The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Regions Financial Corporation is regional bank that offers a wide range of retail and commercial banking products, along with other financial products. They are based out of Birmingham, Alabama and have been in business for almost 50 years. They are a publicly traded company and their branches are mostly in the southern area of the United States. Regions offers both secured and unsecured personal loans, but they have teamed up with Avant to handle their application process for personal unsecured loans. If Regions does not want to approve the loan, Avant may be an option for you.
Regions Personal Loan Specification
Here are the basic specifications & requirements of Regions Personal Loan :
|Feature||Regions Personal Loan|
|Loan Amount Range||$2,000 -$35,000|
|Interest Rate Range||7.99% -17.99%|
|Term||24 to 60 months|
|Origination fee||up to $150|
|Late Payment Fee||Lesser of 5% of monthly past due or $100|
|Minimum Credit Score||Unknown|
|Funding||Up to 30 days from issued fund|
Regions Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can a Regions Personal Loan Be Used For?
Regions offers little information about what their approved loan can be used but do cover the same reason for other personal loans. Regions personal loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Regions loans cannot be used for business purposes
Regions debt consolidation is to take one or more prior unsecured loans and pay them off with the new personal loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.
A Regions personal loan can be used for home repairs or projects. The advantage of using a Regions home improvement loan is the promptness of receiving the funds.
Regions emergency loans get you needed cash quickly for unexpected expenses. These could include car repairs, medical bills, or any urgent home repairs. It can also include non-emergency situations like a life event or moving expenses.
Regions uses Avant for their application process. Once you are directed to Avant, you will still see Regions’ logo along with Avant’s. You fill out a basic form to start, which includes creating an account. You will then fill out the information about yourself including your address, date of birth, social security number, housing information, and income information. Regions will then do a hard pull and check your credit.
Both Avant and Regions will get a copy of your credit report. If you do not meet Regions’ underwriting standards the application may be passed on to Avant, which has less strict lending standards. If you decide to move forward you will need to answer more verification questions and upload verification information, like identification or pay stubs. You can sign loan documents online. It is often possible for the loan to be closed and money sent to your account before the end of the next day.
Regions Personal Loan is Best for..
Regions now uses Avant’s technology to streamline their application process but they still underwrite the loan and approve it. Regions is a large bank and has stricter underwriting standards than Avant, even though many of those standards are not published.
Regions is a reputable large bank with a large customer base. While many of Regions’ terms and the areas that they service are unclear, current customers will appreciate the added product. Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.