Our Verdict
Huntington National Bank was established in 1866 and it offers different loan products starting from the business term loan to professional loans. It has a footprint in 12 states with more than 1000 branches. The states are; Ohio, Michigan, Illinois, Indiana, Florida, Kentucky, West Virginia, Wisconsin, Western Pennsylvania, Colorado, Minnesota, and Columbus. Most of the loan product details are not disclosed unless you meet with Huntington Bank loan bankers to discuss the best loan product for your business.
Pros
- SBA preferred lender
- Quick access to funds
- Competitive interest rates
Cons
- Only available in 12 states
- Little information about the loan amounts
- Prioritize SBA borrowers
Who This Product Is Best For
Huntington Bank is best for business owners who:
- Already have a business checking account with Huntington
- Live in one of the 12 states where Huntington Bank operates
- SBA borrowers
- Want flexible repayment options and excellent service.
- Prefer loan discounts and competitive rates
Who This Product Isn't Right For
Huntington National Bank may not be best for borrowers who:
- Don’t live or have their businesses in any of the states where Huntington has its branches
- Want a lender with transparency on loan rates
- Need a bank with a wide range of availability
- Don’t have a business checking account with Huntington
What This Product Offers
- Business term loan: This loan serves as equipment financing because you can use Huntington’s business term loan to purchase or refurbish equipment and machinery.
- Commercial real estate: Huntington merges this loan with its business term loan but both serve different purposes. Real estate loan allows you to buy, build, or refinance your occupied land or buildings where you run your business. This helps you to overcome the uncertainty that surrounds property leasing.
- Business lines of credit: This loan makes working capital available for you whenever you need it. With Huntington’s line of credit, you can maintain daily cash flow, especially, if you are running a small business venture.
- SBA loans: Being an SBA-preferred lender itself, Huntington helps you to revive your business with low rates of SBA 7(a) loans. Though Huntington is limited in availability, its SBA loan programs can reach any interested borrower across the United States.
- Professional loans: Huntington’s professional loans are loans for healthcare practitioners. The loans are dental practice loans and veterinary practice loans. This loan is best for dentists and veterinarians who want to start or grow their businesses.
Product Details
Truly, Huntington offers various kinds of lending options for different business purposes. However, the bank fails to disclose more information about its loan options. Therefore, we only have little information on the amount, APRs, fees, and terms for a few of its SBA loans only. Moreover, Huntington on its website advises prospective lenders to meet with a bank representative to receive comprehensive information about the loan Product of their choice.
Business term loan
This one is secured with both fixed and variable rates available. The loan has a flexible structure which gives multiple options to use the funds in line with what you promise as collateral. The repayment period lasts throughout the lifespan of the loan. However, you need a Huntington local banker to walk you through the loan process to get detailed information about the loan amount, rates, fees, and terms.
Business line of credit
This loan gives you quick access to funds by applying online or through a phone call. You can easily secure cash flow to buy products, pay for costs, payroll, and other financial necessities. The loan rates are competitive and there are multiple repayment options to meet your business’s standard. The product also offers you interest-only payment opportunities.
SBA loans
These are government-backed loans for small business owners of which Huntington Bank is proud to be one of the top representatives. Huntington provides both SBA 7(a) and SBA 504. According to the bank’s website, SBA loans could offer you a spending amount for a longer term. You can pay an upfront amount which can be as low as 10%. Based on your qualification, you can receive a loan amount up to $5 million. However, Huntington Bank refuses to disclose the origination fees or rates. Even though the bank claims the rates are competitive and the fees are flexible, you need to schedule a meeting with a Huntington SBA specialist to get the specific amount. Note that the SBA loans are both secured and unsecured. You may have to prepare for collateral when taking out the secured loan at a reasonable amount.
Professional loans
Huntington classifies these loans into two main groups which are Dental practice loans and veterinary practice loans. These loan options have similar traits to equipment financing and real estate loans.
Dental loan and veterinary loan: These loans are meant for dentists and are classified into three categories.
- Startup (you can use this loan as running capital to practice your skills and get your land and building for practices)
- Equipment financing (you can receive funds that can completely finance your project with a longer terms before the repayment period
- Practice expansion (you can use this fund for debt consolidation and office expansion)
No specifications about the practice loan amounts, rates, terms, and fees, unless you meet Huntington Bank’s practice specialist to get detailed information about current rates and prices.
Where This Product Stands Out
Multiple repayment options
Though Huntington Bank doesn’t reveal many details about its lending products’ payment, there is popular opinion that the bank allows weekly, bi-weekly, and monthly payment options. The bank states on its website that there are multiple payment options for most of its financing products. However, these options are not specified. The bank also offers competitive interest rates and fees.
Number one SBA preferred lender
Huntington claims on its website to have been the No.1 SBA lender in the region it covers for over a decade and has been the No.1 in the USA for the previous years. This is no doubt as the bank offers a range of SBA loans (SBA 7a, Express loans, and SBA 504) to small businesses. You can use it as start-up capital, acquire real estate property, and expand your business to higher profits. Another unique feature of Huntington as an SBA preferred lender is that Its SBA products are not limited by region. No matter where you live in the country you can get an SBA loan from Huntington to start your business right away. This is surprising, the bank only has roots in 12 states of the country.
Range of loan products
There are varieties of business financing options to choose from. You can select a loan that befits your business, starting from the business term loan, commercial real estate, business lines of credit, professional loans, SBA 7a, Express loan, and 504.
Fast application process
The bank wastes no time in the application procedures and this guarantees quick access to funds. You can quickly learn if your application is denied or approved. No magic in this, all thanks to Huntington’s online services which allow digital applications for lending options.
Where This Product Falls Short
Available in few states
Aside from Huntington’s SBA loans, if you or your business is not located within the bank’s 12 states of operation, you may have to consider other banks or online lenders.
Rates not specified on the bank’s site
Another shortcoming of Huntington’s Bank that can be a big turn-off for potential borrowers is that the bank is silent on its product amounts, rates, fees, and terms. You need to meet with any of Huntington’s bankers to find out which interest rate you can qualify for.
How to Qualify for This Product
Huntington fails to disclose qualification criteria for its lending products, except for a few details on its SBA loans. Rather, you meet the bank loan specialist to find out how you can be eligible for the loan of your choice. However Popular opinion has it that you need FICO scores above 700s and annual revenue that is over $100,000.
For SBA loans, here are the few requirements listed on the Huntington website.
- Operate a profit-oriented business within the United States
- For SBA 504 loans, Huntington considers a business’s net worth not up to $15 million with annual revenue that is less than $5 million.
- SBA 7(a) requires evidence of personal assets and alternative financial ways you have used to foster the business before considering an SBA loan.
How to Apply for This Product
Looking for how to apply for Huntington Bank business loans online may prove abortive as the bank does not disclose its loan requirements online. The kind of loan and the rate you get depends on your situation. You may have to arrange a meeting with Huntington’s loan specialist to discuss a loan product which your business can afford. Nevertheless, there are general documents required for business loans irrespective of the loan type.
- Proof statements that show you are running an active business. These include your profit and loss statement.
- SSN and EINs
- Tax returns
- Your personal and business bank statements.
Alternative to This Product
LightStream
LightStream is a perfect competitor to most traditional banks. Being an online lender, it has a wide range of availability compared to Huntington Bank. It also offers quick access to loans with lower APRs between 5.99% and 23.99%. The loan can start from $5,000 to $100,000. Another advantageous feature of LightStream is that it doesn’t charge origination fees.
KeyBank
KeyBank is not much better than Huntington Bank in terms of availability by state. The distinguishing factor here is that KeyBank offers more product details than Huntington Bank.
Customer Reviews
On the Consumer Affairs website, Huntington has a 3.7 rating out of possible 5 stars from over 4 million reviews. Also, on Better Business Bureau, Huntington receives an A+ rating. This reflects that Huntington has good customer service by giving quick responses to customers’ complaints. In contrast to BBB and Consumer Affairs ratings, Huntington has 1.6 ratings on TrustPilot after 20 reviews while getting 2.9 stars from Bank Branch Locator.
Methodology
We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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