Gone are the days people had to queue in a bank and have a heap of papers to fill before one is granted a loan. The introduction of mobile phone online loan apps in Uganda in 2016 has made it easier and convenient for people to access quick cash loans anywhere anytime. The first online loans were from Mokash from MTN Uganda. The loan apps offer quick loans without any collateral unlike the other financial institutions where collateral such as car logbook or land Tittle Deed are required before loans are issued.
Pros and Cons of Loan Apps in Uganda
Like anything else Loans Apps in Uganda have both advantages and the downside. The loan apps advantages and disadvantages are as follows:
Pros
- No collateral requirement
- No paperwork
- Convenient/ No human interaction
- Fast application process/ disbursement
- Application can be done anywhere anytime.
- High interest rates/ to cover risk
- Requires data and internet
- Not reliable
- Debt shaming
- Can result to a circle of high interest debts
- Annoying reminders
- Are addictive/ because of the easy process
Secure Loan App
Loan Amount UGX 30,000 - 900,000
Repayment Period 90 to 365 days
Interest Rates APR 7% to 180%
CreditLab
Loan Amount UGX 80,000 - 1,000,000
Repayment Period 180- 365 days
APR per year 15% - 25%
CashPulse loan app
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Loan Amount UGX 50,000 up to UGX 500,000
Repayment Period 91 to 365 days
APR per year 15% to 52%
Mangu Cash
Loan Amount UGX 60,000 - 400,000
Repay Period 90 - 365 days
APR per year 15% - 52%
SenteYo Loan App
Loan Amount UGX 50,000 and above
Repayment Period 65 days to 180 days
APR per year 35.99%
Ezee loan app
Loan Amount UGX 50,000 - 1,000,000
Repayment Period 90- 365 days
Interest Rates APR 14% to 32%
Ok Loan
Loan Amount UGX 60,000 - 800,000
Repayment Period 90 - 365 days
APR 16% - 45%
Quick Sente
Loan Amount UGX 60,000 - 500,000
Repayment Period Up to 365 days
APR per year 12% - 52%
Fair Credit
Loan Amount UGX 80,000 - 700,000
Repayment Period 90 - 365 days
APR per year 7% - 180%
Kasente Instant Loan
Loan Amount UGX 30,000 - 1,000,000
Repayment Period 91 - 365 days
APR per year 25% - 250%
UCredit Loan App
Loan Amount UGX 100,000 - 500,000
Repayment Period 90 - 365 days
APR per year 12% - 24%
Isente Safe and Reliable Loan
Loan Amount UGX 90,000 - 600,000
Repayment Period 90 - 365 days
APR per year 12% - 50%
Dove Cash Loan App
Loan Amount UGX 50,000 - 1,000,000
Repayment Period 91 - 365 days
Interest Rates 16% - 45%
Fly Pessa Instant Loan App
Loan Amount UGX 60,000 - 1,000,000
Repayment Period 91 - 365 days
Interest Rates 16% - 32%
Cash X Loan App
Loan Amount UGX 100,000 - 1,000,000
Repayment Period 90 - 365 days
Interest Rates APR 21% - 34%
Sweet Loan App
Loan Amount UGX 90,000 - 600,000
Repayment Period 90 - 365 days
APR per year 12% - 50%
Mara- Instant Loan App
Loan Amount UGX 100,000 - 1,000,000
Repayment Period 90 - 365 days
Interest Rates APR 24% - 56%
QuickLoan Loan App
Loan Amount UGX 30,000 - 500,000
Repayment Period 91 - 365 days
Interest Rates 15% - 34%
Cash Base Loan App
Loan Amount UGX 50,000 - 1,000,000
Repayment Period 91 - 365 days
Interest Rates 15% - 120%
Sunlit Loan App
Loan Amount UGX 50,000 - 1,000,000
Repayment Period 90 - 365 days
Interest Rates 14% - 32%
Ukash Loan App
Loan Amount UGX 50,000 - 500,000
Repayment Period 91 - 365 days
APR per year 10% - 30%
Grizzly Cash Loan App
Loan Amount UGX 300,000 - 3,000,000
Repayment Period 120 - 360 days
APR per year 12% - 36%
GetLoan
Loan Amount UGX 50,000 - 1,000,000
Repayment Period 3 - 12 months
APR per year 17% - 29%
OneLoan
Loan Amount UGX 100,000 - 500,000
Repayment Period 91 - 365 days
Interest Rates 12% - 30%
TopLoan
Loan Amount UGX 80,000 - 500,000
Repayment Period 91 - 365 days
Interest Rates 4% - 29%
Azima Loan App
Loan Amount Up to UGX 200,000
Repayment Period 61 - 180 days
APR per year 240%
Moji
Loan Amount UGX 200,000 - 800,000
Repayment Period 90 - 365 days
APR per year 24%
Yo Cash Loan App
Loan Amount UGX 50,000 - 500,000
Repayment Period 91 - 365 days
APR per year 12% - 40%
Touch Loan
Loan Amount UGX 30,000 - 500,000
Repayment Period 91 - 365 days
Interest Rates 16% - 45%
Have More Loan App
Loan Amount UGX 100,000 - 500,000
Repayment Period 91 - 365 days
APR per year 12% - 24%
LoanGo
Loan Amount UGX 60,000 - 1,000,000
Repayment Period 91 - 365 days
APR per year 16% to 32%
Other Digital loan apps in Uganda
1. SweetLoan app
2. Kasente-Instant mobile loan
3. Azima Instant Loans
4. Fido Loans Uganda
5. Smart Loans Uganda
6. ManguCash-Instant Loan Online
7. Numida business loans
8. Soft Cash Loans
9. Trust Mobile Loans
10. Quicksente – Online loan app
Conclusion
In conclusion I can say the above online lenders are the best and newest in town. It's now your decision on which apps you can use but always remember to borrow what you can Pay. High financial discipline is required when dealing with online lenders.
It's my hope that I have helped someone!
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