Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions.
APR
5.74% - 20.99%
Loan Amount
$2,000 -$35,000
Term
24 - 60 months
Min score
Good
Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions.
APR
5.74% - 20.99%
Loan Amount
$2,000 -$35,000
Term
24 - 60 months
Min score
Good
Regions is a full service bank that operates in Texas and across the South and Midwest. The banking services include credit cards, savings accounts, mortgages and loans. Regions offers both secured and unsecured personal loans, but they have teamed up with Avant to handle their application process for personal unsecured loans. If Regions does not want to approve the loan, Avant may be an option for you.
Regions personal loans can be used for any purpose you wish including buying a car, home improvements, covering major expenses or even paying for a vacation. Regions also offers secured installment and deposit secured loans.
Regions may charge a processing fee on your personal loan. This depends on how you apply. For example, if you apply in branch rather than online, the lender may apply a charge. Additionally, you should be aware that Regions does apply late payment fees. This is a rather hefty $100 or 5% of the unpaid loan amount, whichever is lower.
- Quick Turnaround Times
- No Prepayment Penalty
- Relationship Points
- Customer Service
- Possible Secondary Lender
- Easy to Use
- Large Bank
- Fees
- Availability
- Unclear Terms
- Secondary Site
- Possibly Offered an Avant Loan
In this Review..
Regions Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Quick Turnaround Times
With Regions using Avian, you should expect a quicker turnaround process than with other large banks.
- No Prepayment Penalty
The borrower can pay off their loan early without any fees.
- Relationship Points
Regions has reward points for their customers. You can earn points with personal loans but you need to already be a Regions banking customer.
- Customer Service
Regions is a large bank and has good customer service which means you can talk to someone any day of the week.
- Possible Secondary Lender
If Regions is unable to fund your loan Avant might, providing a greater likelihood of being approved.
- Easy to Use
Regions’ site is easy to use and the application process is quick.
- Large Bank
Regions is a large bank that has been around for a long time and has a long history of providing quality service for its customers.
- Fees
Regions has high fees such as late and origination fees, and many of these are not clearly outlined on their site. All fees should be considered in the pricing of your loan when you apply.
- Availability
Regions has branches in the southern United States, but it is unclear if their online personal loans service just those states or all of the United States.
- Unclear Terms
The terms, rates, fees, and credit requirements are unclear and not found anywhere on their website.
- Secondary Site
Anytime a website directs you to a third party it creates concerns about with whom you are dealing and whether they are trustworthy. Regions moves the borrower to Avant’s site to apply, which creates privacy concerns. It also means you are dealing with two different companies who may have differing policies.
- Possibly Offered an Avant Loan
Avant caters to those who do not have perfect credit and their rates reflect this. You may not get the terms you were looking for. See our review here.
What Can a Regions Personal Loan Be Used For?
Regions offers little information about what their approved loan can be used but do cover the same reason for other personal loans. Regions personal loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Regions loans cannot be used for business purposes
- Home Improvement
A Regions personal loan can be used for home repairs or projects. The advantage of using a Regions home improvement loan is the promptness of receiving the funds.
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- Emergencies
Regions emergency loans get you needed cash quickly for unexpected expenses. These could include car repairs, medical bills, or any urgent home repairs. It can also include non-emergency situations like a life event or moving expenses.
- Debt Consolidation
Regions debt consolidation is to take one or more prior unsecured loans and pay them off with the new personal loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.
Regions Reputation
- A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
- J.D Power: We considered J.D. Power’s lending consumers satisfaction study. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. Regions personal loan wasn't rated in the 2020 research.
How to Apply For Regions Personal Loan?
- 1.
Regions uses Avant for their application process. Once you are directed to Avant, you will still see Regions’ logo along with Avant’s. You fill out a basic form to start, which includes creating an account.
- 2.
You will then fill out the information about yourself including your address, date of birth, social security number, housing information, and income information. Regions will then do a hard pull and check your credit.
- 3.
Both Avant and Regions will get a copy of your credit report. If you do not meet Regions’ underwriting standards the application may be passed on to Avant, which has less strict lending standards.
- 4.
If you decide to move forward you will need to answer more verification questions and upload verification information, like identification or pay stubs.
- 5.
You can sign loan documents online. It is often possible for the loan to be closed and money sent to your account before the end of the next day.
Should You Consider Region?
Regions now uses Avant’s technology to streamline their application process but they still underwrite the loan and approve it. Regions is a large bank and has stricter underwriting standards than Avant, even though many of those standards are not published.
Regions is a reputable large bank with a large customer base. While many of Regions’ terms and the areas that they service are unclear, current customers will appreciate the added product. Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 5.20% – 35.99%
| 4.99% – %35.99
| 5.99% – 35.99%
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Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 6-84 months | 3-72 months |
Loan Amount | $600 – $100,000 | $1,000 – $100,000 | $1,000 – $35,000 |
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