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If you’re looking for a personal loan with competitive rates and no origination fees, a Regions personal loan could be a good option. However, you can only apply for a loan if you're an existing customer and have had a Regions account for at least six months. Otherwise, Regions will direct you to its partner, Avant, which has a higher APR and charges an administration fee.
- Pros & Cons
- Key Takeaways
- Company Overview
Same-day funding available
No origination fees
Interest rate discounts available
Must be an existing Regions customer
Limited term options
High maximum APR
- Regions Bank operates branches in 16 states.?
- It offers unsecured and secured personal loans.?
- Existing Regions customers can borrow between $2,000 and $50,000.
- Regions charges a late fee of 5% of the late payment amount or $100, whichever is less.?
Founded in 1852, Regions Financial Corporation is a large regional financial institution offering various financial products, including retail and commercial banking, mortgage banking, and wealth management. However, loans make up 71% of Regions’ interest-earning assets.
The corporation’s banking is done via Regions Bank, an Alabama state-chartered commercial bank and Federal Reserve System member. It primarily operates in the South, Midwest, and Texas, with over 1,200 branches spread across 16 states.?
Today, Regions Bank offers mortgages, credit cards, and several types of personal loans. In addition to unsecured personal loans, it offers loan options secured by your deposit account balance or a vehicle.
- Same-day funding available: Depending on when your loan is approved, Regions may deposit funds into your account as soon as the same day.
- No origination fees: Regions doesn’t charge an origination fee for processing your loan.?
- Interest rate discounts available: For loans of $5,000 or more, enroll in automatic payments from your Regions account, and Regions discounts your interest rate. The discount amount is based on your account balances and relationship with Regions, ranging from 0.25% to 0.50%.
- Must be an existing Regions customer: Regions' unsecured loans are only available to existing Regions customers with a bank deposit account open for at least six months. Non-customers must apply for a secured loan.?
- Limited term options: While other companies offer repayment terms ranging from 12 to 84 months, Regions is more limited. Regions customers must choose a term between 36 and 60 months, resulting in less repayment flexibility.?
- High maximum APR: Although the lowest possible Regions personal loan APR is better than the industry average, not everyone will qualify for that rate. The highest APR possible is nearly 30%, so those with less-than-perfect credit could end up with a high APR.
Types of Personal Loans Offered by Regions
Regions offers three types of fixed-rate personal loans to customers who reside in one of the 16 states it services:
- Installment loans: These unsecured personal loans aren’t tied to collateral and can be used for almost any purpose, including home improvements, emergency expenses, and debt consolidation.
- Secured loans: Borrowers can use a secured loan (which uses existing property as collateral) to purchase travel trailers, RVs, motorcycles, farm equipment, and boats, which serve as collateral. The loan ceiling is $300,000.
- Deposit-secured loans: A deposit-secured loan uses your existing Regions certificate of deposit (CD), savings account, or money market account as collateral. The maximum loan amount equals your deposit account balance, and the interest rate is typically lower.
Time to Receive Funds
Once you’re approved for a loan, Regions could deposit your funds into your Regions deposit account as soon as the same business day.
Regions only allows existing customers of six months or more to apply for unsecured loans online. If you’re not an existing customer, you’ll need to apply for a deposit-secured loan by phone or in person or deposit funds into a Regions account to apply online.
Although Regions doesn’t disclose additional personal loan requirements, the lender likely considers your credit score, credit history, debt-to-income (DTI) ratio, and income. If you’re a Regions customer, pre-qualify online to get an idea of your rates and terms before submitting a formal loan application.
If you don’t qualify, Regions will direct you to Avant, its partner lender. Avant’s terms may not be as beneficial to you, with APRs of up to 36% and an administration fee of up to 4.75%.
Regions Personal Loan Features
If you borrow $5,000 or more through Regions and sign up for autopay from a Regions bank account when you submit your application, Regions will give you an interest rate discount. Depending on your relationship with Regions, the discount ranges from 0.25% to 0.50%.?
Co-Signers and Co-Applicants
Regions does permit co-signers or co-applicants on its unsecured personal loans.?
Can You Refinance a Personal Loan With Regions?
Regions allows customers to refinance existing personal loans.?
You can contact customer support by visiting a local branch in person or by phone.?
|Telephone||888-462-7627?||Weekdays, 6 a.m. to 7 p.m. CT
Saturday, 8 a.m. to 2 p.m. CT
|X (formerly Twitter)||@RegionsBank||Weekdays, 8 a.m. to 5 p.m. CT
Saturday, 8 a.m. to 12 p.m. CT?
On TrustPilot, Regions scored 1.6 out of 5 based on over 200 reviews. However, most of the reviews on TrustPilot concerned other Regions products, such as debit cards, mortgages, or checking accounts, so the low score may not be indicative of a typical customer experience with personal loans.
Regions Financial Corporation also has 7,095 complaints out of 4.2 million total complaints in the Consumer Financial Protection Bureau Complaint Database. Of these, 176 personal loans or line of credit complaints were lodged. The most common concerns involved problems making payments and unexpected fees and charges.??
In 2022, the Consumer Financial Protection Bureau (CFPB) ordered Regions Bank to pay $191 million for illegal surprise account overdraft fees. The CFPB ordered Regions to refund $141 million to customers affected by those fees and pay a $50 million penalty.
How to Apply For a Regions Personal Loan
For those considering applying for a Regions personal loan, the first step is deciding which type of loan you want and qualify for—unsecured, secured, or line of credit. However, only current Regions account holders can qualify for unsecured loans or lines of credit.
If you’re not a current Regions customer, you’ll need to first become a customer and wait six months to apply, or settle for a secured loan and apply in person or by phone.
For those who are eligible, here are the steps to apply for an unsecured personal loan online:
- Pre-qualify: Click the “Check Your Rates” button on the Regions website to start the pre-qualification process.
- Complete pre-approval application: Afterward, you’ll input your personal and financial information, such as your Social Security number (SSN), address, income, and loan amount. You must also enter a username and password to open an online account. Before submitting your application, check the consent box to allow Regions to perform a soft credit inquiry, which has no impact on your credit score.
- Review and accept loan offer: Regions will send you a loan offer if you meet its underwriting requirements. Review the terms carefully before signing your loan agreement.
- Receive your loan funds: Once you’ve accepted the loan offer, your funds will be deposited into your Regions account as soon as the same day.
Regions' unsecured loan maximum is $50,000. If you need a larger loan amount, a select number of lenders issue $100,000 personal loans.
Other Banking Services and Loans Offered by Regions
Regions is a full-service bank and offers a variety of banking products and financial services, including:?
- Auto loans
- Checking accounts
- Credit cards
- Home equity loans
- Savings accounts
- Small business loans and lines of credit
- Student loans
- Wealth management services
Compare Regions With Other Personal Loan Lenders
|Loan Terms||36–60 months||6–60 months||24–84 months|
|Recommended Minimum Credit Score||Not Disclosed||Not disclosed||Not disclosed|
|Time to Receive Funds||Same day||1 day||Same day|
The Bottom Line
Regions offers multiple types of personal loans, including unsecured, secured, and deposit-secured loans, to existing customers in 16 states. Its unsecured personal loans are available without origination fees, and some customers will qualify for valuable interest rate discounts. However, you must be an existing customer to qualify, so it may be wise to explore other lending options.
What Are the Requirements to Apply For a Regions Personal Loan?
Although Regions doesn't disclose its credit score or income requirements, you must be an existing Regions customer to qualify for an unsecured personal loan. You must have a qualifying deposit account—a CD, money market, checking, or savings account—open for at least six months before applying.
How Much Can I Borrow With a Regions Personal Loan?
Regions allows customers to borrow between $2,000 and $50,000.?
Do Regions Personal Loans Require Collateral?
Regions offers both unsecured and secured personal loans. With its unsecured loan, you can borrow up to $50,000 without collateral.
How Long Does It Take to Receive Funds With a Regions Personal Loan?
Once approved, you could receive the loan funds as soon as the same day.?
Is Regions Trustworthy?
Although the CFPB recently ordered Regions to refund fees to its customers, Regions is generally a well-respected bank. It's a publicly traded company, so it's subject to the rigorous regulatory requirements instituted by the U.S. Securities and Exchange Commission, and its deposit accounts are backed by Federal Deposit Insurance Corporation coverage.
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRS, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.