Cover your personal, business and education financing needs with this regional bank and its partners.
What types of loans does Regions Bank offer?
You can find the following types of financing at Regions Bank:
| Loan type | How it works | Amounts | Rates | Terms | |
|---|---|---|---|---|---|
| Personal loans | Unsecured 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 loans | Term 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 loans | New and used car loans and auto loan refinancing directly through Regions Bank — in addition to help finding a car. | $5,000–$100,000 | 6.64% to 12.96% | 3 years–6 years | |
| Student loans | Regions directs borrowers to apply for a Sallie Mae Smart Option loan for undergraduate and graduate students. | Up to 100% of school-certified costs | Fixed 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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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:
- Go to the Regions Bank site.
- Click on either Personal or Business, depending on what type of financing you’re looking for.
- Click Borrow and select the type of loan you’re interested in.
- Scroll down until you see the specific type of loan you’re interested in and click Apply now.
- Follow the directions to complete the application. Some applications direct you to a third-party site. In that case, click Continue.
- 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.
- Submit any required documents and review your final offer.
- 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
