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.
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.
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:
Whether you’re a homeowner or renter
Loan amount and term
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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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.
8 Important Disclosures for Avant.
* 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
** 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 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|