Regions Bank Loans


Updated: November 6, 2018

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This review of the Regions Bank loans will introduce you the most popular types of the loans from this bank. You will learn about their pros and cons, interest rate, required credit score and monthly income. But most importantly, you will be able to compare the Regions loans with the loans offered by other banks. Enjoy!

Types of Regions Bank Loans

Unfortunately, Regions Bank doesn’t tend to be that transparent in terms of providing information about the loans. That is the reason why there is little information about the mortgages of this bank. However, this is one of the few big banks that offers a variety of personal loans, and you can get one with ease.


Regions Bank Mortgage Loans: Rates and Review

Interest rate (APR): starting at 4%.

Required credit score: from 650 to 850.

Required minimal monthly income: $1,800.

Where the loans are available: in the eastern part of the United States, namely: Alabama, Arkansas, Georgia, Florida, Iowa, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

Most suitable for: customers who already have a bank account with Regions Bank.

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Regions Bank, a financial institution that has a strong presence in the Eastern and Midwestern United States, offers a variety of mortgage loans. Unfortunately, one has to point out that there is no plenty info about the mortgage loans from this bank, and you can know many things until you apply. However, we have gathered some important details, and you should take them into account.

First of all, one has to mention a solid advantage of Regions Bank: it offers a variety of mortgage loans. For instance, Citi Bank and Chase Bank do not offer such a variety of loans, and especially they don’t provide access to the AHL programs. These are the mortgage loans that you can get at Regions Bank:

  • Fixed rate mortgage loans for 15, 20, and 30 years.
  • Mortgage loans for first time homebuyers.
  • Affordable home loan programs.
  • Adjustable rate mortgage loans.
  • Affordable home refinancing programs.

Unluckily, the bank doesn’t disclose a lot of information on this matter. So if any type of the loans has interested you, you should either call the bank’s customer service or, which would be even better, visit its local branch. That will help you to get to know the details of each of the mortgage types.

Unfortunately, Regions Bank is not very transparent about its interest rates. You can get to know the actual (and even the minimal) interest rate only after submitting an online application. Otherwise, you won’t be able to find out the terms of the loan and its APR.

But mortgage loans from Regions Bank come with another advantage: you can pre-qualify for a mortgage loan at Regions. This is something that, for example, Citi Bank mortgage loans don’t offer. This means that Regions Bank makes a soft check instead of a hard check. In simple words, that means that your credit won’t be worsened even if you get declined at a pre-qualification stage. If you have pre-qualified, you will have 30 days to apply for a loan and get it for sure.

Regions Bank Loans

Another thing we have to point out about this bank is that it has almost 1,500 branches in the United States. While it provides its services only in the Eastern and Midwestern United States, the number of the bank offices is quite high. This means that, unlike Chase Bank and Citi Bank, Regions provides the customers with physical branches even in rural areas.

At a first sight, the Regions Bank mortgage offers do not seem bad at all. However, a clear lack of information makes it impossible to compare these loans with the ones offered by other banks. Thus, if the information we collected has interested you, you should visit a physical branch of this bank and question a banker about a loan offer you are interested in.


Regions Bank Auto Loans: Rates and Review

Interest rate (APR): from 1.99% to 12.96%.

Required credit score: from 650 to 850.

Required minimal monthly income: $1,400.

Where the loans are available: in the eastern part of the United States, namely: Alabama, Arkansas, Georgia, Florida, Iowa, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

Most suitable for: customers who want to get a car loan or get refinancing for an existing loan.

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Regions Bank offers a variety of financial products to its customers, and that list includes auto loans as well. In this review, we will disclose the pros and cons of Regions Bank auto loans and help you understand whether it is worth to apply for it.

The first thing we should mention is that this Regions Bank offers both loans for car purchases and loans for refinancing. Basically, you can get a loan with an amount ranging from $5,000 to $100,000. This means that you can get exactly that car that you want.

But what’s really amazing about the Regions Bank auto loans is the interest rate. Depending on your credit score, you will have to pay the interest rate varying between 1.99% and 12.96%. Actually, such a low interest rate is not offered by any other bank! Yet, the lowest interest rate includes a 0.25% APR interest rate discount, which you will get if you have a checking account with Regions Bank.

One of the disadvantages of the car loans from Regions Bank is that you can get them for the period from 3 to 6 years. If you need an auto loan for a shorter term, there is no way how you can get it unfortunately. Overall, there are the following requirements that you need to match in order to get this auto loan:

Regions Bank Personal Loans: Rates and Review

Interest rate (APR): starting at 7.74%.

Required credit score: from 600 to 850.

Required minimal monthly income: $1,000.

Where the loans are available: in the eastern part of the United States, namely: Alabama, Arkansas, Georgia, Florida, Iowa, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

Most suitable for: customers with poor and fair credit who need small loans.

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Regions Bank is actually one of the very few large banks that offer personal loans to the customers. Moreover, one has to mention that there are a large variety of personal loans from this bank, and we are going to uncover them in this review. However, we recommend to apply for the loans of this bank only for the customers who don’t have a good credit and who need small amount loans.


Unsecured Personal Loans

You can submit an application for an unsecured personal loan online, and you will get a loan with an amount varying between $2,000 and $35,000. Basically, the amount is usually calculated as no more than 25% of the applicant’s annual income, cited in the application.

The APR for such unsecured loans will vary between 7.74% and 17.74%. The loan term is from 3 to 5 years, which is really inconvenient in case you need a short- or mid-term loan. There are no prepayment penalties, check processing fees, NSF or returned payment fees. However, there is an origination fee of $100, and you must be aware of it. Apart from that, the late payment fee is the lesser of the following: $100 or 5% of the monthly past due sum.


Secured Personal Loans

Personal loans at Regions Bank can be secured by the funds in the customer’s Regions savings account, CD account, or money market account. There are two options of loan amounts: from $2,000 up to the 100% of the CD account amount and from $250 up to the 100% of the money market or savings account.

In terms of the interest rate, it obviously tends to be much lower than the one for the unsecured loans: the APR for the loans lower than $3,000 is 5.75% and for the loans more than $3,000 is 3.75%. The term of the loan is, once again, from 3 to 5 years. The fees are the same as for the unsecured personal loans, with one exception: the origination fee is $8 for loans less than $2,000 and $150 for loans greater than $2,000.


Unsecured Personal Line of Credit

Apart from Regions Bank personal loans, you can also take out a personal line of credit. There are two types of an unsecured personal line of credit:

  • Traditional personal line of credit with an amount from $3,000 to $50,000.
  • Small-dollar line of credit with an amount from $500 to $3,000.

There are different requirements and fees for each of the personal lines of credit. Let’s consider a traditional personal line at first. The APR of the traditional credit line will be anywhere from 8.24% to 18.74%. The loan terms are flexible, so you can get a loan for the period you need. There is an annual fee of $50, which can be waived in the first year, as well as a late payment fee of $35.

Now, let’s look at the small-dollar line of credit. The APR of this line is 21.9%. The annual fee of this credit line is $25 and it cannot be waived. The late payment fee is equal to $29. Same as with the previous traditional credit line, the loan terms are flexible and you can get the loan for the period you want.


Secured Personal Line of Credit

Same as with a personal loan, you can get a secured personal line of credit as well. This line of credit can be secured by your funds in your Regions savings, CD, or money market account. The loan amount can be anywhere between $250 and $100,000, and it depends on how much money you have in your account.

Depending on your credit line, the APR will be either 7.25% (with AutoPay and for sums lower than $3,000) or 6.25% (with AutoPAy and for sums higher than $3,000). There are the following fees, associated with this personal line of credit: over-the-credit-limit fee of $29, late payment fee of $35, and an annual fee of $50 which can’t be waived. Same as with the unsecured personal credit line, the loan terms are flexible.


Regions Bank Loan Calculator

Regions Bank provides the customers not only with useful tips on how to manage the money, but also with a variety of useful calculators. These calculators include:

  • Auto calculators
  • Budget calculators
  • Debt calculators
  • Home equity calculators
  • Mortgage calculators
  • Retirement calculators
  • Savings calculators.

You can find these calculators and tools on this page of the Regions Bank website. Apart from that, you will find plenty of tips on how to manage your loans there.

Regions Bank Loans
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