment fees, etc.).

Transparency

Since there is so little information on its website about the secured loan, it was important to find out as many details as we could from a call.

Unfortunately, the PNC representative that answered the call wasn’t very helpful. The most she could offer was that the loan rates and terms were dependent upon credit, and that the credit score and debt-to-income ratio of an applicant was extremely important.

When asked about late fees for the loan, she said “another department” handles that, and was unable to transfer the call to the appropriate personnel, as you need to have a loan with PNC before fees can be discussed.

This was rather disappointing. Most lenders are open to discussing these details with potential borrowers – fees can make a huge difference when considering loan options. To be one of the few lenders unwilling to discuss fees and rates beforehand kicks PNC’s transparency down a notch.

PNC Bank
APR

4.99%
To
19.99%

Credit Req.

0

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on PNC Bank’s secure website

Alternative Personal Loan Solutions

As mentioned, SoFi* is the closest competitor as it allows borrowers a maximum of $50,000 as well. The minimum you can borrow is $5,000. Most personal loan lenders have limits of around $25,000 – $35,000.

SoFi offers fixed rates and variable rates, while PNC only offers fixed rates for its installment loans. SoFi’s fixed APR ranges from 6.79% – 16.24%, and its variable APR ranges from 6.40% – 12.70%, if you’re enrolled in autopay (with a cap of 14.95%).

There are no fees associated with SoFi’s personal loan, including no late payment fees.

You can borrow funds on 12 to 84 month terms, and personal loans are available in all states except Mississippi.

SoFi also offers unemployment protection. If you lose your job through no fault of your own, you can apply for payment assistance.

SoFi uses a Soft Pull when you first apply to get your rates, which means your credit score won’t be affected. If you choose to move forward with the loan, a hard credit inquiry will be used.

SoFi
APR

6.79%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 6.79% APR to 16.24% APR (with AutoPay). Variable rates from 6.54% APR to 14.95% APR (with AutoPay). SoFi rate ranges are current as of January 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

If you want to get a personal loan from a more traditional lender, Marcus by Goldman Sachs®. Is a great option. Goldman Sachs Bank USA has been around for over a century and Marcus is one of their brands that offers no-fee, fixed-rate personal loans, along with high-yield online savings accounts and certificates of deposit. Getting a personal loan through Marcus is an entirely online experience, making it easy to get the money you need from the comfort of your home.

Marcus personal loans have rates that range between 5.99% – 28.99% APR, with terms between 36 to 72 months.

There are a lot of perks that come with getting a personal loan through Marcus. First, there are absolutely no fees.Marcus doesn’t charge an initial origination fee for their personal loans and you won’t have to pay a late payment fee if you end up paying late or missing a payment, though, that payment will accrue additional interest and your total payment will be larger. Marcus also offers the chance to defer payments after you have made on time payments for a full year.

There is a only a Soft Pull on your credit when you initially apply for the loan, so you can compare rates and terms without the worry of your credit score being affected.

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More

If you’re looking for good alternatives to PNC’s unsecured loan, take a look at Earnest. You can borrow between $5,000 and $75,000 with terms that range from 36 to 60 months.

There are no hidden fees associated with Earnest’s personal loan, and it’s offered in 23 states plus the District of Columbia.

You’ll need a minimum credit score of 680 to be eligible for approval with Earnest, and a minimum of 680 to be approved with SoFi, but both lenders take other factors into account, unlike PNC. Your employment history, education, and salary matter as well.

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

*referral link

It Pays to Shop Around

While it would be convenient to have the first lender you apply with be the best solution, that’s not always the case, even with a trusted lender like PNC. Personal loans from bigger banks are falling by the wayside as online-lenders are offering much better rates and terms. Do yourself a favor and shop around to get the best rates, even if you have a prior relationship with the bigger names out there. If you shop around within a 30-day window, your credit won’t take a big hit.

*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.


promo-personalloan-wide

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS: ,

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Where You Can Get a Personal Loan as a Non-U.S. Citizen

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you’re a non-U.S. citizen who is temporarily living in the United States to work or go to school, you may need a personal loan to help pay for a variety of expenses such as rent, groceries, utilities and transportation.

Here’s how you may be able to secure a personal loan as a non-U.S. citizen.

Can you get a personal loan as a non-U.S. citizen?

Some lenders are open to giving personal loans to non-U.S. citizens. If you are interested in obtaining a personal loan as a non-U.S. citizen, understand that lenders will look at your credit history and credit score to determine whether you’ll be a dependable borrower.

You can go to your bank or AnnualCreditReport.com to find out your credit history and credit score. If you don’t have a credit history or your credit score is low, get into the habit of making regular, timely payments on your bills and credit cards. This will show lenders that you’re responsible with credit and increase your chances of securing a personal loan.

In addition to looking at your credit history and credit score, a lender will ask you to provide them with certain documents. You may have to show them:

  • Green card, visa, driver’s license, Social Security card or another form of ID
  • Proof of your address
  • Proof of income

Sharing the highest level of education you’ve obtained may also be required. You may also have to undergo the employment verification process.

In the event a lender is hesitant to offer you a loan, you may need a co-signer who agrees to pay back your loan if you are unable to. Finding a co-signer who is a U.S. citizen with good credit may increase your chances of getting approved.

2 lenders offering personal loans to non-U.S. citizens

Let’s take a closer look at two lenders that may be open to giving you a personal loan as a non-U.S. citizen.

LendingClub

LendingClub is dedicated to making borrowing easy for everyone. It lends to borrowers who are living in the U.S. on a valid, long-term visa, are at least 18 years old and hold a verifiable bank account.

With LendingClub, you can expect APR rates that range from 6.95% to 35.89% and no prepayment penalties. Note that if you borrow from LendingClub, you’ll be required to pay a one-time origination fee of 1.00% - 6.00% when you receive your loan.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

SoFi

SoFi offers a variety of products for borrowing, spending, saving and investing. If you are a non-resident holding a J-1, H-1B, E-2, O-1 or TN visa with at least two years remaining, you may get approved for a personal loan by SoFi.

You must live in a state where SoFi is authorized to lend, be at least the age of majority in your state and have a job, have sufficient income from other sources or have a job offer that will have you working within the next 90 days. APRs from SoFi range from 6.79% APR to 16.24% and loan terms are from 12 to 84 months.

SoFi
APR

6.79%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 6.79% APR to 16.24% APR (with AutoPay). Variable rates from 6.54% APR to 14.95% APR (with AutoPay). SoFi rate ranges are current as of January 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

How to shop for a personal loan as a non-U.S. citizen

If you’re a non-U.S. citizen seeking a personal loan, it is in your best interest to shop around. Compare the lenders listed above as well as others that may be willing to lend personal loans to non-U.S. citizens. Look at the APRs, loan terms and requirements of each lender so that you can make an informed decision.

In addition to comparing all of the lenders who lend to non-U.S. citizens, it’s a good idea to use a personal loan calculator so that you can figure out how much interest you’ll pay on a loan and can budget for it accordingly.

The bottom line

While it may take some time and effort to find the ideal personal loan as a non-U.S. citizen, it’s certainly not impossible. By doing your due diligence, shopping around and comparing lenders, you are likely to find the right personal loan for your situation. Check out our ultimate guide to personal loans to learn more about personal loans and how they work.

This article contains links to LendingTree, our parent company.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

TAGS:

Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Best Personal Loans from a Bank

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

how a personal loan works
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If you’re making a major purchase, want to consolidate high-interest credit card debt at a lower interest rate with one monthly payment, or need cash due to an unplanned expense, a personal loan could be the solution.

Personal loans are typically available from banks and other lenders for people with good credit and above. Most lenders will evaluate your debt-to-income ratio, your credit score, and possibly even the assets you hold with their bank when they qualify you for a loan.

MagnifyMoney has researched the top personal loan products from banks to bring you a list of personal loan options to meet your needs for extra cash.

LendingTree

LendingTree could connect you with lenders, allowing you to compare up to five personal loan offers from lenders within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score.

You can use LendingTree’s personal loan tool to see if you qualify for a personal loan.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

PNC Bank

As the fifth largest bank in the U.S., PNC Bank has 2,600 branches in 19 states, mostly concentrated in the northeast where the bank is headquartered. Like most banks, PNC offers checking and savings accounts, credit cards and a variety of loan products, including personal loans up to $35,000.

PNC Bank
APR

4.99%
To
19.99%

Credit Req.

0

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on PNC Bank’s secure website

The fine print

PNC Bank personal loans are available for borrowers with very good to excellent credit and an established credit history. PNC Bank does not reveal the credit score required to borrow, but is looking for borrowers with a good debt-to-income ratio. Being a customer of the bank does not increase your chances of qualifying for the loan.

You can borrow between $1,000 and $35,000, with terms available from 6 to 60 months. There is no origination fees and no prepayment penalties. PNC Bank does not publish its interest rates, as they vary based on the amount borrowed, the loan terms, and even the region where the borrower lives.

For instance, in Long Island, NY, rates may start as low as 4.99% and go up to 11.49% fixed rate. PNC Bank customers who set up automatic payments from their PNC checking account can save 0.25% off the interest rate.

Pros

  • Apply easily online, by phone or at a branch
  • No prepayment penalties or loan origination fees
  • Flexible terms
  • Save money with autopay options

Cons

  • Available only to people with very good, established credit
  • Hard Pull required to see if you qualify, which can lower your credit score
  • Fixed interest rates may be higher than variable rates available from other lenders

If you are looking for a loan from a reputable, longstanding bank, PNC may fit the bill. With flexible loan terms and no origination fees or prepayment penalties, PNC Bank personal loans can provide you with the cash you need for a wedding, a vacation, home repairs or emergency expenses.

Citizens Bank

With more than 1,100 branches on the East Coast and in the Midwest, Citizens Bank has become one of the largest banks in the U.S. Citizens Bank offers all the usual products, including checking and savings account, CDs, and, of course, personal loans.

Unlike many lenders, Citizens Bank lets you see your interest rates in just two minutes, with only a soft pull, which does not affect your credit score. You can also use the personal loan calculator to determine your payments. Once you’re approved and close on your loan, you can have funds deposited in your account in as little as two business days.

Citizens Bank (RI)
APR

6.78%
To
20.89%

Credit Req.

No specified

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No fees

SEE OFFERS Secured

on LendingTree’s secure website

The fine print

Citizens Bank looks for borrowers with a strong credit history and an annual salary of at least $24,000. The bank does not specify the credit score or debt-to-income ratio required, but you can get pre-qualified and check your interest rates online with just a soft pull before you apply for the loan.

Loans are available in amounts of $5,000 to $50,000, with repayment terms of 36 to 84 months. Citizens Bank does not publish its interest rates, but you can view rates and repayment examples based on current interest rates online in an interactive chart.

Citizens Bank customers may save 0.25% off their interest rate. Borrowers can also save another 0.25% by signing up for automatic payments.

Pros

  • No fees
  • Soft Pull lets you check rates and see if you qualify
  • Flexible terms
  • Apply online
  • Save money as a Citizens Bank customer

Cons

  • Funds may be deposited within two business days, which is slower than some other lenders
  • Strong credit history required
  • Fixed rate APR may be higher than variable rate loans

Citizens Bank is a relatively new bank with a solid reputation. You can check your interest rates for a personal loan online with only a soft pull, which is a benefit if you are shopping around for the best loan terms.

Wells Fargo

As one of the largest banks in the U.S., you’d expect Wells Fargo to have a flexible terms and a streamlined process to apply for personal loans. And the bank does. Wells Fargo also offers a relationship rate discount for qualified customers if you set up autopay.

Although its personal loan interest rates may not be as low as some online lenders, and its lending requirements are more stringent, Wells Fargo customers may want to consider the bank for a personal loan to consolidate debt or make a large purchase.

Wells Fargo Bank
APR

6.99%
To
23.99%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on Wells Fargo Bank’s secure website

The fine print

Wells Fargo offers personal loans from $3,000 to $100,000 with terms from 12 to 60 months and no prepayment penalties. Fixed APRs begin at 6.99% with the 0.25% relationship discount for Wells Fargo customers. Wells Fargo does not specify the credit score required to qualify for a loan.

Pros

  • No origination fees or prepayment penalty
  • May receive funding as soon as next business day after approval
  • Wells Fargo customers can save 0.25% off their interest rate if they set up automatic payments from their Wells Fargo checking account
  • Competitive fixed rates

Cons

  • No prequalification, so a hard pull will be required to apply
  • Your credit score and debt-to-income ratio will be considered to qualify, but Wells Fargo does not list minimums required

If you are a Wells Fargo customer with excellent credit, a Wells Fargo personal loan could help you pay off existing, high-interest credit card debt, pay for a major purchase or cover unexpected expenses. If you are planning to apply for a Wells Fargo loan, you may want to open a checking account with the bank and use it for a few months to establish a relationship with the bank, which can improve your loan approval odds.

TD Bank

Founded in 1850, TD Bank. With 1,200 branches concentrated on the East Coast, many with extended business hours in the evening and on weekends, TD Bank makes getting a loan in person or online easy and convenient.

If you don’t live near a TD Bank branch, you can apply for a personal loan online and have the money deposited in your account within a few business days.

TD Bank Express Loan
APR

6.99%
To
18.99%

Credit Req.

660

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on TD Bank Express Loan’s secure website

The fine print

TD Bank offers two unsecured personal loans. TD Express allows you to borrow between $2,000 and $25,000, and may offer faster approvals. TD Bank’s regular unsecured loan allows you to borrow up to $50,000. Both loans have terms from 12 to 60 months and fixed APRs ranging from 6.99% to 18.99%. Both loans have a minimum credit score requirement of 660. TD Bank customers can save 0.25% off the interest rate by establishing automatic payments from a TD Bank checking account.

Pros

  • No origination fee or application fees
  • No prepayment penalties
  • Easy online approval process
  • Flexible loan terms
  • Additional savings for TD Bank customers

Cons

  • Late fee of 5% of minimum payment due or $10, whichever is less
  • Must have a credit score of 660 to qualify
  • Loan application requires a hard pull

If you have excellent credit and are a TD Bank customer looking to keep your accounts within the same bank and enjoy a discounted interest rate on a personal loan, consider TD Bank.

TD Bank’s rates are comparable to other lenders. Combined with the bank’s reputation for customer service, extended business hours and easy online banking, these factors make TD Bank a good choice.

Citibank

Citibank, known as “the world’s most global bank,” does business in 98 markets worldwide. Founded as the City Bank of New York in 1812, today the company is well known for its credit cards and consumer banking products, including personal loans.

You can only apply online if you are a current Citibank checking or savings account holder or if you’ve received a special invitation. Online loan applications are limited to $30,000 or less. Citibank also offers several other perks to current Citibank customers who want to take out a personal loan to consolidate debt, pay for unexpected expenses, or make a large purchase.

Citi
APR

7.99%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Not specified

APPLY NOW Secured

on Citi’s secure website

The fine print

Citibank personal loans offer flexible terms from 12 to 60 months. Borrowers can take out a loan for as little as $2,000 up to $50,000, with fixed rate APRs from 7.99% to 17.99% for a $10,000 loan.

Citibank personal loans are only available to Citibank customers with a Citibank checking, savings, money market or CD account with a month-end balance averaging greater than $0 for the past three months. Borrowers must have an annual income of at least $10,500. Citibank does not specify other minimum qualifications, but most banks will only provide personal loans to borrowers with good credit. A hard pull is required to see if you qualify.

Pros

  • Competitive, fixed APR
  • Easy online applications for loans under $30,000
  • When you link your loan to a Citibank checking account, you earn ThankYou® rewards points, which you can redeem for gift cards, travel or merchandise
  • Save 0.25% on your interest rate when you’re a Citigold or Citi®, Priority customer
  • No prepayment penalties

Cons

  • Personal loans are only available to Citibank customers
  • Hard Pull required to apply
  • Receive your money in five business days, longer than many other lenders

Citibank does not have the fastest loan process or the most flexible qualifications. But if you are a Citibank customer, it can be easy and convenient to get access to extra cash with a Citibank personal loan.

ThankYou® Rewards are a key differentiator with a Citibank loan, because most personal loans do not offer rewards. You may be able to consolidate high-interest debt with a Citibank loan and still earn rewards.

Institutions had to be in DepositAccounts’ list of largest banks by assets to be considered. (Disclosure: DepositAccounts, like MagnifyMoney, is owned by LendingTree.) APR, terms, origination fee and other factors were considered.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Dawn Allcot
Dawn Allcot |

Dawn Allcot is a writer at MagnifyMoney. You can email Dawn here

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