Review: Everything You Need to Know About Regions Bank Personal Loans

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You might have already read our review on Avant personal loans and taken an interest in the company’s products. But the online lending platform recently partnered with one of the largest providers of consumer and commercial banking products to offer a powerhouse of personal loan offerings.

Yes, Avant and Regions Bank now work together to offer unsecured personal loans. However, Regions Bank also offers secured loans.

With a Regions Bank personal loan, you can apply in minutes and have the money in your account the same day. That cash can be used to consolidate high-interest credit card debt, cover emergency expenses, or make necessary home improvements.

These two major financial companies joined forces to attempt to create the perfect unsecured personal loan product. Here’s a full review of Regions Bank personal loans.

Regions Bank personal loans

With Regions Bank, you’re able to apply for a personal loan and get your cash at lightning speed. But, you should consider some pros and cons first.

Pros of Regions Bank personal loans

Yes, getting approved for a loan quickly when you need it most is a huge positive. Here are some more benefits:

  • There are three loan types: You can choose between a secured installment loan, deposit secured loan, and an unsecured loan. The lender offers a quizlike tool to help you determine which is best for your situation.

  • Same day funding: Depending on which loan type you choose, you could borrow from $250 to $300,000 and have your funds deposited into your account within the same day.

  • Fixed interest rates: No matter your loan type, amount, or terms, you’ll have a fixed interest rate. A fixed rate means your monthly dues will be predictable throughout repayment.

  • Debt consolidation: Regions Bank highlights debt consolidation as one use of its unsecured personal loans. Its personal loan APRs range from 7.50% to 18.83%, as of May 2, 2018. Check the lender’s website for the latest rates. Then, compare those rates to the average credit card APR in November 2017, which was 16.15%, according to CreditCards.com.

  • You can get rewards: If you have both a Regions Bank checking account and personal loan, you could earn rewards points that can be redeemed for travel, cash, merchandise, and more.

  • Browsing won’t affect your credit score: Regions Bank lets you check your personal loan interest rates with a soft credit check. A soft credit inquiry means your credit score won’t be affected as you browse rates.

  • Access to customer service: Since the bank is so large, you can get answers to all your personal loan questions. Speak with a representative in person at a branch, online, over the phone, or via the company’s social media.

Cons of Regions Bank personal loans

The pros are definitely enticing, but you should know the downsides as well:

  • You could face higher interest rates: While you could get a low interest rate compared to your current credit card APR, other personal loan companies have lower rates. SoFi, for example, has APRs starting at 6.99%.

  • Fees aren’t clear: The Regions Bank website doesn’t clearly list out fees, such as an origination, prepayment, or late payment fee.

  • Eligibility terms aren’t clear: As with its fee structure, Regions Bank doesn’t make its eligibility requirements clear before you start the application process. So, it’s hard to tell how your credit score and other financial factors will affect your loan terms and eligibility.

Regions Bank personal loan products

You can choose between three types of Regions Bank personal loans: a secured installment loan, a deposit secured loan, and an unsecured loan.

It’s important to note that with a secured installment loan, you’ll guarantee the loan with collateral. Similarly, with a deposit secured loan, you’ll use a Regions Bank savings account, CD, or money market account to secure the loan.

Each loan type can be used for different purposes. Here are some ways you could use a Regions Bank loan:

  • Purchase a recreational item: You can use a secured installment loan to buy an RV, a camper or motorcycle, or even a boat.

  • Make home improvements and repairs: Regions Bank suggests that you could use the cash from either a secured or unsecured installment loan to pay for a new kitchen, upgrade appliances, or make a home repair. By making these updates, you could add value to your home.

  • Repay family or friends: If you owe money to someone close to you, you can use a personal loan to repay them.

  • Pay for wedding costs: Regions Bank says you can use its personal loans to pay for any major purchase. That includes your wedding. Use the money to pay for vendors, venues, and even your bridal gown.

  • Cover emergency expenses: Whether you get sick or have car troubles, you can use the cash from a Regions Bank personal loan to pay for any unforeseen expenses.

  • Consolidate debt: Get a personal loan with a lower interest rate than on your current debt. Then, use your personal loan to pay off your debt. Doing so could help you repay your debt faster and for less money.

These are just some of the ways you could use a Regions Bank personal loan. But you have many options to consider when spending loan funds.

However, if you need to take out a loan to cover college costs, you should use a lender that specializes in private student loans.

Using the Regions Bank online system

Depending on the type of loan you’re looking to take out, the application process will vary.

With a secured installment loan and deposit secured loan, you need to input your location and select a local branch before you can continue in the online application process. From there, you’ll input whether you’re a current or new customer and U.S. citizen.

As you continue through the process of getting a secured loan, you’ll be asked to input your personal and financial information, choose your loan, verify your information, read the terms, and submit your application.

With an unsecured personal loan, you’ll be redirected to Avant’s website to go through the online application process.

For your unsecured loan, you’ll have to input information such as your name, address, living situation, and income, among other things. You’ll also be asked to choose a password to create an account.

Regions Bank loan application

Image credit: Avant

Using that information, Regions Bank and Avant will present you with preapproved rates for an unsecured personal loan. You’ll also be presented with various repayment terms and monthly payments.

Lastly, you’ll select a loan, agree to the terms, and provide your bank information.

You might be asked to provide documents to verify information before you receive your loan funds. These documents could include your driver’s license.

Regions Bank personal loan interest rates and fees

Ultimately, your credit score, collateral (if it’s a secured loan), and other financial factors will determine your APR, fees, and repayment terms. Your APR will range from 7.50% to 18.83%.

Unfortunately, the lender’s fees aren’t clearly shown. If you speak with Regions Bank, ask whether it charges an origination fee or a late fee. And before signing a loan agreement, thoroughly review your terms.

Regions Bank personal loan eligibility requirements

Regions Bank takes several factors into consideration when determining your eligibility for a personal loan. But, as with its fees, requirements aren’t readily available on the website. Typically, lenders look at a few financial details, including:

  • FICO score

  • Income

  • Debt-to-income ratio

  • Whether you’re a homeowner or renter

  • Loan amount and term

  • Collateral

Regions Bank customer service

In addition to visiting a local branch, you can reach a customer service agent via its online messaging platform. You could also call the lender at 800-734-4667 or visit the company’s Facebook or Twitter.

Note: Student Loan Hero has independently collected the above information related to these personal loans. Regions Bank has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.