Our Verdict
Do you require financial assistance to consolidate your debts, fund home renovation and manage your expenses? Are you weary of receiving impersonal treatment from other banks? Don’t worry! Trust Hancock Whitney bank personal loan! They are always there for you. They offer different loan options with flexible repayment terms and competitive rates.
Hancock Whitney is a regional financial institution founded in 1899, it carries a remarkable legacy of one of America’s strongest, safest banks. They have 237 branches in Mississippi, Alabama, Louisiana, Texas, Florida plus nearly 300 ATMs throughout the region.
Relevant information you need to know
Chief Executive officer: John M. Hairston
Corporate Headquarter: One Hancock Whitney plaza, 2510 14th street, Gulfport, MS 39501
Phone number: 1-800-448-8812
Pros
- Competitive interest rates
- Flexible repayment terms
- Straight forward application process
- Excellent customer service
- Quick funding
Cons
- Credit score requirement
- Potential for debt accumulation
- Collateral or cosigner requirements
- Late payment penalties
Who This Product Is Best For
Consider Hancock Whitney bank personal loan if you
- You have a strong credit profile
- Have a stable source of income
- Want personal financial assistance
- Need funding quickly
- Need to consolidate high-interest debt
Who This Product Isn't Right For
Hancock Whitney bank personal loan is not for you if you
- Have a low or poor credit score
- Need to borrow a large sum of money
- Lack a stable source of income
- Exhibit a high debt-to-income ratio
What This Product Offers
Unsecured personal loan
Looking for a flexible and convenient way to fund your needs? A loan ranging from $2,000 to $35,000 with terms up to 72 months? Then unsecured personal loan from Hancock Whitney bank is the best for you. No collateral requirement for this loan!
Secured personal loan
Hancock Whitney offers a secured loan option where you use collateral as a guarantee for your loan. This allows you to access funds up to the value of the collateral you put up at lower interest rate.
Vehicle loan
If you’re in the market for a new vehicle, but don’t have the cash on hand to make purchase outright, Hancock Whitney vehicle is the solution for you. They offer a range of lending options for your auto financing needs.
Home equity loan
When it comes to funding a big project or paying off high-interest debt, Hancock Whitney bank’s home equity loan is an attractive option for you. This loan allows you to borrow against the equity in your home, which is a portion of your home’s value that you own outright.
Product Details
Unsecured personal loan
To qualify for Hancock Whitney bank unsecured personal loan, you must have a credit score of 680 and a debt-to-income of less than 45%. The interest rate is higher that secured loans because the bank is taking a risk by not requiring collateral.
Loan amount | $2,000 to $35,000 |
APR | Fixed and negotiable |
Repayment term | monthly |
Fees | varies |
Funding speed | It depends on |
Interest rates | 7.49% and 17.99% depending on creditworthiness |
Secured personal loan
Consider Hancock Whitney bank’s secured personal loan if you want a loan with collateral. The collateral can be a property, car or any asset with value. The interest rate is often lower and the term length is three to seven years.
Loan amount | $5,000 to $150,000 |
APR | Fixed and negotiable |
Repayment term | monthly |
Fees | Late payment fees |
Funding speed | A week to 2 weeks |
Term | 3 to 7 years |
Vehicle loan
Hancock Whitney bank offers loans for both new and used vehicles. Loan terms range from 12 months to 84 months, with a competitive interest rates and flexible payment options.
Loan amount | Up to 100% of the vehicle amount |
APR | Fixed and negotiable |
Repayment term | monthly |
Fees | varies |
Funding speed | Few weeks |
Terms | 12 to 84 months |
Home equity loan
You can receive up to 85% of your home’s value in the form of a home equity loan from Hancock Whitney bank. This means that if your home is worth $300,000 and have $ 150,000 in equity, they can potentially be a home equity loan approval of up to $255,000.
Loan amount | 80% of home value |
APR | Fixed and negotiable |
Repayment term | monthly |
Fees | varies |
Funding speed | Few weeks |
terms | 5 to 30 years |
Where This Product Stands Out
Competitive interest rate
Are you searching for an affordable loan option? Good news! Hancock Whitney offers a competitive interest rate. The bank’s rates start at 5.99% which is lower than many other financial institutions in the market. Keep in mind that the interest rate you receive is depending on factors such as your credit score and financial history.
Online application process
You can apply for personal loan online, making the process much more convenient than having to go into a branch during business hour. This process allows faster processing time, which means you can receive funds quickly.
Flexible loan option
Hancock Whitney bank personal loan offers flexible loans option to pick from. Whether you need a small loan to cover expenses or big loan for consolidating debt, Hancock Whitney bank personal is here for you! You have the choice to pick a loan that fits your financial situation.
Where This Product Falls Short
Limited online information
When considering a personal loan, you need all the information you can get. However, the bank’s website does not provide all that very detailed information on their website
Limited accessibility
With their branches located in the southern united states, Hancock Whitney bank may not be easily accessible for you if you live in other regions
Strict creditworthiness
If your credit score is poor to secure a loan, forget about Hancock Whitney. Although that’s one factor, the bank also looks at your overall creditworthiness and others like your income and collateral. It is best to contact Hancock Whitney directly to inquire about the current credit score requirement.
How to Qualify for This Product
Check your credit score and credit report
Your credit score plays a crucial role in your loan qualifications and interest rates. Hancock Whitney generally requires a minimum credit score of 660. However, the higher your FICO score the better your chances of qualifying and receiving a lower interest rate.
It is a good idea to check your credit report and make sure there are no errors or discrepancies that could negatively impact your credit score.
Apply for a pre-qualification
Hancock Whitney offers a pre-qualification process that allows you to see if you qualify for a loan without affecting your credit score. This is a good option to explore before submitting a full loan application.
Evaluate your loan needs
Determine how much money you need and how long you want to take to pay bank. Hancock Whitney bank personal loan ranges from $5,000 to $35,000, with repayment terms of 12 to 60 months.
How to apply for this product
Check your eligibility
Before you apply, ensure that you meet the banks eligibility requirement. You must be at least 18 years old, a U.S citizen or permanent resident and have a Social Security Number. You should also have a good credit score and steady income to qualify for a personal loan.
Gather your document
To apply for a personal loan, you need to provide the bank with personal and financial information. The standard document should include:
- Identification document such as driver’s license, passport or birth certificate
- Social security number
- Proof of income including pat stubs, tax return and bank statement
- Proof of residence such as utility bills or rent receipt
- Employment history
- Other debts and expenses
Complete your application
Once you have all your documents ready, you can apply online through the bank’s website or visit a local branch to apply in person. The online application takes about 10-15 minutes to complete, while in person application may take longer, depending on the branch’s availability.
Make sure you provide accurate and truthful information on the application to avoid delays or rejection of the loan approval.
Alternatives to This Product
SoFi
Consider SoFi if you are looking for an online personal loan. They offer loans up to $100,000 with interest rate starting from 5.99% and repayment term ranging from 24 to 84 months. While SoFi charges and origination fee of up to 4.99%, it does not have any prepayment or late fees.
Marcus by Goldman Sachs
Seek Marcus by Goldman Sachs if you need a personal loan with no extra charges such as origination, prepayment or late fees. They offer personal loans of up to $40,000 and flexible repayment terms ranging from 36 to 72 months. The interest rates start as low as 6.99% which is lower than Hancock Whitney bank starting rate of 7.99%.
Customer Reviews
According to customer reviews on bank’s website and other trusted review platforms, Hancock Whitney bank’s personal loan is receiving mixed reviews. Some customers appreciating the bank’s quick and easy loan application process and helpful loan officers. Other are complaining about the difficulty getting a loan approval, higher than expected interest rates and unfavorable loan terms.
However, it’s worth noting that the bank’s personal loan is receiving more positive than negative feedbacks.
Methodology
We reviewed Hancock Whitney Bank Personal Loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Hancock Whitney Bank Personal Loans based on the weighing assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
With every major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirement and the geographic availability of the lender.
Finally, we evaluated Hancock Whitney Bank Personal Loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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