Frequently Asked Questions

Who is Umi?

We’re a highly competitive, online only lender backed by GE Capital, one of the largest financial lenders in Australia. We offer you a very simple and hassle free way to borrow $3k to $50k.

How is Umi different from the others?

Being backed by the strength and security of GE Capital means we can offer seriously competitive fixed rates. Plus we’re 100% online so you don’t even have to leave your home to apply! But that doesn’t mean we don’t like a chat so if you’ve got any questions just ring your friendly Umi call centre
on 138 864.

What can I use an Umi loan for?

You name it! We offer a competitive loan for the following:

Home life: including a home renovation, new furniture or carpet, a fresh paint job, updating the garden or even some decorating
Behind the wheel: new/used car, bike, boat or caravan
Getting away: your next holiday!
Debt Management: debt consolidation and refinancing options.
Education Investment: university, TAFE, short courses and school fees.
Milestone Events: celebrate all your special occasions.
Health Matters: for you and your loved ones.
Other personal goods

What are the eligibility criteria?

For starters you will need to:

be a Permanent Australian Resident, aged at least 18 years
have a regular income with capacity to make repayments after expenses (including repayments on any credit cards and loans)
have a good credit history (e.g. no previous defaults, no excessive credit enquiries)

I’m a renter, can I still apply?

Yes, as long as you’ve been renting at the same address for at least a year.

What documents will I need?

In some instances we may want more information. If we need proof of ID or to verify your income (driver’s licence, passport or payslips), we’ll let you know during your application process.

How much can I borrow?

The minimum is $3k, the maximum is $50k.

How long do I have to pay it back?

Choose your own loan term ranging from 1 to 7 years.

How can I apply for an Umi loan?

You can apply securely online.

Applying is straightforward. Just tell us:

How much you want to borrow
What it’s for
A bit about yourself
Your employment situation
Your personal finance details

How long does it take to approve?

Once you’ve submitted your application you’ll receive one of the following responses in no longer than two working days:

Approved
Approved pending more information, like to verify your ID and/or income, or
Declined

How long until I get my money?

Once your application’s approved we electronically transfer the money into your account in no longer than two working days from approval.

How long does an online application take to complete?

The application form takes less than 15 minutes to complete.

What will happen once I’ve submitted my application?

Once you’ve submitted your application:

Depending on your circumstances we’ll email you no later than 1 business day with any further documentation requirements.
If we need you to submit other documentation then you can do so via our secure upload tool.
If it's a yes and we have approved your application, we will email you the contract.
Once you’ve accepted the contract, which should only take a few minutes, the funds will be electronically transferred into your account in no later than two working days from approval.

How can I check the progress of my application?

We will send an email at each stage of the application and let you know the progress.
Or simply call us on 138 864 and one of our friendly staff will assist you.

What are the repayment options?

We offer two fee-free repayment options for your convenience – Direct Debit and BPAY®.

How often do I need to make repayments?

Repayments are monthly but if you can afford a little extra, or a lot extra, just use BPAY®. And there’s no early payout fee if you pay your loan out in the last six months of your loan term. BPAY® details are available through the Online Service Centre.

What if I want to change the amount I requested before I accept the contract?

Easy, just call us on 138 864 and one of our friendly staff will assist you.

Can I apply for more than one loan at the same time?

You can only have one application in progress at one time.

When is the Umi call centre available?

For new account queries please call 138 864. One of our friendly staff members is ready to take your call at the following times:

Monday to Wednesday: 8.30am to 7.30pm EST
Thursday: 8.30am to 11pm EST
Friday: 8.30am to 9pm EST
Weekends: 9am to 7pm EST

For current customers with queries please call 138 864 between these times:

Monday to Friday: 8.30am to 7pm EST
Saturday: 9am to 5pm EST

I have been asked to verify my identity online, how does this work?

Retrieve or continue your application via the Umi website
Select the ID types you wish to provide
Enter the required details and submit. Verify additional IDs until the verification bar reaches 100%

Note: You will have 24 hours to complete your identity check online from when you submit the application.

Are there alternatives to verifying my identity online?

If you would like to complete your identity check face-to-face, you can do so at any Australia Post Office.

We will send out an identification form in the mail. This normally takes 3-5 working days
Complete and sign this form and take it into any Australia Post Office with the appropriate ID
Your ID will be checked over the counter and if approved, the form will be processed on the spot
We will send you an email within 1-2 working days to advise your application progress

I have been asked to confirm my income, how does this work?

We will need you to provide us with one of the following documents within 15 days. This is done via our secure upload tool.

Payslip, no more than 45 days old
Bank statement, covering at least 2 consecutive income deposits, most recent being no more than 60 days old. The statement must include your current address.
Employer confirmation, in the form of letter no more than 30 days old, confirming employment, income amount, frequency and date. The letter must be on a business letterhead and display an ABN, CAN or registered business number. It also must be signed and dated by a Manager, Personnel Manager, Salaries Officer, or Business Owner/Director.

Note: Part-time, casual and non-permanent employees may require additional documentation. This will be explained to you via email. Once we’ve got what we need, we’ll make a decision and inform you within 1 hour. If it’s a yes, we will email you the contract.

How can I make repayments?: We offer two fee-free repayment options for your convenience – Direct Debit and BPAY® – whatever suits you best.
How do I know my due date for repayments?: You can access your due date via the Online Service Centre. Your due date also appears on your loan contract, and on the confirmation email received when you accepted your loan contract.
Can I change my repayment frequency?: No, payments will always be monthly but you can make further fee-free repayments via BPAY® at any time. Just remember, if you pay off your loan before the last six months of its term an early payout fee fee of $150 applies. There’s no fee if you pay it off in the last six months of the loan term.
Can I make additional repayments?: If you can afford a little extra, or a lot extra, then no problems – you can make fee-free additional repayments via BPAY® any time. And there’s no early payout fee if you pay your loan out in the last six months. But if you pay off your loan early i.e. before the last six months of its term an early payout fee of $150 applies.
What if I can’t make a payment?: Please let us know as soon as you can if you can’t make a payment. Just call us on 138 864 and one of our friendly staff will assist you.
What will happen if I pay late?: You will incur a late payment fee of $35. That’s why we recommend using Direct Debit for your payments – then you’ll never have to worry.
How can I set up a direct debit?: Download and complete the direct debit request form or just call us on 138 864 and one of our friendly staff will assist you.
How can I update my direct debit details?: Easy, just call us on 138 864 and one of our friendly staff will assist you.
How can I change my personal details?: Login to the Online Service Centre to update your personal details. Or call us on 138 864 and we’ll be happy to assist you.
Will my rate change?: No, your rate is fixed for the life of your loan.
Can I redraw on my loan?: No, redraw is not possible on an Umi loan.
Will I receive statements?: Your latest statement can be viewed by logging in to the Online Service Centre. Statements are uploaded quarterly, but if you need a statement in between cycles, just call 138 864.
How can I confirm my payment has been received?: You can register via the Online Service Centre for payment notifications via email. Or call us on 138 864 and one of our friendly staff can check this for you.
What if I want to know the balance of my account?: Login to the Online Service Centre to check your balance. Or call us on 138 864 and one of our friendly staff can check this for you.
Can I have more than one loan?: Yes.
What if I have an issue with my loan?: Easy, just call us on 138 864 and one of our friendly staff will assist you.

Give us a call on 138 864

Apply online now

Umi is a trademark of GE Personal Finance Pty Ltd (ABN 54 008 443 810). Credit facility provided by GE Personal Finance Pty Ltd, Australian Credit Licence number 392163.

FAQs