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If you're searching for a small to medium loan, take a closer look at PNC personal loans. PNC boasts a low minimum loan amount -- perfect for financing minor home repairs or other expenses. In this PNC personal loans review, we'll cover the bank's unsecured loans, how PNC allows customers to add a joint borrower, and its wide range of repayment options.
Minimum Credit Score
This personal loan is a good fit for: The borrower searching for a small loan with short repayment terms.
Customers can borrow $1,000 to $35,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.
You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.
Whether you need a joint applicant's high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.
The first thing you will be asked is where you live. On its loan homepage, PNC states that "PNC product and feature availability varies by location." While this may be good news for borrowers in some areas of the country, it could be bad for others. You'll need to see what it means for you.
If you're looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC's lowest advertised interest rate. That's because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.
If you have a high credit score: LightStream is geared to those with good to excellent credit. LightStream's interest rates that are among the lowest we've come across, and it promises to beat competitors' offers by 0.10 percentage points.
If you have poor credit: Avant is great for borrowing money fast. Here's why: Avant offers loans to borrowers with a minimum credit score of 580, and loan amounts from $2,000 to $35,000. If you're quoted a high interest rate, only borrow if you can pay the loan off quickly (ideally, within months). In the meantime, you can work on building your credit score to qualify for a lower loan rate over time.
PNC does not offer a minimum credit score needed to qualify for a personal loan. Nevertheless, it's safe to say the higher your credit score, the better. Borrowers with the highest credit scores qualify for the most favorable interest rates and terms. Generally, here's what you'll need to be eligible for a PNC loan:
While PNC does not share the minimum credit score needed to get an unsecured personal loan, it does offer those with low credit the option of taking out a secured loan.
Here's how to get a loan at PNC:
No matter how quickly you need money, take the time to rate shop. The best personal loan lenders run a soft credit check before offering a decision and interest rate. That way, when you decide which lender to go with, you'll know you're getting the best loan possible.
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