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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
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 lower-cost listed 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 higher in listed context 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.
Review lender profiles, APR ranges, fees, minimum-score fields, and funding-speed notes before deciding what to do next.
This is state-level context for Personal Loans consumers in Virginia Beach, VA. It does not confirm that Regional Finance or this specific location is licensed.
State regulator
Virginia Bureau of Financial Institutions
Consumer protection
Status: Permitted
Rate context: 36% APR (Fairness in Lending Act, 2020) plus a maintenance fee
Consumer loans are capped at 36% APR under Virginia's Fairness in Lending Act. Traditional installment loans are permissible; lenders must be licensed by the Bureau of Financial Institutions.
Status: Permitted
Rate context: 36% APR (Fairness in Lending Act, 2020)
Installment loans are permissible under Virginia law and are subject to the same 36% APR cap as other consumer loans. Loans must be for a reasonable term and lenders must be licensed by the Bureau of Financial Institutions.
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Regional Finance offers 10 services including Unsecured personal installment loans ($2,501–$25,000), Auto-secured personal loans using vehicle title as collateral, Debt consolidation loans, Online prequalification with soft credit pull (no score impact), Same-day loan funding after signing, and 5 more.
Regional Finance has profile signals associated with 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.
Key strengths: 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. Areas to consider: 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.
In the Personal Loans category, comparable providers include Atlas Bad Credit Loans, Lendmark Financial Services LLC, Lendmark Financial Services LLC. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
Regional Finance holds a B rating with the Better Business Bureau but is not BBB-accredited.
CreditDoc Profile Note
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.
Atlas Bad Credit Loans is a loan matching platform connecting borrowers with third-party lenders offering loans up to $5,000 for those with bad credit, with claims of no fees to verify and fast online approval.
Profile signals: Borrowers with poor credit seeking quick access to $1,000-$5,000 for emergency expenses, Applicants needing auto, motorcycle, or boat financing who have been rejected by traditional lenders
Lendmark Financial Services LLC Virginia Beach, Virginia — Lendmark Financial Services is a consumer finance company offering personal loans, auto finan...
Profile signals: Borrowers who prefer in-person service and a local lending relationship over a fully digital experience, People consolidating multiple high-rate debts into a single fixed monthly payment
Lendmark Financial Services LLC Virginia Beach, Virginia — Lendmark Financial Services is a consumer finance company offering personal loans, auto loans...
Profile signals: Borrowers with fair or limited credit who need in-person guidance through the application process, Consumers wanting same-day cash for debt consolidation, a major purchase, or an unexpected expense
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
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.
Lenders are required to 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 lower-cost 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.
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.
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.
An interest rate that stays the same for the entire life of the loan. Your monthly payment never changes.
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.
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.
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.
Interest calculated only on the original amount borrowed, not on accumulated interest. It's the simpler, cheaper type of interest.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the one route 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.
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.
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.
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.
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.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
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.
The total cost of borrowing, including interest and all fees combined. The lender are required to disclose this number under What to Know in Lending Act.
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.
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.
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.
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.
TILA gives you the right to compare loan offers on equal terms. Lenders are required to show costs the same way, making it easier to find a lower-cost offer.
Example
Two lenders offer you a car loan. Lender A says '5.9% rate.' Lender B says '6.2% APR.' Under TILA, both are required to show APR — Lender A's true APR with fees is actually 6.8%, making Lender B cheaper.
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.
Consolidation is generally most useful 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.
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
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.
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