Regions Bank is headquartered in Birmingham, Alabama, with over 1,500 branches across the South and the Midwest United States. In fact, it’s the largest deposit holder in two of those states. It’s a full-service provider of both personal and business banking and loan products, spanning fifteen states.
With both in-person and online offerings, consumers and businesses can get checking and savings accounts, loans, investments, mortgages, and even insurance, with three distinct personal loan options available.
Regions Bank partnered with marketplace lender Avant in 2017, and by doing so, Regions Bank positioned itself as a potential heavy player in the online personal loan market as well. The partnership has resulted in a quick online application process and flexible terms, as well as the ability to check your projected interest rate, get approved and even get your funds all through an online application process.
In this review:
- Applying for a Regions Personal Loan
- Regions Bank Loan Rates, Terms, Fees, and Limits
- Benefits of a Regions Personal Loan
- Downsides of a Regions Personal Loan
Applying for a Regions Personal Loan
With almost any lender, the key to getting approved for a personal loan is a solid credit history. Having good to excellent credit means better terms, lower interest rates, and possibly a higher loan amount. At Regions Bank, you can check your potential rate with a soft credit inquiry that doesn’t affect your overall credit score.
Regions offers a secured installment loan, a deposit secured loan, and an unsecured loan; the three options make Regions personal loans accessible for a wider variety of consumers.
Secured Installment Loan
The secured installment loan is primarily designed for those who wish to purchase or refinance a new or used recreational vehicle, travel trailer, motorhome, boat, tractor, or similar vehicle. To apply for the loan online you’ll need to have documentation proving your annual income, as well as information on any other current debt you’re obligated to pay.
Deposit Secured Loan
With a deposit secured loan, the collateral on your loan is a certificate of deposit, money market, or savings account in your name. You get the cash you need without having to dip into your savings for it. You can get all of the funds in a lump sum upon disbursement, and you can borrow up to the full balance of your collateral account.
This is a general-purpose loan that can be used for anything you like, such as home improvements for debt consolidation. Unsecured personal loans have no collateral; as a result, you’ll need a solid credit rating and past payment history to qualify.
Regions Bank typically prefers to lend to people with excellent credit, which means anything above 800 according to credit bureau Experian. You may be able to get approved with a credit score between 750 to 800, but you can expect to pay higher monthly payments or see your loan amount limited.
Regions Bank Loan Rates, Terms, Fees, and Limits
Each personal loan from Regions Bank has its own set of fees, loan limits, and terms. Depending on your credit score and type of loan, you may find that your product has more flexibility for your situation as well.
Secured Installment Loan
For the secured loan, the minimum loan amount is $5,000, and any loan maximums are dependent on the collateral and repayment terms. Certain types of vehicles have different amounts as well.
The interest rates on a secured installment loan are fixed for the life of the loan and are dependent on your credit rating, the loan amount, and the loan term, as well as the collateral that will secure it. If you have a Regions Bank checking account with auto-debit payments, you may be eligible for a rate discount.
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Deposit Secured Loan
The minimum amount on a deposit secured loan can be as little as $250 and up to the full amount of your collateral account. Qualifying accounts include the Time Deposit CD, Savings Account, or Money Market. This loan has a fixed annual percentage rate based on creditworthiness; your credit rating also dictates the term of the loan.
>> Read More: Compare secured personal loans
Because there is no collateral on this loan, the interest rate may be slightly higher than with the other two options, although it is fixed for the life of the loan. The minimum loan amount is $2,000, with a maximum of $35,000. There are, however, no rate discounts for an auto-debit payment, even if you have a Regions Bank account.
Benefits of a Regions Personal Loan
As a well-established banking institution, Regions Bank provides a solid, trustworthy model to do business with. Consumers will find their website to be user-intuitive and easy to use, and the variety of personal loans available means you will be able to find a loan that meets your specific needs. In the case of the unsecured loan, the loan closing can be done online, which means you don’t have to reside in their branch service area or even be in the same state in order to get the loan.
Regions Bank certainly isn’t the only lender offering personal loans—especially unsecured ones—but their rates are competitive. They don’t post the exact range on their website since the rates are individualized to each loan, but you can expect to pay something similar to what you’ll pay elsewhere.
Downsides of a Regions Personal Loan
Unfortunately, customers of Regions Bank seem to have a different take on the institution’s trustworthiness. In the last year alone, the bank has received 59 one-star ratings from ConsumerAffairs.com, compared to only two five-star ratings. There are over 620 ratings going back as far as 2011, with much the same sentiment.
The main issues that consumers and businesses alike seem to have with Regions Bank involve fees, balance handling, and poor in-person customer service at various bank branches within their service area.
While Regions Bank offers more personal loan options than many other lenders, the fees are both numerous and higher than other lenders. Many institutions offer no-fee loans, but a personal loan at Regions comes with a number of fees, including an origination fee, late fees, and others.
Regions Bank has a wide variety of products and loans for both consumers and businesses alike. Regardless of your situation, chances are good you’ll find a product that meets your needs.
The incredibly low customer service ratings, however, may give you pause. Before doing any business with Regions Bank, make sure to ask about any fees that could be charged, take the time to understand their policies, and research other lenders to make certain you get the best deal for your money.
If you don’t believe a Regions Bank personal loan meets your needs, you can compare the best personal loans rated by LendEDU.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.