PNC loans are available as either a line of credit or installment loan, with or without collateral requirements. The basic difference between the two is that you get the flexibility of drawing money as and when you need it in the first option where as the second option allows you to obtain a one-time lump sum with the facility to pay back the loan amount in fixed monthly payments, just like any other loan or mortgage product. Detailed discussions of these two kinds of personal lending options are presented in the following paragraphs.
These are unsecured loans that are available with a line of credit. This means you do not need a collateral to apply for the loan and are able to use as much of the fund as is within the approved credit limit. The maximum credit limit can go up to $25,000 whereas the minimum loan amount is set at $1,000. You have the flexibility to draw whatever amount you need within the approved limit for any number of time, but it should not be less than $50.
Moreover, you can write a check or transfer money to your checking account. The rates applicable on this kind of personal loan at PNC Bank are generally of the floating type that is based on the Wall Street Journal Prime Rate. Note that there is no prepayment penalty, which means you can pay back the balances and applicable interests any time without making any extra payment.
Installment loan can be either secured or unsecured depending on the amount you want to borrow from bank branch. The minimum and maximum loan amounts for unsecured personal loans are $1,000 and $25,000 whereas the same for loans secured by collateral are set at $2,000 and $100,000.
Borrowers have the flexibility in choosing the repayment terms for borrowed amount, but the rate remains fixed over the period and the loan is required to be paid back in fixed monthly installments. There is no prepayment penalty in this case as well, if repayment is made in full. There is also an option to avail credit life and credit disability insurance subject to the eligibility of the borrowers and the law governing the state where this transaction happens.
To apply for a personal loan product, you can either visit a nearby branch or complete an online application form. Browse our website to find a bank branch near your location. If you want to apply online, you should visit the official website of the bank, which is pnc.com. Please check the authenticity of the webpage that appears on your computer screen before beginning to fill out the form as you might be asked to enter information that you do not want to fall in wrong hands. For more information regarding the PNC personal banking, loan products and online application procedure, contact the customer service department at the following telephone number.
Phone Number: 1-888-370-7344