Regions Bank personal loans review September 2018 | finder.com

Regions Bank personal loans review

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Secured and unsecured loans with low minimum starting amounts for residents of the South and Midwest.

Many personal loan providers exist exclusively in the digital space, but some people still prefer the personal touch that comes with visiting a branch in person. For those in the Midwest and South, Regions Bank may meet that need 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.
Product NameRegions Bank unsecured personal loan
Min Loan Amount$2,000
Max. Loan Amount$35,000
APR7.99%–17.99%
Interest Rate TypeFixed
Maximum Loan Term5 years
RequirementsUnsecured 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.
  • Be at least 18 years old.
  • Must have a Regions Bank checking account.

What is a Regions Bank unsecured personal loan?

Its unsecured personal loan don’t require collateral. Personal loans can generally be used for any legitimate purpose, and this one is no different. You can borrow as little as $2,000 or as much as $35,000 with fixed APRs that range from 7.99%–17.99% and include a $150 origination fee. Loan terms vary by the amount you borrow and go up to 5 year(s) for a $35,000 loan.

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 used as a lending platform that pulls several potential offers based on your credit profile and the loan amount you need. Even if Regions Bank doesn’t approve you for a loan, Avant may provide access to a different offer.

Other Regions Bank personal loans

Unsecured personal loans aren’t the only personal loan offerings from Regions Bank.

Secured Installment Loan

Similar to the unsecured personal loan, the Secured Installment Loan has a fixed rate. Though it can be used however you want, it’s advertised as being for those looking to purchase or refinance leisure vehicles. As a secured loan, you’ll have to use an asset of value as collateral.

Features of the Secured Installment Loan include:

  • Minimum loan amount. You can borrow as little as $5,000 for most types of recreational vehicles.
  • Maximum loan amount. $300,000 for RVs and motorhomes.
  • Collateral requirements. Leisure vehicles such as boats, motorcycles, campers, travel trailers, motorhomes and RVs. Light farm equipment may also be used.
  • Rate discounts. A discount of 0.25% to 0.5% is available to those who set up automatic payments that draw from a qualifying Regions Bank checking account.

Deposit-Secured Loan

A lower rate may be available to you 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.

Here are some of the features of this loan:

  • Minimum loan amount. $250 — depending on the security used.
  • Maximum loan amount. Up to 100% of the available balance in your collateral account — minus any loan fees.
  • Collateral requirements. Regions Bank CD, savings account or money market account.
  • Rate discounts. A 0.25% to 0.5% discount is also available for this loan when you enroll in automatic payments using your qualified Regions Bank checking account.

What are the benefits of a Regions Bank unsecured personal loan?

  • No collateral necessary. You won’t have to use anything to back this 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.

What to watch out for

It should be noted that this section deals largely with the unsecured loan offering. The secured loan products have much clearer terms and Regions doesn’t use a secondary service when processing your application for a secured loan.

  • Unclear terms. APR, loan terms, minimum credit requirements and possible origination fees are notably absent from the site. Calling to inquire about these can make for 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

Rates last updated September 21st, 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
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (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)

Compare up to 4 providers

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.

Eligibility criteria

  • Be at least 18 years old.
  • Must have a Regions Bank checking account.

How do I apply?

  1. Go to the Regions Bank site 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 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.
  5. Read the communications policies and select Agree and Get Your Rates.
  6. After you see your rates, you can then apply for the loan if you’re pre-approved.
  7. Fill out the loan information including the amount you want to request.
  8. Review your information and submit your request.
  9. Wait for approval — decisions can come in as soon as a few minutes.

How to apply step-by-step with screenshots

I got the Regions Bank unsecured 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. You may want to opt for the latter to 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.

Bottom line

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.

Frequently asked questions

Image Source: Shutterstock and regions.com

Rhys Subitch

Rhys Subitch is a content creator and editor for finder.com. They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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