If you want a personal loan from a lender that is trustworthy and reliable then PNC bank is your best bet. The PNC bank personal loan offers unsecured loans which are at par with the best lenders and can also offer up to $100,000 in secured loans.
Most traditional lending services are not able to compete with the interest rates and loan terms offered by online lenders, however PNC does not fall under this category.
PNC Bank Personal Loan Details
There are three different types of personal loans offered by PNC i.e. secured, unsecured loans and line of credits. The installment loans will be the main focus of this article.
The secured loans are those loans which require the lender and borrower to sign an agreement where an asset of the borrower is kept as collateral in case he/she defaults on payments. The additional security to the creditor allows them to offer favorable terms and lower interest rates on the PNC bank personal loan.
With the unsecured loans no collateral is required. The creditor is at high risk and therefore the interest rates are higher.
The Pros and Cons of the PNC Bank Personal Loan
Even though applying for a personal loan online is less time consuming the PNC bank has an application procedure that does not take longer than 15 minutes. However, there is no online application for the secu red PNC bank personal loan and the person will have to visit the branch in person or call a representative.
The APR offered on the PNC bank personal loan are higher than those offered by the online-only creditors which lie in the 5% range. Another drawback of the PNC bank personal loan is that they only offer fixed rates and there is no negotiation possible. Although fixed rates are stable over a long period of time they may affect the affordability of the loan.
The benefit of a PNC bank personal loan is that they allow a person to defer the payment for a particular month if the borrower is struggling financially. The bank also encourages all borrowers to inform the bank immediately when they are short of cash.