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 5.99%.

  • 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?

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

RATES (APR)loan amount
5.99% – 17.88%1 $5,000 to $100,000
5.69% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% 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.
  2. 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.
  3. 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.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. 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 Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 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.
4 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 5.99% 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 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** 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.

Published in Loans, Personal Finance, Review

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