Huntington Bank offers financial services to residents of Indiana, Kentucky, Ohio, Michigan, Pennsylvania and West Virginia. An existing client or someone living in any of these states should try personal financing services of Huntington Bank before moving to any other options available in their states. The reasons are low interest rates, flexible repayment terms and dependable customer service.
Advantages with Huntington Bank personal loan
A midsize bank, Huntington can offer you the best of both the worlds. It is a reliable company with cutting-edge services, offering numerous benefits to its customers. For example, a borrower can switch to a bi-weekly payment schedule, accelerating the repayment process and getting out of the debt sooner than ever. Furthermore, there is no prepayment penalty and extra payment charges.
The loan terms are flexible enough to help you in time of need. For example, the bank may allow you to extend the term or skip a payment if you are able to prove your hardships. Besides, there exists a Huntington Payment Freedom debt protection service that offers you a way out in certain situations, such as when you are ill and hospitalized or when you have lost your job and are earning nothing.
Borrowers need not pay application fees or closing costs and they also do not have to make payments for the first two months after the loan is closed. The bank also offers incentives for borrowers who choose to automate payments using the bank’s online payment gateway.
Personal Loans vs. Home Equity Loans
Personal loans are usually unsecured, fast and involve little documentation. The downside is higher interest rates, especially when you compare a personal loan with a home equity loan, which is a kind of secured personal financing options.
People who have good credit scores, need little amount, and have the means and intentions to pay back the loan should go for unsecured personal loans.
Home equity loans, on the other hand, are suitable for homeowners who need a large sum of money for an extended period of time. The rate of interest is lower than that of a personal loan. Moreover, you have typically no issue with a home equity loan if your credit is less than stellar. Sometimes, a home equity line (HELOC) seems a better option.
Whether to choose a personal loan or a home equity product depends purely on your typical financial situation. It may sometimes work to consult a practicing financing expert.
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