What You Need to Know
Regions offers competitive interest rates for their unsecured personal loans. Their rates are competitive with other online lending companies. Regions' highest interest rate is lower than some online lending companies. The interest rate you receive depends on your application and qualifications.
When you apply for a personal loan with Regions, you may be able to choose your repayment option. Regions allows you to choose between the options they approve you for. The longer-term lengths have lower monthly payments. You will pay more interest over the life of the longer-term lengths.
Regions does not offer lending options in all states. If you do not live in one of these states, you cannot apply for a loan with Regions. They currently operate business in the following states:
- Alabama
- Arkansas
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kentucky
- Louisiana
- Mississippi
- Missouri
- North Carolina
- South Carolina
- Tennessee
- Texas
Regions' personal unsecured loans have a loan processing fee. All unsecured personal loans have a processing fee of $150 per loan. They also have a late fee of five percent of the amount due or $100, whichever is less.
Qualifications to Apply for Regions Loans
- Annual Income: DOSCC
- Job History: Verifiable
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: No set amount of time
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Regions Loans
- Business Loans Offered: Yes
- Cosigner Loans Offered: Yes
- Joint Loans Offered: Yes
- APR Range: 3.5-16.49%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, branch, check, online
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $2,000
- Largest Loan: $35,00 online, $50,000 in branch or over phone
- Loan Term Lengths: 12-60 months
History and Achievements
Regions started in 1971, as First Alabama Bancshares. Three historic banks in Alabama joined to create First Alabama Bancshares. In 1986, First Alabama Bancshares started operating in Florida, Georgia, Tennessee, and Arkansas. In 1994, the name changed to Regions Financial Corporation. The bank became Regions Bank.
Over the years, Regions has acquired different banks across the southeast. Today they are an accredited business of the Better Business Bureau. They have $129 billion in total assets. They have over 1,400 banking offices with over 1,900 ATMs. Headquarters are in Birmingham, Alabama.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. If you live in one of the states where Regions operates, you can apply for an unsecured personal loan online.
What is the lowest my credit score can be?
Regions does not have a minimum required credit score. Anyone is welcome to apply. Approval depends on credit score and history, debt, and income. Other factors may be considered.
What is the smallest loan amount available?
The minimum personal loan from Regions is $2,000.
What is the largest loan amount available?
You can apply for $35,000 online. To apply for loans from $35,001 to $50,000, you must visit a branch location.
What are the loan term lengths?
The personal unsecured loan payments range from 12 to 60-months. You have some choice in the repayment term.
Are the interest rates competitive?
Yes. Regions offers competitive interest rates on their accounts. The highest rate for personal loans is lower than other lending companies. The interest rate you receive depends on your application and qualifications.
Are the interest rates fixed?
Yes. Regions' unsecured personal loans offer fixed interest rates for the life of the loan.
What types of loans are available?
Regions offers personal, student, and auto loans. They offer home equity loans and lines of credit. Credit cards and mortgages are available. You can use personal loans for debt consolidation or home improvements. You can also use the money for medical or emergency expenses.
What information do I need to apply for a loan?
Regions requires your full name, date of birth, address, and whether you own your home. You will need to verify your email, SSN, bank account, and income. Other information concerning employment, credit history, and credit score may be required.
How long does approval take?
Loan approval generally takes 24 to 48 business hours. Approval time varies, depending on your loan application.
How long will it take the money to enter my account after approval?
Funds generally take 24 to 48 business hours to enter your account. Fund transfers may take longer, depending on your application.
If I have been denied a loan before, how long do I have to wait to apply again?
There is not a set amount of time you must wait to reapply for a Regions loan.
What are the payment options to repay my loan?
Make loan payments through automatic withdrawals, checks, at a branch location, or online. There are no fees for making payments with any of these different options.
Can I pay my loan off early?
Prepayment fees may depend on the type of loan you receive. There should not be a repayment fee for personal unsecured loans. Check your disclosure documents to be sure.
Is my information secure?
Regions encrypts your personal information. Their security measures comply with federal laws. Their computers have safeguards. Their buildings and files are secure. Employees are only allowed to access customer's personal information when they need to.
Does this loan company offer a mobile app?
Yes. Regions offers a mobile app for iPhone and Android.
How do I contact customer service?
Customers can reach Regions representatives through phone, email, or by visiting a branch location. You can follow Regions on a variety of social media platforms. Those include Facebook, Flickr, Google Plus, Instagram, LinkedIn, Pinterest, Twitter, and YouTube.
Bank Contact Information
Regions
888-462-7627
