Regions Personal Loans Review 2020

Regions provides a range of banking services, from savings and investing accounts to credit cards,

Regions provides a range of banking services, from savings and investing accounts to credit cards, mortgages, and loans, including auto, student, and personal. It has locations across the South and Midwest and in Texas.

Regions offers personal loans for home improvements, buying a car, paying for a vacation, or covering major expenses. You can use the loan however you wish. Read on to see if a Regions personal loan will work well for you.

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Pros

  • Range of personal loan products

  • Prequalification available

  • Small-dollar loans available

Pros Explained

  • Range of personal loan products While unsecured personal loans are available, Regions also offers a secured installment loan and a deposit secured loan, as well as an installment loan that’s secured by a Regions certificate of deposit (CD), savings account, or money market account.
  • Prequalification available Unsecured personal loans let you check your rates and eligibility with a prequalification, which only requires a soft credit inquiry. This means you don’t need to apply for a personal loan first to see if you’re eligible, which calls for a hard credit inquiry that can temporarily lower your credit score.
  • Small-dollar loans available If you decide on a loan secured by a deposit in a Regions account (known as a “deposit-secured loan”), you can get one for as little as $250. If you’re looking for an unsecured loan, however, the minimum amount is $2,000.

Cons Explained

  • Good to excellent credit favored The majority of consumer loans given out at Regions have gone to borrowers with good or excellent credit. While you might qualify for an unsecured loan with a lower score, its recommended that you have a good credit score of at least 670 for the best rates.
  • Available in only 15 states Regions is only available in the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. If you don’t live in one of those states, company policy is that you can’t apply for a Regions personal loan.
  • Low maximum cap If you complete your loan application online, the maximum amount you can get is $35,000. However, you can get up to $50,000 if you apply over the phone or at a branch.

Loan Amounts

For unsecured loans, you can borrow anywhere from $2,000 to $50,000 depending on how you apply. If you’re looking for a deposit secured loan, you can get one for as low as $250.

Annual Percentage Rate (APR)

Your annual percentage rate (APR) is a fixed interest rate that is based on your FICO score, loan amount, and repayment term.

Loan Terms

Repayment terms range from three to five years, depending on your loan size and, if a secured loan, on your collateral.

Credit Score Requirements

Good to excellent credit is preferred for unsecured loans, although you might qualify if you have a fair credit score, depending on your pre-existing relationship with Regions. Secured loans are available if your credit score isn’t great and you already have accounts open at Regions.

Fees

There’s a late payment fee of 5% of the unpaid loan amount or $100, whichever is less. There’s also a possibility you might be charged a processing fee, depending on how you applied for your loan. For instance, if you applied at a branch instead of online, the fee might be charged.

Time to Receive Funds

You can receive your loan as soon as at the loan closing or as soon as you’re approved and there are no other requirements for you to process your application. Approval usually takes about one business day.

Regions Personal Loan Features

  • Autopay available
  • Secured loans as low as $250
  • Good to excellent credit preferred
  • No prepayment penalty
  • Apply online, over the phone, or at a branch
  • No rate discount

Apply for a Regions Personal Loan

Before you apply for a Regions personal loan, first decide which one you like. You can choose between an unsecured personal loan, a secured loan, or a deposit-secured loan. If you only need a small amount of money and already have a Regions account, you may want to choose a deposit-secured loan.

However, if you don’t want to use your accounts or vehicles as collateral, an unsecured loan might work for you. You can check your rate before you apply to see if you’re eligible. Remember, you’ll need to live in one of the 15 states where Regions operates.

When you apply, you’ll need to fill out some personal and financial details about yourself, such as: 

  • Where you live
  • Your monthly home payment
  • Your monthly income
  • Social Security number
  • How much you want to borrow
  • What your loan will be used for

If you’re eligible, you’ll continue on with the application process. If you apply online, you could see approval and get your funds within one business day.

Can I Refinance a Personal Loan With Regions Bank?

Regions doesn’t offer personal loan refinancing at this time.

Verdict

If you’re thinking about getting a Regions loan and live where Regions operates, you may qualify for an unsecured loan if you have at least a good credit score. If not, you still may qualify for a secured loan by using your existing Regions accounts as collateral. With a few personal loan options, you should be able to find one that fits your needs.

If you don’t live in a state where Regions operates or don’t have strong credit, you may want to consider other lending options. Look for a loan that has:

  • A low APR
  • Easy online application
  • A prequalification option
  • Low credit requirements
  • Minimum fees
  • Flexible repayment terms, such as the ability to change your monthly due date
  • Discounts, such as autopay or membership opportunities

There are lots of personal loan lenders that meet these standards, so it’s important to review all your options before settling on one. Before you choose a Regions personal loan, see what other loans are available near you.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.

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