Regions is a large regional bank that offers a variety of financial products, including credit cards, mortgages, and personal loans. If you’re looking for a personal loan with a low maximum APR and no origination fee, a Regions personal loan could be a good option. However, this loan isn't available in most states, and non-customers may not be able to apply online.
- Pros & Cons
- Key Takeaways
Same-day funding available
No origination fees or prepayment penalties
Low minimum APR
Only available in 15 states
Has late fees
Non-customers are limited to $35,000
- Regions has three types of personal loans: unsecured, secured installment, and deposit secured loans.
- The maximum APR for a Regions unsecured personal loan is 19.99%.
- With an unsecured personal loan, Regions customers can borrow from $2,000 to $50,000; non-customers can borrow up to $35,000.
- Regions deposit secured loans require that customers use an eligible Regions account as collateral, and loan amounts range from $250 to the total balance in the account used as collateral.
- With a secured installment loan, eligible applicants can borrow from $5,000 to $300,000 (for RV purchases).
- APR Range 4.74% to 16.49% (with autopay discount)
- Loan Amounts $2,000 to $50,000 (for an unsecured loan)
- Loan Terms 1-5 years
- Recommended Minimum Credit Score Not disclosed
- Average Origination Fee Not applicable
- Late Fee $100 or 5% of the unpaid loan amount (whichever is less)
- 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 or prepayment penalties: Regions doesn’t charge an origination fee for processing your loan. Plus, you can pay your loan off early without being penalized.
- Low minimum APR: Regions customers with excellent credit and a lengthy credit history may qualify for an APR as low as 4.99%, with an auto-pay deduction. This is a relatively low rate compared to what other lenders offer.
- Not available in most states: Regions only offers personal loans to residents of 15 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
- Late fees: If you make a late payment, Regions will charge you $100 or 5% of the unpaid loan amount, whichever is less.
- Lower maximum cap for non-customers: For existing customers, Regions offers a maximum loan amount is $50,000. However, for non-customers, Regions only offers a maximum loan amount of $35,000. This could be an issue if you’re a non-customer who wants to borrow more than $35,000.
Regions is a large regional financial institution that offers a variety of financial products, such as mortgages, credit cards, and several types of personal loans. In addition to its unsecured personal loans, it also offers deposit secured loans and loans secured by boats, motorcycles, recreational vehicles, and more.
To qualify for a Regions personal loan, you must be at least 18 years old (or 19 if you’re an unmarried Alabama resident) and have a bank or credit union account. APRs for Regions unsecured personal loans range from 4.99% to 19.99%, loan amounts range from $2,000 to $50,000, and repayment terms range from one to five years.
A Regions personal loan may be a good option for existing Regions customers who want to pay for home improvements or refinance high-interest debt.
If you have high-interest debt, consolidating it with a low-interest personal loan could help you save money over the long term.
Regions was founded in 1852 and is headquartered in Birmingham, Alabama. The bank went through a period of rapid expansion from the 1970s to the 1990s, and today, it operates in 15 states and has 1,900 ATM locations across the South and Midwest. Regions offers a wide range of financial products, including mortgages, credit cards, small business loans, and personal loans.
Types of Personal Loans Offered by Regions
Regions offers three types of fixed-rate personal loans to borrowers who reside in one of the 15 states it services:
- Deposit secured
Its unsecured personal loans can be used for almost any purpose, including home improvements, covering emergency expenses, and debt consolidation.
In addition to unsecured loans, Regions offers secured loans and deposit secured loans. Borrowers can use its secured loans to purchase travel trailers, RVs, motorcycles, farm equipment, and boats, which are then used as collateral. Its deposit secured loans can be used for almost any purpose, but they require a Regions savings account, certificate of deposit (CD), or money market account as collateral.
Although Regions doesn’t disclose specific qualification requirements for its personal loans, it will likely consider credit score, credit history, debt-to-income (DTI) ratio, and income during the loan decision process. If you’re a Regions customer, you can pre-qualify online to get an idea of what your rates and terms might be before submitting a formal loan application.
Time to Receive Funds
Once you’re approved for a loan, Regions could deposit your funds into your account as soon as the same business day. But in general, funds are available as soon as the next business day.
Regions Personal Loan Features
Wide Range of Loan Amounts Offered
Although its unsecured personal loan range amounts range from $2,000 to $50,000, Regions offers different loan amounts for its deposit secured and secured personal loans. The minimum loan amount for Regions deposit secured personal loans is $250, and applicants can borrow up to the total amount in the account used as collateral. The minimum loan amount for Regions’ secured personal loans is $5,000, and the maximum is $300,000 if you’re purchasing an RV.
Auto-Pay Rate Deduction
Regions offers rate discounts for borrowers who choose to have their loan payments automatically debited from their Regions checking account. The discount varies based on your relationship with Regions and ranges from 0.25% to 0.50%. To qualify for a rate discount, you must borrow at least $5,000.
If you’re a Regions customer or you’ve received a Regions direct mail offer, you can pre-qualify for a loan and view your estimated rates and terms without impacting your credit score. A major benefit of pre-qualifying is that it can help you compare loan options and find the best deal before undergoing a hard credit check.
Apply for a Regions Personal Loan
For those thinking about applying for a Regions personal loan, the first step is deciding which type of loan you want—unsecured, secured, or deposit secured.
Regions allows qualifying borrowers to apply for its unsecured loans online. To be eligible, you’ll need to be a Regions customer or have a Regions direct mail offer. If you don’t meet those requirements or you want a secured or deposit secured personal loan, you’ll need to apply in person at a Regions bank branch 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’ll also have to 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 should be deposited into your account within one business day.
Can You Refinance a Personal Loan with Regions?
Regions doesn’t offer personal loan refinancing at this time.
The Regions personal loan support team is available by phone Monday through Friday from 9 a.m. CST to 5:30 p.m. CST and Saturday from 8:00 a.m. to 12:00 p.m. CST. You can reach a representative by dialing 1-855-752-7015.
Regions also provides email support. You can reach its support team by emailing email@example.com.
Customer reviews for Regions are mixed, and it has an average of 2.8 out of 5 stars across 155 Trustpilot reviews.
Negative reviews mentioned problems with the Regions customer service team—either difficulty reaching them or poor experiences with certain representatives. Positive reviews praised the online loan application process, and some mentioned good experiences with customer service.
Regions offers an online dashboard to help borrowers manage their loan accounts. When you log into your Regions account, you can view your loan balance and make payments. Borrowers can choose to make loan payments via autopay or check.
How Regions Compares to Other Personal Loan Companies
Regions offers personal loans with flexible repayment terms and loan amounts, and competitive APRs. However, a significant disadvantage of Regions personal loans is that they are only available in 15 states.
TD Bank, a large regional bank that’s comparable to Regions, also offers personal loans. Like Regions, its unsecured loan amounts range from $2,000 to $50,000, and it does not charge origination fees. However, there are some key differences:
- TD Bank has less flexible loan repayment terms than Regions; its loan terms range from three to five years.
- Regions’ lowest advertised APR of 4.74% is lower than TD Bank’s. TD Bank’s lowest APR is 6.99%.
Read our comprehensive TD Bank review.
|APR Range||4.74% to 16.49% (with autopay discount)||6.99% to 19.99%|
|Loan Amounts||$2,000 to $50,000||$2,000 to $50,000|
|Loan Terms||1-5 years||3-5 years|
|Minimum Recommended Credit Score||Not disclosed||Not disclosed|
|Average Origination Fee||0%||0%|
|Late Fee||$100 or 5% of the payment amount (whichever is less)||$10 or 5% of the payment amount (whichever is greater)|
Regions offers multiple types of personal loans, including unsecured loans, secured loans, and deposit secured loans to eligible borrowers in 15 states. Its unsecured personal loan comes with minimal fees, flexible repayment terms, and a competitive APR range. If you live in a state where Regions operates, its personal loans are worth considering. However, if that’s not the case, you’ll have to explore other lending options.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts, and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.
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Regions. "When Will My Loan Proceeds Be Deposited into My Regions Checking Account?" Accessed Dec. 15, 2021.
Regions. "Compare Personal Loans Secured vs. Unsecured Loans." Accessed Dec. 15, 2021.
Trustpilot. "Regions Bank Reviews." Accessed Dec. 15, 2021.
TD Bank. "Personal Loans." Accessed Dec. 15, 2021.