BIRMINGHAM, Alabama – Regions Bank offers personal installment loans secured by funds in customers’ savings accounts, the company announced today.
The Regions Savings Guaranteed Loan will offer loans for as low as $ 250 for a low fixed interest rate. Loans can be applied for in branch, online or by phone at 1-888-IN-A-SNAP (462-7627).
The regions said in a statement that the new loan is intended to meet the credit needs of customers while complementing other existing consumer credit solutions, including secured and unsecured lines of credit, personal installment loans and Regions credit cards. Regions said other credit alternatives coming this year include an expanded, unsecured line of credit designed to meet the needs of a larger customer base.
“It is clear that consumers need small loans, and we believe banks have a responsibility to meet this need,” John Owen, Regions Bank’s head of business groups, said in the statement.
The regions also declared today that they are ending their Ready in advance produced by the end of the year. As of January 22, regions will not offer a short-term line of credit against direct deposits to new customers. Regions is developing a transition plan for existing customers.