Founded in 1852 and headquartered in Birmingham, Alabama, Regions is a large brick-and-mortar bank with branches throughout the South, Midwest, Texas, and Utah.
It offers several financial products, including secured and unsecured personal loans, credit cards, and mortgages. Here’s what you need to know about Regions and its personal loans.
Regions At-a-Glance
Fees: No origination fees but processing fees and late payment fees
Loan amounts: Unsecured personal loans range from $2,000 to $50,000, secured deposit loans of $250, and secured installment loans cap out at $300,000
Funding Time: Potential same day funding for Regions customers
Application Process: Online, in-person at a Regions branch or via phone
Compare to Other Personal Loans
Even if Regions seems like a good fit, it’s a good idea to explore other options so you can choose the ideal personal loan for your unique situation. Here are three lenders you may want to consider.
Wells Fargo
If you’re a current Wells Fargo customer, you may benefit from a Wells Fargo personal loan. This is particularly true if you need to borrow a large amount of money as its loans go up to $100,000, which is much higher than Regions’ unsecured loans that max out at $50,000. You can use a Wells Fargo personal loan for medical bills, home repairs, debt consolidation, or any other significant expense.
Best Egg
A Best Egg personal loan might make sense if you’d like to consolidate debt as it offers direct payments to creditors. If you have fair to excellent credit and earn at least $100,000 in annual income, you may be able to lock in a lower interest rate than you would with Regions. Also, you can get preapproved without any impact to your credit.
LendingClub
While LendingClub’s loans only go up to $40,000 instead of $50,000 like Regions loans, you can get approved even if your credit isn’t in the best shape. You may apply with a co-borrower to increase your chances of approval and potentially land a lower interest rate. LendingClub also offers fast funding within 48 hours after you get approved.
Which Lenders Have the Best Personal Loans?
Finding the best personal loan to meet your needs is as simple as using our search tool. Compare personal loans and find the best rates being offered right now.
Who Is a Regions Personal Loan For?
You might want to move forward with a Regions personal loan if any of the following apply to you:
- You’re a current Regions customer and can qualify for a discount.
- You want a large unsecured personal loan of up to $50,000 or a secured personal loan of up to $300,000.
- You’re looking for same day funding.
If you’re not a Regions customer or are only looking to borrow a small amount of money, you might be better off with a loan from a different lender.
Top Features of the Regions Personal Loan
Here are several features to keep in mind as you explore a Regions personal loan.
Auto-Pay Rate Deduction
If you opt to have your loan payments automatically debited from your Regions checking account, you may qualify for a rate discount. While the discount depends on your relationship with the bank, it ranges from 0.25% to 0.50%. Regions also require that you borrow a minimum of $5,000.
Pre-Qualification Option
You can prequalify for a Regions personal loan if you’re a Regions customer or received a direct mail offer. This will tell you your estimated loan rates and terms without any impact to your credit score. If you prequalify, you can compare all your loan options and determine the ideal loan for your particular needs.
Various Loan Types Available
Regions offers a few types of loans. Its unsecured loans range from $2,000 to $50,000 and deposit secured personal loans come with a minimum borrowing amount of $250 and a maximum of the value of your collateral. Its secured personal loans are between $5,000 and $300,000 if you’re purchasing an RV.
Fast Funding
You may be able to enjoy fast funding if you have a Regions bank account. Depending on when you apply, you can receive the funds in your account that same day or the next business day. This is great news if you need the money right away and can’t wait days or weeks for it.
In-Person Branch Visit May Be Required
Regions allows you to apply for an unsecured personal loan online, from the comfort of your own home or office. But if you opt for a secured personal loan, you’ll need to finalize your loan in-person at a local branch.
How to Get Started
You may start a Regions personal loan application online, over the phone, or in-person at a Regions branch.
Get Prequalified and Decide on Your Loan Amount
If you’re interested in an unsecured personal loan, you’ll need to fill out a prequalification form that asks for basic personal and financial information, such as your name, address, income, rent or mortgage payment, and Social Security number. You’ll also be asked for your desired loan amount and intended loan purpose.
Provide the Required Documents and Get Your Credit Checked
In addition, you may be required to upload documents, like your driver’s license or passport to show your identity. This won’t impact your credit but if you choose to complete an official application, Regions will perform a hard inquiry, which may temporarily bring down your score.
Qualify, Get Approved, and Receive Your Funding
If you meet its underwriting criteria, Regions will send you a loan offer. From there, it’s up to you to review the terms carefully and sign the agreement. Upon approval, you should receive your funds that same day or the very next business day.
Rating the Features
Let’s dive deeper into the various features of a Regions personal loan.
User Experience
The Regions website is intuitive and makes it easy to apply for a personal loan. Once you receive a Regions loan, you may manage your account and make payments through an online dashboard.
Fees
Unlike most personal loan lenders, Regions doesn’t charge an origination fee. However, you may be on the hook for a processing fee if you choose a secured personal loan or close your loan at a branch. In addition to a potential processing fee, Regions charges a late payment fee that’s 5% of the past-due amount or $100, whichever is less.
Rates
When it comes to interest rates, Regions is competitive, as long as you have excellent credit and a lengthy credit history. You can also lock in a rate discount if you enroll in autopay or are a current Regions customer. If you don’t have the best credit, you may be able to secure a lower interest rate with a different lender.
Variety
Regions offers traditional unsecured personal loans that don’t require collateral and come with fixed terms as well as predictable monthly payments. You may back its deposit secured loans with collateral from a certificate of deposit (CD), savings account, or money market account. Regions also offers secured installment loans for vehicles, like boats, motorcycles, and trailers.
Customer Support
If you come across questions or need assistance, you can reach out to the personal loan support team via phone at 1-888-462-7627 any time Monday through Friday from 6 a.m. CST to 7 p.m. CST and Saturday from 8:00 a.m. to 2:00 p.m. CST. Email support is also available at support@personalloan.regions.com. Additionally, Regions offers a robust FAQ page with a dedicated section on personal loans.
Access
Regions personal loans are only available in 16 states including Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Utah. Also, you must be a Regions customer or have a Regions direct mail offer to complete an unsecured application online.
Pros and Cons of the Regions Personal Loan
It’s important to weigh these benefits and drawbacks before you commit to a Regions personal loan.
Pros of a Regions Personal Loan
- Large Borrowing Amounts: You may get approved for up to $50,000 or even $300,000 depending on your credit, finances, intended loan purpose, and the type of loan you apply for.
- Potentially Fast Funding: if you have a Regions bank account, you may receive your loan funds the same day you get approved or the next business day.
- Rate Discount: If you’re a Regions customer and borrow $5,000 or more on a secured loan or sign up for automatic payments, you may score a rate discount between 0.25% to 0.50%.
Cons of a Regions Personal Loan
- In-Branch Visit May Be Required: If you decide on a secured loan from Regions, you can start the application process online but will need to visit a local branch to close.
- Fees: You might have to pay a processing fee or late payment fee of $100 or 5% of the unpaid loan amount, whichever is less.
- Lower Amount for Noncustomers: Unsecured loans cap out at $35,000 if you’re not already a Regions customer.
Bottom Line
If you’re a current Regions customer and need to borrow a significant sum of money, a Regions personal loan should be on your radar.
You may lock in an interest rate discount and receive your funds very quickly. In addition, you can enjoy a low rate if you have good to excellent credit.
However, if you don’t bank with Regions or live in one of the 16 states it serves, you’ll need to find an alternative lender.
Frequently Asked Questions (FAQs)
Regions allows you to borrow up to $50,000 with an unsecured loan, if you’re a Regions customer or up to $300,000 if you purchase a qualifying vehicle.
If you choose a Regions unsecured loan, you won’t need collateral. But a deposit secured loan or secured installment loan will require it.
Upon approval, you can receive your funds that same business day or the next business day. Note funding time may take longer if you apply on a weekend or holiday.
You may apply for a Regions unsecured personal loan via an online application form. However, you’ll need to complete the process in-person at a local branch if you go with a secured loan.
