Umba loan requirements shows that you need to provide copies of your pay slips from the past three months. This helps Umba verify your income and employment stability
Introduction
Umba is a popular and trusted loan app in Nigeria. It allows you to apply for, manage, and repay loans directly from your smartphone. The app is designed to be easy to use and provides quick access to cash.
One special feature of them is that you can get a loan based on your car’s value. Once your identity is verified, you can borrow up to 70% of your car’s worth.
This means if you own a car and need money quickly, Umba can help you use that car as a guarantee to get a loan. The best part is you can receive the cash within 6 hours after your loan is approved.
they offers loans ranging from ₦2,000 to ₦30,000. You can choose how long you want to borrow the money, with loan terms between a minimum of 62 days. The interest rates on these loans vary from 10% to 21% per year.
For example, if you borrow ₦10,000 with a 10% interest rate, you will pay ₦1,000 in interest. This means, after 62 days, you will need to repay a total of ₦11,000.
There are no extra fees like late fees, rollover charges, or origination fees with them. You also don’t need to pay any VAT or commission, which makes it a clear and simple option for borrowing money.
The app is designed to make getting a loan easy and straightforward. You don’t have to worry about hidden costs or complicated terms. With them, you know exactly how much you will pay and when.
In summary, it is a great choice if you need a loan quickly and want a simple process. You can use your car to get a loan, receive cash fast, and pay back with clear terms and no extra fees. It’s a trustworthy app that provides a quick and easy way to get the money you need.
History and overview
Umba is a popular loan app in Nigeria, co-founded by Tiernan Kennedy, who is the CEO. The team also includes Dan Watts as the Chief Credit Officer, Adegbenga Agoro as the Head of Engineering, and Pamela Kaberiea, who handles Internal Audit and Risk.
they started to make getting loans easy and quick. With Umba, you can borrow between ₦3,000 and ₦300,000 directly from your smartphone. The app is designed to be user-friendly, so you can manage your loan and repayments easily.
One of the benefits of using them is that if you repay your loan on time, you might qualify for larger loan amounts in the future. This helps you get more money if you need it later on.
You can download the Umba app from the iPhone store, or you can find the APK file for Android devices on various websites. This makes it easy for many people to use the app, no matter what type of phone they have.
Umba’s goal is to provide fast cash with clear and simple terms. Once your loan is approved, you can get the money within hours. The company aims to offer a reliable service that meets the needs of its users.
In summary, itis known for its quick and easy loan process. It was created to help people in Nigeria get the money they need quickly and efficiently.
Requirements
Phone Number
Requiring a phone number means that to use Umba, you need to provide a valid phone number. This phone number is used for communication, account verification, and to send important updates about your loan application and repayment. It helps ensure that the app can reach you if needed.
BVN
Providing BVN (Bank Verification Number) details means you need to enter your BVN when using Umba. The BVN is a unique identification number issued by Nigerian banks.
It helps verify your identity and is used to link your bank account with your loan application. This process ensures that the app can securely and accurately handle your financial information.
Bank account
Providing your bank account details means you need to share information about your bank account with Umba. This usually includes the account number and bank name.
Your bank account details are needed for the app to transfer the loan amount to you and to manage repayments. It ensures that the money can be deposited directly into your account and that any payments you make are processed correctly.
Proof employment
Providing proof of employment means you need to show evidence that you are currently employed. This can be a recent pay slip, an employment letter, or any document from your employer that confirms your job status and income. This helps Umba verify that you have a steady income, which is important for determining your ability to repay the loan.
3 months payslip
Submitting your last 3 months’ pay slips means you need to provide copies of your pay slips from the past three months. This helps Umba verify your income and employment stability. T
he pay slips show your earnings over time, allowing the app to assess your financial situation and determine your eligibility for a loan.