PNC provides a diverse range of services to all of our clients, from small and medium businesses to corporations and government agencies. We’ll make sure you have the products, information, and resources you need to succeed financially, no matter how simple or complex your requirements are.
PNC strives to make banking and investing as simple as possible for our customers in order to assist them attain financial security. Through our branches, call centre, ATMs, internet, and mobile technologies, we seek to create a positive customer experience. Customers get access to personal financial expertise, tools, and competitive products and services in a secure and accessible manner.
Our deposit, loan, credit card, cash management, and investment services are used by over 9 million customers and small companies. Branches, solution centres, and ATMs can be found all over the Mid-Atlantic, Midwest, and Southeast. We also offer home mortgage loans both locally and nationally through our branch network.
Outside of our existing branch network, we’ve developed our Retail Bank through a digital-focused, thin branch strategy, employing “solution centres” that mix expert banker help and technology to offer personalised experiences and manage regular banking needs. Beyond deposits and withdrawals, the solution centre provides a collaborative environment that connects our customers with our digital products and services.
In the Boston, Dallas/Fort Worth, Denver, Houston, Kansas City, and Nashville markets, we currently have over 25 solution centres. In the expanding markets, we also offer digital unsecured instalment and small company loans.
We announced our Low Cash ModeSM Virtual Wallet® feature in April 2021, which will allow our customers to avoid overdraft fees by providing real-time intelligent alerts, extra time to prevent or address overdrafts, and controls to choose which items to pay and which to return rather than the bank making the decision.
PNC Bank helps consumers obtain the confidence they need to make crucial financial decisions, whether it’s buying a home, saving for retirement, investing for the future, or finding the proper credit card.
What Is the Difference Between an Annual Percentage Rate (APR) and an Interest Rate?
Make sure you understand the full cost of borrowing money before you take out a loan. Should you calculate using the interest rate or the annual percentage rate (APR)?
It’s no secret that taking out a loan costs money. However, when it comes to estimating how much a loan would cost you, lenders may take a variety of approaches: Some people are concerned with their interest rate, while others are concerned with their annual percentage rate (APR). You can make an informed decision before taking out a loan if you understand these words and how they affect the final loan cost.
The Starting Point Is the Interest Rate
The cost of borrowing the principal (the amount of the loan), expressed as a percentage of that sum, is the interest rate on a loan. Using the following simple interest calculation for a fixed-interest loan, you may get an indication of how much interest you might pay on a loan: Principal multiplied by the interest rate multiplied by the number of years. Let’s imagine you’re considering a $5,000 five-year loan with a 5% yearly fixed interest rate. This is how you compute simple interest:
$10,000 principal x .05 interest x 5 years = $2,500 in interest over the life of the loan
Fees are added to the mix by the annual percentage rate (APR).
Because it includes the interest rate as well as any fees and other charges related with the loan, the APR, which is also stated as a percentage, more closely reflects the true cost of borrowing. Depending on the type of loan and the lender’s policies, these costs may include application, processing, administrative, and other fees. The interest rate and APR will be the same if no additional costs are paid; this is known as a no-fee loan.
The APR will usually be the same as or higher than the interest rate. When a loan is entirely delayed, however, no interest or principle payments are necessary for a certain period of time.
APR is a useful tool for comparing loans.
Compare APRs rather than interest rates while shopping for the best loan deal. Because fees differ greatly from one lender to the next, adopting the all-inclusive APR will provide you a more accurate comparison. Borrowers may feel that the loan with the lowest interest rate is the best option, only to find out later that the expenses associated with that loan outweigh any interest savings.
Before you commit to any loan, find out everything you can about it. Investigate:
- Will the lender charge you simple interest (interest calculated solely on the principal) or compound interest (interest calculated on both the principal and interest)?
- Is the interest rate fixed (i.e., it won’t vary over the life of the loan) or variable (i.e., it could change depending on market rate changes)?
- What are the fees and other charges that will be covered?
- How long do you have to pay back the loan?
PNC has an online student financing calculator that you may use to compare its loan alternatives, including rates and any upfront fees. The more you understand about how your loan’s total cost is calculated, the more equipped you’ll be to make your loan selection.
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