For over 30 years Regional Finance has been providing personal loans through its network of more than 350 locations in 11 states. Founded in South Carolina, Regional Finance has expanded its services and focuses especially on providing loan products to borrowers with less-than-perfect credit.
Regional Finance personal loans can be used for a variety of purposes and loan amounts typically range from $600 to $10,000 and vary by state. Loans have fixed rates and fixed terms, which can be helpful in managing payments.
Continue reading for a full review of this personal loan company.
Regional Finance seeks to serve and provide loans to borrowers with limited credit access. Loan rates and terms are assessed on an individual basis, and so if you have less-than-perfect credit, you could have a chance to qualify for a Regional Finance personal loan.
While Regional Finance could be a great choice for borrowers with less-than-perfect credit, if you have an excellent credit score (700+), you would likely be able to qualify for a personal loan with better rates and terms elsewhere.
All Regional Finance loans require collateral except in certain states.
The fact that Regional Finance typically requires collateral for a personal loan is indicative of its focus on lending to borrowers who may have limited credit access, since your credit score isn't the only thing that the company is relying on to ensure that you can make loan repayments.
Collateral should be in some form of personal property, such as a car, and it must be insured in case of loss or damage.
You can apply for a Regional Finance personal loan with a co-borrower, meaning that you and another individual are both responsible for paying back your loan.
It is important to note that a co-borrower is different from a cosigner. With a co-borrower, both parties are responsible for paying back the loan, whereas a cosigner is only responsible for making payments if you are unable to do so for whatever reason.
With Regional Finance you can easily prequalify for a personal loan. This process will not impact your credit score, but if you choose to move forward a hard credit check will be performed to complete the loan process, which is a standard practice in the industry.
Most lenders offer a pre-qualification option with no impact to your credit score, allowing you to easily compare loan options and see what would be best for you.
Regional Finance personal loans can be used for a variety of purposes, such as debt consolidation, medical expenses, home repairs, or any other large expense. Your use of funds is flexible, which is a helpful offering if other expenses arise even after you apply for and receive your loan.
Some lenders, such as LightStream, have very strict loan purpose guidelines, requiring borrowers to use their funds only for what they outlined in their application, but this is not the case with Regional Finance.
Regional Finance reports monthly to Equifax and TransUnion. This is good news, especially for borrowers who may be trying to monitor their credit. That being said, make sure that you make consistent on-time payments on your loan, as this activity will be reported to these credit bureaus and could either really help or really hurt your credit score.
Applying for a Regional Finance loan is cost-free, and you can also pay off your loan early without penalty, which could save you money in interest.
Once you are approved for your loan, you can easily access your loan information online by setting up a Regional Finance account. Through your account you will be able to schedule and make payments, set up AutoPay, and update your contact information.
To create an account you must have a specific Regional Finance account number which can be found on your loan contract, in your welcome letter/email, on payment receipts, or by contacting your local branch. Without this number you won't be able to create your online account.
Regional Finance prides itself on offering a personalized loan experience by providing excellent customer services. If you ever have any questions or concerns, you can easily contact a Regional Finance representative by phone or email, or you can stop by a branch to speak with a loan officer about your financial information and loan details.
Regional Finance is only licensed in the following states:
Unfortunately, if you don't reside in any of these states, Regional Finance's products and services are not available to you.
Regional Finance offers loans from $600 to $10,000, or even up to $12,000 in some states. This is a fairly low maximum loan amount compared to other lenders that may offer up to $100,000. However, most companies that lend to borrowers with less-than-perfect offer lower loan amounts.
Exact rates and loan terms are not disclosed on the Regional Finance website. While you will receive this information based on your personal information through prequalification, it can be helpful to see an interest rate range up front so you can have some idea of what to expect.
While rates are not outlined online, they are provided at some in-branch locations in certain states, such as Alabama.
Since Regional Finance lends to borrowers with less-than-perfect credit, it is likely that interest rates will be higher than you may see elsewhere.