Loans » Personal Loan Lender Reviews » Regions Personal Loan Review 2021
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Regions Personal Loan Review 2021

Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.

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In this Review..

Regions is a full service bank that operates in Texas and across the South and Midwest. The banking services include credit cards, savings accounts, mortgages and loans.

Regions personal loans can be used for any purpose you wish including buying a car, home improvements, covering major expenses or even paying for a vacation. Regions also offers secured installment and deposit secured loans. 

For an unsecured Regions personal loan, you can borrow $2,000 to $35,000 with a fixed interest rate based on your loan amount, repayment term and FICO score and a term of three to five years. 

Regions may charge a processing fee on your personal loan. This depends on how you apply. For example, if you apply in branch rather than online, the lender may apply a charge. Additionally, you should be aware that Regions does apply late payment fees. This is a rather hefty $100 or 5% of the unpaid loan amount, whichever is lower. 

Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions. 

APR

7.99% -17.99%

Loan Amount

$2,000 -$35,000

Term

24 - 60 months

Min score

Good

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 Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Regions Personal Loan :

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

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 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 Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  •  J.D Power: We considered J.D. Power’s lending consumers satisfaction study. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. Regions personal loan wasn't rated in the 2020 research.

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

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.

Regions Personal Loan

 

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.

 Regions Personal Loan

 

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.

Regions Personal Loan

 

If you decide to move forward you will need to answer more verification questions and upload verification information, like identification or pay stubs.

 Regions Personal Loan

 

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

Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions. 

APR

7.99% -17.99%

Loan Amount

$2,000 -$35,000

Term

24 - 60 months

Min score

Good

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Regions personal loan: 

This lender is a good option for those with poor credit. Borrowers can use OneMain loans for any purpose, including debt consolidation, home improvements, buying a car, weddings, or personal expenses.

You can apply online or connect to a live loan specialist for a more personalized experience. OneMain also has brick and mortar branches throughout the country.

Loans are accessible to all, regardless of background, but if you have a better credit score, you’re likely to access better rates.

The company also offers fast loan processing. You may receive your loan approval within 10 minutes, with funds deposited in your bank account the same day.

OneMain also offers secured loans. These require security, but they are lower risk, so they offer lower APRs and may be an option for those struggling to qualify.

Rocket was founded to offer a rocket fast loan processing system to provide personal loans to eligible borrowers. Rocket is part of the Quicken group, which includes Rocket Mortgage and Rabid Advance.

Qualifying for a Rocket loan is contingent on creditworthiness rather than business type. You can use your loan for any purpose, including starting a business.

However, Rocket only qualifies people with a credit score minimum of 640 and a good credit history. You also need to have a permanent source of income and a low debt to income ratio.

Where Rocket stands apart is that loans are processed very quickly. 85% of borrowers receive loans within a day.

Best Egg is an online lender that was founded in 2014. Best Egg specializes in personal loans and has funded over 600,000 loans.

Like Marcus personal loans, Best Egg also offers prequalification. This allows you to check your initial rate without affecting your credit score. A hard inquiry will only be conducted if you decide that you want to move on with your application.

If you have good credit, you can expect a very low-interest rate, and loan processing is fast, taking just a few minutes to complete.

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.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.