Personal Lines of Credit

A personal line of credit:

• Variable interest rates
• 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 $20,000 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 the inside of your home. 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.

Like personal loans, personal lines of credit can be either secured (collateral required) or unsecured (no collateral required).

Personal loan

• Fixed interest rates
• Fixed repayment terms
• Can be secured (requiring 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 36 – 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.

Personal loans can be either secured (collateral required) or unsecured (no collateral required). Because secured loans require collateral, they can have lower interest rates.

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

In order to apply for a personal loan or line of credit 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 online, in a branch or by phone for a Regions Preferred Line of Credit or Savings Secured Line of Credit. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm. To be eligible for our unsecured loans, lines of credit or our recreational vehicle loan, you must have a Regions deposit relationship (checking, savings, MM or CD) on which you are an owner that has been open for at least six months. You may apply over the phone, or at your local branch.