Regions Financial (RF) is discontinuing its controversial short-term consumer loan product, the company announced Wednesday.

Birmingham, Ala.-based Regions is the first of six U.S. banks that offer so-called deposit advances to pull out of the marketplace. The bank said that it will offer a new secured loan to consumers who want to borrow as little as $250. It is also developing an unsecured line of credit for cash-strapped consumers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.