Regions bank supports its customers to meet financial emergencies and also help build credit. The bank’s impressive range of secured and unsecured loans can also help you choose a product that perfectly meets your requirements.
How can you choose a personal loan product?
You have a good credit and need a small amount for one time requirement
Unsecured loan, which is essentially an installment loan with no collateral required, can be the best product as it comes with competitive interest rate and a flexible loan amount. While the minimum is pegged at $2,000, the maximum can be up to 25% of your gross annual income.
You have a good credit and need small amount multiple times
Suppose you need to pay school fees every quarterly or want to invest in home improvement over a long period. The best option available at Regions for such situations is its unsecured credit line that has $500 and $3,000 as min and max credit limits.
You have a good credit and need fairly large amount multiple times
You can also get a preferred line of credit with higher limits. However, you need to pay an annual fee of $50. Unsecured in nature, this credit line can range between $3,000 and $50,000.
You have a poor credit but have a deposit account at Regions
This is an excellent way to improve your credit. You can borrow against the amount you have in savings or time deposit accounts at Regions. There is no prepayment penalty and the maximum loan amount can be up to 100% of the savings account balance.
You have a poor credit but need large amount for one time requirement
If you have suitable collateral, you can borrow anything between $5,000 and $500,000 at competitive interest rates. You are advised to keep the loan amount minimum as you run the risk of losing your valued possession in case of default.
You have a bad credit but need small amount several times
The Bank also offers secured line of credit for people with bad credit. You need to put suitable collateral in order to qualify for the credit line. The min and max limits are $250 and $10,000, respectively.