full review
If your business is established and you have a strong personal and business credit history, PNC may be worth considering when looking for traditional bank financing. However, you must be willing to open a PNC Business Checking Account and use automatic payments on your loan.
We start with a quick survey to better understand your business's unique needs.
Once we have found your personalized match, our team will be happy to discuss the further process.
PNC is ideal for borrowers who:
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Be an existing customer of PNC Bank. All business loans and lines of credit require automatic payment debit from your PNC Business Checking Account. If you are not an existing business customer, you will need to open an account with PNC.
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We prefer to work with traditional banks. If you prefer doing business with a traditional bank, consider PNC, which has a wide range of lending products. Customers who prefer digital banking also have access to online and mobile banking.
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have an established business; Per PNC credit guidelines, your business must have been under the same ownership for at least two years.
Types of dynamic business loans
PNC offers financing options for businesses including:
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Unsecured and secured term loans.
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Unsecured and Secured Line of Credit.
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Business vehicle loan.
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Commercial real estate loans.
Dynamic Business Loan Comparison
|
Unsecured small business loan |
Secured small business loan |
Unsecured Small Business Credit Line |
Secure credit lines for small businesses |
Car financing loans for small businesses |
Small business commercial real estate loans |
|
|---|---|---|---|---|---|---|
|
Loan amount |
From $20,000 to $100,000. |
Over $100,001. |
From $20,000 to $100,000. |
Over $100,001. |
From $10,000 to $250,000. |
Over $100,001. |
|
Time required for work |
2 years. |
2 years. |
2 years. |
2 years. |
2 years. |
2 years. |
|
Interest level |
Fixed interest rate. Depends on company qualifications. |
Fixed or variable interest rate. Depends on company qualifications. |
variable rate. Depends on company qualifications. |
variable rate. Depends on company qualifications. |
Fixed interest rate. Depends on company qualifications. |
Fixed or variable interest rate. Depends on company qualifications. |
|
Fee |
Not disclosed. |
Not disclosed. |
Annual fee: $175. Additional charges may apply. |
Annual fee: 0.25% of the commitment line amount. Additional charges may apply. |
Not disclosed. |
Not disclosed. |
|
clause |
2 to 5 years. |
2 to 7 years. |
Revolving contract renewed annually. |
Revolving contract renewed annually. |
2 to 6 years. |
Maximum 20 years. |
|
repayment schedule |
monthly. |
monthly. |
monthly. (1.5% of balance or $100 minimum.) |
monthly. |
monthly. |
monthly. |
PNC SBA Loan
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SBA 7(a) Loans.
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SBA 504 Loan.
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SBA Express Loan.
|
Loan amount |
Up to $5,000,000. |
|
Estimated annual interest rate range |
Negotiated fixed rate subject to SBA caps. |
|
Fee |
A guarantee fee and early repayment fee will be charged for loans over 15 years. Additional charges may apply. |
|
clause |
Up to 25 years depending on program. |
|
repayment schedule |
monthly. |
What's great about PNC?
Range of loans and other business products
SBA financing partner
credit evaluation criteria
PNC provides general guidelines for evaluating applications on the Credit Criteria Chart. This is useful for borrowers who are interested in how their personal and business credit is considered. It also covers information on debt-to-income ratios, leverage, and collateral.
Where PNC is inadequate
strict credit requirements
As with traditional banking standards, you must have a good or excellent credit score and a strong credit history to qualify for a business loan from PNC. You must prove that you have made on-time payments for at least the past five years. That means no collection accounts, garnishments, garnishments, judgments, liens, or lawsuits.
Limited information about interest rates and fees
PNC provides little information about the interest rates associated with its loan products or the fees it charges. This can make it difficult for borrowers to compare loan products before completing an application.
Geographical restrictions
PNC offers a variety of business loans, but operates branches in just over half of the U.S. states: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, (Maryland, Massachusetts, Michigan) only. , Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wisconsin, plus the District of Columbia.
Applying for a business loan can be difficult for borrowers in states without PNC branches. Especially since PNC does not offer an option to apply online, instead asking you to apply over the phone or visit a branch.
Requires a PNC Business Checking Account
PNC financing requirements
PNC will look at your personal and business credit history and look at your business finances and personal debt to see if you meet the requirements.
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A personal guarantee from the business owner is required.
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Typically requires a minimum of 2 years of sales experience.
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No derogatory items in your personal credit history for at least 5 years.
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Business credit history free of bankruptcies, tax liens, judgments, and lawsuits.
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A personal monthly debt payment that does not exceed 40% of the owner's gross monthly income.
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Highly profitable, with revenues and profit margins trending upward or stable.
How to apply for financing from PNC
You can apply for a PNC loan over the phone or at a PNC branch. Although there is no option to apply online, a PNC Banker will walk you through the application process and help you gather the necessary information.
PNC recommends that you know the following before applying:
After PNC reviews your application, you will receive a decision and options to address the issue at hand.
Alternative to PNC
american bank
funding circle
15.22
%. There is no application fee, but you will pay a loan origination fee.
twenty four
month, minimum credit score is
660
You must not have filed for bankruptcy within the past seven years. Read our full Funding Circle review.
Axion Opportunity Fund
8.49
%.
570
It's much more accessible than the other providers mentioned here. AOF also considers factors such as business hours and cash flow when evaluating loan applications. Read our full review of Accion Opportunity Fund.
