Umba loan app is an easy to use digital banking app, which allows individuals to get low interest loans, pay bills and perform some other basic transactions aside from taking loan, all in one app.
In our previous guide, I explained everything you need to know about carbon app, which works with the same principle as this umba loan app. Today, I will be revealing call you need to know about the app, how it works and how to have access to it’s product and services.
Table of Contents
How umba works
Umba allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer. Once an individual is verified, umba make lending decisions based on an assigned risk rating.
The app is a multipurpose app that allows you to access different functions in one place. With the app, you will have access to quick loan, ability to send and receive money, request money from other umba users and be able to pay bills.
What are the services offered by umba
There are lots of things that you can do on the app as it has been stated in the previous part of this. Getting a loan from umba is just one of the features of the app, you can still do some other things on umba app. Amongst the things you can do on the app are;
Getting a Mobile Money Loan
This is the main function of the app that prompts the creation of this guide, but however, you should know a the areas of application that are available on the app, this will give you full understanding on how the app works and what you can gain from using the app.
Umba allows you to apply for a mobile money loan in seconds. Receive mobile money to your M-Pesa account or your Nigeria bank account. The app is available in both Kenya and Nigeria.
Finance a Utility Bill
You can Add your utility accounts in the Umba App and finance your utility bills! Pay for water, electricity, internet, and more.
To access the utility bill payment function on the app, all you have to do is to login to your account and click on Bills at the top area of the app, being a New member, you will need to add a bill account. Once. You click on the Bill button, you will see pay new bull button, click on it and tap select account on the next screen, click on the add new button and select the type of bill you want to pay.
Umba provides it’s user’s with a secure and fast way to send money! Pay Utility Bills in other countries with a few taps.
To send money on the app, all you have to do is to login to the app, click on the send button at the top area of the app, click on add beneficiary and select the second option that says “No, add new beneficiary”, enter the receiver bank name and bank account number, then click on the next button to proceed.
Umba registration – How to create umba account
To create an account on umba loan app, all you have to do is to navigate to the download section of this guide and get the app installed on your mobile phone.
Open the app and click on sign up button as shown in the picture above, enter your phone number and an OTP will be sent to the provided phone number, enter the OTP, link an email account and set your login password. It must be a four digits unique PIN.
After creating an account on the umba loan app, if you log out if the account and you want to login again, all you have to do is to open the app and enter your unique four digits PIN. Once you enter the pin, you will be redirected to your account dashboard automatically.
However, if you have set up biometric login during your registration, you will be able to login back to your account with the use of fingerprint, this is if your phone supports fingerprint.
Umba loan and it’s key features
Umba puts you in control of your finances. The Umba app lets you apply for credit on the go and it works 24/7.
No paperwork, collateral or office visits needed
You can use your Umba loan to send money directly to your M-Pesa account, to merchants, or utility providers
No late charges or rollover fees
Get access to bigger loans, lower fees, and flexible payment terms as you repay
Loans are approved and disbursed quickly
Get access to credit to build the life you want — for your business, your home, your family, your life.
Privacy and permission
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. Umba encrypt the data you choose to share with it’s system to protect your privacy. The app promised to take your privacy very seriously and promise to never share your information with third parties.
Umba loan interest rate
As interest rate is known to be the primary factor you must put into consideration while accessing any loan app, it’s very important to let you know the Umba loan interest rate and how it’s being calculated, and that will be done in this section.
Loan amounts that you can have access to on umba loan app and their respective interest rates vary by country and on this note, the Umba loan amount and interest rate in Kenya differs from that of the Nigeria.
Limits and fees on transactions vary based on type of transaction including transaction history, payout location, payment instrument, and delivery method.
Loans are not active in Kenya as at the moment of writing this umba review and the documentation on how umba works. Individuals from Kenya can only access other services that the app can offer outside the loan application.
Umba loans have a maximum and minimum duration of 62 days. This implies that the lowest loan tenure on the app is 62days, and so as the maximum loan tenure in the app.
As a Nigerian, the amount of credit you can access the Umba loan service ranges from ₦ 2000 to ₦ 30,000 with 62 days tenure respectively.
Maximum annual interest rate is 10%
Commission: 0% (No commissions)
Maximum APR: 10%
For example, for a loan of 10,000 Naira, there is a 10% interest rate (1000 Naira). So at the end of the term of 62 days, you will be required to pay 11,000 Naira.
No late fees, rollover charges or origination fees.
How to apply for a loan on umba
To apply for a loan on umba, all you have to do is to login to your umba account and click on loans at the bottom of the app. You will be redirected to another Page, click on accept permission at the to of the page you’re being redirected to and allow all permission requested for.
Proceed to link a bank account to your Umba loan app account, this bank account is what umba will scan to determine your credit score and set your credit limit.
You will see the amount of loan that you’re eligible to take at that present Moment, enter the amount that is lesser or equal to the eligible amount and proceed to get the money sent to your bank account.
How to repay umba loan
To repay your loan on umba loan app, all you have to do is to login to you umba loan account, click on the loan options and you will see the breakdown of your outstanding loan.
Simply click on the repay button, select your preferred method of payment and follow the prompts to complete the outstanding loan repayment.
Umba loan app download
In this section, I am going to provide you with the direct link to download the app from Google play store, so as to get the app installed on your mobile phone and explore the product and services of the app.
Name Umba loan app
Version Latest Version
Service Loan Provider/Digital wallet
In this section, I am going to provide you with the direct link to download the Umba APK with detailed information on how to get it installed on your mobile phone.
Name Umba APK
Version Latest Version
Service Loan Provider/Digital wallet
How to install Umba APK
To get the Umba APK installed on your mobile phone, simply download the APK file via the link provided above, navigate to your phone gallery and locate download folder.
Open the download folder and locate the file you just download above, click to the file and an install button will appear, click on the install button and wait for the installation process to complete.
Umba referral is another feature of the app that allows you to make cool cash by referring others to the platform. The app has make a provision that will let you earn a whooping sum of 500 naira whenever you recommend the app to others and they download, install and carry out some transactions on the app.
How to refer people to make money on umba
Once you have complete your registration on the Umba loan app, app you have to do is to login to your account and click on reward. You will see a button labeled with “Earn N500!”, Click on it and scroll down to copy your referral link.
Share the link with your friends and once anyone register on the app with your link, connect a bank account, verify the account by taking a life selfie of themselves and send N100 to other umba user, bother the referral and referee will get N500 bonus within 7days.
Conditions to be met to get Umba referral bonus
For the referral bonus to be completed and unlocked, the person you refer must have fulfilled the following:
Downloaded and created an account using your referral link, completed their selfie check and linked their bank account so that umba can verify their identity.
And lastly, made a transfer of N100 to another Umba user (cannot be to you).
Once aforementioned steps are complete, you and the person you referred will both receive a N500 referral bonus.
What Is The maximum Duration it can take to receive referral bonus
After all the conditions of the referral are met, you will receive your referral bonus automatically to your Umba wallet within 7days. But, note that it might not even take up to 24hrs in some cases, but before you can complain of not receiving a referral bonus, you should allow 7days.
Is their limit to the amount I can earn on umba referral program
Unfortunately, yes! There is a limit to the amount of money you can earn by referring others to the Umba loan app. You will only get paid for the first 4 people you referred to the app, after the four people, you won’t get paid for other referrals.
This implies that the maximum amount of money you can earn on the Umba referral program is limited to 2000 naira only.
Umba loan customer care number
If you encounter any issue on the app, the best way to get the issue resolved is to contact the Umba customer care service and the issue will be resolved immediately. In some cases, you might even have an enquiry to make and the customer service will be in the best position to answer the question, it might be about the app product or services.
In this section, I will provide you with all the possible means with which you can get in touch with the Umba customer service. Below are the available means to contact umba loan customer service
EMAIL: [email protected]
The Umba Customer Experience Team provides excellent support for your financial needs, from 8AM-5PM, Monday through Friday. You can as well drop a message within the app and receive an answer in minutes!
Conclusion: Umba is a fully Digital with multiple functions, with the Umba loan app, you will be able to apply for a collateral free loan, pay bills, do Money transfer and lots More. With the detailed information revealed on this guide, I am sure that you have fully understand how the app works and all you can get from the app. Also, you should be able to use the app without any form of issue.