Many people nowadays prefer loans that don’t require anything valuable as security. This article explores a list of the best loan apps in Uganda that offer instant loans online, and the best part is, that you don’t need to fill out lots of paperwork. These loans are appealing because they don’t ask for any valuable items as collateral, and you can get the money within 24 hours, sometimes even instantly. These apps mainly look at how well you can repay by starting with a small loan and increasing your borrowing limit as you successfully pay off each loan
These loan apps are listed in no particular order, and we are not in any way endorsing any of the loan apps listed below
Understand APR
APR, or Annual Percentage Rate, is a key factor in evaluating the cost of borrowing. It encompasses the interest rate and any additional fees associated with the loan. As you navigate the loan landscape, be sure to consider the APR to make informed decisions about the overall cost of your loan.
Instant personal loan apps
- Mangu Cash. Mangu Cash offers loans between UGX 60,000 and UGX 400,000 that are payable between 90 days and 365 days according to their website, they charge an annual percentage rate of between 15% and 52% depending on the loan period.
- Ok Loan. Ok loan offers loans between UGX 60,000 and UGX 800,000, repayable between 90 days and 365 days according to the app description on Google Play Store. Ok loan charges an Annual Percentage Rate (APR) of between 16% to 45%
- Quick Sente. Quick Sente has loans of UGX 60,000 – UGX 500,000 and the loan period can go up to 91 days with the longest period being 365 days. The APR is 12% minimum and the maximum is 52%
- Fair Credit. Fair credit offers loan amounts of 80,000 – UGX 700,000 and the loan term is 90 days to 365 days. the APR is 7% – 180%
- Kasente instant loan. Kasente instant mobile loan offers loans of ugx 30,000 to UGX 1000,000 with a loan term of 91 days to 365 days and an APR of 25% to 250%
- UCredit. UCredit offers loan amounts of UGX 100,000 to UGX 500,000 and APR is 12% – 24%. The loan period is 90 days – 365 days.
- Isente safe and reliable loan. Isente offers amounts between UGX 90,000 to UGX 600,000. APR is 12% – 50% and the loan period is 90days – 365 days
- Dove cash. Dove cash offers Loans of UGX 50,000 to UGX 1000,000. APR is 16% to 45% and loan period is 91 days to 365 days
- Fly pessa instant loan. The loan amount is UGX 60,000 to UGX 1000,000. APR is 16% to 32% and the loan term is 91 days to 365 days
- Cash X. Loan amount is UGX 100,000 to UGX 1000,000. APR is 21% to 34% and the loan term is 90 days to 365 days
- Sweet Loan. Sweet Loan offers loans of UGX 90,000 – UGX 600,000. APR 12% to 50% and the loan term is 90 days to 365 days
- Mara- Instant loan. The loan amount is UGX 100,000 to UGX 1000,000. The loan term is 90 to 365 days and APR is 24% to 56%
- QuickLoan. The loan amount is UGX 30,000 to UGX 500,000. APR is 15% to 34% and the loan term is 91 days to 365 days
- Cash Base. Cash base offers loans of UGX 50,000 TO UGX 1000,000 with APR of 15% to 120%. Loan tenure is 91 days to 365 days
- Sunlit loan. Sunlit loan offers loans of UGX 50,000 to UGX 1000,000 with APR oF 14% to 32% and loan term of 90 days to 365 days
- Ukash. Ukash personal online loans offers loans of UGX 50,000 to UGX 500,000 with APR of 10% to 30% and loan term of 91 days to 365 days
- Grizzly. Grizzly cash safe loan offers loans of UGX 300,000 to UGX 3000,000. The APR is 12% to 36% and the monthly interest rate is 1% to 3%. the loan period is 120 days to 360 days
- GetLoan. GetLoan-online-fast offers loans of between UGX 50,000 to UGX 1000,000 and the loan term is 3 months to 12 months and the APR is 17% to 29%. They also charge a platform fee of 0.01%
- OneLoan. One loan offers loans of between UGX 100,000 to UGX 500,000. APR is 12% to 30% and the loan term is 91 days to 365 days
- TopLoan. Top loan offers loan amounts of UGX 80,000 to UGX 500,000 with an APR of 4% to 29% and a loan term of 91 to 365 days. They also have an origination, one-time fee of between UGX 3,200 to 65,000
- Azima. Azima instant loan gives loans of up to UGX 200,000 with APR of 240% and repayment terms of 61 days to 180 days
- Moji. Moji online cash loan gives loan amounts of UGX 200,000 to UGX 800,000 with loan terms of 90 days to 365 days with an APR of 24% and a service fee of 10% to 20%
- Yo Cash. Yo Cash offers loans of UGX 50,000 to UGX 500,000 with a loan term of 91 days to 365 days and APR of 12% to 40%
- Touch Loan. Touch loan offers loans of UGX 30,000 to UGX 500,000 with a loan amount of 91 days to 365 days and an APR of 16% to 45%
- Have more. Have more offers loans of between UGX 100,000 to UGX 500,000 with loan terms of 91 days to 365 days and an APR of 12% to 24%
Other Loan apps
While the apps above don’t require you to be an existing customer, to give you a loan, apps listed in this section require you to be an existing customer with a transaction history before you can qualify for a loan.
- Quick Loan. Airtel Uganda in partnership with Housing Finance Bank offer loans with a loan term of 15 days having an application fee of 2% and a daily interest rate of 1% per day for each day the loan remains unpaid. The loan amount varies per customer.
- Uganda. MTN Uganda gives instant loans of between UGX 3,000 to UGX 1000,000 through its more cash service to customers who must have saved at least UGX 50 with MoKash savings. The loan term is 30 days and the interest is 9% of the loan amount.
- Equity bank Eazzy loan. Equity bank offers instant loans of up to UGX 3000,000 depending on the customer with loan terms of up to 30 days and the interest is 4% to 9% per month on reducing balance basis
- Stanbic instant cash advance. Stanbic offers instant loans to their customers who receive regular deposits on their accounts. The loan amount is up to 50,000,000 and it costs 7% of the loan amount for loans below 2 million and 3.5% for loans above 2 million
Table Summary of the loan apps that give instant loans in Uganda
NO | APP NAME | LOAN RANGE | REPAYMENT PERIOD | APR RANGE |
---|---|---|---|---|
1 | Mangu Cash | UGX 60,000 – 400,000 | 90 – 365 days | 15% – 52% |
2 | Ok Loan | UGX 60,000 – 800,000 | 90 – 365 days | 16% – 45% |
3 | Quick Sente | UGX 60,000 – 500,000 | Up to 365 days | 12% – 52% |
4 | Fair Credit | UGX 80,000 – 700,000 | 90 – 365 days | 7% – 180% |
5 | Kasente Instant Loan | UGX 30,000 – 1,000,000 | 91 – 365 days | 25% – 250% |
6 | UCredit | UGX 100,000 – 500,000 | 90 – 365 days | 12% – 24% |
7 | Isente Safe and Reliable Loan | UGX 90,000 – 600,000 | 90 – 365 days | 12% – 50% |
8 | Dove Cash | UGX 50,000 – 1,000,000 | 91 – 365 days | 16% – 45% |
9 | Fly Pessa Instant Loan | UGX 60,000 – 1,000,000 | 91 – 365 days | 16% – 32% |
10 | Cash X | UGX 100,000 – 1,000,000 | 90 – 365 days | 21% – 34% |
11 | Sweet Loan | UGX 90,000 – 600,000 | 90 – 365 days | 12% – 50% |
12 | Mara- Instant Loan | UGX 100,000 – 1,000,000 | 90 – 365 days | 24% – 56% |
13 | QuickLoan | UGX 30,000 – 500,000 | 91 – 365 days | 15% – 34% |
14 | Cash Base | UGX 50,000 – 1,000,000 | 91 – 365 days | 15% – 120% |
15 | Sunlit Loan | UGX 50,000 – 1,000,000 | 90 – 365 days | 14% – 32% |
16 | Ukash | UGX 50,000 – 500,000 | 91 – 365 days | 10% – 30% |
17 | Grizzly | UGX 300,000 – 3,000,000 | 120 – 360 days | 12% – 36% |
18 | GetLoan | UGX 50,000 – 1,000,000 | 3 – 12 months | 17% – 29% |
19 | OneLoan | UGX 100,000 – 500,000 | 91 – 365 days | 12% – 30% |
20 | TopLoan | UGX 80,000 – 500,000 | 91 – 365 days | 4% – 29% |
21 | Azima | Up to UGX 200,000 | 61 – 180 days | 240% |
22 | Moji | UGX 200,000 – 800,000 | 90 – 365 days | 24% |
23 | Yo Cash | UGX 50,000 – 500,000 | 91 – 365 days | 12% – 40% |
24 | Touch Loan | UGX 30,000 – 500,000 | 91 – 365 days | 16% – 45% |
25 | Have More | UGX 100,000 – 500,000 | 91 – 365 days | 12% – 24% |
Conclusion
In Uganda, the demand for instant, collateral-free loans is on the rise, driven by the convenience and speed these services offer. Numerous loan apps now provide users with quick access to funds without the need for extensive paperwork or valuable collateral. These apps assess repayment capabilities and gradually increase borrowing limits based on successful repayments. Borrowers need to understand the Annual Percentage Rate (APR) and the associated costs of these loans to make informed decisions. With a variety of options available, users can choose the app that best suits their financial needs and repayment capabilities.
FAQs
1. What is an APR, and why is it important?
- The Annual Percentage Rate (APR) represents the annual cost of borrowing, including interest and fees. It is crucial for understanding the true cost of a loan.
2. Are these loan apps safe to use?
- While many loan apps are safe, it is essential to research and read reviews before choosing an app to ensure it is reputable and trustworthy.
3. Do I need collateral to get a loan from these apps?
- No, the listed loan apps do not require any valuable items as collateral. They offer unsecured loans based on your repayment history and ability.
4. How quickly can I receive the loan amount?
- Many of these apps provide instant loans, and you can receive the money within 24 hours, sometimes even instantly, depending on the app.
5. What are the typical loan amounts offered by these apps?
- Loan amounts vary by app, generally ranging from UGX 30,000 to UGX 1,000,000. Some apps offer higher limits based on your repayment history.
6. How long is the repayment period for these loans?
- The repayment period varies from 90 days to 365 days, depending on the app and the loan amount.
7. Are there any additional fees besides the APR?
- Some apps may charge additional fees, such as origination fees or service fees. It is important to read the terms and conditions of each app carefully.
8. Can I increase my borrowing limit?
- Yes, most apps increase your borrowing limit as you successfully repay your loans, demonstrating good repayment behavior.
9. Do these loan apps check my credit score?
- These apps primarily assess your repayment ability through your transaction history and repayment behavior rather than traditional credit scores.
10. What happens if I miss a repayment?
- Missing a repayment can lead to additional fees and a negative impact on your borrowing limit. It is crucial to understand the penalties associated with late or missed payments for each app.
11. Are there any apps that require me to be an existing customer?
- Yes, some apps, like those offered by Airtel Uganda, MTN Uganda, Equity Bank, and Stanbic, require you to be an existing customer with a transaction history to qualify for a loan.