Personal Loans » Personal Loan Lender Reviews » Regions Personal Loan: 2023 Review
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Regions Personal Loan: 2023 Review

Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions. 

APR

5.74% - 20.99%

Loan Amount

$2,000 -$35,000

Term

24 - 60 months

Min score

Good

regions-bank-vector-logo

Regions requires good to excellent credit, but it is possible to qualify if you have a fair credit score and a pre existing relationship with Regions. 

regions-bank-vector-logo

APR

5.74% - 20.99%

Loan Amount

$2,000 -$35,000

Term

24 - 60 months

Min score

Good

Regions is a full service bank that operates in Texas and across the South and Midwest. The banking services include credit cards, savings accounts, mortgages and loans. Regions offers both secured and unsecured personal loans, but they have teamed up with Avant to handle their application process for personal unsecured loans. If Regions does not want to approve the loan, Avant may be an option for you.

Regions personal loans can be used for any purpose you wish including buying a car, home improvements, covering major expenses or even paying for a vacation. Regions also offers secured installment and deposit secured loans.

Regions may charge a processing fee on your personal loan. This depends on how you apply. For example, if you apply in branch rather than online, the lender may apply a charge. Additionally, you should be aware that Regions does apply late payment fees. This is a rather hefty $100 or 5% of the unpaid loan amount, whichever is lower.

  • Quick Turnaround Times
  • No Prepayment Penalty
  • Relationship Points
  • Customer Service
  • Possible Secondary Lender
  • Easy to Use
  • Large Bank
  • Fees
  • Availability
  • Unclear Terms
  • Secondary Site
  • Possibly Offered an Avant Loan

In this Review..

Regions Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

With Regions using Avian, you should expect a quicker turnaround process than with other large banks.

The borrower can pay off their loan early without any fees.

Regions has reward points for their customers. You can earn points with personal loans but you need to already be a Regions banking customer.

Regions is a large bank and has good customer service which means you can talk to someone any day of the week.

If Regions is unable to fund your loan Avant might, providing a greater likelihood of being approved.

Regions’ site is easy to use and the application process is quick.

Regions is a large bank that has been around for a long time and has a long history of providing quality service for its customers.

Regions has high fees such as late and origination fees, and many of these are not clearly outlined on their site. All fees should be considered in the pricing of your loan when you apply.

Regions has branches in the southern United States, but it is unclear if their online personal loans service just those states or all of the United States.

The terms, rates, fees, and credit requirements are unclear and not found anywhere on their website.

Anytime a website directs you to a third party it creates concerns about with whom you are dealing and whether they are trustworthy. Regions moves the borrower to Avant’s site to apply, which creates privacy concerns. It also means you are dealing with two different companies who may have differing policies.

Avant caters to those who do not have perfect credit and their rates reflect this. You may not get the terms you were looking for. See our review here.

What Can a Regions Personal Loan Be Used For?

Regions offers little information about what their approved loan can be used but do cover the same reason for other personal loans. Regions personal loans can be used for debt consolidation, home improvement, and emergencies causing unexpected costs. Regions loans cannot be used for business purposes

A Regions personal loan can be used for home repairs or projects. The advantage of using a Regions home improvement loan is the promptness of receiving the funds.

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Regions emergency loans get you needed cash quickly for unexpected expenses. These could include car repairs, medical bills, or any urgent home repairs. It can also include non-emergency situations like a life event or moving expenses.

Regions debt consolidation is to take one or more prior unsecured loans and pay them off with the new personal loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.

Regions Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  •  J.D Power: We considered J.D. Power’s lending consumers satisfaction study. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. Regions personal loan wasn't rated in the 2020 research.

How to Apply For Regions Personal Loan?

Regions uses Avant for their application process. Once you are directed to Avant, you will still see Regions’ logo along with Avant’s. You fill out a basic form to start, which includes creating an account.

Regions Personal Loan

You will then fill out the information about yourself including your address, date of birth, social security number, housing information, and income information. Regions will then do a hard pull and check your credit.

 Regions Personal Loan

Both Avant and Regions will get a copy of your credit report. If you do not meet Regions’ underwriting standards the application may be passed on to Avant, which has less strict lending standards.

Regions Personal Loan

If you decide to move forward you will need to answer more verification questions and upload verification information, like identification or pay stubs.

 Regions Personal Loan

You can sign loan documents online. It is often possible for the loan to be closed and money sent to your account before the end of the next day.

Regions Personal Loan

Should You Consider Region?

Regions now uses Avant’s technology to streamline their application process but they still underwrite the loan and approve it. Regions is a large bank and has stricter underwriting standards than Avant, even though many of those standards are not published.

Regions is a reputable large bank with a large customer base. While many of Regions’ terms and the areas that they service are unclear, current customers will appreciate the added product. Customers with strong credit histories and current customers of Regions should look at this product as it is a possible solution for their needs.

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APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
5.20% – 35.99%
4.99% – %35.99
5.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-84 months
6-84 months
3-72 months
Loan Amount
$600 – $100,000
$1,000 – $100,000
$1,000 – $35,000

Review Personal Loan Top Lenders

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.