Umba is one of the best loan service providers in Nigeria which gives out instant loan to their customers as long as you meet their requirements, terms and conditions. They do not only give loans. Umba also offer other financial services such as making transfers, payment of bill and finance your utility bills! Pay for water, electricity, internet, and lots more. Discover how to apply for Umba loan easily, how to repay them, their requirements and more answers to your question in this article.
Umba unlike other loan providers is a digital bank and loan platform in the Fintech market. It currently operates in Nigeria and Kenya. The mobile app has a clean and simple user interface, making it very easy to do mobile transactions easily and instantly within Nigeria.
How much loan can I get from Umba
You can obtain a loan amount between ₦2,000 to ₦30,000 on the Umba Mobile App at a particular time. Nigerians can apply for and obtain loans on the app as long as they meet to their requirements.
Umba Mobile loan requirements
To apply for and get loan from Umba, you must first download their mobile app then meet the requirements outlined below.
1. A phone number, with which you will relieve your verification code.
2. Your National Identification (NIN). This will serve as proof of name and age
3. Bank Verification Number BVN to confirm your banking details and check your status with other loan providing services.
How to download the Umba Mobile app
Umba app is readily available on play store. You can download and install the Umba Mobile app directly from the Google Play Store.
How to apply for a loan from Umba Mobile app and get approved
If you meet all the requirements and also installed the app, follow the steps below to obtain your loan from Umba Mobile.
–Sign up on the Umba app
–Register if you are a new user
–Locate the button labelled “Loan” on your dashboard and click on it
–Press “Umba Money Loan”
–Link your bank account
–Take a selfie photo on the app to complete Verification.
–Wait for the verification to complete
–Press the “Get Started” button.
Then add other details as required by them.
You will be directed to the Umba money loan page
–Select the amount of loan you want to obtain (between ₦2,000 to ₦30,000)
–State the reason why you want to get the loan
–Confirm your loan amount and submit
–Your loan application will be reviewed by the Umba Mobile staff.
How long will it take before I receive my loan from Umba?
Umba Loan time is instant, typically most customers will get their loan within some hours to a day. To check your loan status click on “Loan” a progress report will be displayed.
How do I Repay Umba loan?
To repay Umba Mobile loan instantly, all you just have to do is to follow the steps below.
To repay Umba loan, open the app and click on Loan icon and you’ll see your active loan section. Tap Make Payment button on your Umba dashboard. Enter the amount, choose payment method and click Make payment button to proceed with the repayment.
Loan repayment term
Unlike other instant loan services in Nigeria, Umba Mobile is not flexible when it comes to the repayment of loans.
Whether you like it or not, you have to repay your loan before/on the 62nd day. That means Umba loan service offers its users a repayment term of 2 months. You must agree with these terms before you apply for loan.
Umba Mobile interest rate
Umba loan charge an interest rate of 10% for every loan you obtain on their platform.
For example, if you obtained a loan amount of ₦20,000 on the Umba Mobile app, you will be charged with an interest rate of 10% that is ₦2,000.
So, you will repay a total amount of ₦22,000 within 2 months (62 days).
How to contact Umba
You can contact Umba through their official website at umba.com