Sunday, 29 November 2020

Regional Finance Personal Loan Review

Regional Finance Personal Loan Review
09 Aug
1:24

Regional Finance
APR

10.00%
To
99.00%

Credit Req.

Varies

Minimum Credit Score

Terms

6 to 84

months

Fees

0.00% – 7.00%

Regional Finance personal loan details
 

Fees and penalties

  • Terms: 6 to 84 months
  • APR range: 10.00%-99.00%, varies by state
  • Loan amounts: $500 to $12,000, but varies based on state
  • Time to funding: Same day as approval
  • Hard pull/soft pull: Soft Pull when prequalifying; hard pull when applying
  • Origination fee: 0.00% – 7.00%
  • Prepayment fee: None
  • Late payment fee: $5-$24.50

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 age, residency and employment. Applicants will need to be at least 18 years old, have verifiable income and live in one of the nine states the company operates in:

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

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. For example, a borrower who resides in North Carolina can only access between $700 and $7,500.

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 will take no more than five 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 apply for a loan. To complete the application, the lender 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 lender 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, if you need to change your payment due date, you can contact Regional Finance to speak to a specialist.
  • Fast funding: Once approved for a Regional Finance personal loan, you can receive funds the same day.
  • Prequalification: The loan application will require a hard pull, but 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. Regional Finance also only offers a maximum loan amount of $12,000, so borrowers requiring more would need to look elsewhere.

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, Regional Finance may be a better fit because you’ll likely have a low APR and be able to secure a loan in the amount you requested.

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.

Alternative personal loan options

LendingClub

Lending Club offers loans between $1,000 and $40,000 with term options of 36 or 60 months, and the APR range is 6.16% 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. LendingClub loans 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.

LendingClub
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% – 6.00%

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.Read More

For those who wish to borrow more than $12,000, SoFi can be considered an alternative to a loan with Regional Finance. This particular lender gives people access to loans ranging from $5,000 to $100,000. With fairly reasonable APRs from 6.57% to 16.25%, and terms ranging from 36 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.

SoFi
APR

6.57%
To
16.25%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

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


Fixed rates from 6.57% APR to 16.25% APR (with AutoPay). Variable rates from 5.81% APR to 13.61% APR (with AutoPay). SoFi rate ranges are current as of August 1, 2018 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% plus 4.175% 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. Terms and Conditions Apply.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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)

Marcus by Goldman Sachs®

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 $3,500 to $40,000, but rates go as high as 24.99%. Terms range from 36 to 72 months, and there are no prepayment fees or late fees.

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

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

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Kristina Byas

Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

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Source: https://www.magnifymoney.com/blog/personal-loans/regional-finance-personal-loan-review/

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