Umba Loan_More than a loan app, and also a full bank app just like other local banks. Aside from getting loans from Umba bank, you can also do more with the loan app, including paying Bills & other bank transactions accessible on the bank app.
Meanwhile, as you read through this article there are certain sections you should consider in this article, and most of them are the Umba Bank Overview, How the Umba loan works, its legitimacy, how to borrow from Umba and the Umba bank loan interest rate.
These are the key points we will consider in this article. We expect you read through the article gently in order to understand what we are conveying about Umba bank & its loan.
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Umba Bank Overview
Umba Bank is known as one of the best & reliable digital banks in Nigeria & Kenya, and the bank offers a better experience than traditional banking.
The Umba loan app, which is also the Umba mobile app/banking app has become popular due to its loan offers, and also the rewards & bonuses the users on the platform receive when they participate in the bank’s referral program.
If you have an Umba bank account, you will have access to an easy banking lifestyle via the Umba mobile app services.
And some of these services are to easily spend, pay bills, borrow loans, and even receive a cashback, which all these activities can be done just with your mobile device on the Umba mobile app.
The bank also offers no fees & unlimited transfers to its users on its mobile banking services. How about you know the owner & the founder of the Umba digital bank in the following section below?
Who is the Founder & Owner of Umba Bank
The Umba bank was founded on September 1 2018 by the CEO named Tiernan Kennedy & the CFO Barry O’Mahony.
The Umba bank has raised over $17M to date from a total of 17 investors, which includes
- mymobiles price & Tom Blomfield
- Banana Capital,
- Turner Novak,
- Act Venture Capital,
- Chandaria Capital,
- Costanoa Ventures,
- Streamlined Ventures,
- Ullas Naik,
- Palm Drive Capital,
- Lux Capital,
- Lev Ekster, and others.
The following section below explains how the Umba App works. Read on through the next section, and find out more about the Umba Bank App.
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How Umba App Works
The Umba Mobile App offers its customers a free checking account, peer-to-peer money transfers, loans, deposits, BillPay, 5% cashback, and a referral reward of up to N500. You can currently get the Umba Mobile App for Android on the Google Play Store, and other play stores.
CLICK HERE TO DOWNLOAD THE UMBA APP.
Do you want to create an Umba bank account? the checking account is free to open, it only takes a few minutes to create one. But firstly, you have to download the Mobile app from the Google play store (For Android).
See the following procedures, and find out how to create/open an Umba account on the Umba mobile app:
- Get the Umba Mobile App from the Google Play Store
- Launch & open the app
- Click on the Register Account if you are new to the platform.
- On the following page, Fill in your Email Address, First Name & Last Name (BVN Verified).
- Choose your Birth Date
- Provide your BVN
- Select your Gender
- Finally, click on the Register button below, and now you’ve successfully created your personal Umba checking account on the Mobile app.
Is Umba Loan App Legit?
YES! How? Umba loans & its app are legit, and about thousands of Nigerians are currently using the loan app to carry out day-to-day transactions online via the mobile banking app.
And currently, the app is rating as one of the most popular new loan apps in Nigeria. Therefore, feel free to use the mobile banking services & loan services on the app.
Borrow from Umba – How?
Do you know how to Borrow from the Umba app? The processes are easy, you just need to follow the steps below, and you are ready to go:
- After downloading the app and creating an Umba account, log in using your four-digit password.
- Next, select “Umba Money Loan” by clicking on the “Loan” option.
- Once you’ve connected your bank, finish the ID verification process by accepting all permissions and taking a picture.
- Click the “Get Started” button after that. Add your debit card if prompted to do so.
- After being sent to the Umba Money Loan page, choose the loan offer amount.
- The next step is to include a justification for your loan request.
- Afterward, tap the Confirm Loan offer button to accept the loan offer.
- Continue by awaiting the loan’s processing. Verify your Umba wallet for your loan offer.
Umba Loan Interest Rate (%)
The Umba bank has placed an estimated interest rate of 10%. Therefore, if you’re to receive an Umba loan of N30,000 on the Umba Mobile app, you will be charged an interest rate of 10% – N3,000. This means that when repaying back the money, it comes back as a total amount of N33,000 within two months (62 days. AV).
See the concluding part of this article, and find out some FAQs raised by the Umba app users about the Umba loan.
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Conclusion – FAQs on Umba Loan
How to repay your Umba loan?
To repay your Umba loan, see the following procedures:
- Select the Umba Loans tab.
- Select “Make Manual Repayment” from the menu.
- Enter the amount you would like to pay back.
- Pick one of the three available payment methods: Umba wallet, linked debit card, or link a new debit card.
- Sit tight for the transaction to be processed before tapping the “Pay button.”
- Finally, the repayment will be successful.
How much can Umba offer?
The amounts of Umba loans range from 1115 to 89182 Naira. The amount you borrow rises if you make regular loan repayments.
Is Umba reliable?
Umba loan app is a legit & reliable app that offers money to people to pay back with interest of about 10% of the money collected from the loan app.
Who is the owner of Umba?
The Umba bank was founded on September 1 2018 by the CEO named Tiernan Kennedy & the CFO Barry O’Mahony.
What is the Umba loan interest rate?
The Umba bank has placed an estimated interest rate of 10%. Therefore, if you’re to receive an Umba loan of N30,000 on the Umba Mobile app, you will be charged an interest rate of 10% – N3,000.
For further updates on the Umba loan, feel free to revisit this post next time, and find out more about the Umba loan, and don’t forget to share our articles. Leave a comment below if possible.
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