How to Get a Personal Loan from Pinnacle Bank

Getting a personal loan can provide you with extra funds when you need them. At Pinnacle Bank we offer competitive personal loans to help you cover major purchases consolidate debt, finance home projects, and more.

As someone who has taken out multiple personal loans from Pinnacle over the years, I wanted to share an insider’s guide on how their personal lending works. By understanding the options, applying smartly, and leveraging your relationship, you can get approved for the Pinnacle Bank personal loan that aligns with your financial needs

Overview of Pinnacle Personal Loans

Pinnacle Bank is a regional bank based in Tennessee with branches across the Southeast US. They’ve been serving their communities for over 35 years by building personal relationships with customers.

This focus on personalized service carries over to their lending products. Here are a few things that make Pinnacle personal loans stand out:

• Loan amounts from $1,000 up to $50,000
• Terms available from 12 months to 72 months
• Competitive rates with discounts for automatic payments
• Fixed and variable rates offered
• Fast online applications with decisions in minutes
• Same day funding available for qualified borrowers
• Relationship pricing for Pinnacle checking customers

Pinnacle offers personal installment loans along with lines of credit. You can use the funds for almost any personal need like debt consolidation, home renovations, medical expenses, major purchases, and more.

Now let’s look at how to apply and get approved for a Pinnacle Bank personal loan.

Tips for Completing the Pinnacle Personal Loan Application

Pinnacle Bank offers an easy online application for personal loans. You can also apply in person at a branch or over the phone.

Here are some tips to speed up the application process:

• Have your information ready – your income, employment details, monthly debts, assets, and Social Security Number.
• Check your credit score – borrowers with scores above 680 have the best approval odds.
• Apply with a co-borrower if your credit score or income are borderline.
• Review loan uses – Pinnacle may ask what you need the funds for.
• Apply for a prequalification first to see potential loan amounts/rates before a hard inquiry.

Gathering this information ahead of time ensures your application can be processed quickly. Double check all details you enter for accuracy.

How Pinnacle Bank Determines Your Personal Loan Eligibility

Personal lending decisions come down to assessing the borrower’s ability and willingness to repay. Here are the factors Pinnacle considers when underwriting personal loan applications:

• Credit history – your credit reports and FICO score
• Income – current income and employment status
• Debt-to-income ratio – total monthly debt payments vs gross monthly income
• Collateral – assets or property you pledge if applicable
• Relationship – balances with Pinnacle Bank

As a general rule, applicants with a 680+ credit score, income higher than $25,000, and a DTI below 50% have strong approval odds for an unsecured personal loan.

However, Pinnacle claims to take a personalized approach by looking at your entire financial picture. Having an existing relationship with accounts at Pinnacle Bank can help your case too.

Tips to Get Approved for a Pinnacle Bank Personal Loan

Beyond submitting a strong application, here are some tips to boost your chances of getting approved for a Pinnacle personal loan:

• Have consistent income – at least 2 years at the same job looks stable
• Pay down credit card balances to lower your debt-to-income ratio
• Open a checking account at Pinnacle Bank to start building a relationship
• Borrow only what you need instead of maxing out the approval amount
• Explain any credit issues – the reason behind collections or late payments
• Consider a secured loan with collateral if your credit needs improvement

Following this advice sets you up for success before even applying. Building a relationship as a Pinnacle checking customer can help your loan eligibility as well.

What Interest Rates to Expect on Pinnacle Bank Personal Loans

The interest rate and fees you pay are based on several factors:

• Your credit score and history – rates start lower for borrowers with very good credit (720+ scores)
• The loan term – longer terms often have higher rates
• Loan purpose – unsecured debt consolidation loans involve more risk for lenders
• Discounts – Pinnacle offers an interest rate reduction for setting up automatic payments

Here are some sample Pinnacle Bank personal loan rates:

• Borrowers with excellent credit may see rates as low as 7.99%
• Average rates for good credit applicants will be around 11.99% – 15.99%
• Maximum rates for those with poor credit scores could reach 18% – 36%

Actual loan rates you are offered will vary based on your specific qualifications and loan terms. Having an existing relationship with Pinnacle Bank can help you earn relationship pricing too.

How Long It Takes to Fund a Pinnacle Bank Personal Loan

One of the advantages of borrowing from Pinnacle is they often fund loans quicker than big banks. Here is an overview of funding timelines:

• Same day funding may be possible for qualified applicants who apply early in the day
• Next business day funding for most approved applications
• 3-5 business days if additional verification is required

The fastest funding requires a completed application, loan approval, accepted terms, and final verification before cut-off times. Otherwise, expect your loan to fund within a business day or two after approval.

Alternatives If You’re Not Approved for a Pinnacle Loan

If your Pinnacle Bank personal loan application is declined, don’t fret. Here are some alternative options to consider:

• Apply with a cosigner who has good credit to improve your chances
• Shop lenders to see if another bank is willing to approve you
• Ask about Pinnacle’s secured loan program which requires collateral
• Improve your credit by paying down debts or disputing errors
• Open a secured credit card to build your credit history over time

Building your credit and financial foundation will expand your borrowing options. Pinnacle also offers secured loans or you can reapply in 6-12 months after improving your credit.

Final Thoughts on Borrowing from Pinnacle Bank

The bottom line is that Pinnacle Bank offers an accessible personal lending experience through their local branches and easy online applications.

Check your current finances, improve any weaknesses, and tell your story on the application to get approved with the best Pinnacle personal loan for your needs. Establishing a relationship as a checking customer can maximize your approval chances and net you better interest rates.

With competitive rates, flexible terms, and responsive service, Pinnacle Bank is absolutely worth considering for your next personal loan.