Wells Fargo vs. PNC: Which offers better personal loans?
Key takeaways
- Wells Fargo is the best option for lower rates if you are a pre-existing customer.
- PNC Bank is the best option for shorter repayment terms and co-borrower options.
- When comparing these personal loan lenders, consider your pre-existing relationship with the lender, what size loan you need and whether you plan to apply with a co-borrower.
If you are looking for a personal loan from an established bank, PNC Bank and Wells Fargo are two solid options. While it can be better to borrow from the bank you already have an existing relationship with, you should carefully compare and contrast both options to ensure you’re getting the most out of your loan.
Wells Fargo vs. PNC at a glance
| Wells Fargo | PNC Bank | |
|---|---|---|
| Bankrate score | 4.6 | 4.2 |
| Better for |
|
|
| Loan amounts | $3,000–$100,000 | $1,000–$35,000 |
| APRs | 6.99%-24.49% | 7.89%-24.74% |
| Loan term lengths | 12–84 months | 6–60 months |
| Fees | Late fee | Late fee |
| Minimum credit score | Not Specified | Not Specified |
| Time to funding | 1-3 business days | Within a few business days |
Wells Fargo personal loans
-
Wells Fargo is best for its flexibility. Offering loan amounts from $3,000 to $100,000 with no origination fee, the lender allows borrowers to take out a loan for as much or as little as they need. Wells Fargo also boasts flexible repayment term options, allowing a fully customizable personal loan experience.
Wells Fargo is a well-known American bank that funds personal loans to existing customers. While it doesn’t provide financial or credit minimum requirements, it’s suggested that borrowers with a good credit history and higher score are more likely to get approved. Wells Fargo personal loans are only available to those who have been a Wells Fargo customer for at least 12 months.
-
Pros
- Low fees.
- High loan amounts.
- Same-day credit approvals
Cons
- No cosigner or joint applicant options.
- Must be an existing Wells Fargo customer.
- Not available in 14 U.S. states.
PNC Bank personal loans
-
PNC Bank is the better option for short-term personal loans. The lender offers repayment terms as short as six months. If you are temporarily low on cash, PNC allows you to borrow money without taking on monthly payments for a year or more, as most other lenders require.
Much like Wells Fargo, PNC is a traditional brick-and-mortar bank that offers unsecured installment loans. However, PNC Bank doesn’t require that applicants have an existing banking relationship to qualify for a loan. You will need to apply in-person if you don’t have an account, but current account holders are able to apply online — provided the loan is under $25,000.
-
Pros
- Few fees.
- Co-borrowers allowed.
- Benefits for existing customers.
Cons
- Smaller loan maximum.
- Loan details vary by location.
- Vague approval requirements.
How to choose between Wells Fargo and PNC Bank
Figure out what you need most from a personal loan when deciding between lenders. Consider these differences between Wells Fargo and PNC Bank personal loans.
APR range
Both lenders offer similar rate ranges, but Wells Fargo offers a slightly lower starting rate. PNC Bank has rates ranging from 7.89 percent to 24.74 percent. Wells Fargo’s rates start at 6.99 percent and go up to 24.49 percent.
Minimum credit score
Neither lender specifies a minimum credit score requirement to qualify for a personal loan. However, the standard requirement for personal loans is a credit score of at least 580, with some lenders requiring a higher minimum.
Repayment terms
You’ll find flexible timelines to pay off your loan at both lenders. However, PNC Bank offers shorter repayment options with terms ranging from 6 to 60 months. Wells Fargo offers the option for slightly longer repayment terms, but the lender doesn’t have options that are quite as short as PNC. Wells Fargo’s repayment terms range from 12 to 84 months.
Loan amount
Wells Fargo is one of the top lenders for large loan amounts. While most lenders allow applicants to borrow up to $50,000 — or just $35,000 with PNC — Wells Fargo has a maximum of $100,000.
Fees
Both Wells Fargo and PNC offer minimal fees and discounts to their customers. Neither lender charges an origination fee, but they do charge fees for late payments.
Bottom line: Which lender is better?
Wells Fargo and PNC Bank both offer valuable benefits, competitive rates and flexible repayment options, but neither is a one-size-fits-all option. Wells Fargo is best if you already have an account and believe you can qualify for lower rates. PNC is better if you need a smaller loan and are willing to visit a branch to apply. PNC also stands out for allowing you to apply with a co-borrower.
Compare lenders before applying
Wells Fargo and PNC are not the only options for personal loan lenders. Before making a decision, compare multiple lenders to make sure you’re getting the best rate and loan possible.
