Even though the overall economy has drastically improved over the last several years it is still true that many people have bad credit. When looking for loan opportunities some may seek installment loans. Those on the east coast may actively look for PNC Bank bad credit personal installment loans in hopes of gaining access to up to $5000 cash. Unfortunately, many times this bad credit money borrowing could come with very high interest rates.
PNC Bank Buys RBC Bank
Recently, PNC Bank purchased RBC Bank to expand their presence throughout the Southeast. RBC was headquartered in Raleigh, North Carolina so this expands PNC Bank into the South in states such as South Carolina, North Carolina, Georgia and Florida. Most banks are more than willing to expand into other areas as they know they will be able to make more money with loan opportunities. That being said, it does not mean that PNC Bank is willing to offer every bad credit borrowers easy cash.
PNC Bank has a huge presence in the Eastern United States with its headquarters being in Pittsburgh, Pennsylvania. When looking at the map of PNC Bank locations it is quite obvious there is a large presence in South Florida near Miami and Atlanta, Georgia. With the purchase of RBC Bank it should come as no surprise that they also have a large presence in the central part of North Carolina as well. No matter where you are on the East Coast it is likely the case that there are PNC Bank opportunities.
In the coming months it will be very interesting to see just how many borrowers look for bad credit personal installment loans. Unfortunately, some of these borrowers may end up paying a very high interest rate because they have made poor financial decisions in the recent past. If you have let bills add up and your debt to income ratio has increased there is a very good chance that you will see high interest rates on any amount of money that you borrow.
PNC Bank Bad Credit Personal Installment Loans
When looking on the PNC website there are many opportunities to borrow money. Take the time and effort to research these opportunities before deciding on any type of loan in the very near future. Here is some of the valuable information that is provided by PNC.com:
Personal Line of Credit
Personal Installment Loan
Line of credit that you can draw against as the need arises
Installment loan with a fixed term
Variable Rate, based on Wall Street Journal Prime Rate
Variable, based on a percentage of the outstanding balance
Fixed, based on initial disbursement
Access to Funds
As needed, by check or online transfer
One-time, lump sum
If you are struggling to find a bad credit personal installment loan please feel free to contact me below and I’ll try to find information in your local area. Even if you do not live on the east coast near PNC banks you still may be able to submit an application online. This has become much more common as we continue to advance with the Internet. Some banks work solely online as it makes the expenses much lower.
When thinking about it, most banks spend their money on a physical location. Having to pay bank tellers or loan officers in these physical locations as well as paying the rent for the building. By avoiding these costs and expenses some banks may be able to save a significant amount of cash in the long run. Take this into consideration when looking for personal installment loans as there are online opportunities that are not a bad choice.
Cash Advance Payday Loans vs Personal Installment Loans
It is very important to recognize that there is a huge difference in personal installment loans and cash advance payday loans. A personal installment loan will be paid back over the course of time through monthly installments. This means individuals will take out up to $5000 or $10,000 cash. They will then pay it back with monthly payments of principal and interest. This is much better than having to pay this loan amount back quickly. That is the big difference when it comes to a cash advance payday loan.
When people take out cash advance payday loan they will likely take out a 10 day loan or a 14 day loan. The next time you receive a paycheck you will have to pay the loan off in full. This can be very difficult for individuals as time is of the essence. If you have borrowed $500 and you have to pay it back in two weeks you better have a very large paycheck. Unfortunately, many of the individuals who are taking out payday loans do not necessarily have a large paycheck.
Over the last several years payday loans have become extremely popular in many states. This is how a payday loan works: individuals will borrow up to $1500 cash while also having to pay fees. These loans must be paid back in 10 days or 14 days depending on the contract. Often times, fees will be between $10 and $15 for every $100 borrowed. As you can imagine, these fees can add up very quickly if you are borrowing a significant amount of money. Another issue is the fact that these fees reset each time a customer receives a paycheck and does not pay the loan off in full.
This means if you borrow $500 you will have to pay back $550 with your next paycheck. If you are not able to fulfill this commitment the fees will reset and you will have to pay another $50 with your next paycheck. This means you end up paying $600 for the $500 you borrowed just one month ago. When calculating out the APR some of these cash advance payday loans have an interest rate in excess of 300%.
Take this into consideration before making any type of bad credit payday loan decision. In all reality, individuals should try to avoid payday loans at all costs. The only reason somebody may consider a payday loan is if they are 100% certain they will have the money with their next paycheck. Unfortunately, the majority of payday loan borrowers can not be 100% certain that they will have this money in their bank account. This is the reason they are considered a very bad credit borrower.
Personal Installment Loans in Pittsburgh, Pennsylvania
As mentioned earlier, PNC Bank is headquartered in Pittsburgh, Pennsylvania so it should come as no surprise that the largest presence is in this city and state. When looking for ways to borrow money with bad credit recognize PNC Bank is not the only financial institution. In fact, I would strongly consider looking at some of the local community banks and credit unions in and around Pittsburgh, Pennsylvania. As I have stated many times in previous documents it is often true that some of the bigger banks do not want to get to know you by name.
Small local community banks and credit unions are more than happy to get to know your name as it helps them build better customer service. This is extremely important when it comes to building a strong financial institution. The bigger names have a significant amount of deposits that allow them to offer products that some of these small financial institutions do not. Small financial institutions make their money by creating strong relationships with borrowers.
If you are looking for a community bank in Pittsburgh, Pennsylvania I would strongly suggest using the FDIC search tool. The FDIC search tool will allow individuals to find every financial institution within the state’s borders but is also insured by the FDIC. This is very important for individuals who want to build a growing relationship with a bank or financial institution. Make a mental note that not all financial institutions offer bad credit personal installment loans.
In fact, there are a few FDIC financial institutions that are only investment banks and do not offer loan products at all. You will quickly figure this out by going to the websites of some of these financial institutions. Below are some of the cities in and around Pittsburgh, Pennsylvania:
- Dormont, PA
- Brentwood, PA
- Wilkinsburg, PA
- Munhall, PA
- Swissvale, PA
- Mount Lebanon, PA
- Baldwin, PA
- Bethel Park, PA
- West Mifflin, PA
- North Versailles, PA
- Franklin Park, PA
- Plum, PA
- Lower Burrell, PA
- New Kensington, PA
- Economy, PA
If you live in or near any of these areas please understand that there are multiple options available when it comes to borrowing money with a personal installment loan. While PNC Bank might be the best option there are other options in this area as well.
Improve a Credit Score to Lower Interest Rates
One thing that is very common when it comes to bad credit personal installment loans is the fact that the interest rates are high. Some individuals will see interest rates as high as 30% on the money they borrow. This is very unfortunate as they could be paying this loan back over the course of several years and several decades. Paying both principal and interest on these bad credit personal installment loans will be difficult as the interest builds up very quickly.
The best way to improve a credit score is to make 100% certain the bills are paid on time and in full. Unfortunately, people with a low income find it is very difficult to make certain these bills are paid. Even if you have a low income is smart to create a weekly or monthly budget to get these bills paid. Another idea would be to get a second or third job just to make certain that a financial life is a little bit easier down the road.