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An In-Depth Look at Huntington Bank Personal Loans in February 2024

Are you considering Huntington Bank for your personal loan needs? Our comprehensive guide provides an in-depth look at the pros and cons of Huntington's offerings. Understand the loan process, get acquainted with the various options, and find out who might benefit the most. Make the right financial decision with our insightful analysis.
Offers: 3
Updated:
02.02.2024
15:38
Best Personal Loan Today 28.02.2024*
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Huntington Bank
Deposit Secured Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 500000.00 $
Rate
i

Effective interest rate on the product

8.26 – 25.00 %
Apply
Huntington Bank
Unsecured Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 50000.00 $
Rate
i

Effective interest rate on the product

8.97 – 25.00 %
Apply
Huntington Bank Loan Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

The best personal loan calculator
Personal loan amount
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Specify tt=he amount you want to receive

USD
USD
1000 $
100000 $
Personal loan term
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Specify the desired length of the personal loan

months
days
1
60
Interest rate
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Choose the interest rate on the loan

2 %
40 %
Type of payments
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Specify the type of payment for calculating

The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
An In-Depth Look at Huntington Bank Personal Loans in February 2024

What are Huntington Bank Loans?

Whether you're planning a home renovation, a dream wedding, or need financial assistance for a significant expense, personalized loans of Huntington Bank can accommodate your requirements. If you're burdened with high-interest debt, a personal loan can also be used for debt consolidation. Discover more about their offerings and conveniently apply online or in person.

Features

  1. Competitive Personal Loan Rates. Huntington provides competitive personal loan rates, ensuring qualified customers receive favorable interest rates that remain fixed throughout the loan term. The unsecured personal loan interest rate range is 8.97%-25.00% APR. Deposit secured personal loan interest rate range is 8.26%-25.00% APR.
  2. Flexible Payment Options. For added convenience, borrowers have the flexibility to select the date of their first payment, allowing for a window of up to 60 days after closing the loan.
  3. Flexible Terms. To further accommodate individual financial circumstances, Huntington assists customers in selecting a loan term that aligns with their budgetary needs, providing manageable payments.
  4. Online Account Management. With online account management, customers can save time and effort. They can easily view their loan balance, track transaction history, and conveniently make payments through the digital platform by accessing their personal loan account online. This streamlined process enhances convenience and efficiency for borrowers.

    Huntington Bank Personal Loan Options

    At Huntington, customers have access to a variety of personal loan options. The unsecured personal loan option allows individuals to obtain a loan based on their credit report, while the secured personal loan option is partially based on the value of personal assets. This flexibility enables borrowers to choose the loan type that aligns best with their financial requirements.

    Unsecured Personal Loans

    For those seeking an unsecured personal loan, it can be utilized for various purposes such as home repairs, medical expenses, debt consolidation, and more. Moreover, opting for this loan type can potentially reduce monthly payments and save money over the loan's duration. Eligibility for this loan is determined by factors such as credit score, debt-to-income ratio, and other financial considerations. Depending on qualifying factors, borrowers can access up to $50,000 with a fixed interest rate and flexible payment options.

    Secured Personal Loans

    The deposit-secured personal loan option offers the advantage of lower interest rates as it is backed by collateral. This loan allows individuals to finance personal expenses, benefit from reduced interest rates, maintain their savings goals, and simultaneously build their credit through consolidated monthly payments. Huntington accepts collateral as a Huntington Certificate of Deposit (CD), Huntington Savings Account, or Huntington Money Market Account. With the deposit-secured loan, borrowers can potentially borrow up to the value of their deposit, which can be as high as $500,000, while enjoying the convenience of consolidated monthly payments.

    Pros and Cons

    Pros

    Competitive Rates. Huntington Bank offers competitive interest rates on personal loans, ensuring customers can secure favorable borrowing terms.

    Flexibility. Borrowers can choose between unsecured and secured personal loans based on their needs and preferences.

    Customizable Terms. Huntington Bank provides personalized loan terms that can be tailored to fit individual financial situations, allowing borrowers to find a repayment plan that suits their budget.

    Online Account Management. Customers can conveniently manage their personal loan accounts online, enabling them to view balances, track transactions, and make payments easily.

    Fast Access to Funds. Huntington Bank offers fast access to funds, allowing borrowers to receive their money promptly and use it for their intended purposes.

    Cons

    Eligibility Criteria. Like any financial institution, Huntington Bank has specific eligibility requirements for personal loans, and not all applicants may qualify for the desired loan amount or terms.

    Collateral Requirements. Secured personal loans from Huntington Bank require collateral, meaning borrowers must pledge assets as security. This may not be feasible for everyone and could limit borrowing options.

    Creditworthiness Considerations. Creditworthiness plays a significant role in loan approval and interest rates. Those with less-than-perfect credit histories may face challenges in securing favorable loan terms or may be offered higher interest rates.

    Limited Availability. Huntington Bank's personal loans are only available in 11 states where the bank currently has a presence: Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia, Wisconsin, Minnesota, South Dakota, and Colorado. This limited availability may restrict access for potential borrowers residing outside these states.

    How to Apply for a Huntington Bank Personal Loan?

    Apply for a loan

    You can apply online if you are already the bank's client or in person.

    To ensure a smooth application process for a personal loan, it is advisable to consider the required documents in advance. You may contact the lending center at +1 (800) 628-7076 or reach out to your local branch for personalized guidance on the specific documentation needed for your application.

    Requirements

    1. Social Security or Taxpayer Identification Number. This identification is essential for verifying your identity and complying with regulatory requirements.
    2. Personal identification. Valid identification documents, such as a driver's license or passport, will be necessary to establish your identity.
    3. Income information. Documentation reflecting your income, such as pay stubs, tax returns, or bank statements, will be required to assess your financial capacity to repay the loan.
    4. Employment history. Details of your employment history, including your employer's name, job position, and duration of employment, are typically requested to evaluate your stability and ability to meet repayment obligations.

      Ways to Receive the Money

      Once Huntington Bank approves your personal loan application, the bank will typically disburse the loan amount to you through a method of your choice. Here are the common methods Huntington Bank may use to send you the loan amount.

      1. Direct Deposit. Huntington Bank can transfer the loan funds directly into your designated bank account. This method offers convenience and allows for immediate access to the funds.

      2. Check. The bank may issue a physical check for the loan amount, which can be mailed to your registered address. You can then deposit or cash the check as per your preference.

      3. Transfer to Huntington Bank Account. If you have an existing Huntington Bank account, the loan funds can be transferred directly into that account.

      How to Pay Off a Huntington Bank Personal Loan?

      Once your personal loan application is approved, you will be granted a lump sum payment. Subsequently, you will repay the loan over a designated period through consistent fixed payments and a fixed interest rate.

      Things to Consider

      1. Loan Terms. Huntington Bank offers the flexibility of three- or four-year terms for their personal loans, allowing borrowers to select the repayment period that suits their needs.
      2. Fees. Enjoy the benefit of no application or prepayment fees when obtaining a personal loan from Huntington Bank. This ensures a transparent borrowing experience without any additional charges.
      3. Limited Availability. It's important to note that Huntington Bank's personal loans are currently only available in 11 states where the bank has a presence: Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia, Wisconsin, Minnesota, South Dakota, and Colorado. This geographical limitation may restrict access for individuals residing outside of these states.
      4. Loan Amounts. Depending on the type of loan, borrowers can access up to $50,000 with an unsecured personal loan. Additionally, with secured personal loans, individuals have the potential to borrow up to $500,000, accompanied by the convenience of consolidated monthly payments.

        Alternatives

        Local Banks and Credit Unions

        Apply For a Loan

        Local banks and credit unions have long been an essential part of many communities, providing financial services tailored to the needs of their members and customers. When it comes to personal loans, these institutions can offer several advantages over larger national banks and online lenders.

        Online Lenders

        Apply For a Loan

        Online lenders have gained popularity in recent years due to their convenience and quick application processes. Companies like SoFi and Prosper offer personal loans with competitive rates and various loan amounts.SoFi

        Peer-to-Peer Lending Platforms

        Apply For a Loan

        Peer-to-peer lending platforms such as LendingClub and Peerform connect borrowers directly with individual investors. These platforms often provide competitive interest rates and flexible loan terms.LendingClub

        Credit Cards

        Apply For a Loan

        Depending on your credit limit and needs, credit cards can serve as an alternative solution for smaller personal expenses. Many credit cards offer promotional 0% APR periods or cash advances that can be utilized for short-term financing needs.

        Editorial Opinion

        Huntington Bank offers a range of personal loans designed to address diverse financial needs. Whether you're looking for home equity loans, unsecured personal loans, or secured personal loans, Huntington Bank strives to provide flexible solutions. These loans provide the flexibility to finance diverse expenses, including medical bills or unexpected financial emergencies, without the need for collateral. This allows borrowers to obtain funds swiftly and efficiently. Huntington Bank's personal loan provides individuals with access to funds. Whether it's for home improvements, ongoing expenses, or unexpected costs, the line of credit offered by Huntington Bank is a valuable resource. The monthly payment options provided by Huntington Bank cater to a variety of budgets. This ensures that borrowers can find a repayment plan that aligns with their financial capabilities and helps them stay on track with their payments. Furthermore, Huntington Bank's services extend beyond personal loans. Their checking and savings accounts offer customers a comprehensive banking experience, allowing them to manage their finances effectively. The bank's commitment to excellent customer service is evident in its attention to credit scores, payment history, and credit checks, ensuring that borrowers' financial well-being is taken into account.

        Important

        Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

        Methodology

        At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

        In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

        At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

        Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

        Additional resources

        To learn more about personal loans and best practices, check out some of the following resources:

        Sources

        FAQ

        What credit score do you need for a Huntington Bank personal loan?

        The specific credit score requirement for a Huntington Bank personal loan can vary depending on several factors, including the loan amount, type of loan, and individual creditworthiness. Generally, Huntington Bank considers a good credit score to be around 670 or higher. However, meeting the minimum credit score requirement does not guarantee loan approval, as other factors such as income, debt-to-income ratio, and overall credit history are also taken into consideration.

        How fast does Huntington Bank approve loans?

        The speed at which Huntington Bank approves loans can vary depending on various factors, including the complexity of the loan application and the required documentation. While some borrowers may receive loan approval within a few days, others may experience a longer approval process.

        Does Huntington Bank verify income?

        As part of the loan application process, Huntington Bank verifies income to assess the borrower's ability to repay the loan. This verification may involve requesting recent pay stubs, tax returns, or bank statements to confirm the borrower's income and ensure that it meets the necessary requirements.