Regions Bank Personal Loans and its types
Regions Bank offers three types of personal installments loans i.e. the unsecured, deposit secured and other secured loan. All the types of loan have a fixed interest rate but the amount of interest depends on many factors such including the credit score.
The unsecured Regions Bank personal loans are valid for a minimum amount of $2,000 and the maximum amount of 25% of the borrower’s annual income. No collateral is required for this type of loan.
The deposit secured Regions Bank personal loan uses a Savings Account with at least $250 deposit or a Time Deposit of $2,000 as collateral. The maximum loaned amount cannot exceed the balance of these deposits. The fixed interest rate is determined by the type of collateral and the amount of the loan.
The other secured Regions Bank personal loans also have a certain minimum and maximum loan amount based on the collateral. The minimum value is in the range of $5,000 to $7,000 while the maximum can be from $30,000 to $50,000. You can put up your home, RV, motorhome, motorcycle, boat, farming equipment, trailer or camper as the collateral for this type of loan.
One attractive feature of the Regions Bank personal loan is that it offers discounts on the interest rate for the unsecured and other secured loans. These discounts depend on the relationship of the borrower with the bank and are applicable on those clients that allow the bank to automatically deduct their interest payments from the Regions checking account.
In comparison with other banks, the Regions bank personal loan has less strict eligibility criteria and borrowers need to only have a minimal balance in their account to be able to qualify. There are no age restrictions and all adults over 18 years of age whether they are U.S. or non-U.S. citizens can apply.
Regions bank personal loans offer flexibility in the range and maturity of the loan terms especially for small loans. Customers can apply for a loan or line of credit for an amount as small as $250. Also unlike other financial institutions Regions bank does not have a specified time period over which the line of credit has to be repaid either for the secured or unsecured loan.
To apply for the Regions bank personal loan you must have a checking account at the bank before the final decision.