BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions
Bank (NYSE: RF) customers may now apply for a low fixed interest
rate personal installment loan secured by funds in their Regions savings
account. Qualified customers may borrow as little as $250 with the new Regions
Savings Secured Loan. Customers may apply for the loan at any
Regions Bank branch, by calling 1-888-IN-A-SNAP (462-7627), or online at regions.com.
The new Regions Savings Secured Loan is intended to help meet the credit
needs of Regions customers and complement other existing consumer credit
solutions, including secured and unsecured credit lines, personal
installment loans and Regions credit cards. Regions is also developing
other credit alternatives in 2014, including an expanded, unsecured line
of credit product that will meet the needs of a broader customer base.
"It's clear that consumers have a need for small-dollar loans, and we
believe banks have a responsibility to meet that need," said John Owen,
head of Business Groups for Regions Bank. "To that end, we have
introduced a new savings secured loan product and we are developing
other credit products in 2014 that will appeal to a broad group of
current and potentially new Regions customers to assist them in meeting
their financial needs."
In addition to launching these new products in 2014, Regions will
discontinue its Ready Advance product by year-end. Effective January 22,
2014, Regions will not offer Ready Advance to new customers. There are
no immediate changes for existing Ready Advance customers. Regions is
developing a transition plan for these customers, and qualified current
customers with an active Ready Advance line of credit will have access
to future advances until this transition plan is completed. Regions will
communicate changes to existing customers well in advance and will work
closely with Ready Advance customers to match their needs with new
product offerings as appropriate.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $117 billion in assets, is
a member of the S&P 500 Index and is one of the nation's largest
full-service providers of consumer and commercial banking, wealth
management, mortgage, and insurance products and services. Regions
serves customers in 16 states across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,700
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.
Regions Bank
Evelyn Mitchell, 205-264-4551
Source: Regions Bank
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