Umba loan app, formerly known as Mkopo Kaka, is an international microfinance lending institution operating in Kenya and Uganda. The app provides instant unsecured loans of between Ksh 250 – Ksh 70,000.
Loans offered by Umba usually have a duration of 4-68 weeks and attracts a monthly interest rate of between 1% – 15% depending on the loan amount with a guarantee of no rollover fees in case of late repayment.
In this post, we’re going to show you:
- How Umba loan app works.
- Umba loan application requirements.
- How to download and apply for a loan at Umba in a fast and easy way.
- And lastly, how to contact Umba in case you have problems with the loan app. Let’s do this.
How Umba Loan App Works
Once downloaded, the Umba app goes straight to the action. The app uses a machine-learning algorithm to determine your creditworthiness by scanning your phone while collecting data about:
- Your phone make and type
- SMS logs history
- Loan repayment history
- GPS details to know your location and lastly
- Your contact list
Why is this information relevant to Umba? Well, as far as we know, the data collected from your phone helps Umba to identify you as their customer. Let’s say for trust issues.
Secondly, and most importantly, the data is used to determine your credit status and loan limit, respectively. See: How to check your credit status online on CRB. Let us now move on to see the loan application requirement.
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Umba loan application requirements.
The following are required when applying for a loan on the app.
- Mpesa registered phone number.
- Your National ID number.
- And lastly, you’re required to fill all the sections asking questions about you on the field provided within the app the questions.
Umba Loan App Download and Application
Here is how to download, install and apply for a loan on Umba.
- Open Google Playstore and search for Umba loan app.
- Next, click on the install button and wait for the app to install.
- Once downloaded register on the app by opening the app and providing the required information on the field shown as accurately as possible.
- The app will then scan your phone for other information as we stated earlier before this, usually takes some time.
- Once the loan app has scanned your phone to verify your records, an SMS will be sent to you regarding your loan details. If its good news, open the app to apply.
How to contact Umba
Umba customer care can be reached via the following platforms.
- Social media – You can contact Umba through the current Facebook page directly via DM or the comments section.
- Through email via the email address: email@example.com.
- Directly on the app
- Lastly, through their official website.
To sum up. Let’s hear your Umba loan app experiences in the comments section below. Why don’t you share this post if you love it?