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Regions Financial Corporation and or Regions Bank is one of the biggest firms in providing customer and business banking, as well as wealth management and mortgage services. Part of the S&P 500 Index, they operate throughout the South, Midwest, and Texas. Customers have direct access to a full range of products tailored to their individual needs with this organization. The company advertises its services at regions.com.
Regions Bank Personal Loans Summary:
When it comes time to decide on a lender for a loan, it can be hard to sort through the choices. Therefore, being informed about what each option offers is key to making the right decision. Regions Bank has recently been in the spotlight due to its loan offerings. Before making a decision, take a closer look to assess their advantages as well as any potential drawbacks they may have. Here is an in-depth analysis to ensure you make a well-informed choice.
Here are some interesting things that stood out to us after taking a closer look at their website and terms and conditions.
- Annual percentage rates range from 7.99% APR to 29.99% APR.
- Loan amounts range from $2,000 up to $50,000.
- The maximum loan amount for existing customers is $50k and $35k for non-customers.
- Loan terms range from 24 months (minimum) up to 60 months (maximum).
- Those with an outstanding and strong credit score have access to low annual percentage rates, on condition that their loan terms are 24 or 36 months, their repayment is regularly withdrawn from a Regions checking account via Auto-Pay, and they borrow no less than $25,000.
- Several factors influence the interest rate you are eligible for, such as credit history, loan amount, loan term, and whether or not you have elected to receive the 0.25% Auto-Pay discount.
What are Regions Bank Personal Loans?
Established in 1873, the financial institution known as Region Bank has locations throughout 15 states both in the Midwest and South. Originating from Huntsville, Alabama, this long-standing bank provides its customers with an array of services including a Preferred Line of Credit to go along with its recently acquired partnership with Avant, an online lender.
With 425 customer reviews and 1,017 complaints closed in the past three years, Regions Bank has earned a B+ and has been accredited by the Better Business Bureau since 1956.
How do Regions Bank Personal Loans work?
Securing an unsecured loan from Regions Bank doesn’t have to be difficult. Regardless of your preferred method, you can begin the process either online, via phone, or at a local branch.
To apply online specifically, it’s necessary to create an account first. In order to do so, you must include the following information:
- Address and telephone number
- Email address
- Social Security number
- Net income per Month
- Monthly housing payment
- The purpose of the loan
When setting up your account with Regions or Avant, they’ll need to know whether rent or own and the duration of residing at the current address.
A hard pull will be made on your credit report in order to determine what initial rates may qualify for. Loan repayment terms and monthly payments can also be viewed through this process.
In some cases, proof of identity such as a driver’s license is necessary and must be uploaded into the system before being approved for the loan. Once accepted, choosing a final loan from the available selection is the next step followed by adding bank details to receive funds directly.
How to qualify?
Those who wish to apply for Regions Bank Preferred Line of Credit must possess a credit score that ranges from 600 to 850. Employment is mandatory in order to be considered eligible, though having a cosigner may result in better interest rate offers. Unfortunately, it is not known what the annual income eligibility requirement may be for this type of loan.
Regions Bank BBB Reviews
Regions Bank has retained a B+ rating for some time now, being accredited by the Better Business Bureau since 1956. This institution has obtained an Average of 425 Customer Reviews in addition to 1,017 complaints within the last 3 years.
Here are some reviews:
Jeremiah W 01/25/2023
Eric C 10/29/2022
Joyce S 10/21/2022
Regions Bank FAQs
How much does Regions Bank Personal Loans charge?
With a competitive interest rate ranging from 8.74% APR to 18.74% APR, the Personal loans by Regions Bank have a variable-rate loan option for borrowers. Taking advantage of autopay discounts can further reduce this rate*. There is no origination fee charged, but customers should be aware that failure to repay within 10 days of the due date could incur a late payment penalty of up to $29.
Are there any pre-payment penalties?
Regions Bank does charge late fees, however, it doesn’t charge prepayment fees so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.
How do Regions Bank Personal Loans affect your credit?
Before obtaining a loan, it is of the utmost importance to comprehend both the procedure and potential impacts on your credit score. Usually, during the initial stages, lenders will complete a soft credit check which does not influence your score. As soon as you decide to take out the loan, the lender requires that a hard inquiry be done in order to gain a thorough view of your financial profile and make an offer with finalized rates. Unfortunately, this type of search can bring down your credit score.
How to cancel Regions Bank Personal Loans?
Before taking out a loan, it is important to be confident in your decision. Once the funds are deposited into your account, the transaction cannot be undone, so be sure to double-check everything beforehand to avoid any complications later on.
Making ends meet can be a challenge, but there are some things you can do to get back on track.
- It is important to be mindful of your spending and create a budget that works for you. This will help you keep your finances in order and improve your prospects for the future.
- Another great tip is to consult with a financial advisor who can help explain your different options as well as set up a plan that suits your unique circumstances.
- And lastly, try not to stress too much about debt. Many companies are understanding and willing to work with customers in order to create a more manageable payment plan. All it takes is reaching out to their customer service team for more information.
Is Regions Bank Personal Loans legit or a scam?
With decades of performance in the banking industry, founded in 1873 and based in Huntsville, AL, Regions Bank offers customers their Preferred Line of Credit across 15 states throughout America. To date, they have earned a B+ rating following 425 customer reviews and 1,017 complaints closed within the past three years and as part of that record, they hold accreditation from the Better Business Bureau since 1956.
It is never a bad idea to do your research and shop around before taking out a loan. This is because interest rates, repayment terms, and other conditions may vary between each lender. Therefore, it is wise to compare different offers in order to obtain the most affordable option. Additionally, consulting customer reviews could be beneficial in finding the perfect lender who meets all of your needs.
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Thank you for reading!