Huntington Personal Loans 2025 Review
A personal loan is a financial product that can help you in a cash crunch. These loans are typically unsecured and have a fixed interest rate and repayment period, making it easier to budget for than variable APR products like credit cards. Some financial institutions, like banks and credit unions, may offer secured personal loans, but the fixed terms usually still apply.
Personal loans can be more flexible than secured loans like mortgages or auto loans. Typically, funds are deposited directly into your bank account, and you can use them for various purposes, including covering medical expenses, home improvement, debt consolidation, and more.
Hunting National Bank, also known as Huntington, offers personal loan products for many unique needs and circumstances. If you’d like to know about their personal loan product and how it could get you access to the extra cash you need, keep reading for more information.
About Huntington Personal Loans
Huntington offers both secured and unsecured personal loans to its banking customers. You may qualify for the bank’s unsecured personal loan products based on your personal financial profile. This means You could get an unsecured loan based on your credit score, debt-to-income ratio (DTI), and income. Huntington’s unsecured loans go up to $50,000. The published interest rates at the time of this writing for unsecured are between 8.97% and 25% APR.
Hunting’s secured personal loans are based partially on the value of your personal assets along with your credit report and income. The assets considered could include your Huntington savings account, certificate of deposit account, or money market account. Secured personal loans are available up to $500,000. The published interest rates at the time of this writing for unsecured are between 8.01% and 25% APR.
The bank doesn’t indicate any approval ranges for its personal loans on the public-facing website. Also, there are no minimum requirements on their website regarding income, DTI, credit score, or the value of your assets.
What stands out about Huntington Personal Loans?
Huntington’s personal loans stand out in a few ways. For one, they’ve got flexible payment options, allowing you to choose your first payment for up to 60 days after the loan closes. Additionally, you can choose a term (how long you have to repay the loan) that gives you a monthly payment amount ideal for your budget.
Another highlight to note is that Huntington doesn’t charge any application fees. You will also not have any prepayment fee if you decide to pay off your personal loan early.
There are some limitations to Huntington’s loan you should know about. For one, the loans are only available to residents in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia, Wisconsin, Minnesota, South Dakota, and Colorado.
You should also know that Huntington’s debt consolidation loans are limited to paying off unsecured credit cards, loans, and line of credit accounts. There’s no option to pay off secured accounts like car loans, home loans, and other loans with collateral securing the loan are not eligible.
Loans for education expenses are limited to Pre-K-12. The bank doesn’t offer options that would help you pay for post-secondary education/college expenses or refinance these kinds of existing.
How to get approved for a Huntington personal loan
The first thing you should know about getting approved is that your overall financial picture is considered. If you want to increase your approval odds for any kind of loan, then you need to improve data points that make up your financial profile, such as your credit score, debt-to-income (DTI) ratio, income, and in the case of Huntington’s secured loan products, your liquid assets.
Once you have a decent financial profile, then you can start an application online at Huntington’s website. To access and complete the application, you must create a profile with your email address and a secure password.
Once you’ve created a profile, you can finish and submit the personal loan application. The first question asks what you’ll use the loan for. Available options include:
- Pre-K through 12-grade education expenses
- Home improvements
- Major purchase
- Personal
- Taxes/legal fees
- Unsecured debt consolidation
- Vacation/trip
- Vehicle repair
Then you can enter a loan amount of up to $50,000 and choose from terms from 12, 24, 48 and up to 60 months. From here, you’ll complete the application by providing your name and social security number and consent to a hard credit inquiry so the underwriting department can access your credit score. Huntington’s application does require a hard credit inquiry. Keep this in mind when you are getting loan estimates from multiple lenders.
You must also provide information about your income, employment and housing situation. In most cases, you can get a decision fairly quickly. Your decision will include your loan term, interest rate and monthly payment amount.
To increase your approval odds, you should have a good credit score and a consistent, verifiable source of income. According to Huntington’s website, your loan amount options will be determined by your ability to repay. This process includes a review of your income and your debt—including any debt listed on your credit report.
How does Huntington’s personal loan compare to other lenders?
Huntington’s personal loan product seems to be on par with similar personal loans from other financial institutions. There are some notable differences that you should consider if you plan to shop around.
- A secured loan option is available if you have deposit accounts with Huntington.
- No origination fees
- The loan application requires a hard credit inquiry, whereas many personal loans can give you a loan estimate with a soft credit inquiry.
- Doesn’t appear to have discounts for autopay
- No hardship forbearance options
- Limits on what the loan proceeds can be used for
Summing it all up
Huntington seems to have similar rates and terms as other financial institutions that offer personal loans. The upsides of their loan product include the flexibility to delay payments for up two months after closing and the ability to get more favorable terms with a secured loan option. The downsides include the application requiring a hard credit inquiry, limitations on what the loan proceeds can be used for and the ability to residents of certain states.
