Personal Loans

A personal loan:

• Fixed interest rates
• Fixed repayment terms
• Can be secured (referring collateral) or unsecured (requiring no collateral)
• Accrues interest as soon as the loan is deposited
• Typically offers lower interest rates than personal lines of credit

With a personal loan, you will need to know upfront how much money you want to borrow. When you apply for a personal loan, you receive a fixed amount of money and repay it at a fixed interest rate over a fixed period, often referred to as a “term.” Terms generally range from 12 – 60 months. Personal loans typically have a lower interest rate than personal lines of credit, and interest begins accruing at the time you accept the loan. Because a personal loan offers fixed interest rates, it’s commonly used to consolidate high-interest debt. You can use our debt repayment calculator to compare what repayment options may look like.

Because secured loans require collateral, they may have lower interest rates.

A personal line of credit

• Variable interest rates
• Flexible repayment terms
• Can be secured (requiring collateral) or unsecured (requiring no collateral)
• Begins accruing interest once you access the funds
• Typically have higher interest rates than personal loans

With a personal line, you don’t need to know upfront how much money you want to borrow. A personal line of credit is more flexible. Once you’re approved for the funds, you can use some of the funds, pay down your balance and access your available credit line again and again. For instance, if you’re approved for a $20k unsecured line of credit, you could use $10k immediately to upgrade your screened in porch, and in a year, decide to use the other $10k to repaint it. Unlike personal loans, personal lines of credit offer variable interest rates that can change, and you only start paying interest on a line of credit once you access any portion of the funds available to you.

While personal lines of credit typically have higher interest rates than personal loans, secured lines of credit tend to have lower interest rates than unsecured lines of credit since the secured line of credits require collateral.

Want to learn more about personal loans versus personal lines of credit? Watch this short video. Watch this short video

In order to apply for a personal loan with Regions, you may need specific documents and information on hand.

Here are some of the documents and info you may need to have ready:

• Contact information
• Social Security Number
• Date of birth
• Employer details
• Primary home address
• Loan amount
• Purpose of loan
• Income documentations

Current Regions customers may need their ATM/Debit card number or existing Online Banking login credentials.

Current Regions customers can apply online, by phone or in a branch

Current customers can apply in a branch or by phone for a Regions Unsecured Loan or Deposit Secured loan.  Additionally, applications may be submitted online for a Deposit Secured loan. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm.