How to Pay a Regional Finance Loan and What Happens If You Miss a Payment
How Regional Finance Payment Works
Regional Finance is a personal loan company that operates in multiple states, primarily in the South and Midwest. When you borrow from them, you make monthly payments to Regional Finance directly—either online through their website, by phone, by mail, or in person at a branch location. The payment amount, due date, and total number of payments are all set when you sign your loan agreement.
Your monthly payment covers both principal (the money you borrowed) and interest (what Regional Finance charges for lending it to you). Early in the loan, more of your payment goes toward interest; later, more goes toward principal. If you pay extra toward principal, you can shorten the loan and pay less interest overall, but Regional Finance will not automatically apply extra payments that way—you have to request it.
Regional Finance reports your payment history to the three major credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit score, and late payments damage it. A payment is considered late if it arrives after the due date shown on your statement.
Key Takeaways
- Regional Finance payments can be made online, by phone, by mail, or in person at a branch, and the due date is set in your loan agreement.
- Late payments trigger late fees (the amount varies by state and loan terms) and are reported to credit bureaus, lowering your credit score.
- If you fall behind, Regional Finance may contact you by phone or mail, and continued non-payment can lead to legal action and wage garnishment.
- If you cannot make a payment, contact Regional Finance before the due date to discuss options like a payment plan or temporary deferment.
- Paying extra toward principal reduces the total interest you pay and shortens the loan, but you must request this in writing or specify it when paying.
Payment Methods and Due Dates
Regional Finance offers four ways to pay: online through their website (usually free and processed within one business day), by automated phone system (also usually free), by mail (send a check or money order to the address on your statement, allowing 7 to 10 days for processing), or in person at a Regional Finance branch during business hours (payment is immediate). Your due date is printed on your monthly statement and is the same day each month.
If your due date falls on a weekend or holiday, Regional Finance typically considers the payment on time if it arrives by the next business day. However, do not rely on this—mail takes time, and online payments can be delayed by bank processing. If you are cutting it close, use online or phone payment to ensure it posts before midnight on the due date.
Set up a reminder on your phone or calendar a few days before the due date. If you receive your statement by mail and it arrives late, you can still find your due date by logging into your online account or calling Regional Finance customer service.
What Happens When You Miss a Payment
A payment is late the day after your due date passes. Regional Finance will charge a late fee—the amount depends on your state and loan agreement, but it is typically between $10 and $50. This fee is added to your balance, so you now owe more than you originally expected.
Within a few days of a late payment, Regional Finance reports it to the credit bureaus. A single late payment can drop your credit score by 50 to 100 points, depending on your current score and credit history. This late mark stays on your credit report for seven years, even after you pay it off.
Regional Finance will also contact you—usually by phone first, then by mail if you do not respond. They will ask you to bring the account current (pay the full overdue amount plus the late fee). If you ignore these notices, Regional Finance may file a lawsuit against you in small claims or civil court in your state. If they win, they can garnish your wages (take money directly from your paycheck) or place a lien on your property.
If You Cannot Make a Payment
Contact Regional Finance before your payment is due, not after. Explain your situation honestly—job loss, medical emergency, unexpected expense. Regional Finance is more likely to work with you if you reach out first rather than disappear.
Ask about a payment plan or deferment. A payment plan spreads your overdue amount across several future payments, so you pay a little extra each month for a few months. Deferment pauses your payment for a set period (usually 30 to 90 days), though interest may still accrue. Neither option erases what you owe, but both prevent immediate late fees and credit damage.
Some states have debt counseling services that work with lenders on your behalf. You can find a nonprofit credit counselor through the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association (FCA). These services are often free or low-cost and do not hurt your credit.
Paying Off Your Loan Early
You can pay off a Regional Finance loan at any time without penalty. There is no prepayment fee, so sending extra money toward your loan reduces the total interest you pay and shortens the loan term. For example, if you have a $5,000 loan at 18% interest over 36 months, paying an extra $100 per month can save you hundreds in interest and finish the loan years earlier.
When you send extra money, specify in writing (or note in the online payment system) that it should go toward principal, not toward future payments. If you do not specify, Regional Finance may apply it to your next regular payment instead, which does not save you interest.
Before you pay off the loan, check your loan agreement for any prepayment terms. Most personal loans have no penalty, but it is worth confirming. Once the loan is paid in full, Regional Finance will send you a satisfaction of judgment or loan payoff letter confirming the debt is closed.
How Late Payments Affect Your Credit and Finances
A late payment on a Regional Finance loan damages your credit score because payment history is the largest factor in how credit bureaus calculate your score (about 35% of the total). The later the payment, the worse the damage. A payment 30 days late hurts less than one 90 days late, but both stay on your report for seven years.
A damaged credit score makes it harder and more expensive to borrow in the future. Credit card companies, mortgage lenders, and auto lenders all check your score. A lower score means higher interest rates, smaller loan amounts, or outright rejection. Some employers and landlords also check credit reports, so a late payment can affect your job prospects or housing options.
If Regional Finance sues you and wins, a judgment appears on your credit report and can be enforced through wage garnishment or bank levies. This is far more serious than a late fee and can take years to resolve.
Frequently Asked Questions
Can I change my due date?
Yes. Contact Regional Finance and ask to move your due date to a day that works better with your paycheck or budget. This usually takes one or two billing cycles to take effect. Changing your due date does not affect your loan balance or interest rate.
What if I pay online but the payment does not show up?
Online payments typically post within one business day. If it has been longer, log into your account to check the status, or call Regional Finance customer service with your confirmation number. Do not assume the payment went through just because you submitted it—verify it on your statement.
Will paying off my loan early hurt my credit score?
No. Paying off a loan early is good for your credit. It shows you can manage debt responsibly. Your credit score may dip slightly when the account closes (because you have less active credit), but it recovers within a few months.
Can Regional Finance garnish my wages without a court order?
No. Regional Finance must sue you, win the case, and obtain a judgment before they can garnish your wages. You will receive court papers and have a chance to respond. If you receive a lawsuit notice, do not ignore it—contact a legal aid office or attorney in your state immediately.
What is the difference between deferment and forbearance?
Deferment pauses your payment for a set period, and interest may or may not accrue depending on your loan terms. Forbearance temporarily reduces your payment amount rather than pausing it entirely. Regional Finance may offer one or both options depending on your situation—ask which one they recommend for your circumstances.