Regarding the finest personal loans, Regions stands out by providing one-of-a-kind advantages over its competitors. Regions Bank’s solution is fantastic for customers with credit ratings that are less than ideal but who still want to get a line of credit that has flexibility.
Compared to its rivals, the Regions Bank personal loan stands out since it is available to those not residents of the United States. While the rates are higher than some other loans on the market, customer satisfaction with Regions is quite high, and the company offers a great deal of flexibility for loans of lower amounts.
Anybody who is unable to qualify elsewhere or who is unable to get great rates from other lenders can consider Regions as a solid alternative that may assist them in obtaining the money they need at a rather fair rate.
To apply for a job at Regions, you must be at least 18 years old and have a checking account with minimal money in it. This makes it possible for the vast majority of people to participate. This is one of the finest options for obtaining loans for low amounts, with lines of credit beginning at only $250 for savings accounts and $2,000 for certificates of deposit. The full details of Regions personal loans are provided here.
Cost
- Minimum APR: 7.99%
- Maximum APR: 19.99%
With these fixed-rate loan alternatives, regions personal loan interest rates begin quite high but do not soar to ridiculously high upper ends, so you always know what you’re receiving. You will be required to pay an origination charge and late payment costs; however, you can select a longer term that may go up to five years.
With an origination cost of $150 and late fines of 5%, the annual percentage rate (APR) begins at a high of 7.99% and escalates to a maximum of 17.99%. Other lenders, like Lightstream and SoFi, provide more competitive rates. While receiving funding may take up to 30 days after the grant has been given, the application procedure can be made simpler by having the ability to submit it online or over the phone. (Learn more about SoFi Mortgage here)
Discount Funding
- With AutoPay, you may save up to 0.25%
- You might save up to 0.5 percentage points with a deposit-secured loan
Although Regions may not offer the market’s lowest introductory rates, the company does provide its clients, particularly those who use its banking services, with opportunities to save money.
If you set up auto-payments for your loan, you can be eligible for savings ranging from 0.25% to 0.50% on loans secured by a deposit or as installments. The monthly sum will be deducted from your account, resulting in savings for you while relieving the stress associated with making payments on that account.
Non-US Citizens
- There is no need to be a US citizen
- It is necessary to use the physical branch
Non-citizens of the United States can apply for a loan from Regions, which is somewhat unusual. This is wonderful news, but it implies that the individuals in question will have to visit a real Regions branch to get the loan. Since the company’s branches are only located in the Midwest and the South, this may prevent certain customers from exercising that choice.
Requirements to Qualify
- The minimum required credit score is a secret
- Need to have a bank account with Regions
The fact that Regions doesn’t disclose its minimal credit score criteria may be for the best or the worse. In light of the annual percentage rate (APR), it should be open to applicants even with lower credit ratings.
At the time of loan closing, you must be at least 18 and have an active Regions checking account. As a result, you can submit your application for the loan online, but it is probable that you will be required to visit a branch to create an account to complete the process.
Fees
- There will be an origination charge of $150
- Fees of 5% per day will be added for late payments
The Regions loan is subject to both origination and late penalties. If you pay off your loan sooner than originally scheduled, there won’t be any additional fees. The origination cost is a flat rate of $150; however, the late fines are either 5% of the monthly amount that is past due or $100, whichever is greater.
Application Process
- In-person, over the phone, or on the Internet
- A thorough investigation of credit history
For your loan, you may apply online, over the phone, or in the branch; however, there are some circumstances in which you will be required to submit your application in person. This is for those not citizens of the United States and must visit a branch to create a checking account. It is also for individuals who must open a checking account but cannot do it online.
You will be required to provide information such as your personal information, income, house rental or mortgage information, social security number, and the reason for the loan. The bank will conduct a rigorous review of your credit history, which means that if your application is denied, it may negatively impact your credit score.
What Users Say
According to the findings of the 2019 customer satisfaction research by JD Power, Regions came in fourth place. This is because they received 868 out of a possible 1,000 points, placing them in a very high position compared to the other competitors.
This was made possible by receiving a rating of four stars in the interaction, billing, and payment categories. The loan offers, conditions, and application and approval procedures were all given three stars.
Pros
- Funds might be deposited into your account as soon as the same day, depending on when Regions authorize your loan.
- There are no origination costs or prepayment penalties with a loan from Regions. Also, there are no penalties for paying off your loan early.
- Low minimum APR: Regions customers with great credit and significant credit history may qualify for an APR as low as 4.74%, with an auto-pay discount included in the calculation. Compared to the rates other lenders provide, this one is rather competitive.
Cons
- Personal loans are offered to inhabitants of just 16 states by Region, making them unavailable in most states.
- In the event of a late payment, Regions will assess a fee equal to the lesser of $100 or 5% of loan’s outstanding amount.
- For current clients, Regions provides a maximum loan amount of $50,000, whereas the maximum that may be offered to new consumers is lower. Nevertheless, the highest loan amount that Regions are willing to provide to those not already its clients is $35,000, which is the maximum amount that they would loan to anybody. If you are not an existing client but wish to borrow more than $35,000, this may be a problem.
Regions’ Different Personal Loan Programs
Borrowers who live in one of the 16 states that Regions serves may choose from three different kinds of fixed-rate personal loans:
- Unsecured
- Secured
- Deposit secured
It is possible to utilize the money from unsecured personal loans for nearly anything, including renovating one’s house, paying unexpected bills, or consolidating existing debt.
There are also deposit-secured loans and secured loans available from Regions unsecured loans. Borrowers can utilize secured loans to acquire travel trailers, recreational vehicles (RVs), motorbikes, agricultural equipment, and boats, which may be used as collateral afterward. Its deposit-secured loans may be used for nearly any purpose. To qualify for one, the borrower must have a Regions savings account, a certificate of deposit (CD), or a money market account.
While Regions does not release the particular qualifying standards for its personal loans, the company will probably factor in a borrower’s income and credit score, credit history, and debt-to-income (DTI) ratio when deciding on a loan. Before completing a full application for a loan via Regions, you may check your pre-qualification status online to get an idea of the interest rates and conditions that may apply to you.
Characteristics of Regions Personal Loan
Vast Variety of Different Loan Amounts are Available
Regions provide varying loan levels for its deposit-secured and secured personal loans, even though its unsecured personal loan regions bank ranges span from $2,000 to $50,000. Regions DS Loans have a $250 minimum loan amount and a maximum loan amount equal to the whole account balance utilized as collateral. Regarding secured personal loans from Regions, the lowest amount you can borrow is $5,000, and the most you can borrow is $300,000 if you’re looking to buy an RV.
Rate Deduction for Automatic Auto-Pay
Borrowers who want their loan payments automatically deducted from their Regions checking account will get interest rate reductions from Regions. The discount amount, which may be anywhere from 0.25% to 0.50% depending on your status with Regions, fluctuates. You need to take out a loan of at least $5,000 to be eligible for a rate reduction.
Optional Pre-Qualification Process
You may pre-qualify for a loan and examine your anticipated rates and terms without affecting your credit score if you are an existing Regions client or have received a Regions direct mail offer. Before submitting your application for a hard credit check, it might be to your advantage to find out whether you are pre-qualified for a loan.
How Regions Stacks Up Against the Competition When It Comes to Personal Loans
Personal loans are available from Regions, and they provide adaptable repayment options, a range of loan sizes, and low-interest rates. However, the fact that Regions personal loans calculator credit score requirements are only offered in 16 states is a key drawback of the loan program. Personal loans are made available by both Regions and another significant regional bank, TD Bank, which is in the same league as Regions. It offers unsecured loans between $2,000 and $50,000 and does not impose origination costs, similar to Regions. Yet, there are a few significant distinctions:
- The loan payback periods offered by TD Bank span from three to five years, which is less flexible than that offered by Regions.
- The lowest stated APR offered by Regions is 6.49 percent, less than what TD Bank offers. The Annual Percentage Rate (APR) offered by TD Bank is as low as 7.99%.
Home Equity Loan Products Offered
A home equity line of credit (HELOC) and a home equity loan are available from Regions Bank.
- The home equity line of credit offered by the bank is a line of credit with a variable interest rate that may be used for sums ranging from $10,000 to $500,000 for 30 years. The account is available to the borrower for withdrawals during the first ten years of the loan, with the following 20 years allotted for repayment.
- The company offers home equity loans ranging from $10,000 to $250,000. The bank will accept repayments at a set rate over the course of seven years, ten years, fifteen years, or twenty years.
Account Management
Borrowers may manage their loan accounts using the online dashboard provided by Regions. You may check the current balance of your loan and make payments when you log into your Regions account. Borrowers have the option of paying back their loans either automatically or via check.
Verdict
An unsecured personal loan from Regions is available to customers with credit ratings as low as ordinary, as well as those who are not residents of the United States. While the rates are not the best available, the high customer satisfaction indicates that this is one of the most competitive lending alternatives in the United States.
The Regions loan is adaptable enough to appeal to many customers thanks to its modest dollar loan alternatives and flexible lines of credit. While individuals with high credit scores may find better regions’ personal loan rates elsewhere, this is not the case for everyone.
