Of the best personal loans, Regions offers unique benefits that help it stand out from the rest. The Regions Bank offering is great for those that have less than perfect credit scores but still want to get a line of credit with flexibility.
The Regions personal loan is also one that applies to non-US citizens making it quite unique compared to the competition.
Rates are higher than some loans out there but the customer satisfaction with Regions is excellent and the flexibility for smaller dollar loans is excellent.
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Anyone who doesn't qualify elsewhere or can't get decent rates from other lenders might consider Regions as a good option to help them get the money they need at a comparatively reasonable rate.
Regions also only requires you to have a small amount in your checking account and to be over 18 to apply, something that allows most people to get in on this. For small amount loans this is one of the best with lines of credit as little as $250 for savings accounts and $2,000 for CDs.
Here's everything you need to know about Regions personal loans.
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Cost: How much does Regions charge?
Regions Personal Loans: key figure
APR variable: 7.99 - 17.99%
Loan range: $2,000 - $35,000
Min credit score: Undisclosed
Term: 24 - 60 months
- Minimum APR: 7.99%
- Maximum APR: 19.99%
Rates do start fairly high but don't climb to silly top ends so you know what you're getting with these fixed rate loan options. While you will have to pay an origination fee and late fees, there is a lengthy term option available to you of up to five years.
Funding can take up to 30 days from the issued fund but with the option to apply online or over the phone it can be an easy process.
Regions Personal Loans review: Discount funding
- Save up to 0.25% with AutoPay
- Deposit secured loans can save you up to 0.5%
Regions might not have the lowest starting rates out there but it does have options to make savings, especially for its banking customers.
For deposit secured or secured installment loans you could be eligible for discounts of 0.25% to 0.5% providing you setup AutoPay. This will take the monthly amount from your account making a saving for you while also taking the hassle out of paying that account.
Regions Personal Loans review: Non-US citizens
- No need to be US citizen
- Need to use physical branch
Regions does offer a rather rare loan which can be taken out by non-US citizens. This is great but it will mean those people must go into a physical Regions branch to get the loan.
Since branches are limited to the Midwest and South, this may take that option away from some people.
Regions Personal Loans review: Requirements to qualify
- Credit score minimum is undisclosed
- Must have a Regions checking account
Regions doesn't advertise its credit score minimum requirement which could be a good or bad thing.
Based on the APR it should be available to those even with poorer credit scores.
You will need to be 18 years-old and have a Regions checking account at the time of loan closing. As such you can apply for the loan online but you will likely need to visit a branch to open an account.
Regions Personal Loans review: Fees
- Origination fees of $150
- Late fees of 5%
Both origination fees and lates fees do apply to the Regions loan. You won't have to pay a fee if you want to pay off your loan early though.
For the origination fee it's a fixed amount for $150 but the late fees are 5% of the monthly past due or $100.
Regions Personal Loans review: Application process
- Online, phone or in branch
- Hard credit check
While you can apply online, by phone or in branch for your loan, in some cases you will be required in person.
This is for non-US citizens who need to go into a branch and for those who have to open a checking account but can't do so online.
You will be asked to submit details like personal information, home rental or mortgage, income, social security number and purpose of the loan. Then the bank will carry out a hard credit check meaning, if you get declined, you could have it marked against your credit score.
Regions Personal Loans review: What users say
- 868 points on JD Power
- Four star JD Power rating
The JD Power 2019 customer satisfaction study found Regions fourth in its rankings. That is thanks to a score of 868 points out of a possible 1,000 making it very high compared to the competition.
This was thanks to four star ratings in the categories of interaction as well as billing and payment. There were three star ratings for loan offerings and terms as well as application and approval process.
Regions Personal Loans review: Verdict
Regions offers an option for those with average credit scores as well as non-US citizens to get an unsecured personal loan. The rates are not the best out there but the customer satisfaction suggests this is one of the top lender options in the US right now.
Thanks to small dollar loan options and flexible lines of credit, the Regions loan is malleable enough to appeal to lots. Although for those with good credit ratings there are better rates to be found elsewhere.