Umbrella- instant access to cash is a product of Multiply Labs. It offers
With over 10,000 plus downloads on Google Play store. Medyo okey na rin pero di naman ganun kadami. Just had been released on July 11, 2018. And just updated this November 28, 2018. Umbrella is on #39 top free finance on Google Play’s top chart.
You can get up to 4,000 pesos instantly for pre-approved credit.
There are 3 step-by-step guide to get your cash instant. You must first download the app and log in using your Facebook account or register using your email and mobile number. Then accomplish this steps:
- Choose your desired amount based on the pre-approved credit
- Choose how will be your loan payment. For weekly pay it could be 3 to 6 weeks and or for monthly pay it could be 1 to 3 months
- In the app, check for your loan calculation details and confirm
Umbrella has a built an algorithm that auto check on the people. The same scoring is use for all users. Before you will get into the three steps, they will ask you to access permissions. Such as your camera, contacts, location, microphone, call logs, telephone, SMS, storage and other like they will draw over your apps, have full network access, etc. Their system will auto check on the data they collect. You would have allowed 4 permissions.
And then there you will know if you have been pre-approved or disapproved. If you’ve got pre-approved their you will know how much you’ve earned credit limit.
If you haven’t get through or disapproved, check back in 90 days.
They don’t need your bank account details but be ready on these requirements:
- A 7 second selfie video
- Any valid government-issued ID
- Proof of billing ( documents showing a proof of your address)
- Requires you to be at least 21 years old and above
They will only accept UMID, NBI clearance, Passport and Driver’s license for now.
They have this transparency principle that they believe in to. Here’s the Umbrella loan calculations:
- The interest rates vary depending on the loan value and the repayment duration you chose.
- There are no interest charged on the service fee.
Before you hit confirm and all set, you can review your loan calculations. In that way, there will be no hidden charges. That’s how their transparency works.
Yes they charged also service fees. Base on their transparency code,
- service fee is applicable depending on how much you take to cover that duration.
- If non-payment of weekly or monthly installment a small penalty of the outstanding amount will be charged.
- And your two continuous attempts of non-payment of weekly dues will result in your account being blocked.
Still under their transparency,
Your repayment doesn’t start until 14 days for weekly payments and 30 days for monthly from the day your loan is processed.
You could pay through Gcash as convenient as it is.
Some applicants experienced that after paying their last installment early have been not approved for a reloan.
Other users have a problem with how the app works. The app is still in continuous update.
Most have complained on what’s the basis of how they got disapproved and does not qualify in pre-approved. How will they check on people for eligibility on loans. However, the Umbrella App said they’re using the same scoring for all users. Well it do look like it’s a fair deal at all. But then it seems that it doesn’t really helpful in cases of urgency.
Disbursement of money takes longer sometimes. The problem regarding with so much loading when doing the logging in option to select your disbursement and as far as loading is concerned, maybe it has something to do with the speed of or due to internet connection. Umbrella’s disbursement channels are through bank account, wallet transfer via Gcash, remittances such as Cebuana Lhuillier or Palawan, and or pick up on their office.
What’s good and commended by all are their lowest interest rate and their repayment time frame. Most users also commended the easy reimbursement experience. And some even because of fast approval. Low interest rate and no pressure on repayment, that’s what we’re all finding in a credit, right? And they have it all though. Their customer service are also in good standing with accommodating staff. Kudos Umbrella team!