Huntington Bank Personal Loan Review: Large Secured Loans but Limited Reach

3.9 _/5

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Personal Loans

• Secured and unsecured personal loan options
• May be available to those with less-than-perfect credit
• Borrow up to $500,000 using a secured loan (with sufficient collateral)

• Only available in 11 states
• Limited information about loan terms is available online
• No cosigner options
• Can’t check rates without hurting your credit score

Rates (APR)*	8.51% – 25.00%
Loan amounts	Up to $50,000 (unsecured); Up to $500,000 (secured)
Unique feature	Choose your first payment date up to 60 days after closing

Huntington Bank offers both secured and unsecured personal loans, providing options for borrowers with varying credit profiles. You can borrow up to $50,000 with an unsecured loan or up to $500,000 with a secured loan if you have sufficient collateral.

The ability to choose your first payment date up to 60 days after closing adds flexibility. However, Huntington’s loans are only available in 11 states, and its online information is limited. Huntington is a decent option, but we recommend exploring higher-rated lenders or marketplaces, such as Credible, SoFi, and Upgrade, for more competitive options.

How does a Huntington Bank personal unsecured loan work?

Terms	Details
Fixed rates (APR)	9.23% – 25.00%
Loan amounts	Up to $50,000
Unique features	Choose your first payment date up to 60 days after closing

A Huntington Bank personal loan is a straightforward way to borrow money without needing to put up collateral. You apply based on your credit score and income, and the process is simple. Here’s how it works:

Loan application

To get started, you’ll provide personal and financial details: your Social Security number, income, and employment history. Because the loan is unsecured, your credit score plays a significant role in the approval process, but you don’t need to offer any collateral.

Loan terms and rates

Huntington’s personal loans have fixed rates, so you know exactly what your monthly payments will be. While it’s great for budgeting, keep in mind that Huntington doesn’t share details on potential discounts or additional fees upfront, which could affect the total cost of borrowing.

Loan amounts and flexibility

You can borrow up to $50,000, which can cover a wide range of needs, and Huntington gives you flexibility when it comes to your first payment. You can choose to start repaying up to 60 days after your loan closes, giving you a bit of breathing room if needed.

Loan management

Once approved, managing your loan is easy through Huntington’s online banking or mobile app. You can check your balance, make payments, and keep track of everything right from your phone or computer. Prefer more personal help? You can also manage your loan over the phone or in a branch.

Who’s eligible for a Huntington Bank unsecured personal loan?

f you live in one of the 11 states Huntington serves, you might be eligible for an unsecured personal loan. U.S. citizens and resident or non-resident aliens with a taxpayer identification number can apply.

While Huntington doesn’t specify exact requirements for credit score or income, it considers these factors in the approval process. Financial stability, shown through employment history, is also important.

Requirement	Details
Citizenship	U.S. or non-resident and resident aliens (with a taxpayer identification number)
Employment status	Must show employment history
State of residence	11 states (listed below)

How does a Huntington Bank secured personal loan work?

Terms	Details
Fixed rates (APR)	8.51% – 25.00%
Loan amounts	Up to $500,000
Unique features	Choose your first payment date up to 60 days after closing

A Huntington Bank secured personal loan, also called a “deposit secured personal loan,” uses your own funds as collateral, helping reduce risk for the bank and potentially allowing for better loan terms. Here’s a quick breakdown:

Collateral

To secure the loan, you’ll need to deposit cash into a savings account, certificate of deposit (CD), or money market account. If you can’t repay the loan, Huntington will keep the funds. This added security can make the loan more accessible to those with lower credit scores because the collateral reduces the risk for the bank.

Application and approval

The application process requires you to show your ability to repay the loan, though Huntington doesn’t specify minimum credit or income requirements. Having collateral could make it easier to qualify if your credit is less than perfect.

Loan terms and rates

You can borrow up to $500,000 with fixed rates, which means your monthly payments stay the same throughout the loan. You also have the flexibility to choose your first payment date, up to 60 days after your loan closes.

Loan management

Once approved, you can manage your loan online or through Huntington’s mobile app. If you prefer traditional methods, you can also handle payments over the phone or at a local branch.

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Tip

Huntington’s secured personal loans offer high loan amounts, but we think Best Egg offers the best secured loan around.

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Who’s eligible for a Huntington Bank secured personal loan?

Here’s how you can qualify for a secured loan with Huntington.

Requirement	Details
Citizenship	U.S. or non-resident and resident aliens (with a taxpayer identification number)
Employment status	Must show employment history
State of residence	11 states (listed below)
Other requirements	Need savings account, certificate of deposit, or money market account to use as collateral

What can a Huntington Bank personal loan be used for?

Huntington Bank personal loans are versatile and can be used to cover a wide range of financial needs. Whether you’re looking to consolidate debt, finance home improvements, or handle unexpected expenses, this loan offers flexibility for various purposes.

However, like most lenders, Huntington may restrict certain uses, so it’s important to ensure that your intended purpose aligns with the loan’s terms.

Common uses for Huntington Bank personal loans include:

• Debt consolidation
• Home improvements
• Major purchases
• Unexpected expenses

Before applying, make sure to check with Huntington for any specific limitations regarding loan use.

What are the costs and fees of a Huntington Bank personal loan?

Knowing the costs and fees associated with a Huntington Bank personal loan is key to understanding how much your loan will cost over time. Here are the main factors:

• Interest rates: Huntington offers fixed rates ranging from 8.51% to 25%, depending on your creditworthiness, loan amount, and loan term. Borrowers with higher credit scores tend to get the best rates.
• Fees: Huntington doesn’t disclose specific fees, but personal loans often come with potential charges, including origination fees, late payment fees, or prepayment penalties. It’s important to clarify these details with the bank before committing to a loan.

To be sure you understand your loan’s cost, ask about any fees that may apply during the application process.

How do you repay a personal loan from Huntington Bank?

Repaying a personal loan with Huntington Bank is simple and flexible, offering a variety of payment options to suit your needs:

• Repayment options: You can make payments online via Huntington’s website or mobile app, over the phone, or by visiting a local branch. This flexibility makes managing your loan payments more convenient.
• Customizable payment terms: You can choose to start your payments up to 60 days after your loan closes, giving you breathing room to align with your financial situation.
• Impact of loan terms: The length of your repayment period and your rate will affect how much you pay overall. Shorter loan terms will result in higher monthly payments but less interest paid over time, while longer terms may lower your monthly payment but increase the total interest.
• Early repayment: Huntington doesn’t specify whether it charges prepayment penalties for paying off your loan early. Be sure to confirm this with the bank. Paying off your loan early can save on interest, but fees may apply.

For the best experience, check with Huntington Bank about any fees, penalties, and flexible repayment options before proceeding.

Pros and cons of a Huntington Bank personal loan

Consider the risks and benefits before you proceed with Huntington Bank.

Pros

• Flexible loan terms

  With options for secured and unsecured loans and the ability to choose the first payment date, Huntington provides flexibility that can suit various borrower needs.

• High loan limits

  With a secured loan, you can borrow up to $500,000

Cons

• Limited availability

  Loans are only available in 11 states.

• Lack of transparency

  Huntington offers less information about its loan terms than our its higher-rated competitors

• No cosigners

  Huntington doesn’t allow borrowers to add a cosigner to potentially get lower rates or increase their chances of approval

• No prequalification

  You can’t view your rates without a hard credit check, which affects your credit score

Alternatives to a Huntington Bank personal loan

We recommend prequalifying with at least three lenders to ensure you’re getting the best rates and terms possible. Among Huntington’s highest-rated competitors are:

• Credible, an excellent loan marketplace where you can view prequalified rates from multiple lenders without affecting your credit.
• SoFi, a terrific lender for borrowers with good credit.
• Best Egg, our top recommendation if you’re considering a secured loan from Huntington.

Here’s our full list of top-rated personal loans:

Is Huntington Bank a reputable lender?

Source	Customer rating	Number of reviews
Trustpilot	1.7/5	128
Better Business Bureau (BBB)	1.11/5	389
Google	2.6/5	24

Huntington Bank’s customer reviews present a mixed picture of its reputation. On Trustpilot and BBB, the bank earns low ratings. Based on a considerable number of reviews, the feedback reflects dissatisfaction with customer service and fees. 

The rating on Google is higher but still indicates room for improvement, especially in business dealings and customer support.

These reviews are for Huntington Bank as a whole, not specifically its personal loan offerings. The common themes across these platforms point toward potential issues with customer service and fee-related disputes. Such feedback from a diverse customer base offers valuable insights into the bank’s overall service quality.

Does Huntington Bank have a customer service team?

Yes; here’s how to contact Huntington Bank’s customer service:

• Phone:
  • General customer service: 800-480-2265 (available 7 a.m. to 7 p.m. Eastern, daily)
  • Personal loan assistance: 800-628-7076 (specific hours not listed)
• Portal messages: Use secure messaging through the online banking portal.
• Chat: An automated chat assistant is available on Huntington Bank’s website for immediate queries.
• Mailing address: Mail inquiries to your local branch.
• In person: Visit a local Huntington Bank branch for face-to-face assistance.
• Mobile app: For digital banking users, the app provides access to account management and support features.

How to apply for a Huntington Bank personal loan

Applying for a personal loan with Huntington Bank is easy, especially if you’re already a customer. One benefit is the ability to check rates without affecting your credit score. Here’s a quick overview of the process:

To apply for an unsecured personal loan:

For unsecured loans, you can apply online. Just visit Huntington’s website, start the application, and provide personal and financial information, including your Social Security number and employment history.

After submitting, expect a hard credit inquiry, which can affect your credit score. Approval typically takes a few business days.

To apply for a secured personal loan:

To apply for a secured loan, you’ll need to visit a branch or call customer service. The process may require additional verification steps compared to the online unsecured application.

Both options offer flexibility and convenience, but secured loans require more in-person steps.

FAQ

Can you have more than one Huntington Bank personal loan?

Huntington Bank may allow borrowers to have more than one personal loan simultaneously. However, this is subject to individual credit approval and the borrower’s financial situation. 

Having multiple loans with Huntington Bank or any lender depends on your credit score, income stability, and debt-to-income ratio. If you’re interested in taking out additional loans, contact Huntington Bank to discuss eligibility and any potential lending limits.

Can you pay off a Huntington Bank personal loan early?

Yes, you can pay off a Huntington Bank personal loan early. Huntington Bank doesn’t specify any prepayment penalties for its personal loans. However, it’s always wise to review the loan agreement or contact the bank to confirm the terms regarding early repayment.

How we rated Huntington Bank

We designed LendEDU’s editorial rating system to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Huntington Bank to several personal loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Our rating
Huntington Bank personal loan	3.9/5