Regions Bank Personal Loan Review: Rates, Fees, & Terms

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Regions Bank maintains around 1,500 branches in the southern and midwestern United States. The lender is a full-service provider of personal and business banking products, including checking accounts, savings accounts, and loans.

Recently, Regions Bank partnered with Avant, a marketplace lender, allowing it to expand its loan features to include:

  • A quick online application (for existing members)
  • Loan Prequalification
  • Flexible loan terms
  • Fast funding times

Let’s take a closer look at what they have to offer.

Best for Flexible Loans
Regions Bank Personal Loan
  • Loan Amount
    $2,000 - $35,000
  • Est. APR
    4.74% - 16.49%
  • Learn More
  • Loan Details

Regions Bank Personal Loans Pros and Cons

Pros:

  • Low minimum APR
  • Choose between secured and unsecured loans
  • Autopay discounts available
  • Same-day funding

Cons:

  • Only available in around 15 states
  • Charges a variety of fees
  • Non-customers limited to loans of $35,000 or less

Personal Loans Offered by Regions Bank

Regions Bank offers three basic types of personal loans: unsecured, secured, and deposit secured. While some do carry fees, there is no prepayment, check processing, or insufficient fund fees attached to any loan products.

Unsecured loans require no collateral and may be used for any purpose. Limits range from $2,000 to $50,000 for bank members or up to $35,000 for non-members. You can also take out an unsecured line of credit ranging from $500 to $50,000, which may come with an annual fee. Regions’ unsecured loans come with an origination fee of up to $150 and terms of 1-5 years.

Regions’ secured loans are unusual in that they’re only meant to purchase or refinance vehicles like RVs, motorcycles, boats, and travel trailers, which serve as the collateral against the loan. Limits range from $5,000 to $300,000, depending on the item you purchase, and terms vary based on the size of the loan.

Regions Bank also offers deposit secured loans, which allow you to use a Regions-based certificate of deposit, money market, or savings account as collateral. Limits range from $250 to the total amount in the collateral account with variable terms. You can also get a deposit secured line of credit up to $100,000, with a maximum of 100% of your deposit account balance. Deposit secured loans come with an $8 origination fee for loans under $2,000 and $150 on larger loans.

Regions Bank Personal Loan Features and Benefits

Various Personal Loan Products

Due to offering so many types of personal loans, Regions Bank is likely to have something to fit almost anyone’s needs.

Prequalification Available

If you’re a Regions customer or you’ve received a Regions direct mail offer, you can prequalify for a loan online. This makes it easy to rate shop without impacting your credit score.

>> More: Best Personal Loans

Small Loans Available

Regions Bank sets itself apart by offering loans as small as $250 with a collateral deposit account. But if you need an unsecured loan, you’ll have to borrow at least $2,000.

Fast Funding

Depending on when Regions Bank approves your loan, you may have the option of same-day or next-day funding.

Regions Bank Personal Loans Drawbacks

Customer Complaints

Unfortunately, Regions Bank is unpopular with some of its customers. Common complaints include a busy fee schedule, questionable balance handling, and poor customer service.

Tons of Fees

While the types of fees vary by loan, you can generally expect to pay:

  • Personal loan origination fees ranging from $8 up to $150 per loan
  • Late fees up to $100
  • Over-the-limit fees and cash advance fees on lines of credit
  • Annual fees on some lines of credit

Limited Availability

Regions only offers personal loans in 15 states throughout the south and Midwest. If you’re outside their service area, you’ll have to find another lender.

Lower Maximum Loan Amounts for Non-Customers

Existing Regions Bank customers can borrow up to $50,000 on unsecured personal loans. However, non-members can only take out $35,000 or less – despite the bank’s requirement that you open a checking account by closing.

How to Qualify for a Personal Loan from Regions Bank

Regions Bank has just two publicly listed qualifications: to be at least 18 and have a Regions checking account at the time of closing. Information regarding credit, income and employment requirements remains undisclosed.

How to Apply for a Regions Bank Personal Loan

At Regions Bank, you can apply for a personal loan online, over the phone, or in person. However, there are conditions:

  • Only Regions Bank members or direct mail offer recipients can apply online
  • You must have a Regions account to prequalify
  • If you’re a non-U.S. citizen, you’ll have to visit a physical branch

How Do Regions Bank Personal Loans Compare to Other Lenders?

#1. Upgrade vs. Regions Bank

Upgrade offers loans ranging from 5.49% to just under 36% APR in 48 states. Eligible borrowers can take out up to $50,000 in next-day funding in unsecured, secured, and joint loans. You can opt for 2- to 7-year repayment terms with no prepayment penalties and payment due date flexibility.

>> More: Upgrade Personal Loans Review

#2. Regions Bank vs. Upstart

Upstart uses the power of AI to match borrowers with suitable lending partners based on up to 1,600 unique variables. You can qualify for up to $50,000 in loans with terms ranging from 3-5 years at 3.50% to 36% APR. The lender accepts credit scores as low as 580-600, though you may have to wade through a sea of fees.

>> More: Upstart Personal Loans Review

#3. Regions Bank vs. Payoff

Payoff Personal Loans offers borrowers with a minimum credit score of 640 up to $40,000 to consolidate their credit card debts. APRs range from 5.99% to 24.99% with no application, late payment, or prepayment fees to worry about. However, you can’t take out a joint loan, and the money can only go toward your credit card debts.

>> More: Payoff Personal Loans Review

#4. Rocket Loans vs. Regions Bank

Rocket Loans is a well-known mortgage financer that also dabbles in personal loans. You can borrow between $2,000 to $45,000 at 5.97%-29.99%. Additionally, Rocket Loans lets prospective borrowers prequalify with a soft credit check. That said, you’ll need a minimum credit history of 2 years, and Rocket limits repayment terms to 3 or 5 years.

>> More: Rocket Loans Review

Frequently Asked Questions

What Can Regions Bank Personal Loans be Used For?

Regions Bank personal loans can technically fund any purpose, though that depends on the loan. Their deposit secured and unsecured loans come with no strings attached (outside not funding illegal activities). But their secured installment loans only fund eligible vehicle and farm equipment purchases.

How Long Does Regions Bank take to Approve Personal Loans?

Most borrowers can see their loans approved and funded within 2 business days.

What Credit Score is Needed for a Regions Bank Personal Loan?

The lender doesn’t disclose this information.

Does Regions Bank Charge Any Personal Loan Fees?

Regions’ personal loans don’t come with prepayment, check processing, or insufficient fund fees. However, you may pay up to $150 in origination fees, $100 in late fees, and even annual fees on some loans.

Bottom Line: Regions Bank Personal Loans Review

Regions is a large regional bank that has a lot to offer in the personal loan arena. Their maximum APR sits well below that of many of their peers, though some loans are riddled with potential fees. Additionally, the bank only offers products in 15 states, which means borrowers outside the service area will have to find another lender.

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.