As two nationally recognized and established banks in the US, it can be difficult to decide whether a personal loan from Wells Fargo or PNC is a better fit for you. While it may 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 get the most out of your loan.
Wells Fargo vs. PNC at a glance
| Wells Fargo | PNC bank | |
|---|---|---|
| Bank rate score | 4.4 | 4.6 |
| Better for | Serving customer needs | •A personal experience •Small loan amounts |
| Loan amounts | $3,000 – $100,000 | $1,000 – $35,000 |
| APRs | 8.49%-24.49% | Varies by zip code |
| Length of the loan | 12-84 months | 6-60 months |
| Cost | Late fee | Late fee |
| Minimum credit score | Not specified | Not specified |
| Time for financing | 1-3 business days | Within a few working days |
Wells Fargo Personal Loans
Positives
- Low costs.
- High loan amounts.
- Same day credit approvals
Cons
- No options for co-signer or joint applicant.
- Must be an existing Wells Fargo customer.
- Not available in 14 US states.
Wells Fargo is a well-known American bank that finances personal loans to existing customers. While it does not provide any financial or credit minimum requirements, it suggests that borrowers with a good credit history and a higher score have a greater chance of being approved.
Like many banks, including PNC, Wells Fargo does not charge an origination fee. But where PNC really outperforms is in its application process, which is entirely online. However, you must be a Wells Fargo customer for at least 12 months before you can borrow a personal loan. If you do not meet this requirement, you will need to turn to PNC or another lender.
Personal loans from PNC Bank
Positives
- Low costs.
- Co-borrowers allowed.
- Benefits for existing customers.
Cons
- Smaller borrowing maximum.
- Loan details vary by location.
- Vague approval requirements.
Like Wells Fargo, PNC is a traditional brick-and-mortar bank that offers unsecured installment loans. However, PNC Bank does not require applicants to have an existing banking relationship to qualify for a loan. If you don’t have an account, you’ll need to apply in person, but checking account holders can apply online, provided the loan is less than $25,000.
While there are benefits for existing customers, such as a 0.25 percent interest rate reduction, the terms and loan amount you are offered ultimately depend on where you live. Additionally, it has much smaller loans than many other lenders on the market. If you need to borrow more than $35,000, consider Wells Fargo or another lender.
How to Choose Between Wells Fargo and PNC Bank
Wells Fargo and PNC Bank both offer valuable benefits, competitive rates and flexible repayment options, but neither is a one-size-fits-all option. Choose Wells Fargo if you already have an account and think you qualify for lower rates. Choose PNC if you need a smaller loan and are willing to visit a branch to apply.
Wells Fargo has large loan amounts
Wells Fargo is one of the best lenders for large loan amounts. While most lenders allow applicants to borrow up to $50,000 – or just $35,000 at PNC – Wells Fargo has a maximum of $100,000.
Moreover, Wells Fargo also offers minimal fees and discounts to its customers. This is a valuable benefit, as most lenders and institutions charge at least an origination fee, which adds significant costs to larger loans.
PNC offers co-borrower applications
Although PNC does not require its borrowers to be members, it does offer discounts to its existing customers. Rates and product terms vary by location and stated eligibility requirements are far from transparent, but borrowers can apply with a co-borrower.
Applying with a creditworthy co-borrower will increase your chances of approval and can significantly reduce rates, making this loan ideal for people who might not otherwise be approved. But you must be a current customer to get the best rates and apply online. Otherwise, you’ll be stuck visiting a branch and receiving a less-than-ideal APR.
Compare lenders before applying
Both Wells Fargo and PNC Bank have strong personal loan products for existing customers. If you have strong credit, a stable income, and a low debt-to-income ratio, you’ll likely do better with a Wells Fargo personal loan, provided you already have an account. Borrowers with a cosigner and a less-than-stellar credit score are better candidates for a PNC personal loan.
Before making a decision, compare multiple lenders to ensure you get the best interest rate and loan possible.
