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Regions Bank personal loans review

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Secured and unsecured loans for residents of the South and Midwest.

finder.com’s rating: 4 / 5.0

★★★★★

  • Best for current Regions Bank customers looking to keep their finances in one place.
  • Pick something else if you want to borrow more than $35,000.

$50,000

Max. Loan Amount

7.99% to 17.99%

APR

Details

Product NameRegions Bank personal loans
Min. Loan Amount$2,000
Max. Loan Amount$50,000
APR7.99% to 17.99%
Interest Rate TypeFixed
Late Fee$38
Loan TermUp to 5 years

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

Regions Bank is ideal for current customers looking to keep their finances in one place — you need to have a checking account with the bank in order to even qualify.

Its rates cap out relatively low compared to other lenders — and it doesn’t charge an origination fee. It’s also ideal if you’re planning to secure your loan with collateral — you can shave up to 0.5% off your interest rate by signing up for autopay.

But the bank uses a third-party lending platform to process its applications. This means there’s a chance your loan won’t be funded by Regions, but its partner Avant. It’s also not a good idea if you need to borrow more than $35,000 — where Regions’ personal loans cap out.

Don’t live in one of the 15 states Regions services? Compare your other options below.

First, am I eligible?

To borrow, you need to meet the following criteria at a minimum:

  • Be at least 18 years old
  • Have a Regions Bank checking account

Unsecured loans typically have higher rates and more stringent credit requirements than their secured counterparts. However, Regions Bank doesn’t list any minimum credit score or income requirements on its website.

Which states does Regions Bank service?

Regions only lends to residents of these 15 states:

  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Mississippi
  • Missouri
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas

Pros

  • Unsecured and secured options
  • No origination or prepayment fees
  • Autopay discount of 0.25% to 0.5% for secured loans

Cons

  • Uses Avant as a lending platform — so there’s a chance Regions won’t fund your loan
  • Only available in 15 states
  • Low maximum amount of $50,000

Compare other personal loan providers

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
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Monevo personal loans
3.49% to 35.99%
None
$100,000
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Fiona personal loans
4.99% to 35.99%
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LendingTree personal loans
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Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
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Compare up to 4 providers

How do I apply?

To apply for a personal loan from Regions Bank, follow these steps:
  1. Go to the Regions Bank website and click Borrow under the Personal heading.
  2. Select Personal Loans and scroll down to Unsecured Loan. Click Apply Now.
  3. Read the disclosure and select Continue to go to the Avant site.
  4. Fill out your personal information, including your date of birth and monthly income.
  5. Read the communications policies and select Agree and Get Your Rates.

What information do I need to apply?

To complete the application, you need to provide some basic information:

  • Social Security number
  • Monthly income
  • Monthly housing payment

How to apply step by step with screenshots

What happens after I apply?

You will see a preview of your rates based on a soft pull of your credit. If you like what you see, you can continue filling out the full application. Approval decisions can come in as soon as a few minutes, and Regions Bank will be in contact with you to finalize your loan.

How do repayments work with Regions Bank?

You have the option of making one-off payments through your Regions Bank account or setting up automatic payments — which could mean a rate discount if you took out a secured loan. Whichever type of loan you chose, setting up automatic payments means you can potentially avoid the $38 fee you’ll be charged for late payments.

Keep an eye on your loan balance and bank account. If you notice something off, reach out to Regions Bank customer service as soon as possible.

Before making a final decision, take your time and compare other providers with our guide to personal loans.

Frequently asked questions

Image Source: Shutterstock and regions.com

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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