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Line of Credit Comparison
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| Loan Type Benefits | ||
Offers a simple application process with a quicker credit decision |
Uses real estate equity to secure longer repayment term and lower rates than unsecured revolving loan options |
Uses the value of receivables, inventory or equipment to obtain larger short-term working capital financing |
| Typical Uses | ||
Short-term working capital, cash flow timing gaps, general business needs |
Short-term working capital, equipment, expansion, building improvements |
Larger short-term capital needs, seasonal inventory, growing receivables |
| Account Features & Fees | ||
| Minimum Line Amount+1 | ||
$20,000 |
$10,000 |
$100,001 |
| Maximum Line Amount+1 | ||
$100,000 |
$999,999 |
$3,000,000 |
| Collateral Requirement | ||
None |
Residential or owner-occupied commercial real estate |
Non-Real Estate business assets |
| Term | ||
N/A |
7 year draw period |
N/A |
| Interest Rates | ||
Variable, based on the Prime Rate[2] |
Variable, based on the Prime Rate[2] |
Variable, based on the Prime Rate[2] |
| Annual Fee | ||
$175 |
0.25% of committed line amount |
0.25% of committed line amount |
| Payments | ||
Monthly interest plus principal payments. Payment amount is 1.5% of the balance (minimum $100). |
Monthly interest-only payments during revolving credit period. Principal payments can also be made at any time. |
Monthly interest-only payments during revolving credit period. Principal payments can also be made at any time. |
| Required automatic monthly payment from PNC business checking account | ||
yes |
yes |
yes |
| Funds accessible by check, online transfer or telephone | ||
yes |
yes |
yes |
| View balances, transactions and make payments online | ||
yes |
yes |
yes |
| Provides optional Overdraft Protection to PNC business checking account | ||
yes |
yes |
yes |
Choice Credit for Business Line of Credit
Offers a simple application process with a quicker credit decision
Short-term working capital, cash flow timing gaps, general business needs
$20,000
$100,000
None
N/A
Variable, based on the Prime Rate[2]
$175
Monthly interest plus principal payments. Payment amount is 1.5% of the balance (minimum $100).
yes
yes
yes
yes
Business Equity Line of Credit
Uses real estate equity to secure longer repayment term and lower rates than unsecured revolving loan options
Short-term working capital, equipment, expansion, building improvements
$10,000
$999,999
Residential or owner-occupied commercial real estate
7 year draw period
followed by 10 year repayment
Variable, based on the Prime Rate[2]
0.25% of committed line amount
Monthly interest-only payments during revolving credit period. Principal payments can also be made at any time.
yes
yes
yes
yes
Secured Line of Credit
Uses the value of receivables, inventory or equipment to obtain larger short-term working capital financing
Larger short-term capital needs, seasonal inventory, growing receivables
$100,001
$3,000,000
Non-Real Estate business assets
N/A
Variable, based on the Prime Rate[2]
0.25% of committed line amount
Monthly interest-only payments during revolving credit period. Principal payments can also be made at any time.
yes
yes
yes
yes
Important Legal Disclosures and Information
All loans and lines of credit subject to credit approval and require automatic payment deduction from a business checking account. Origination and annual fees may apply.
Prime Rate means the highest prime rate published in the "Money Rates" section of the Wall Street Journal for the last day of the preceding calendar month.
Not all features and benefits applicable for all products
Bank deposit, treasury management, and lending products and services are provided by PNC Bank, National Association (N.A.), a wholly owned subsidiary of PNC and Member FDIC.
PNC Bank is a registered mark of The PNC Financial Services Group, Inc.
PNC’s Retail Bank currently operates in all or part of the following States: Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Washington DC, West Virginia and Wisconsin. If your business is located outside of PNC’s servicing area, then please call us at 1-800-762-5684 for further assistance.
† Important information: Calls to or from us may be monitored or recorded by us for quality control and training purposes. By providing your phone number and/or email address, you consent and agree to receive phone calls and electronic mail from PNC, its affiliates and designees.
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