PNC offers three good debt consolidation options: personal loans, home equity loans/lines of credit, and credit cards. Each of those options can be used to consolidate debt from other lenders’ loans and lines of credit. Only half of the 10 largest banks in the U.S. offer all three of these options, so PNC stands out.
PNC’s debt consolidation options are good because they offer the potential for low APRs. For example, PNC personal loans have APRs as low as 5.99%, and their home equity loans and lines of credit have APRs of around 4% to 5%. In addition, it’s possible to borrow up to $35,000 with PNC personal loans and more than that with the home equity offers.
When consolidating debt, two of the most important considerations are getting a lower rate than the ones on the current debts and getting enough funding to pay off the existing debts fully.
PNC Debt Consolidation Options:
- Personal loan: Borrow $1,000 to $35,000 for 12 to 60 months. APRs of 5.99% to 29.99%. No collateral. No origination fee. PNC doesn’t disclose a minimum credit score to qualify, but you can check for pre-qualification on their website.
- Home equity loan: Borrow $1,000 or more (potentially $500,000+). APRs of roughly 4% to 5%, depending on zip code and loan amount. Fees vary by where you live, too. PNC doesn’t disclose a minimum credit score to qualify. In general, home equity loans tend to require a credit score of at least 620, and 700+ is preferred.
- Home equity line of credit: Same terms as PNC’s home equity loans. The difference is that you can borrow, up to the account limit, at any time for 7 to 10 years. You only have to make monthly minimum payments when you actually draw from the HELOC. Then, after the draw period, you get 30 years to finish repaying any outstanding balance. HELOCS generally require a 620+ score, just like home equity loans.
- Credit cards: Some PNC credit cards are better for debt consolidation than others. In general, the best credit cards for consolidating debt are ones that have long 0% introductory APR periods on balance transfers.
If you have only a small amount of debt to consolidate, PNC’s best debt consolidation offer for you might be a credit card. But credit cards often do not have high enough limits to accommodate larger debts.
Home equity products offer the lowest APRs and highest dollar amounts, but there is the risk of losing your house if you don’t repay what you borrow. Personal loans are a happy medium, with higher APRs than home equity loans and HELOCs but more borrowing potential than credit cards.
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