Does PNC verify income for personal loan applications?

Yes, PNC does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

PNC's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the ... read full answercredit score simulator on WalletHub.

If you're looking for a lender that does not do a hard inquiry at all, you could consider Integra Credit , NetCredit and Opploans.

To apply for a PNC personal loan, first check for pre-qualification and decide which way you will apply (online, by phone, or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application, and wait to receive a decision.

How to Apply for a PNC Personal Loan

1. Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a PNC personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the PNC website.
2. Decide which way to apply. You can apply for a PNC personal loan online, by phone, or in person. Applying online is the best way because it typically offers the fastest decision.
3. Enter your personal information on the application. PNC requires the following personal information on the application: full name, Social Security number, date of birth, ID, email address, and phone number.
4. Enter your financial information on the application. PNC requires the following financial information on the application: housing status, occupation, employer, length of employment, annual gross income, and other types of income.
5. Double check the application for accuracy. To ensure that your PNC personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
6. Submit your application. PNC will typically provide a decision on your application within minutes.

If you are approved for a PNC personal loan, you will generally receive the funds within 1 - 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.

Yes, a PNC personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a PNC personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.... read full answer

How a PNC Personal Loan Affects Your Credit Score

Hard pull: When you apply for a PNC personal loan, PNC will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out a PNC personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a PNC personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a PNC personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a PNC personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.