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  Regions Bank Preferred Line of Credit

Regions Bank Preferred Line of Credit

in Personal Lines of Credit from Regions Bank

Unaffiliated

Regions Bank Preferred Line of Credit

Unaffiliated

in Personal Lines of Credit from Regions Bank

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Highlights
Loan Amount $3,000 - $50,000
APR  (Variable APR) 8.74% - 18.74%

Regions Bank Preferred Line of Credit Review

Regions Bank Preferred Line of Credit is offered by Regions Bank, a bank founded in 1873 and based in Huntsville, AL. Regions Bank Preferred Line of Credit is available in 15 states across the USA.

Regions Bank Preferred Line of Credit FAQ

What APRs does Regions Bank Preferred Line of Credit offer?

Regions Bank Preferred Line of Credit offers a variable APR product that ranges from 8.74% APR up to 18.74% APR. Rate is quoted with autopay discount*.

Does the Regions Bank Preferred Line of Credit charge an origination fee?

No, Regions Bank Preferred Line of Credit does not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does the Regions Bank Preferred Line of Credit charge a cash advance fee?

Yes, Regions Bank Preferred Line of Credit may charge a fee. starting at $10

Does the Regions Bank Preferred Line of Credit charge a statement balance fee?

Does Regions Bank Preferred Line of Credit charge a late fee?

Yes, Regions Bank Preferred Line of Credit may charge borrowers a late payment fee of up to $29 , which is triggered if you're 10 days late.

How much can you borrow via Regions Bank Preferred Line of Credit?

Upon approval and based on your credit worthiness, your Regions Bank Preferred Line of Credit personal line of credit will be assigned a credit limit of at least $3,000 and as much as $50,000. .

Regions Bank Preferred Line of Credit Fees
Cash Advance Fee N/A
Origination Fee No
Prepayment Fee? No
Late Payment Fee $29
Statement Balance Fee No

What do you need to qualify for Regions Bank Preferred Line of Credit?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Regions Bank Preferred Line of Credit.

Regions Bank Preferred Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. Regions Bank Preferred Line of Credit only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Regions Bank Preferred Line of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Regions Bank Preferred Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Proof of income
  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of residence

What is the estimated funding time for a personal line of credit via Regions Bank Preferred Line of Credit?

Regions Bank Preferred Line of Credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 7 business days .

Does Regions Bank Preferred Line of Credit report your account activity to credit bureaus?

Yes, Regions Bank Preferred Line of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Regions Bank Preferred Line of Credit

  • Visit the Regions Bank Preferred Line of Credit website.
  • Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
  • Check the information is accurate and submit your application.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 15 states
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Mississippi
  • Missouri
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Annual Fee $50
Late Fee Amount $29
Late Fee Grace Period 10 days
Minimum Cash Advance Fee ($) Starting at $10
Minimum Payment $20
Checking Account Required  
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Minimum Draw Starting at $100
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 7 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
APR (Variable APR) 8.74% - 18.74%
Loan Amount $3,000 - $50,000

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