Personal Loans » Personal Loan Lender Reviews » Regions Personal Loan: 2024 Review
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Regions Personal Loan: 2024 Review

Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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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-bank-vector-logo

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. 

regions-bank-vector-logo

APR

5.74% - 20.99%

Loan Amount

$2,000 -$35,000

Term

24 - 60 months

Min score

Good

Our Verdict

Regions Bank offers personal loans to help customers meet various financial needs. These loans come in three types: unsecured loans, secured loans, and deposit-secured loans. Unsecured loans are available for amounts ranging from $2,000 to $50,000 and can be used for purposes like home improvements or debt consolidation. Secured loans require collateral, such as vehicles or property, while deposit-secured loans use existing deposit accounts like CDs or savings accounts as collateral.

One of the benefits of Regions Bank's personal loans is the potential for same-day funding, allowing customers to access funds quickly. Additionally, there are no origination fees, and borrowers may qualify for interest rate discounts by enrolling in automatic payments.

However, there are some requirements to consider. To apply for an unsecured loan, you must be an existing Regions Bank customer with at least six months of account history. The loan terms, rates, and fees may vary based on factors like creditworthiness and the type of loan chosen.

Meeting Regions Personal Loan Requirements

To apply for a Regions Personal Loan, you need to meet certain criteria:

  • Credit Score Requirements: While Regions Bank does not specify a minimum credit score requirement, borrowers with higher credit scores typically qualify for better loan terms and rates.
  • Income Requirements: Regions Bank does not disclose specific income requirements, but applicants are generally expected to have a stable source of income to repay the loan.
  • Co-signers and Co-applicants: Regions Bank allows co-signers or co-applicants on unsecured personal loans, which can help applicants with lower credit scores or income levels qualify for the loan.
  • Existing Regions Bank Account: To apply for an unsecured loan online, applicants must be existing Regions Bank customers with a bank deposit account open for at least six months.
  • Personal Information: Applicants will need to provide personal information such as their name, address, Social Security number, and contact details.
  • Financial Information: Applicants will be required to provide financial information, including income, employment details, and information about existing debts.
  • Collateral Documentation (for secured loans): If applying for a secured loan, applicants will need to provide documentation related to the collateral being used, such as vehicle or property information.

Regions Personal Loan Pros & Cons

Like all lenders, Regions has its own set of advantages and drawbacks that potential borrowers should consider:

Pros
Cons
Quick Turnaround Times
Possible Late Fees
No Prepayment Penalty
Existing Customer Requirement
Relationship Points
Limited Transparency
Co-signers Allowed
No Origination Fees
Interest Rate Discounts
Rate Quotes Available

With Regions using Avian, you should expect a quicker turnaround process than with other large banks.

The borrower can pay off their loan early without any fees.

Regions has reward points for their customers. You can earn points with personal loans but you need to already be a Regions banking customer.

Borrowers can benefit from Regions Bank's policy of not charging origination fees, saving money on loan processing costs.

Regions Bank permits co-signers or co-applicants on unsecured personal loans, increasing the likelihood of approval for applicants with lower credit scores.

Applicants can check their loan rates without affecting their credit score, allowing for informed decision-making.

Enrolling in automatic payments from a Regions Bank account can lead to interest rate discounts, potentially reducing the overall cost of borrowing.

Missing loan payments may result in late fees and negatively impact the borrower's credit score, potentially leading to additional financial consequences.

Unsecured loans are only available to existing Regions Bank customers with at least six months of account history, limiting access for new customers.

Regions Bank does not disclose specific income or credit score requirements, making it challenging for applicants to gauge their eligibility.

Regions Customer Experience

Customer reviews for Regions Bank personal loans are mixed.

While some customers appreciate the convenience of same-day funding and the option for interest rate discounts, others express dissatisfaction with the existing customer requirement and limited transparency regarding income and credit score requirements.

Additionally, there are concerns about high maximum APRs and potential late fees.

Citi
iOS App Score
4.9
Android App Score
4.7
BBB Rating
F
Contact Options
phone/chat
Availability
24/7

Customers can reach Regions Bank customer service through various channels. They can visit a local branch in person during operating hours or contact the bank via telephone.

Regions Bank provides a toll-free customer service phone number (888-462-7627) for inquiries and assistance. Additionally, customers can reach out to Regions Bank through social media platforms such as Twitter (@RegionsBank) for support during specified hours.

Additional Insights to Keep in Mind

Before applying for a personal loan with Regions, it's important to understand additional factors that could impact your borrowing experience:

The funding time for Regions Bank personal loans can be relatively quick, with the possibility of receiving funds into your account on the same business day, depending on the time of approval.

A personal loan from Regions Bank can be used for a variety of purposes, offering borrowers flexibility in managing their finances. Common uses include home improvements, debt consolidation, emergency expenses, education costs, medical bills, and even vacations.

These loans provide borrowers with the freedom to address various financial needs without specific restrictions on how the funds are utilized.

Is Regions Loan Right for You?

A Regions Bank personal loan can be a suitable financial solution for various individuals facing different financial circumstances. Here are some options for who should consider applying:

  • Individuals in need of quick funding: Regions Bank offers same-day funding options, making it ideal for those requiring immediate access to funds for emergency expenses or time-sensitive projects.
  • Those with good credit history: Borrowers with strong credit scores may qualify for competitive interest rates and favorable loan terms, making a Regions Bank personal loan an attractive option for consolidating debt or funding major expenses.

How to Apply For Regions Personal Loan?

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.

Regions Personal Loan

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.

 Regions Personal Loan

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.

Regions Personal Loan

If you decide to move forward you will need to answer more verification questions and upload verification information, like identification or pay stubs.

 Regions Personal Loan

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.

Regions Personal Loan

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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.
7.49% – 35.99%
4.99% – %35.99
5.99% – 35.99%
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 – $200,000
$1,000 – $100,000
$1,000 – $35,000

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.