If you’re looking for a small banking experience and live in the Pacific Northwest, you might want to consider Umpqua Bank. It offers a variety of both personal and business loans — from buying your first home to leasing new equipment for your small business.
However, most loans require you to visit a branch to apply in person. And you’ll need to live in one of the five states it services to be eligible.
What types of loans does Umpqua Bank offer?
Umpqua Bank has several financing options available, ranging from car loans to lines of credit to business term loans and equipment financing.
Umpqua Bank offers both secured and unsecured personal loans that start at $1,000 and go as high as $100,000 — much more than other lenders offer. Both come with fixed interest rates and a $100 origination fee.
- Unsecured personal loan. APRs start at 9.52% with terms up to four years.
- Secured personal loan. Take up to five years to pay back your loan with APRs as low as 4.66%.
You can also knock 0.5% off your interest rate by signing up for automatic payments from your Umpqua Bank account.
Lines of credit
Umpqua Bank also offers two revolving lines of credit with variable interest rates:
- Expressline. Credit limits range from $1,000 to $50,000 with no origination fee and rates starting at 9.7%. You’re also on the hook for a $35 annual fee.
- Executiveline. Borrow between $50,001 and $100,000 with APRs starting at 9.5% including a $250 origination fee. This line also comes with a heftier annual fee of $75.
Like with its personal loans, signing up for autopay from your Umpqua Bank account comes with a 0.5% rate discount.
Auto loans from Umpqua Bank can be used to finance up to 100% of the cost of a new or used car under 10 years old. There’s no maximum amount you can borrow, and both loans come with fixed interest rates and a low $100 origination fee.
- New car loan. APRs start at 4.57% with terms from two to seven years.
- Used car loan. Take up to six years to pay back your loan with APRs starting at 4.82%.
Umpqua Bank also offers up to 90% financing for new and used boats and RVs. Fixed APRs start at 6.9% and include the same $100 origination fee as its car loans. You can take between four and 15 years to pay back your loan.
Similar to its personal loan options, you can score a 0.5% rate discount by enrolling in autopay from your Umpqua Bank account.
Whether you’re looking to buy new equipment or apply for government-backed financing, Umpqua Bank’s business loans may be able to help.
- Business term loan. Borrow between $10,000 and $750,000 with terms up to seven years. APRs are fixed and start at 6%, including a 0.5% origination fee. These loans must be secured by your business assets, vehicles or equipment.
- Small Business Administration (SBA) loan. As an SBA Preferred Lender, Umpqua offers government-backed loans through the 7(a), 504 and USDA loan programs. These come with some of the most competitive rates out there, plus you could save even more by signing up for autopay.
- Real estate loans. Take out a loan secured by the property you’re buying. Loan amounts range from $25,000 to $750,000 with rates starting at 5.27% and terms up to 25 years. You’re also on the hook for a 0.5% origination fee.
- Expresslines. Choose from a secured or unsecured line of credit in amounts up to $500,000 with variable interest rates and no origination fee. Umpqua even offers a special option exclusively for real estate projects.
- Equipment financing. Through its subsidiary, Financial Pacific, Umpqua offers equipment leasing and financing from $5,000 to $15 million.
- Vehicle financing. Purchase a new or used vehicle for your business with fixed APRs starting at 3.9% for new cars and 4.15% for used cars. Terms start at two years and go up to seven years for new cars and six years for used cars.
Umpqua Bank offers eight different home loan programs for borrowers at every stage of life. From fixed and adjustable rate mortgages to loans specifically for first-time buyers or physicians, there’s likely an option to suit your needs. Rates, terms and loan amounts vary by program.
Already own your home, but looking to borrow against it? Umpqua also offers home equity lines of credit (HELOCs) from $5,000 to $500,000 with variable rates starting at 5.75% with no origination fee. These come with a 10-year draw period and 20-year repayment period, as well as a $75 annual fee.
Why should I consider taking out a loan with Umpqua Bank?
A few of the perks that come with borrowing with Umpqua Bank include:
- Low origination fees. Umpqua Bank’s loans come with some of the lowest origination fees out there compared to other lenders. Rather than the standard 1% to 5% origination fee, Umpqua charges as little as $100 for its personal loans and 0.5% for its business term loans.
- Large loan amounts. You may be able to borrow as much as $100,000 with its personal loans and $15 million with its business financing options.
- Autopay discount. Nearly all of its loan products come with a 0.5% rate discount if you sign up for automatic payments from your Umpqua Bank account.
Where does Umpqua Bank fall short?
Weigh these potential drawbacks before applying for a loan with Umpqua Bank:
- May not be able to apply online. You can only apply for Umpqua Bank’s personal loans online. For all other types of financing, you’ll have to visit an Umpqua Bank branch.
- Only available in five states. Umpqua Bank only has branches in Washington, California, Oregon, Nevada and Idaho. If you live outside the Pacific Northwest, you’ll have to look elsewhere.
- Limited details available online. You won’t find many details like loan eligibility requirements on Umpqua’s website. You’ll need to call or visit your local branch to make sure you qualify before applying.
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How much will it cost me to borrow with Umpqua Bank?
The total cost of your loan depends on the type of financing you’re interested in. Its personal loans and business loans both come with origination fees ranging from $100 to 0.5% of the total amount you’re borrowing — lower than many other lenders out there. And personal lines of credit come with annual fees of $35 or $75 depending on your credit limit.
However, you may be able to score a 0.5% rate discount on most of its loans if you sign up for autopay from your Umpqua Bank account. It doesn’t outline any fees for late or missed payments on its website, so you should request this information before you apply for your loan.
What do borrowers say about Umpqua Bank?
Umpqua Bank doesn’t have the best online reviews. It isn’t accredited with the Better Business Bureau, and its branches tend to have low ratings. Umpqua’s main headquarters receives a D- rating as of November 2018 due to its failure to respond to four complaints filed against it. It averages 2 out of 5 stars based on over 20 customer reviews. It doesn’t have a page on Trustpilot.
Many negative reviews cite poor customer service, hidden fees and issues making loan payments online. One customer complained about being given false information when refinancing their mortgage, which cost them $2,000. Another had their loan application withdrawn by Umpqua at the last minute, leaving them scrambling for funds.
At least two customers left positive reviews, praising Umpqua’s customer service team for stepping up to help them correct issues they experienced in the past.
Are Umpqua Bank loans safe?
How to apply for a loan with Umpqua Bank
For most loans, you need to visit an Umpqua Bank branch to apply in person. To set up an appointment, follow these steps:
- Visit Umpqua Bank and click Personal Banking or Business Banking.
- Click Personal & Home Loans or Loans & Lines of Credit.
- Select the type of loan you’re interested in and click Contact us.
- Enter your full name, contact details, ZIP code and your preferred contact method. Click Submit.
Umpqua Bank should reach out to you within one business day to walk you through the application process.
More about Umpqua Bank
Founded in 1953, Umpqua Bank prides itself on its small banking experience. It aims to give customers the opportunity to bank the way that best suits them, rather than having to make room for financial chores in their busy lives. For this, Umpqua Bank offers checking and savings accounts, credit cards and investment accounts on top of its loan offerings so you can keep all of your banking close to home.
Borrowing with Umpqua Bank could be a good fit if you value a local banking experience and live in the Pacific Northwest. Both its personal and business loans come in large amounts with low origination fees and an autopay discount. Just be prepared to visit a branch to apply, since Umpqua Bank lacks an online application for most of its loans.
To see how Umpqua compares to other lenders, read our guide to personal loans.