Regional Finance Personal Loan Review

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Regional Finance
APR

Vary by state

Credit Req.

Not specified

Terms

Vary by state

months

Origination Fee

No origination fees

SEE OFFERS Secured

on Regional Finance’s secure website

Regional Finance personal loan details
 

Fees and penalties

  • Terms: Varies by state.
  • APR range: Varies by state and based on your application and credit information.
  • Loan amounts: $500 to $12,000, but varies by state.
  • Time to funding: Possibly on the same day upon approval.
  • Hard pull/soft pull: Soft Pull when prequalifying.
  • Origination fee: Not specified.
  • Prepayment fee: Not specified.
  • Late payment fee: 5% of each installment payment with a maximum of $10.

In the event that you are unable to make timely payments on your loan, Regional Finance offers payment protection plans. Not only is this helpful in cases of involuntary unemployment, borrowers who become disabled will also be able to benefit from it. Since the plans are based on the loan amounts, not every borrower is eligible.

Eligibility requirements

  • Minimum credit score: Varies.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Eligibility to apply for a Regional Finance personal loan is based on a few different requirements, including residency and employment. Applicants will need to have verifiable income and live in one of the 11 states the company operates in:

  • Alabama
  • Georgia
  • Missouri
  • New Mexico
  • North Carolina
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin

Be aware that the state you live in can affect your eligibility, as well as the minimum and maximum amount of money you can borrow from this lender.

Applying for a personal loan from Regional Finance

To secure a loan from Regional Finance, you can use the website to see if you prequalify prior to filling out an application. The lender says the process can be completed in minutes, and you will need to provide your contact information, Social Security number and requested loan amount. Once you’ve submitted this information, applicants can contact the lender or wait for a representative to reach out, which can take up to 48 hours.

If you’re eligible for a loan, you will be required to visit a Regional Finance branch to complete the application. The loan specialist will need to verify the information provided, so applicants need to bring identification, proof of residence and proof of income. The best documents to bring would be utility bills, check stubs and/or tax returns. The loan specialist will review the application and documents before making a decision. Upon approval of the loan, you will be given your funds via check.

Pros and cons of a Regional Finance personal loan

Pros:

Cons:

  • Payment protection plans: With the payment protection plans offered by Regional Finance, certain circumstances, such as loss of employment or disability, will relieve borrowers of their monthly payment obligations.
  • Payment date changes: In extreme circumstances, you can request a change to your payment due date by calling your local branch and arranging a visit to fill out the required paperwork.
  • Fast funding: Once approved for a Regional Finance personal loan, you can receive funds the same day.
  • Prequalification: Prequalification allows you to determine your chances of being approved for a Regional Finance loan without affecting your credit.
  • Collateral: Securing a loan with Regional Finance requires applicants to have insured collateral, such as vehicles or TVs.
  • Application process and closing completed at branch: To complete the application process, close a loan and receive funds from Regional Finance, borrowers have to visit a branch.
  • Loan amount: At Regional Finance, loan amounts vary from state to state. This means that depending on where you live, you may not have access to the amount of funds you need.

Who’s the best fit for a Regional Finance personal loan

When attempting to determine if this lender is the right one, you will want to consider your credit score because it can affect the terms, the APR and more. For example, if you have poor credit, you may be approved for a loan, but chances are you will not be able to acquire a loan with a low APR and may not receive an offer for the amount of money you requested. However, if you have good to excellent credit, you are likely to qualify for the best rates.

Anyone in need of funds quickly may find Regional Finance to be the perfect option for a lender. Once you prequalify online, it is possible for you to receive your funds in a reasonable amount of time. Depending on when you speak to a Regional Finance representative and visit your local branch to complete the application process and close the loan, you could have a check in your hands in less than 24 hours.

Regional Finance consumer reviews

Any financial decision should be made after you’ve conducted sufficient research to feel confident in your decision. Before choosing to take out a personal loan from Regional Finance, consider checking out some consumer reviews. The Better Business Bureau (BBB) rating is fairly reliable and can easily reviewed.

Regional Finance has a BBB ranking of A-. BBB ratings represent how the BBB believes a business is most likely to interact with its customers. They base their ratings on information obtained about the business such as public complaints and information obtained from business and public data sources.

On LendingTree, which is the parent company of MagnifyMoney, Regional Finance has a rating of 5 out of 5 stars. However, as of early July 2019, they only have four reviews. These consumer reviews note that Regional Finance offers great service and is an fair lender with low rates.

Leia from Norcross, Ga., wrote: “Easy to work with. Quick application turnaround. Local office. I’m old fashioned, I like to meet the people who handle my loan in person.”

Regional Finance FAQ

They offer personal loans that can be used for a variety of needs.

Their personal loans can be used for unexpected bills, car repairs, medical expenses, or any other expenses. They can offer larger loans for expenses like furniture, vacations, appliances, debt consolidation and other larger purchases.

You can make payments via phone, mail, or online. You can also make payments in person at your local branch.

Yes, you can sign up for automatic monthly payments by registering for Online Account Management.

Potentially. They will evaluate your unique situation to determine if you qualify for lower monthly payments. You’ll have to contact your local branch for more information.

If you miss a payment or believe you will miss a future one, call your local branch to discuss your options with one of their loan specialists.

Yes, they report once a month to Equifax.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is a peer to peer lending company. Loans through LendingClub can be between $1,000 and $40,000 with term options of 36 or 60 months, and the APR range is 6.95% to 35.89%. Prior to filling out an application, you can check rates, but applying will impact your credit score. The process can take seven days, maybe more, so this is something potential borrowers want to consider before applying. Loans through LendingClub have no prepayment fees but they do have origination fees. LendingClub also offers National Disaster Support, which means they will not contact you about payment, report to the credit bureaus or charge a late fee for a minimum of 30 days if you have been affected by a natural disaster.

SoFi

SoFi
APR

5.99%
To
18.07%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.07% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of October 10, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.05% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

For those who wish to borrow a large amount, SoFi is an option. This particular lender gives people access to loans ranging from $5,000 to $100,000. With fairly reasonable APRs from 5.99% to 18.07%, and terms ranging from 24 to 84 months, you have plenty of time to back your loan, regardless of its size. What many may really find appealing about SoFi as a lender is the APR discount people are eligible to receive for signing up for automatic payments, but also the unemployment protection, which allows you to go up to 12 months without making payments should you lose your job and are unable to make the required monthly payments.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

When choosing Marcus by Goldman Sachs® as your lender, you have the option to borrow between $3,500 and $40,000. There is the possibility of receiving a loan with a low APR of 6.99%, but rates go as high as 28.99%. Terms range from 36 to 72 months, and there are no prepayment fees or late fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jacqueline DeMarco
Jacqueline DeMarco |

Jacqueline DeMarco is a writer at MagnifyMoney. You can email Jacqueline here