Savings Secured Line of Credit

Interest rates

Variable APR based on The Wall Street Journal prime rate, plus a margin. The margin is based on the amount of the approved line amount.

Credit lines of less than $3k: Prime + 3.00%
Credit lines of over 3k: Prime + 2.00%

View Regions Secured Line of Credit product details.

Fees

Annual fee: $50, assessed on your anniversary date
Over limit fee: $29
Late fee: $35

Note: A late fee is assessed if you don't make your payment within 10 days after the payment due date shown on your periodic statement.

Rate discounts

Rate discounts are available for loan amounts of $5,000 or greater if you elect to have your monthly payments automatically debited from your Regions checking account through our Automatic Payment Option during the application process. The amount of the discount varies based on your type of relationship with Regions, ranging from 0.25% up to 0.50%.

Note: This rate discount is not available when the Automatic Payment Option is established after the loan or line of credit has been opened.

If a rate discount for establishing the Automatic Payment Option at the time of account opening was granted, electing to discontinue this option at any time during the life of the account may cause the APR to increase by the amount of the discount received at account opening. If the APR does increase, the discount cannot be re-established at a later time.

Minimum line amount: $250

Maximum line amount: Up to 100% of your available balance in your collateral account, but not to exceed $100,000.

Collateral requirements
Regions savings account or money market account. The pledged collateral amount will not be available for withdrawal during the life of the line of credit. Your savings or money market account will continue to earn interest. Borrower must be the owner of the collateral.

Access to funds
You will have full access to the funds online, by phone, in a branch or via access checks.

Credit limit increase
A new credit application will need to be submitted if you desire to have a larger line limit. Additionally, the designated collateral account used to secure the line of credit will need to contain deposit funds that are equal to or greater than your desired new line amount. If approved, loan proceeds from your new line of credit account will be used to payoff any balance owed on your existing Savings Secured Line of Credit to close the account.

Your payment is due monthly and includes both principal and interest. The minimum payment is either 5% of your outstanding balance or $10, whichever is greater.

Automatic Payment Options
Allows you peace of mind that your payments will be automatically debited from your checking account each month.

Already have your account and want to set up an Automatic Payment Option? Access the Automatic Debit Authorization form, then complete, print and follow the directions in the form to process your request.

Current Regions customers can apply online,^[3] by phone or in a branch
Current customers can apply online, in a branch or by phone for a Regions Savings Secured Line of Credit. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm.

Non-customers can apply by phone or in a branch
Non-customers cannot apply online for a Regions Savings Secured Line of Credit at this time. However, non-customers can open a deposit account to use as collateral and apply in a branch. Find a branch or make an appointment with a banker to learn more. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm.