Regions Bank personal loans review: Range of loan options

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In a Nutshell

Regions Bank personal loans may be worth considering if you have good credit and need money fast. You can choose from several types of secured and unsecured loans, depending on your needs — but in order to close on a secured loan, you’ll need to live in a state with a Regions Bank branch.

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Pros Cons
Range of personal loan options Loans available in only 15 states
Ability to apply for prequalification with unsecured loan For applicants who don’t have solid credit, it’s probably tough to qualify
Quick application process and funding Maximum unsecured loan amount of $35,000 for online applicants

What you need to know about Regions Bank personal loans

Regions Bank has more than 1,400 branches throughout the South, Midwest and Texas. It offers a wide range of personal banking services, including checking and savings accounts, credit cards and mortgages.

Range of loan options

Regions Bank offers three types of fixed-rate personal loans.

  • Secured installment loan: Regions asks for collateral — like your car, boat or motorcycle — to secure this loan, which is meant to finance recreational vehicles.
  • Deposit secured loan: This loan is secured by a Regions certificate of deposit, savings account or money market account.
  • Unsecured personal loan: This loan doesn’t require any collateral and comes with a fixed interest rate.
Secured and unsecured personal loans: What’s the difference?

Ability to apply for prequalification

For unsecured loans, Regions Bank partners with Avant to offer you the ability to apply for prequalification online. If you prequalify, you can see potential loan offers, including estimated rates and terms, that you might qualify for — without your credit scores taking a hit. And even if Regions doesn’t give you a prequalification offer, Avant might.

Keep in mind that prequalifying for any type of loan doesn’t mean you’ve been approved for that loan. If you’re prequalified and choose a loan offer, you’ll still need to complete a formal application for the lender to review and decide whether you’ve been approved for a loan and at what terms.

Solid credit is key

According to a Regions Bank representative, the bank considers your credit history, monthly income and debt-to-income ratio. The bank doesn’t publish credit score requirements on its website, but in May 2019 the rep we spoke to noted that it typically looks for FICO® scores of 680 or higher.

Fast loan application process and funding

A Regions Bank rep said the bank aims for same-day approvals or decisions within 24 hours if it needs extra paperwork to process your loan application. Regions customers may receive funds on the same business day they’re approved. If you aren’t a Regions Bank member, funding may take one to three business days if you’re approved for a loan, depending on your bank’s deposit schedule.

Regions Bank personal loan details

Here are some additional things to know about Regions Bank loans.

  • Regions Bank doesn’t charge a prepayment penalty, a bank representative told us, but it does charge a loan-processing fee of up to $150 on its secured loans. And you’ll be hit with a fee of 5% or $100 for any late payments (whichever is less).
  • Regions Bank operates in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
  • For secured installment loans, your loan term depends on the type of collateral you offer, according to a Regions Bank rep. Loan terms on secured deposit and unsecured loans range from 12 months to 60 months.
  • For unsecured loans, you can borrow between $2,000 and $35,000 online or up to $50,000 if you apply at a branch or over the phone. Secured installment loan amounts range from $5,000 to $75,000, depending on the collateral and loan term. Deposit secured loan amounts range from as little as $250 up to 100% of the balance in your bank account — minus any fees.
  • If you open a Regions Bank checking account, you may earn rewards that you can redeem for travel, cash or merchandise.
  • Regions Bank doesn’t allow co-signers or co-applicants for its unsecured personal loan, but you can apply with a co-applicant on either type of secured loan, a bank rep told us.

Who a Regions Bank personal loan is good for

A Regions Bank rep said an unsecured personal loan might be ideal if you have good or excellent credit and want the possibility of same-day approval and funding, the ability to prequalify and see possible loan offers.

A deposit secured loan from Regions might be good for someone with a Regions bank account who wants to borrow a small amount of money — you could borrow as little as $250 with a loan secured by your savings or money market account.

But if you don’t live in one of the states that Regions Bank serves, you’ll need to look elsewhere — you can only close on secured loans at a branch.

How to apply with Regions Bank

You can apply for either a secured or unsecured loan online through the Regions Bank website. But you’ll need to close a secured loan in person, at a Regions Bank branch.

To apply for prequalification for an unsecured loan, you’ll be directed to Avant’s website and asked to provide the following information:

  • Address and housing details
  • Phone number
  • Monthly net income
  • Rent or mortgage monthly payment
  • Date of birth
  • Social Security number
  • Loan purpose

After you’ve filled in these details, you can submit the form and see if you prequalify. If you do, you’ll be able to see the estimated loan rates you might qualify for. From there, you can choose whether to continue the loan application process.

Not sure a Regions Bank personal loan is right for you? Consider these alternatives.

If you’re not sure that a Regions loan is right for you — or you don’t live in one of the 15 states the bank serves — here are two other options to consider.