Savings Secured Line of Credit Info
You can get a Regions Bank secured line of credit by applying online, in person at a Regions Bank branch or by phone. If you do not have citizenship, you must go to an agency to process it.
Although they do not require being a client before you apply for it, you will need to open a checking account to get the money paid, which can take 1+ business days.
To obtain the estimated interest rate, you must provide personal information related to your income, purpose of the credit, Social Security number and mortgage loan or rent installments. Then this financial entity will proceed to make a hard inquiry about your credit history and the approval takes one business day.
The interest rate is variable and is determined by adding a margin to the Prime Rate of 3% for amounts under $3,000 and 2% for amounts over $3,000.
Among its main features, we highlight:
- Monthly principal and interest payment: $10 or 5% (whichever is greater).
- Collateral with savings account or Money Market and the pledged amount is frozen.
- 0.25%-0.50% rate discount depending on Regions linkage for amounts of $5000+ and enabling automatic payment.
- No NSF/returned payment or cash advance fees. Fees for annuity ($50), late payment ($35) and over credit limit ($29).
- Can be purchased even if you have no credit history, just to get you started.
The Regions Banks secured line of credit gives you the flexibility you're looking for in a revolving loan. If you are not located where this financial institution operates, you can use the Busconomico database to find other options.
Español: Línea de crédito garantizada de banco Regions