Regions Bank Personal Loan Review

(February 2025)

Regions Bank Personal Loan Review

In This Article

Our Verdict

Consider Regions Bank if you are thinking of taking out a personal loan from one of the largest banks in the United States. You can rely on its numerous branches across 16 States which include Alabama, Florida, Mississippi, and Louisiana. 

 In addition to its wide range of services, take advantage of Regions Bank’s enormous ATMs, which are about 1952 in number to perform withdrawal service with no stress.

However,  don’t rely on Regions Bank for numerous personal lending options though its loans serve general purposes. You can only access unsecured loans, deposit-secured loans, and installment loans.

Nevertheless, aim your shot at Regions Bank for competitive rates, discounts, flexible payment terms, zero fees on loan origination, and fast funding.

Regions Bank

Corporate Headquarters

Regions Center

Birmingham, Alabama

United States

Phone Number: 888-462-7627

www.regions.com

Pros

  • Low competitive rates
  • Wide range of availability
  • Numerous branches
  • Rate discounts
  • Flexible terms
  • Quick funding

Cons

  • Regional restriction
  • Limited lending options
  • Compulsory checking account
  • Limited discounts rate
  • Unspecified rates
  • Low lending amount

Who This Product Is Best For

Settle for Regions Bank if you are a borrower who:

  • Lives Southern or Midwestern region of the United States
  • Wants a lender who offers same-day funding
  • Desires Low rates and flexible payments term
  • Doesn’t need much amount of loan
  • Prefers a lender with limited personal loan products
  • Wants discount on autopay
  • Has a personal checking account with Regions
  • Is ready to use his/her DC, checking, or investment account as security to get a secured loan cash

Who This Product Isn't Right For

Avoid Regions Bank if you are a person who:

  • Doesn’t live in the regions that Regions Bank serves
  • Wants a lender with a wider range of availability
  • Prefers personal loan cash that is higher than $50,000
  • Doesn’t have an existing checking account with Regions
  • Can’t afford to surrender his/her DC, checking or money account as collateral
  • Wants transparency in rates
  • Is not ready to activate automatic deduction
  • Needs personal loans with longer terms

What This Product Offers

Unsecured personal loan: Consider Regions unsecured personal loan if you want a lump sum amount of cash which you can use to tackle any financial situation — like debt consolidation, house rent, bill payments, and any financial emergency circumstances. 

Don’t think of getting collateral for this loan because the loan is collateral free.

Deposit secured personal loan: Looking for a secured loan without stepping out of your comfort zone to source for collateral? Choose Regions deposit secured loan. You only need your CD account, saving account or investment account as collateral. You can get a loan amount that is 100% equivalent to the assets in your collateral accounts.

One more thing, take the advantage of a deposit-secured loan to get a secured loan while the money in your collateral account keeps accruing interest.

Secured installment loan: Go for this product if you want a lending product like an auto loan. Use it for car fixing, buying a new vehicle, boat, motorcycle and others. Expect a fixed rate and prepare to use the vehicles, boats, or motorcycles as collateral.

Product Details

Unsecured personal loan

Use this loan for almost everything because it serves a general purpose. Get an interest rate that starts from 7.99% to 29.99%. Set up an automatic payment system to earn a 0.25% – 0.50% discount when you borrow $5000 and above.

Be anticipating a minimum loan amount of $2,000 and a maximum amount of $50,000. If you are not a Regions Bank customer, you still borrow up to $35,000.

Enjoy a flexible payment term that ranges from 36 months to 60 months. Regions Bank’s unsecured personal loan attracts no collateral and no origination fee.

Deposit secured personal loan

Get this loan with collateral while your collateral continues yielding interest. Use your CD account, savings account, or investment account as security for this loan. Note that the interest rate varies based on the account type and the amount you are borrowing. For instance, prepare for an interest rate of 3.75% plus for all amounts if you use your CD account as collateral. Expect a rate of 6.00% on an amount of $250 to $2,000 if your savings account is your collateral. Likewise,  prepare for a rate of 4.00% on an amount of $3,000 plus if your collateral is your money market account.

Understand that Regions Bank deposit secured loan has no fixed amount, rate, and term and the loan origination fee is zero. Enjoy a discount rate of 0.25% to 0.50% if you borrow up to $5,000 and also set up an autopay system on your loan.

Secured installment loan

Get this loan at a fixed rate that ranges from 8.24% to 15.24%.

Regions Bank segregates the loan based on your usage. Get a rate between 8.24% – 15.24% when you take out a loan for boat purchasing or fixing, 9.24% – 15.24% for vehicles, and 8.24 – 13.24% for motorcycles.

Expect an amount that ranges from $5000 to $300,000 depending on your collateral. For instance, be ready to get up to $300,000 if you use RV & motorhomes for collateral, $75,000 for boat, $50,000 for travel trailer, and $30,000 for motorcycle. Moreover, you can have a payment term that ranges between 36 months to 180 months.

Note that you may have to pay a late fee of $5 if you default on your payment schedule. Additionally, you can enjoy a discount rate of 0.25 to 0.50 when you set up an autopay system and take out up to $5000. Don’t worry about the origination fee when you borrow this loan.

Where This Product Stands Out

Favorable rate

Enjoy a competitive rate and term when you choose Regions Bank as your best lender for personal loans. Your rates can be as low as 3.75% on secured loans and 7.99% on unsecured loans. Also, take advantage of this lender’s long-duration on loans which can be as long as 180 months.

Autopay discount

Choose Regions Bank if you want a discount rate on your loan cash which ranges from 0.25% to 0.50%. To fully maximize this opportunity,  ensure you borrow up to $5,000 and activate autopay to allow an automatic deduction from your checking account.

Quick funding

Go for Regions Bank if you want a lender that offers same-day funding. Ensure you apply for the loan on a business day and within a working hour before 2 pm. However, know that the loan amount cannot be more than $50,000 for same-day funding.

Wide range of availability by states

Do you know that Regions Bank’s services cover up to 16 states in the United States? Choose this lender if you live in Alabama, Iowa, Indiana, Illinois, Georgia, Arkansas, Florida, Kentucky, Louisiana, Missouri, Mississippi, South Carolina, North Carolina, Tennessee, or Texas.

Various branches

Rely on Regions with over 1500 branches across the 16 states which can bring about easy access whenever you need to visit any of the bank’s offices.

Where This Product Falls Short

Restricted regional operation

Don’t consider Regions Bank if you don’t reside in the Southern or Midwestern region of the United States. Despite having numerous branches, you can only take advantage if you live anywhere in the above regions, otherwise, consider looking out for a better lender with a wider regional operation.

Low cash amount

Know that this lender may likely not offer you any amount above $50,000, except if you want to take out a secured installment loan. Don’t hope for an amount more than $50,000 if you are a borrower who wants same-day funding or Prefers an unsecured loan.

Customer-specific

Don’t anticipate more funding from Regions if you are not a regular customer who runs a checking account with the bank. To get the most out of the bank’s lending products, open a checking account and set up an autopay system to allow an automatic deduction from your checking account. However, you can still get an unsecured loan of up to $35,000 if you are not a regular banking customer with Regions Bank.

Late fees

Understand that Regions Bank may deduct a late fee that begins from $5 and can reach up to $100 if you default on your payment. To prevent late fee charges, activate automatic deduction from your checking account to even earn a discount on your interest rate.

No transparency in rates

Don’t expect any specification in the rate unless you schedule a meeting with Regions Bank’s loan specialist.

How to Qualify for This Product

To qualify for Regions Bank personal loans, don’t expect to see any specific requirements for the qualifications unless you visit the bank’s branch or contact their customer care to discuss your personal agreement and learn about your qualification for any of its personal products. Nevertheless, visit the bank website to prequalify for a loan and also check your possible rate without affecting your credit score. Use this pre-qualification method to compare the loans and find the best option for yourself before ready for the hard pull on your credit report. In a nutshell, ensure you have the following requirements ready.

  • A credit score of 670+
  • Checking account with Regions Bank
  • DC account, saving account, or investment account for collateral
  • Proof of citizenship

How to Apply for This Product

Note that the information in this section is general requirements for the application. Regions may ask for further documents when you meet any of their bankers to discuss personal terms.

Follow any of these procedures to apply for Regions Bank personal loans:

  • Call 1-888-340-2265 to schedule an appointment with a loan specialist.
  • Visit the bank website to apply online.
  • Visit any of the Regions branches to apply in person.

Get the following documents to successfully make yourself eligible for Regions Bank personal loans.

  • Contact details
  • Social Security Number
  • Birth certificate
  • Employer information
  • Proof of address
  • Expected loan amount
  • Reason for the loan
  • Proof of income

Alternative to This Product

US Bank

Consider this lender if you want a bank that has its service in more than 20 states or considers non-US citizens for loan opportunities. Get between $1,000 – $50,000 at a low rate of 8.49%. If you are a non-US citizen, get up to $25,000 on a loan amount with a repayment term that reaches up to 5 years.

SoFi

Choose SoFi to get a higher loan amount that reaches up to $100,000 with a competitive rate of 8.99% and a repayment term that reaches up to 7 years. With this lender, your credit score is not a priority.

Customer Reviews

Regions has a B positive rating for closing 1,377 complaints on the BBB platform (Better Business Bureau). It also performs fairly in customer reviews and star ratings on the platform. Regions has a reasonable rating of 3.06 stars out of the possible 5 stars from 436 customer reviews. On the Consumer Affairs website,  Regions Bank bags 3.9 stars out of 5 from 1,028 customer reviews. However, on TrustPilot, Regions Bank has a poor rating of 1.6 stars out of 5 from 208 reviews. A customer accuses the bank of closing its customer accounts without their knowledge which in turn hurts the credit report.

Methodology

We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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