Umba loan app is a quick loan service provider in Nigeria that stands out as a digital bank in the Fintech market. With a user-friendly mobile app, the platform offers a seamless experience for mobile transactions within Nigeria.
Alongside their instant loans, Umba loan app provides various financial services, including bill payments and utility bill financing for water, electricity, internet, and more.
To obtain a loan from Umba, individuals can apply through their mobile app after meeting specific requirements, which include a phone number for verification, National Identification (NIN) for proof of identity, and the Bank Verification Number (BVN) to confirm banking details and loan eligibility.
How To Apply For Umba Loan
- Download the Umba Mobile app from the Google Play Store.
- Sign up and register on the app if you are a new user.
- Access the “Loan” section on your dashboard and select “Umba Money Loan.”
- Link your bank account and complete the verification process, including taking a selfie photo.
- Fill in the necessary details and select the loan amount (ranging from ₦2,000 to ₦30,000) along with the purpose of the loan. (Amounts may differ for each individual)
- Submit your application for review by Umba Mobile staff.
Simple Ways to get Started With Umba?
- Create your account
- Apply in seconds
- Receive an Umba Loan
- Increase your loan limit every time you repay a loan on time
Umba Loan App Features
The Umba loan app offers a range of convenient features to its users, making financial management and borrowing a seamless experience:
- Bill Payments: Users can easily pay their bills directly through the Umba loan app, streamlining the process of settling utility bills and other expenses.
- Fund Transfers: The app enables hassle-free fund transfers, allowing users to send money to friends, family, or business partners with ease.
- Swift Payments: Making payments for various services and purchases is made effortless on the Umba loan app, simplifying transactions on the go.
- Airtime Top-up: Users can quickly recharge their mobile airtime through the app, ensuring uninterrupted communication at their convenience.
- Instant Credit Applications: Applying for credit is made easy with the Umba loan app, providing users with quick access to the funds they need.
- Paperwork and Collateral-Free: Unlike traditional loan applications, the Umba app eliminates the need for paperwork and collateral, making the process faster and more accessible.
- Instant Loan Approval and Disbursement: Umba stands out with its rapid loan approval process, ensuring that approved funds are disbursed within minutes, addressing urgent financial needs effectively.
- No Late Charges or Roll-Over Fees: Users can enjoy peace of mind knowing that Umba does not impose late charges or roll-over fees, providing a fair and transparent borrowing experience.
- Access to Better Loan Terms: Responsible borrowers who repay on time can benefit from increased loan amounts, reduced fees, and flexible payment terms, rewarding them for their punctuality and financial responsibility.
The Umba loan app is designed to empower users with financial freedom, efficiency, and flexibility, making it a preferred choice for those seeking quick and reliable financial solutions.
Umba Loan Repayment Term
Umba offers a repayment term of two months (62 days) for its loans. Borrowers must ensure repayment within this period.
Umba Loan Interest Rate
Umba applies a fixed interest rate of 10% for all loans obtained through their platform. For instance, if a customer borrows ₦20,000, the interest will amount to ₦2,000, making the total repayment ₦22,000 within 62 days.
Is Umba Loan App Legit or Scam?
Umba loan app is a legitimate and safe platform for accessing loans, provided that you meet all the necessary requirements during the application process. It operates within the guidelines and regulations set by the appropriate authorities.
To ensure a smooth experience, it is essential to provide accurate and valid information when applying for a loan through the app. By doing so, you increase the likelihood of loan approval and avoid any complications.
How Much Can I Borrow From Umba Loan App?
Umba offers a flexible borrowing range, allowing you to access loans starting from as low as N1,115 and going up to N89,182 Naira. As you repay your loans promptly according to the schedule, your borrowing capacity increases over time. To view the loan ladder and see the amounts you qualify for, follow these steps:
- Open the Umba app and navigate to the “Loan” icon.
- Select “Apply for Loan” and choose the loan type, which is “Mobile Money Loan.”
- Click on the field displaying the first loan level, which is N1,115. A drop-down list will appear, indicating the higher loan amounts you are eligible for.
How To Repay Your Umba Loan
Repaying your Umba loan is a straightforward process. Follow these steps:
- Go to the Umba Loans tab on the app.
- Click on the “Make Manual Repayment” button.
- Input the amount you wish to repay.
- Choose a payment method from the available options, including Umba wallet, Linked debit card, or Linking a new debit card.
- Tap on “Pay” and wait for the transaction to be processed.
- Your repayment should be successful, and your loan account will be updated accordingly.
By adhering to the repayment schedule and promptly clearing your loans, you not only maintain a good borrowing relationship but also increase your borrowing limit over time.
How Safe is Umba App?
Very safe and secure. Umba makes getting a personal loan simple by using the data on your phone including your SMS history to verify your identity and create a credit score. The platform encrypt the data you choose to share with them to protect your privacy. Umba takea your privacy very seriously and promise to never share your information with third parties.
Review and Feedback from Real Customers of Umba Loan App
Umba loan application is a trustworthy financial service provider and loan app in Nigeria. However, it is essential to follow the app’s instructions diligently to ensure a smooth borrowing and repayment process. To obtain a loan from Umba, individuals can apply through their mobile app downloaded from Play Store and fill necessary information. Applicable loan amount ranges from ₦2,000 to ₦30,000.
If you encounter any unusual or unauthorized transactions while using the app, promptly report the issue to your bank. They will investigate the matter and take appropriate actions to safeguard your interests.
Emumena Fidelis Thomas
October 27, 2021
Thank you for reaching out and solving the issues
Emma Nduimake
October 26, 2021
I rarely rate an app. I’ve seen and used loan apps but I can confidently say that Umba is one of the best I’ve come across. They’re simply splendid. Just download the app and see for yourself
George Igoche
October 26, 2021
No icon for accessing loan and email response is not helping situation.So many weeks since expecting to access loan,not done.The virtual account I used to repay was cumbersome to reflect as loan having been repaid.
Soyoye Nurudeen
October 26, 2021
Very fast, easy and mode of payment is very awesome. Loan charge is not outrageous.
Awobifa Anthony
October 22, 2021
Initially gave this app positive review,I love the app but it is very slow and it doesn’t show the name of recipient when u want to transact.money ends up sending late and it is so annoying
Mr kankia
October 25, 2021
I see so many positive and negative comments but I give a try for over 3days can access my nin verification.always tell me try again later.what is the problem and how sure I am can’t same problem when it come to account details and loan process?
ekoja samuel
October 5, 2021
This is just the best app for a business Adult who has sense. I mean, deposit and withdrawal can be done within 2 minutes. One does not have to wait like other apps, and when you take a loan and repay early before due date, you can still apply for another loan in minutes. Wonderful app, great work umba. My only complain is it says I have run out of attempt for my virtual account number, and I only tried once. Nonetheless you guys are great.
Gbenga Hakeem
October 19, 2021
Using the app for the very first time was weird! Imagining passing all verifications, and still couldn’t do anything. Even, to biometrically secure the account was not possible. Still wondering how an acclaimed best app is not having the utility feature like ‘Settings’. Now the worst part is i’m presently logged out, while option to log in back into my account is not present anymore, unless one would have to sign up again. What a nightmare! So annoying! You guys are not ready
Ibrahim Sunday
October 25, 2021
I love this so much it is so great and the bank is so nice to me and I will like to get more update from umba mobile banking app
Conclusion
Umba loan app stands as a trusted and efficient financial solution for individuals in Nigeria. With its user-friendly mobile app, it offers a seamless experience for mobile transactions, providing instant loans and a range of financial services. The app’s flexibility in loan amounts, collateral-free approach, and swift loan approval process make it a preferred choice for borrowers.
