U
Upstart
Contact
BBB:
Regional Finance in Virginia Beach, VA
Regional Finance Virginia Beach, Virginia — Regional Finance offers personal installment loans of $2,501–$25,000 to subprime borrowers at 24%–45%+ APR t...
Data compiled from public sources · Rating from CreditDoc methodology
Regional Finance Review
Regional Finance was founded in 1987 in South Carolina, starting with just four branches before expanding into one of the larger regional consumer installment lenders in the southeastern and central United States. Today it operates as a subsidiary of Regional Management Corp. (NYSE: RM), a publicly traded company headquartered in Greer, SC. The company is licensed in 19 states — Alabama, Arizona, California, Georgia, Idaho, Illinois, Indiana, Louisiana, Missouri, Mississippi, North Carolina, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin — with an estimated 188 to 350+ branch locations. It holds no CDFI, HUD, or NFCC certifications, as it is a for-profit consumer lender, not a nonprofit or federally designated community development entity.
Regional Finance specializes in personal installment loans ranging from $2,501 to $25,000 (up to approximately $35,000 in select states), with repayment terms of 24 to 60 months. APRs typically run from 24.00% to 35.99% for standard loans, with rates averaging around 45% for smaller amounts under $2,500. Borrowers can choose between unsecured personal loans and auto-secured loans that use a vehicle title as collateral — the latter may help applicants with weaker credit access larger amounts or more favorable terms. The application process includes a soft credit pull for prequalification (no score impact), and funds can potentially be available the same day after signing. There are no application fees or disclosed setup fees, though state-specific origination fees, acquisition fees, and account maintenance fees may apply depending on location.
Regional Finance's primary differentiator is its stated willingness to lend to subprime borrowers — people with poor or damaged credit histories who are typically declined by traditional banks and credit unions. The branch-based model provides in-person service that some borrowers prefer. The company also offers a dedicated mobile app (iOS and Android) and an online account management portal, enabling digital payments, AutoPay setup, and loan balance tracking. As a subsidiary of a publicly traded company, Regional Management Corp. operates with a degree of financial transparency that smaller private lenders may lack.
Regional Finance fills a real gap for subprime borrowers with limited options, but it carries significant caveats. APRs in the 24%–45%+ range are substantially higher than credit union personal loans or prime-rate bank products. The company holds a BBB rating of B and is not BBB accredited; customer reviews on BBB average just 1.11 out of 5 stars across nearly 800 reviews, with complaints frequently citing billing disputes, collection practices, and fee transparency. This is not a lender for borrowers who qualify for conventional financing — but for those facing emergencies or rebuilding credit with no better options, Regional Finance provides a structured installment loan rather than a short-term payday product, which can be more manageable over a multi-year repayment term.\n\nAs a financial institution, this lender competes with both traditional banks and newer fintech personal loan lenders in the consumer lending space. Borrowers seeking personal loans for bad credit may find more flexible terms through online lenders, while those focused on simplifying payments may benefit from debt consolidation loans with fixed rates. For credit building, secured credit cards and credit builder loans offer structured paths to improvement. Credit monitoring services provide ongoing visibility into credit health, and credit counseling through nonprofit agencies can help consumers create sustainable budgeting plans.
Services & Features
Auto-secured personal loans using vehicle title as collateral
AutoPay / electronic bill payment setup
Debt consolidation loans
In-person branch service at 350+ locations across 19 states
Mobile app for iOS and Android — loan balance, payments, AutoPay
One-time payment processing via app or online portal
Online account management portal (myaccount.regionalfinance.com)
Online prequalification with soft credit pull (no score impact)
Same-day loan funding after signing
Unsecured personal installment loans ($2,501–$25,000)
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pricing Plans
Unsecured Personal Loan
Free /mo
- Loan amounts from $2,501 to $25,000 (up to ~$35,000 in select states)
- APR range: ~24.00% – 35.99% (higher for amounts under $2,500)
- Repayment terms: 24 – 60 months
- No collateral required
- Soft credit pull prequalification — no score impact
- Same-day funding available after loan signing
- State-specific fees (origination, acquisition, maintenance) may apply
Most Popular
Auto-Secured Personal Loan
Free /mo
- Vehicle title used as collateral
- Loan amounts from $2,501 to $25,000+
- APR range: ~24.00% – 35.99%
- Repayment terms: 24 – 60 months
- May allow larger amounts or better terms for weaker credit profiles
- Soft credit pull prequalification — no score impact
- Same-day funding available after loan signing
Pros & Cons
Pros
- Founded in 1987 — 35+ years operating as a licensed consumer installment lender
- Accepts applicants with poor or bad credit; explicitly targets subprime borrowers
- Soft credit pull for prequalification — no hard inquiry until you accept an offer
- Same-day funding available after loan signing
- Both unsecured and auto-secured (vehicle title) loan options for flexibility
- Mobile app (iOS and Android) plus online portal for payments and AutoPay management
- Publicly traded parent company (NYSE: RM) provides financial transparency
Cons
- APRs of 24%–45%+ are significantly higher than credit unions or prime-rate lenders
- BBB rating of B with no accreditation; averages 1.11/5 stars from ~776 BBB customer reviews
- State-specific fees (origination, acquisition, account maintenance) add to total loan cost beyond the stated APR
- Only available in 19 states — not a national lender
- No CDFI, NFCC, or HUD certifications — purely a for-profit high-interest consumer lender
Rating Breakdown
Value 5.0
Effectiveness 3.5
Customer Service 4.2
Transparency 4.3
Ease of Use 4.3
Compare the Best Personal Loan Options
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Frequently Asked Questions
Is Regional Finance legitimate?
Yes. Regional Finance is a registered company, headquartered in Greer, SC, founded in 1987. They hold a B rating with the Better Business Bureau.
How much does Regional Finance cost?
Regional Finance plans start at Free per month with no setup fee. No money-back guarantee is offered.
Quick Facts
- Founded
- 1987
- Headquarters
- Greer, SC
- BBB Rating
- B
- BBB Accredited
- No
- Starting Price
- Free/mo
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Regional Finance
Regional Finance is best suited for subprime borrowers in its 19 licensed states who need $2,500–$25,000 and have exhausted lower-rate options at banks or credit unions. The structured multi-year installment format is more manageable than payday loans, but APRs of 24%–45%+ and low customer satisfaction scores make this a lender of last resort — not a competitive choice for anyone who qualifies for conventional financing.
Best For
- Borrowers with poor or bad credit who don't qualify for bank or credit union personal loans
- People needing $2,500–$25,000 for emergency expenses or debt consolidation with no prime-rate alternatives
- Borrowers who prefer in-person branch service when navigating a loan application
- Residents of one of 19 licensed states seeking a structured installment loan over payday or title loan products
Updated 2026-04-29
More I Need a Loan
V
VIVA Finance, Inc.
Contact
BBB:
U
US Direct Advance
Contact
BBB:
Financial Wellness Guides
Personal Loans Explained: When They Make Sense (And When They Don't)
A straightforward guide to personal loans — types, where to get them, what to watch for, and when other options are better.
Read guide →Secured vs Unsecured Loans: Which Should You Choose?
Learn the real differences between secured and unsecured loans, which one you're more likely to get approved for with bad credit, and how to avoid the traps that cost borrowers thousands.
Read guide →How Interest Rates Work: APR, APY, and What You Actually Pay
Understand the difference between APR and interest rate, how compound interest works, and how to compare loan offers to find the cheapest option.
Read guide →Financial Terms Explained (24 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Compound Interest
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Why it matters
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
Fixed Rate — Fixed Interest Rate
An interest rate that stays the same for the entire life of the loan. Your monthly payment never changes.
Why it matters
Fixed rates protect you from market changes. If rates go up, your payment stays the same. The tradeoff: fixed rates are usually slightly higher than starting variable rates.
Example
You get a 30-year mortgage at 6.5% fixed. Whether rates rise to 9% or drop to 4% over the next 30 years, your payment stays at $1,264/month on a $200,000 loan.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
Simple Interest
Interest calculated only on the original amount borrowed, not on accumulated interest. It's the simpler, cheaper type of interest.
Why it matters
Most auto loans and some personal loans use simple interest. Paying early saves you money because interest is only on what you still owe.
Example
You borrow $5,000 at 8% simple interest for 2 years. Interest = $5,000 x 0.08 x 2 = $800 total. You repay $5,800. With compound interest, you'd owe more.
Variable Rate — Variable (Adjustable) Interest Rate
An interest rate that can go up or down over time, usually tied to a benchmark like the prime rate. Your monthly payment changes when the rate changes.
Why it matters
Variable rates often start lower than fixed rates to attract borrowers, but they can increase significantly. Many people who got hurt in the 2008 crisis had adjustable-rate mortgages.
Example
You start with a 5/1 ARM mortgage at 5.5%. For the first 5 years you pay $1,136/month on $200,000. Then the rate adjusts to 7.5%, and your payment jumps to $1,398/month.
How Loans Work
Amortization — Loan Amortization
The process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Why it matters
Understanding amortization explains why paying extra early in a loan saves the most money — you're reducing the principal that interest is calculated on.
Example
Month 1 of a $200,000 mortgage at 6%: your $1,199 payment splits as $1,000 interest + $199 principal. By month 300: only $47 goes to interest and $1,152 goes to principal.
Balloon Payment
A large lump-sum payment due at the end of a loan, after a period of smaller monthly payments. The loan isn't fully paid off by the regular payments — the balloon settles it.
Why it matters
Balloon payments make monthly payments look affordable but create a financial cliff. If you can't pay or refinance at the end, you could lose your home or asset.
Example
A 5-year balloon mortgage on $200,000: you pay $1,054/month (as if it were a 30-year loan), but after 5 years you owe a balloon of $186,108 all at once.
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Default — Loan Default
When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.
Why it matters
Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.
Example
You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Prepayment Penalty
A fee some lenders charge if you pay off your loan early. The lender loses the interest they expected to earn, so they penalize you for leaving early.
Why it matters
Always ask about prepayment penalties before signing. They can trap you in a high-rate loan even if you find a better deal to refinance into.
Example
Your mortgage has a 2% prepayment penalty for the first 3 years. If you refinance after year 2 on a $200,000 balance, you'd owe a $4,000 penalty fee.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Refinancing — Loan Refinancing
Replacing your current loan with a new one, usually at a lower interest rate or with different terms. The new loan pays off the old one.
Why it matters
Refinancing can save thousands if rates drop or your credit improves. But watch for fees — a $3,000 refinancing cost needs to be offset by monthly savings.
Example
You have a $180,000 mortgage at 7.5% ($1,259/month). You refinance to 6% ($1,079/month), saving $180/month. With $3,000 in closing costs, you break even in 17 months.
Secured vs. Unsecured Loan
A secured loan is backed by collateral (an asset the lender can seize). An unsecured loan has no collateral — the lender relies only on your promise to repay.
Why it matters
Secured loans have lower rates because the lender has less risk. Unsecured loans (credit cards, personal loans) charge higher rates but you don't risk losing an asset.
Example
Auto loan (secured): 6% APR — lender can repossess your car. Personal loan (unsecured): 12% APR — no collateral, but higher rate. Same borrower, same credit score.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Fees & Costs
Finance Charge
The total cost of borrowing, including interest and all fees combined. The lender must disclose this number under the Truth in Lending Act.
Why it matters
The finance charge gives you the total dollar amount you'll pay beyond the principal. It's the clearest picture of what a loan actually costs you.
Example
You borrow $15,000 for 4 years at 8% APR with a $450 origination fee. Finance charge: $2,612 (interest) + $450 (fee) = $3,062 total. You repay $18,062 for a $15,000 loan.
Late Fee — Late Payment Fee
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
Why it matters
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
Legal Terms
TILA — Truth in Lending Act
A federal law requiring lenders to clearly disclose loan terms — APR, finance charge, total payments, and payment schedule — before you sign. No hidden costs allowed.
Why it matters
TILA gives you the right to compare loan offers on equal terms. Every lender must show costs the same way, making it easier to find the best deal.
Example
Two lenders offer you a car loan. Lender A says '5.9% rate.' Lender B says '6.2% APR.' Under TILA, both must show APR — Lender A's true APR with fees is actually 6.8%, making Lender B cheaper.
Debt & Recovery
Debt Consolidation
Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.
Why it matters
Consolidation works best when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.
Example
You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.
DTI Ratio — Debt-to-Income Ratio
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Why it matters
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
Affiliate Disclosure: CreditDoc may earn a commission when you click links to Regional Finance and other services. These commissions help us maintain our free research. Our editorial team independently evaluates all services. Compensation does not influence our ratings or rankings. Learn more.