Regional Finance personal loans review December 2018 | finder.com

Regional Finance personal loans review

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A small-dollar personal loan from Regional Finance could help you afford life’s big expenses.

When times are tough, it can be nice to have a little bit of extra help stretching your money. Regional Finance can fill this gap by offering secured loans to borrowers of all credit types. But it’s not available in all states and can come with high rates and fees. And secured loans mean that you’re required to back your loan with collateral.
Product NameRegional Finance Personal Loans
Min Loan Amount$600
Max. Loan Amount$10,000
APRVaries
Interest Rate TypeFixed
Minimum Loan Term.75 year
Maximum Loan Term2 years
RequirementsLive in a state serviced by Regional Finance, have a credit score of at least 550, be a US citizen or permanent resident, be at least 18 years old.
  • Live in a state serviced by Regional Finance.
  • Have a credit score of at least 550.
  • Be a US citizen or permanent resident.
  • Be at least 18 years old.

What is Regional Finance?

Regional Finance offers secured loans between $600 to $10,000, though the specific amount may vary by your state. Loan terms can stretch anywhere from 9 months to 2 years.

Regional Finance asks for collateral to keep the costs of your loan low, but it means you risk losing your security if you default on your loan. It also might ask for borrowers to take out property insurance for collateral on larger loans. This can increase your monthly payments.

What makes Regional Finance unique?

Unlike many lenders operating online, Regional Finance maintains a personal touch. With branches located in ten states, you can apply for a loan while working with someone who can guide you through the application process. This type of one-on-one service is rare with most lenders available only online and at call centers.

What are the benefits of a personal loan from Regional Finance?

  • Over 300 branches. Despite being in a limited number of states, Regional Finance has 340 branches to help make your loan experience personal. You can find your nearest branch by entering your ZIP code in the branch locator on its site.
  • No bank account required. Don’t have a bank account? You might still qualify for a loan with Regional Finance if you can show proof of income and residence and meet its credit requirements.
  • Bad credit is accepted. Don’t have good credit? That’s OK. Regional Finance accepts applicants with credit scores as low as 550.
  • Reports to credit bureaus. Regional Finance reports your payments to Equifax and TransUnion. This means you have a chance to build your credit while paying down your loan.

What to watch out for

  • Limited state availability. Regional Finance only services 10 states: Alabama, Georgia, Montana, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.
  • No automatic deposit. You’ll receive your funds by check. No automatic transfers are available with Regional Finance.
  • Poor reviews. Many complaints cite a late or missed payment led to phone calls multiple times a day, often to the borrower’s work or personal references.

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Rates last updated December 11th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

What does the Internet say about Regional Finance?

Regional Finance doesn’t have much of an online presence as of September 2018. It’s not accredited by the Better Business Bureau (BBB) though it has an A rating based on factors like time in business and transparency. However, there are only a handful of reviews and complaints. On both the BBB website and other review sites, multiple borrowers complained about receiving harassing phone calls after missing a repayment.

The few positive reviews state that they had a positive experience with Regional Finance, though it appears that the quality of service can vary from branch to branch. One even reported transferring their loan from one branch to another to get better service.

Should I get insurance with a Regional Finance loan?

Regional Finance offers a few different insurance products to combined with your loan: life, involuntary unemployment, accident, auto and personal property insurance. These may vary depending on your state, but none of them are necessary or even beneficial.

Personal property insurance covers your collateral. Your loan may require you to have it, but check first. There’s a chance you’re already covered by homeowner’s or renter’s insurance.

The other four types of insurance may only benefit you if you fear the worst might happen during the life of your loan. Otherwise, it’s just an added unnecessary expense. There’s also a chance you could get a better deal on insurance elsewhere that last longer than the life of your loan.

Am I eligible?

To apply for a personal loan from Regional Finance, you’ll need to meet some basic eligibility criteria:

  • Live in a state serviced by Regional Finance.
  • Have a credit score of at least 550.
  • Be a US citizen or permanent resident.
  • Be at least 18 years old.

How do I apply?

  1. Visit the Regional Finance website and click Start Loan Process.
  2. Once redirected to a new page, hit Click to Prequalify.
  3. Select the type of loan and enter your requested loan amount.
  4. Enter your contact information, including your birth date and Social Security number.
  5. Enter information about your residence.
  6. Read over the authorization statement, the Terms of Use and the E-Sign Disclosure.
  7. Hit Continue at the bottom of the page to submit your application.

A loan specialist from Regional Finance should get in touch with you within 24 to 48 hours if you prequalify. From here, they work with you to complete your final application. You typically need to bring a copy of a government-issued ID, proof of residence and income.

I got a personal loan. Now what?

Regions Finance doesn’t disburse the funds directly into your bank account, so visit your local branch to pick up your check and deposit it into your bank account. After you have the money, it’s time to start thinking about repayments. Regional Finance allows you to make repayments online, by phone, at a branch or by mail.

If you want to set up automatic payments, you can do so through your online account. However, Regional Finance requires you to make the last two monthly payments using one of its other options.

Bottom line

If you’re looking for a small to midsize loan and have bad credit, Region Finance could help. There are a few downsides, however like no direct deposit and high origination fees. But the ability to walk into a local branch and discuss a solution with a real person sets Region Finance apart from other lenders.

Before you commit to a lender, consider comparing your loan rates to get the best deal for your money.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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2 Responses

  1. Default Gravatar
    NareshNovember 25, 2018

    Can I get Loan $5000

    • finder Customer Care
      nikkiangcoNovember 26, 2018Staff

      Hi Naresh,

      Thanks for your inquiry and for visiting our page. You may certainly get a loan at Regional Finance. To get started, be sure to review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications about the loan. Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

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