Regions Bank personal loans review
Secured and unsecured loans with low minimum starting amounts for residents of the South and Midwest.
For those in the Midwest and South, Regions Bank offers personalized service while also keeping an online presence. It offers both secured and unsecured personal loans to residents of 15 states with low minimum starting amounts and no annual fees. But its unclear terms and long wait times may make your borrowing experience more frustrating.
Max. Loan Amount
7.99% to 17.99%
What makes Regions Bank unsecured personal loans unique?
Regions Bank works with Avant to speed up your application and get funding in your hands faster. Avant is a lending platform that pulls several potential offers based on your credit profile and the loan amount you need. This means that even if Regions Bank doesn’t approve you for a loan, Avant may provide access to a different offer.
What types of loans does Regions Bank offer?
Regions Bank has four types of loans available to borrowers.
1. Unsecured personal loans
Unsecured personal loans don’t require collateral, which makes them ideal for funding things like home improvements, car repairs, weddings and any other legitimate purpose.
You can borrow as little as $2,000 or as much as $35,000 with fixed APRs that range from 7.99% to 17.99% — this includes a $150 origination fee.
Loan terms vary by the amount you borrow and go up to 5 years for a $35,000 loan.
2. Secured Installment loans
Regions Bank also finances leisure vehicles — things like RVs, boats and motorcycles — which are used to secure the loan. For most types of recreational vehicles, you can borrow as little as $5,000 to as much as $300,000 for RVs and motorhomes.
The term and APR you’ll be given will depend on the type of vehicle you choose to finance as well as your creditworthiness. Fortunately, Regions Bank considers a wide range of vehicles: Boats, motorcycles, campers, travel trailers, motorhomes and RVs. Light farm equipment may also be used as collateral.
3. Deposit Secured Loans
You may be able to score a lower rate through the Deposit Secured Loan, which can be used for any legitimate purpose.
Instead of being secured by a physical asset, this loan is secured using a Regions certificate of deposit (CD), savings account or money market account. The best part? You’re able to use these funds as collateral while still maintaining a deposit account balance.
The minimum you can borrow will depend on the type of account you’re using as collateral. For savings accounts and money market accounts, you’ll be able to borrow as little as $250. For CDs, you’ll have to borrow at least $2,000. Regions Bank will also finance up to 100% of the balance of your account — after it subtracts loan fees, of course.
4. Lines of credit
Regions Bank also offers three lines of credit: A savings secured line, a preferred line and a small-dollar line.
- Credit line. A simple name for a simple line, Regions’ most basic option is a revolving unsecured line of credit. It has a fixed rate, and you can borrow anywhere from $500 to $3,000. However, you’ll have to pay a cash advance fee of $10 or 10% of the advanced amount, whichever is lesser.
- Preferred line of credit. The preferred line is a little larger, with loan amounts ranging from $3,000 to $50,000. Interest is variable and based off the Prime Rate set by the Wall Street Journal. And best of all, you won’t have to pay a cash advance fee to withdraw funds from your line.
- Savings secured line of credit. This line of credit is secured by a Regions savings or money market account. You can borrow as little as $250 and as much as $100,000 — provided you have the balance available in your account. Interest rates are variable, and like the preferred line, you won’t pay a cash advance fee.
Each option is may be eligible for a rate discount if you sign up for automatic payments from a Regions checking account.
What are the benefits of a Regions Bank personal loan?
- No collateral necessary. You won’t have to use anything to back an unsecured loan, so your house, car or other valuables won’t be at risk if you run into trouble with repayments.
- Fewer fees. No annual fees or returned payment fees make for saved cash. This may be especially valuable for those enrolled in autopay who’ve had trouble with similar payment types in the past.
- Other products available. A whole suite of financial products are available through Regions Bank, including checking and savings accounts, car loans, mortgages, credit cards and investing services.
- Rate discounts. If you opt for a Deposit Secured or Secured Installment loan, you may be eligible for a discount of 0.25% to 0.5% if you set up automatic payments that draw from a qualifying Regions Bank checking account.
What to watch out for
It should be noted that this section deals largely with Regions’ unsecured personal loans. The secured loan products have much clearer terms and Regions doesn’t use a secondary service when processing your application.
- Unclear terms. APR, loan terms, minimum credit requirements and possible origination fees are notably absent from the site. Calling to inquire about these can lead to over 20-minute hold times.
- Uses a secondary site. Regions uses Avant as a lending platform, which means any privacy or security policies are different from what you’ve read on the Regions site. There’s also a potential for disconnect, especially if Regions denies your application but Avant offers you credit.
- Limited locations. Regions one lends to those living in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
- Low maximum amount. Borrowing just $35,000 may not be enough to get that home sensory deprivation tank or cover all of your wedding expenses. For bigger purchases, you may want to consider a different lender.
Compare more personal loan options
Am I eligible?
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 site.
To borrow, you’ll must
- Have a Regions Bank checking account
- Be at least 18 years old
How do I apply?
- Go to the Regions Bank site and click Borrow under the Personal heading.
- Select Personal Loans and scroll down to Unsecured Loan. Click Apply Now.
- Read the disclosure and select Continue to go to the Avant site.
- Fill out your personal information including:
- Your full name, email and phone number.
- Your residential address, residence type and how long you’ve lived there.
- Your income type, monthly net income and monthly rent or mortgage payment.
- Your date of birth and Social Security number.
- What the loan is for.
- If you’re a US citizen.
- If you or a family member are a current or former foreign political official.
- Read the communications policies and select Agree and Get Your Rates.
- After you see your rates, you can then apply for the loan if you’re pre-approved.
- Fill out the loan information including the amount you want to request.
- Review your information and submit your request.
- Wait for approval — decisions can come in as soon as a few minutes.
How to apply step-by-step with screenshots
I got a Regions Bank personal loan. Now what?
Once you’ve received your funds, it’s time to start thinking about repayments. Since its personal loans all come with fixed interest rates, you won’t need to worry about your monthly payments going up or down over time.
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 didn’t opt for an unsecured 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 by calling 800-734-4667.
If you live in one of the 15 states that Regions Bank services and are looking to borrow less than $35,000, its unsecured personal loan may be a good fit. However, you won’t find much on its site about credit requirements or rates you may qualify for, so you’ll likely need to call or visit a local branch to learn more about your options.
Before making a final decision, take your time and compare other providers with our guide to personal loans. Interested in Regions but not sure a personal loan suits your needs? Our guide to Regions’ loans can help you decide.
Frequently asked questions
Image Source: Shutterstock and regions.com