Regions Bank loans for business, education and more | finder.com

Regions Bank loans

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Cover your personal, business and education financing needs with this regional bank and its partners.

Regions Bank might only have a reach of 15 states, but you may still qualify for one of its loans. While it offers its own personal, auto and business financing, its partnerships with other lenders mean you might not need to live near a Regions Bank or have an account to be eligible. Customer service can be difficult to navigate, however, and you won’t get the full picture of its loan products from its site.

What types of loans does Regions Bank offer?

You can find the following types of financing at Regions Bank:

Loan typeHow it worksAmountsRatesTerms
Personal loansUnsecured term loans through either Regions Bank or Avant. Regions bank also offers secured personal loan options.$2,000–$35,000 7.99% to 17.99% Up to 5 years, varies by amount
Business loansTerm loans and lines of credit in partnership with Fundation. Amounts over $1 million available through Regions Bank. SBA and equipment leasing also available through Regions.$15,000–$1,000,000 7% to 17% 1 to 5 years
Car loansNew and used car loans and auto loan refinancing directly through Regions Bank — in addition to help finding a car.$5,000–$100,000 4.05% to 12.96% 3 years–6 years
Student loansRegions directs borrowers to apply for a Sallie Mae Smart Option loan for undergraduate and graduate students.Up to 100% of school-certified costsFixed rates: 5.74% to 11.85% 5 to 15 years

On top of these options, Regions Bank also offers mortgages and home equity loans.

Why should I consider taking out a loan with Regions Bank?

  • Get started online. Even if your loan requires a personal visit to your local branch, get the basic details out of the way by filling out a quick online application.
  • Partnerships open it up to more borrowers. You don’t need to live in one of the 15 states where Regions Bank operates qualify for many of its loans. Its partners also tend to have more forgiving credit requirements.
  • Unsecured and secured options available. Back your loan with collateral for a more favorable rate or apply for a loan with less personal risk.
  • Discounts for customers. Regions Bank offers rewards points and lower rates to customers who already have a checking account on some of its loans.

Where does Regions Bank fall short?

  • Its site doesn’t tell you everything. You need to call customer service or visit a branch to get the full picture of how its loans work and what to expect.
  • Hard to navigate customer service. Regions Bank has several different customer service lines, and it’s not always clear which one is right for you.
  • Not available in all states. You need to live in one of the 15 states where Regions Bank operates to get a loan funded by Regions. Otherwise, you’ll have to borrow through one of its partner lenders.
  • Fees. While some of Regions’ partners don’t charge fees to apply, if you get a loan through Regions, you might be on the hook for a $150 application fee.

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Updated July 22nd, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.99% to 16.79%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
3.99% to 35.99%
550
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get advice — regardless of your credit.
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

Updated July 22nd, 2019
Name Product Filter Values Min. Amount Max. Amount Requirements
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$5,000
$250,000
6+ months in business, $100,000+ annual revenue, 600+ credit score, not based in North Dakota or South Dakota
Get a predictable business loan with a fixed weekly rate.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

Compare up to 4 providers

Updated July 22nd, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

Updated July 22nd, 2019
Name Product Min. Credit Score Max. Loan Amount APR
Good to excellent credit
Varies by lender (typically, total certified costs of education minus financial aid already received)
Starting at 4.2% with autopay
Get prequalified rates from private lenders offering student loans with no origination or prepayment fees.
675
$200,000
4.51% to 9.26%
Straightforward student loans for undergraduate and graduate students.
700
$500,000
3.2% to 7.25%
Finance your college education through this lender with a strong social mission and terms that fit your budget.
Good to excellent credit
Varies by lender
Starting at 3%
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

How much does it cost to borrow with Regions Bank?

It mainly depends on whether you get financing from Regions or one of its partners. Loans funded by Regions typically come with a $150 application fee, which is added to your loan amount when you’re approved. It also charges a $15 late fee if one of your repayments doesn’t go through.

Other fees might apply if you get a loan through another lender.

Are Regions Bank loans safe?

Generally, yes. Regions Bank protects any information you submit online with SSL encryption. While it shares some of your personal information with affiliates for marketing and business purposes, you can always opt out by calling 800-240-2948.

However, it doesn’t offer specifics about how it protects your information you’ve already submitted. It meets federal standards by stating its “computer safeguards and secure files and buildings.” Also, keep in mind that it doesn’t share privacy policies with its partners — and some applications take place on third-party sites.

How to apply for a Regions Bank loan

Since Regions Bank works with several partner lenders, the application process can vary widely. Here’s how to get started:

  1. Go to the Regions Bank site.
  2. Click on either Personal or Business, depending on what type of financing you’re looking for.
  3. Click Borrow and select the type of loan you’re interested in.
  4. Scroll down until you see the specific type of loan you’re interested in and click Apply now.
  5. Follow the directions to complete the application. Some applications direct you to a third-party site. In that case, click Continue.
  6. Wait to receive an offer. How long this takes depends on several factors, including the loan type, amount and whether you’re applying for financing from Regions or a partner. Most of its partners are online lenders and typically get back to you faster than Regions can — sometimes within a business day.
  7. Submit any required documents and review your final offer.
  8. Sign your loan documents and wait to receive your funds.

Eligibility requirements

Again, since Regions Bank partners with several different lenders, there are no fixed eligibility requirements. You’ll typically need to be a US citizen or permanent resident to qualify for most loans, however.

Luckily, this means that you might be eligible if you have less-than-perfect credit or don’t live in one of the states where Regions operates. However, you might not qualify for the most competitive rates.

What does the Internet say about Regions Bank?

Regions Bank doesn’t have a strong online reputation. It’s accredited with the Better Business Bureau (BBB), which gives it an A+ rating based on factors like how it responds to customer complaints and transparency in advertising. However, nearly all of its 36 customer reviews are negative as of September 2018. On top of this, almost 550 customers have filed complaints against the bank.

It gets a meaningless 7.4 out of 10 score on Trustpilot based on one five-star review. The main complaint about Regions Bank is its poor customer service. Several customers reported waiting on hold for 15 to 20 minutes at a time — and then not having their issue solved once they got through. Many also complained that they were accidentally charged fees, and had trouble getting reimbursed.

If you borrow through Fundation, however, customer service shouldn’t be much of a problem. It’s a lot easier to get in touch — in our experience — and agents go above and beyond when answering questions. Fundation gets an A+ rating from the BBB.

More about the company

Regions Financial Corporation was founded in 1971 after the merger of the First National Bank of Huntsville, the First National Bank of Montgomery and the Exchange Security Bank of Birmingham — which goes back to the 19th century. It was originally known as First Alabama Bancshares Inc. In 1986, extended its reach beyond Alabama when it purchased other small banks in nearby states, finally changing its name to Regions in 1994.

It was key in setting up a state-wide network of ATMs that anyone could use regardless of their bank in 1986. It was also one of the first banks to set up a customer service and account information line in 1987. Now, it has $125 billion in assets, and 1,500 offices and 1,900 ATMs across 15 states in the South and Midwest.

Bottom line

By partnering with lenders like Avant, Fundation and Sallie Mae, Regions Bank offers loans to more people than it could on its own. But its financing options might be best for current Regions customers — you typically need to have a Regions Bank account to be eligible for the most competitive rates and earn rewards.

To find out more about your personal loan options, check out our loans guide. There, you can compare even more lenders and learn how it all works.

Frequently asked questions

Picture: lending.regions.com

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