UMPQUA Bank Bad Credit Loan Review

The UMPQUA Bank opened as a financial institution in 1953 in the community of Canyonville, Oregon. As a company, it vows to be run by its people and not the money that goes into it. It boasts a strong relationship with its clients and financial expertise in what it offers. It promises quality assistance for personal, business, or commercial needs.

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    Interesting facts about UMPQUA Bank:

    • COVID-19 relief for businesses and borrowers available
    • One-on-one financial expertise is offered.
    • Member of the FDIC and the Equal Housing Lender
    • SBA preferred lender

    UMPQUA Bank Financial Terms In a Glimpse

    Loan Amounts

    From $1,000 to $25,000 and more

    Term Length

    Up to 360 months for mortgages

    Loan Rates

    For as low as 2.250% to 4.438% APR for home loans

    Min. Credit Score

    650

    Better Business Bureau Rating

    A+

    Time to Funding

    N/A

    UMPQUA Bank Highlights

    Get home loans and all types of personal lending products at UMPQUA Bank. Loan amounts start from $1,000 to $25,000 and more with jumbo loans available. Home loans are for as low as 2.250% to 4.438% APR. Other rates for different loans are not disclosed, but a minimum of 650 credit score is needed to pre-qualify. Furthermore, mortgages are for as long as 360 months with fixed rates available.

    Further details for services and qualifications are provided below.

    Pre-qualifications Unspecified

    A credit inquiry might be due to obtain the credit score of an individual. Either a soft or a hard credit pull can be employed, but the bank does not specify this.

    Accepted Debt-to-Income Ratio Unspecified

    The DTI ratio of an individual often plays a big part in the loan approval, especially for mortgage loans. The lender does not provide specifics of whether high DTI ratios are accepted.

    Line of Credit

    Personal lines of credit can be accessed, with loans from $1,000 to $25,000, and without any origination fees. Furthermore, a home equity line of credit with up to $500,000 cash can also be availed.

    No Credit Health Tools

    Those who want to improve their credit may not find any tools or programs for credit health or management

    Hardship Programs

    Relief for COVID-19 affected individuals and other circumstances are provided by the lender, with various programs available.

    Prepayment Penalty 

    It is not clear if there are penalties for any early payments made.

    Unsecured Loans

    Unsecured loans can be found in the personal lending products offered.

    UMPQUA Bank Fees

    ‘Other possible fees’ are provided, but there are no particulars provided for loan charges.

    How to Qualify

    Eligibility requirements are not provided, but those who live in Oregon with any nearby branch may apply.

    The Bottom Line

    Upon reviewing the credit score, bad credit borrowers may find loans available for them with at least a 650 on their credit; however, rates are not disclosed by UMPQUA Bank, so it is not clear if the numbers are friendly.

    While it can be impossible for some, other lenders offer lower score acceptance. NetCredit and Upgrade allow those with 600 and below to avail of loans.

    Unlike UMPQUA, credit health tools are available, where borrowers can adjust monthly payments and other resources for improvement in NetCredit. Upgrade can also provide funds on the same business day of the loan approval.