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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
- Loan amount range$2,000 -$35,000
- Interest rate rage7.99% -17.99%
- Terms24 to 60 months
- Origination feeup to $150
- Late payment fee Lesser of 5% of monthly past due or $100
- Prepayment feeNone
- Minimum credit scoreUnknown
- FundingUp to 30 days from issued fund
Quick Turnaround Times – With Regions using Avian, you should expect a quicker turnaround process than with other large banks.
No Prepayment Penalty – The borrower can pay off their loan early without any fees.
Relationship Points – Regions has reward points for their customers. You can earn points with personal loans but you need to already be a Regions banking customer.
Customer Service – Regions is a large bank and has good customer service which means you can talk to someone any day of the week.
Possible Secondary Lender – If Regions is unable to fund your loan Avant might, providing a greater likelihood of being approved.
Easy to Use- Regions’ site is easy to use and the application process is quick
Large Bank – Regions is a large bank that has been around for a long time and has a long history of providing quality service for its customers.
Fees –Regions has high fees such as late and origination fees, and many of these are not clearly outlined on their site. All fees should be considered in the pricing of your loan when you apply.
Availability –Regions has branches in the southern United States, but it is unclear if their online personal loans service just those states or all of the United States.
Unclear Terms –The terms, rates, fees, and credit requirements are unclear and not found anywhere on their website.
Secondary Site –Anytime a website directs you to a third party it creates concerns about with whom you are dealing and whether they are trustworthy. Regions moves the borrower to Avant’s site to apply, which creates privacy concerns. It also means you are dealing with two different companies who may have differing policies.
Possibly Offered an Avant Loan –Avant caters to those who do not have perfect credit and their rates reflect this. You may not get the terms you were looking for. See our review here.
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
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.
Regions Home Improvement
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 Application Process
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.