Learn all you need for the application
Regions Bank, a key player in the American financial landscape, provides personal loans to address a variety of financial needs. Offering plans ranging from $2,000 to $50,000, the bank caters to existing customers with repayment terms spanning up to 60 months and fixed monthly rates.
Regions Bank stands out by requiring applicants to be existing customers with active accounts, such as checking or savings. The loan amounts are capped at $35,000 for first-time borrowers and $50,000 for more established customers. These conditions may not meet the diverse financial needs of all potential borrowers, prompting them to explore alternative options in the American unsecured personal loan market.
Applying for a personal loan with Regions Bank is a streamlined process, aligning with the institution’s commitment to efficiency. The bank extends its services to existing customers, and the application can be conveniently completed online. While the loan is unsecured and doesn’t require collateral, eligibility is linked to the client’s credit score and monthly income.
See the main conditions before applying.
Who can Apply?
According to Regions Bank, eligibility for the company’s personal loans requires current customer status with some form of deposit relationship, such as a checking or savings account, MM, or CD. Consequently, those without any affiliation with Regions Bank cannot apply for personal loans. Additionally, applicants must meet the following criteria:
- Be over 18 years of age (or 21 years in some states)
- Possess valid documentation as a U.S. citizen or a foreigner with a work and residence visa
- Demonstrate a verifiable monthly income
Another crucial factor is the credit score, as individuals with a negative credit history may encounter challenges in securing the loan. Moreover, there are no significant impediments beyond these requirements to qualify for personal loans.
That’s because Regions Bank seeks to provide diverse personal loan plans for different audiences, aiming to address a wide range of everyday needs with specific conditions tailored to each case.
How is the application process at Regions Bank Personal Loan?
The Regions Bank platform provides a personal loan form directly to its customers. To fill it out, the following information is required:
- Full name
- Date of birth
- Phone number and email address
- Complete address, including city, state, and zip code
- Housing expenses (rent or mortgage)
- Social Security number
- Type of income (employed, self-employed, permanent, or temporary benefits)
- Individual monthly net income
- Desired loan amount
- Purpose of the loan funds (debt consolidation, life event, emergency expense, car repair, relocation, home improvement, vacation, and others)
During the application process, the bank may request the following documents:
- Proof of residence
- Copy of ID and Social Security card
- Recent pay stubs
- Recent bank statements
In addition to the online form, customers can contact the bank by phone at 1-855-752-7015 or visit a physical branch for assistance.
Before registering, customers can also use the loan calculator to plan the conditions and amounts for repayment. This is because the interest rates for each loan depend on the repayment term, requested amount, and credit score balance.
Want to look at another option?
The U.S. market features major banks in the country offering personal loan plans. Santander, for instance, can provide up to $50,000 to its customers, with a repayment term of up to 7 years depending on approval conditions. Therefore, you can learn more about Santander’s services.