PNC Bank and TD Bank are large regional banks that offer personal loans. TD Bank offers a wide range of financial products, serves nearly 10 million consumers and has physical locations primarily along the East Coast. PNC Bank has more than 2,600 physical locations in the US and offers personal loans, although it doesn’t provide many details. In addition to personal loans, both also offer various loan products, including car loans, student loans and credit cards.
PNC Bank and TD Bank are both good options for personal loans. The best choice will likely come down to where you live, but TD Bank has an advantage over PNC Bank because it offers larger loans and more transparency.
PNC Bank vs. TD Bank at a glance
PNC and TD Bank offer similar minimum loan amounts. But there are some important differences to consider, such as loan amounts, repayment terms, and financing speed.
| PNC bank | TD bank | |
|---|---|---|
| Bank rate score | 4.6 | 4.7 |
| Better for | Applying with co-borrower, shorter loan terms | Fast financing, larger loan amount |
| Loan amounts | $1,000 – $35,000 | $2,000 – $50,000 |
| APRs | Varies by zip code | 8.99%-23.99% (with autopay and direct deposit discount) |
| Length of the loan | 6-60 months | 36-60 months |
| Cost | Late fee |
|
| Minimum credit score | Not specified | 700 |
| Time for financing | Within three working days | As soon as the next business day |
Personal loans from PNC Bank
Positives
- Autopay discount.
- Wide range of terms available.
- Joint loans available.
Cons
- Higher maximum rate.
- Lower financing speed.
- Product availability varies by state.
PNC bank offers unsecured bank loans up to $35,000. It offers flexible repayment terms – six months to five years, making it a good option for borrowers whether they are looking for a short-term or long-term loan.
PNC also allows applicants to apply with a co-borrower, which can increase your chances of approval if you just meet the minimum eligibility criteria.
However, a disadvantage is that PNC applies a higher maximum rate in some locations. For example, when we checked rates for a zip code in Houston, the maximum APR listed was 31.49 percent. Depending on where you live, you may also face a lower maximum amount.
Personal loans from TD Bank
Positives
- Low APR range.
- Fast financing.
- Higher loan amount.
Cons
- Good credit required to qualify.
- Does not allow applications from co-borrowers.
- Not available in all states.
TD Bank offers a Fit TD loan, an unsecured personal loan option designed for borrowers with good credit. The minimum credit score is 700. Applicants can choose from loans between $2,000 and $50,000. Additionally, TD Bank does not charge any origination fees. Once approved, you can receive the money the next business day.
That said, TD Bank loans do have some drawbacks. A major drawback is that it is only available in 19 states. Another disadvantage is that TD Bank, unlike PNC Bank, does not allow applicants to apply with a co-borrower.
How to Choose Between PNC and TD Bank
While PNC Bank and TD Bank are both top lenders, they aren’t for everyone. PNC is a better fit if you want a reliable bank that offers joint applications. TD Bank is a better fit if you need a larger loan or a faster financing process.
PNC Bank is better if you apply with a co-applicant
If you want to apply with a co-borrower to increase your chances of approval, PNC is a better fit. TD Bank does not accept joint applications, and a co-borrower can help you qualify for a larger loan amount or a lower APR.
Also, if you want a repayment term that is shorter than 36 months, PNC Bank may be a better choice. PNC offers repayment terms as short as six months – which is rare in the personal loan industry. Choosing a shorter term results in higher monthly costs, but you pay less interest in total. Ultimately, you will need to choose a repayment term that balances the amount of interest you pay with an affordable monthly payment.
TD Bank is best for fast financing
If you’re approved for a loan with TD Bank, you can receive the money as early as the next business day – two days earlier than the average funding time for PNC Bank. This makes TD Bank a better fit if you need money for an emergency.
Additionally, TD Bank may be a better option if you want a better rate, depending on your credit. The maximum rate is 23.99 percent with autopay, while PNC Bank’s maximum rate is 31.49 percent in some locations. TD Bank also generally offers larger loans. And because there’s no prepayment penalty, you can technically pay off your loan in six months, even if your term is significantly longer.
However, its limited availability may mean that otherwise qualified borrowers may not qualify. If you live outside the service region or don’t meet the high minimum credit score requirement, you may want to stick with PNC Bank or another lender.
Compare lenders before applying
PNC Bank and TD bank are both good options to consider if you need an unsecured personal loan. That said, if you prefer a repayment term of less than 36 months, PNC Bank may be a better option. If you want to borrow more than $35,000 or get money faster, TD Bank is a better fit for your borrowing needs.
Before applying with either lender, pre-register with them to receive estimated rates and terms. Also compare other lenders to ensure you make the best decision for your finances.
