Umba loan is one of the most popular and trusted mobile loan services in the vast mobile money lenders market in Kenya. Umba app allows you to make quick money transfers while saving up to 70% of your traditional banking fees. With just two clicks, you can make instant loan application.
Intriguing, right? It’s like having everything you need in your pocket. Banking has never been easier. Even as a first time user, it gives you 1% monthly interest rate. We bet you can’t wait to start using the Umba loan app. In this post, we will share with you simple steps on how you can download and apply for an Umba loan.
Tag along with us.
What is Umba?
Umba is a digital bank and a loan platform in the financial market currently operating in Kenya. They offer digital financial services to the citizens. Its mobile app has a simple user interface, fascinating product features and fast responsive performance. This is special unlike the big barriers found among other loan apps.
How to get a loan from Umba
Getting a loan from Umba is straightforward. To get a loan from Umba, you must first:
- Download the Umba app from Google play store
- Create an account on the app
- Apply for the loan
- Receive your loan
What you need to apply for Umba loans
The requirements for accessing loans on the Umba mobile app is not as rigorous as the terms got in traditional banks. All you need is to download the Umba loan app on Google Play Store, which is fast. To access the app after download, you must:
a. Create an account by filling all the required details.
b. Provide a phone number you can use to receive funds and notifications.
c. Provide a valid identification card to prove your age and identity.
d. Update your personal information regularly.
How to Apply for Umba Loan
Applying for an Umba loan is quite simple and easy.
First, download the app and complete the onboarding process following the instructions stated above. Then, log into the app and click on any of the services you want. There are different short-term and long-term loans suitable for your budget. You can apply for a money loan, bill pay loan or airtime loan.
As a first time user, you are eligible to acquire an Umba loan ranging from 250 to 7000o Kenyan Shillings with a 1% monthly interest rate. It’s best to start with small amounts and build up your credit profile as you use the app. Once your loan is approved, Umba will deposit the money into your M-Pesa wallet.
UMBA Loan App Review
Let’s give you a cursory glance of the app to help you understand its remarkable features.
1. User Interface
Umba has a nice and simple design that helps you navigate the app with ease. The light blue and white colour is eye-catching and fun to use. The best part is you don’t have to worry about unnecessary adverts popping up while using the app.
2. Product Features
The Umba mobile app has many fascinating features that can keep your eyes glued to the screen all day. The file size is just 6.10Mb, and you can download it for free. The functionality of each feature is superb, and you can even fill a quick 30 seconds review if you want an upgrade.
3. App Performance
Umba loan app has a fast response time which makes it easy to process your requests. The speed and stability of the app when in use is excellent. Umba uses bank-grade security to protect your personal information. All data is encrypted and protected
Umba interest rate
The interest rate for Umba is between 1% to 15% per month.
Umba repayment period
Umba loans have a repayment duration ranging from 1 month and one year.
Minimum and maximum amount
The loan amount ranges between Kes 250 to Kes 70,000. As you repay your loan, your loan limit increases.
Umba eligible countries
The loan app is available to individuals in different counties in Kenya. Also available to people in Nigeria and Uganda.
How to repay your UMBA loan
Paying back your Umba loan on time increases your chances of accessing large loan amounts. Umba gives you a repayment period of 28 days, and you can pay back in four instalments. Failure to pay back on the due date attracts extra charges and Umba will list your account with the Credit Reference Bureau (CRB).
To repay your Umba loan, log into your mobile app account:
1. Click on your M-Pesa menu and select the ‘Lipa na Mpesa’ icon.
2. Click on the ‘pay bill’ option.
3. Then, type in the Umba loan pay bill number: 264130
4. Next, select the ‘account number option
5. Fill your account number and the loan amount you want to repay.
6. Finally, cross-check your information and submit your payment.
How to contact Umba customer care
In case of any issues encountered or more clarifications, contact Umba customer care through:
Email to firstname.lastname@example.org
This app is not just a mobile money lender. Umba offers full digital banking services. With your Umba app, you can open a bank account online and run your regular banking services. If you have any challenges when applying or repaying your loan, you can contact the Umba team.