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Established in July of 1971, Regions Financial Corporation was established as a result of a merger with three Alabama banks: First National Bank of Montgomery, Exchange Security Bank of Birmingham, and First National Bank of Huntsville. Region values their clients and strives to fulfill their company mission "to make life better for our customers, our associates our communities." Put People First, Do What Is Right, Reach Higher, Focus on the Computer, and Enjoy Life are the core values guiding policy, procedure, and basic client interaction at Regions.

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The Good

  • Multiple Loan Options Available 
  • Discounted Rate

Multiple Loan Options Available

Three types of Personal Installment Loans are available with Regions: Personal Unsecured Loan, Deposit Secured Loan, and Other Secured Loan. All loan types offer a fixed interest rate with the interest amount depending on various factors, such as credit score. Personal Unsecured Loans must be a minimum of $2,000 with a maximum amount of up to 25% of the client's annual gross income. There is no collateral required for this loan type. Deposit Secured Loans must be secured by a Savings Account balance of at least $250, or by a Time Deposit balance of at least $2,000. Because the balances in these accounts are held as collateral, the maximum loan amount is not to exceed the balance in the Savings Account or Time Deposit Account. A fixed interest rate will be determined based on the collateral type and loan amount. Other Secured Loans have minimum and maximum amounts depending on collateral. Minimum values range from $5,000 to $7,000 with maximum values ranging from $30,000 to $50,000. Examples of collateral for this loan time include RV/motorhome, motorcycle, documented vessel, light farm equipment, boat secured loan, and travel trailer/camper secured loan.

Discounted Rate

A unique, crowd-pleasing feature offered by Regions is a potential interest rate discount for Personal Unsecured Loans and Other Secured Loans. Availability of such discounts is dependent upon the client's relationship with Regions, or for having loan payments automatically debited from a Regions checking account.

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The Bad

  • Poor Online Transparency
  • Fees May Apply
  • Extensive Application Process

Poor Online Transparency

It seems that Regions does not give any approximate interest rates for potential clients. To be clear: Regions does not advertise their loan types with accompanying interest rate values. While it makes sense that Regions may prefer to wait until collecting all the necessary information before disclosing an interest rate, it is helpful for consumers to have at least an idea what kind of interest rate to expect. Not knowing what kind of interest rate will be assessed may be enough to cause potential clients to look elsewhere for their personal loan needs.

Fees May Apply

Regions charges a late fee of 5% of the unpaid loan payment amount or $100, whichever is less. With other companies charging as little as $10 for a late payment, the Regions fee is actually quite high.

Extensive Application Process

Even though the items and information needed to apply for a loan with Regions is quite standard, it can still be a pain in the neck. Clients applying for a loan must be prepared with their social security number, mailing address, current drivers license, email address, gross monthly income, estimated value of a property, and collateral description (if applicable). Credit scores should not show any bankruptcies, foreclosures, short sales, or previous major credit issues. All sources of employment and income will need to be verified. Copies of tax returns will be required to verify income. 

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The Bottom Line

For borrowers living in Regions' service area, this is a great company to consider when looking to have personal loan needs met. With three options to meet clients' needs, and opportunities to reduce their interest rate, there is no reason to doubt a positive experience with Regions. 

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