UMB Personal Loans Review

(February 2025)

UMB Personal Loans Review

In This Article

Our Verdict

Choose UMB personal loan, if you want to cover unexpected expenses, pay down debt, consolidate debt, or make a purchase. Understand that UMB loans come with a lower rate option compared to credit cards. The interesting thing is that your application process for a UMB loan is much simpler than other Banks.

Do you know that the interest you get is generally based on various factors? Factors like credit score, debt-to-income ratio, and loan amount. Secure a smaller loan without collateral if you want to meet the loan requirements.

Find more useful information here:

UMB Financial Corporation

1010 Grand Boulevard

Kansas City, MO 64106

https://www.umb.com

Pros

  • Provides exceptional services.
  • Offers competitive rates.
  • Allows online banking.
  • Provides low minimum opening account.

Cons

  • Requests for a great credit history.
  • Have an existing account with UMB.
  • Offers monthly fee on every account.
  • Gives limited loan amount

Who This Product Is Best For

Settle with UMB personal loan if you:

  • Want to consolidate your debt.
  • Need funds to make some purchases like new vehicle and home improvement.
  • Have a great credit history and credit score.
  • Live nearby any UMB branch.
  • Have an existing account with UMB.

Who This Product Isn't Right For

Don’t consider UMB personal loan if you

  • Don’t have a steady source of income.
  • Have a poor credit score.
  • Require a large sum of money.
  • Make late payment.

What This Product Offers

  • Personal Loans. Consider taking UMB personal loan to meet your unexpected expenses, consolidate debts and make purchases.
  • Mortgage Loan. Are you thinking of getting a house or renovating your current residence? Consider applying for UMB loans.
  • Home Equity Lines of Credit (HELOC). Take advantage of your home equity to cover the cost of home improvement, purchase, or refinancing.
  • Auto Loan. Buy your desired car or refinance your vehicle loan with UMB’s flexible auto lending solution.

Product Details

Personal Loan

Apply for UMB personal loan, if you need a loan to cover major expenses, fund a special purchase, or consolidate debt. Get fast approval for your loan when you apply via the website. The cool thing is that you enjoy longer repayment terms and no bureaucracy while applying for the loan. Get a loan amount of $5,000 to $25,000 with no collateral and simpler lending options

Home Equity Lines of Credit

Use your home equity to cash from UMB to make your purchases. Know that the cash you got through your home equity is called Home Equity Lines of Credit (HELOC). Use your house as collateral which comes at a fixed rate and consistent monthly payments. Enjoy low interest rate than a credit card but your credit score may affect your loan approval.

Vehicle Loan

Make use of the loan from UMB to fund your dream car. Firstly, review your financial situation and your lending needs. Take advantage of the lower rate and current monthly repayment amount that an updated personal vehicle or auto loan terms provide. Get loan amount from $50,000 to $100,000 with no origination fee.

Mortgage Loan

Purchase a new house with UMB personal loan, although the application process can be very slow and tedious. Gather all the necessary documents that you need by using Mortgage Loan Checklist before time to ensure a smooth application process.

Where This Product Stands Out

  • Ease of online transaction
  • Convenient online account management
  • Transparent charges
  • One-on-one financial review and assistance

Where This Product Falls Short

  • Limited physical presence

Patronize another bank, if you don’t live near a UMB branch. Don’t consider opening an account with the bank, if you prioritize accessibility. The sad part of it is that you can’t open an account online.

  • Low-interest rate

Make sure you look elsewhere for your banking if you need a bank that gives a high-interest rate.

  • Customer ratings

Understand that UMB has a lot of work to do regarding customer satisfaction – as the customer’s review reflects an average rating.

How to Qualify for This Product

Contact a UMB personal banker to get the basic requirements you need to apply for this loan. Consider these basic requirements to apply for a loan

  • Have an account with UMB
  • Be 18 years old and above
  • Know the minimum opening deposit requirements for your desired account
  • Maintain a credit score of 600 and above to qualify for the loan. Don’t worry if your credit score is not up to that, your lender can help you look for ways to secure your loan.
  • Provide evidence of income like a signed letter from the employer or monthly bank statements. Your minimum salary helps the bank decides how much to borrow.
  • Show your proof of residence because it can determine whether you can get the loan or not.

How to Apply for This Product

Make sure you provide the following to apply for your loan.

  • Consider the interest rate before you apply officially. Fill your details in the application form, your driver’s license, social security number, date of birth, current home address, phone number, and email address.
  • Select the type of loan you want, whether auto loan, personal loan, or home equity line of credit.
  • Submit your application form. Remember to add your bank statement to the form.
  • Expect your approval within a few days

Alternatives to This Product

PNC

Apply for PNC personal loan that comes with flexible repayment terms to access the funds you need for your expenses. Note that there are minimum credit and income requirements to be eligible for this loan. Get a loan amount from $1000 to $100,000.

Light stream

Choose LightStream for your personal loan options because the platform offers $5000 to $100,000 loan amounts. The interesting part is that the repayment terms are available between two to seven years, making it the best alternative for those who want to spread out their payments. Bear in mind that LightStream charges no origination, late payment, or prepayment fee.

Marcus

Check out Marcus for your personal loan, if you need a flexible loan that is available between three to six years. You can borrow between $3,500 to $40,000, while you don’t pay any fees, including signups, prepayment, and late payment.

Customer Reviews

Analyze what the customers are saying about UMB by searching for customer reviews online. However, the reviews UMB receives on Better Business Bureau (BBB) are not very encouraging. On BBB, the bank has 1.1 stars out of 5 stars from 13 customers. Although customer gives reasons for the negative reviews, some complained about the poor customer service, slow processing time, and communication gap between the customers and the bankers.

Remember that these reviews are from the customers not from the bank.

Methodology

We reviewed the UMB personal loan based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated UMB personal loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.

Finally, we evaluated UMB personal Loans, customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.

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