While the world grapples with the ongoing challenges of the COVID-19 crisis, financial difficulties persist, affecting many aspects of our lives. Escalating fuel and food prices have placed a strain on disposable income, compelling individuals to operate within tight budgets. In such situations, traditional banks may subject you to extensive paperwork, documentation, and high-interest rates.
Rather than relying on conventional approaches, such as borrowing from friends or family or tapping into emergency funds, consider the convenience of obtaining a quick loan. In today’s digital age, fintech and financial platforms offer low-interest and collateral-free loans within minutes, providing a viable solution to urgent financial needs.
Here are nine top platforms in Uganda, in no particular order, where you can access low-interest, collateral-free loans:
1. QuickSente
Loan Features:
- Loan Amount: UGX60,000 to 500,000UGX
- Interest Rates: 12% for 180 days
How to Use QuickSente:
- Download the App:
- Find QuickSente on the Google Play Store and download the app on your Android device.
- Install and Register:
- Install the app and register using your personal details, including your mobile number and email.
- Loan Application:
- Complete the loan application within the app, providing necessary information.
- Approval Process:
- Wait for the approval process; QuickSente typically offers instant loan decisions.
- Loan Repayment:
- Once approved, adhere to the repayment schedule, including covering any mobile money transaction fees.
- Further Assistance:
- For more guidance, refer to the official guide provided by QuickSente on obtaining instant loans through their platform.
2. MobizPay
Loan Features:
- Loan Amount: UGX500 to 3,000,000UGX
- Interest Rates: 10% monthly
How to Use MobizPay:
- App Download:
- Download the MobizPay app from the Google Play Store and install it on your device.
- Registration:
- Register on the app, providing necessary personal details.
- Loan Application:
- Apply for a loan within the app, specifying the desired amount.
- Loan Approval:
- Await the loan approval process, which is typically quick.
- Product and Service Integration:
- Explore MobizPay’s additional features, such as product and service listings, airtime and data purchases, bill payments, and more.
- Funds Transfer:
- Transfer the approved funds to your mobile money or bank account as needed.
- Additional Information:
- For more details on MobizPay’s personal and business loans, visit the official website for comprehensive information.
3. ManguCash
Loan Features:
- Payment Period: 8 days
How to Use ManguCash:
- App Exploration:
- Visit the official ManguCash website to gather information about their loan services.
- Application Process:
- Apply for an instant loan through the app, providing required details.
- Interest and Repayment:
- Understand the interest rates and repayment dates associated with the loan.
- Customer Reviews:
- Acknowledge customer reviews, highlighting the speed of loan approval despite ominous details regarding interest calculation.
- Official Website:
- For terms of service and related information, refer to the official ManguCash website.
4. Numida
Loan Features:
- Target Audience: Small and micro businesses
- Loan Range: $100 to $5,000
How to Use Numida:
- App Download:
- Download the Numida app from the Google Play Store and install it on your device.
- Business Details:
- Sign up with your business details within the app.
- Mobile Money Requirement:
- Ensure you have a mobile money number registered in your name to receive the loan.
- Loan Access:
- Access unsecured growth and working capital for your business.
- Reviews:
- Numida stands out with positive reviews both on the Play Store and offline through word of mouth.
5. Platinum Credit
Loan Features:
- Loan Products: Civil servant loans, salary advance loans, personal loans, MobiLoan (quick collateral-free loans)
- MobileLoan Maximum: Up to 50 million shillings
How to Use Platinum Credit:
- MobileLoan Access:
- Dial *249# to access MobiLoan, Platinum Credit’s quick collateral-free loan product.
- Follow Prompts:
- Follow the prompts on your mobile device to navigate through the loan application process.
- Loan Repayment:
- Adhere to the repayment schedule for your MobileLoan.
- Alternative Loan Products:
- Explore other loan products offered by Platinum Credit based on your financial needs.
6. Airtel Wewole
Loan Features:
- Customer Loan Range: UGX8,000 to 500,000UGX
- Agent Loan Range: UGX100,000 to 1,000,000UGX
How to Use Airtel Wewole:
- Loan Application:
- Borrow without saving or offering collateral by using Airtel Wewole.
- Flexibility:
- Move funds freely between Wewole and Airtel Money accounts.
- Official Blog:
- Read more about Airtel Wewole’s offerings on their official blog for additional information.
7. MTN MoKash
Loan Features:
- Loan Range: UGX3,000 to 1,000,000UGX
- Access Code: Dial *165*5*1#
How to Use MTN MoKash:
- Loan Access:
- Dial the provided access code on your mobile device to access small loans.
- Instant Approval:
- Instantly receive loan amounts ranging from UGX3,000 to 1,000,000UGX.
- Loan Limit Growth:
- Grow your loan limit over time by saving through the MoKash service.
8. Airtel Quick Cash
Loan Features:
- Application Fee: 2%
- Daily Interest: 1% for 15 days
How to Use Airtel Quick Cash:
- Service Utilization:
- Leverage Airtel Quick Cash when your Airtel Money wallet has an insufficient balance.
- Loan Application Fee:
- Pay a 2% application fee and 1% daily interest on the outstanding amount for 15 days.
- Payment Facilitation:
- Use the service to make payments and send money even with a low Airtel Money wallet balance.
9. MTN MoMoAdvance
Loan Features:
- Access Fee: 2.75% of the overdrawn amount
- Daily Interest: 0.5% on outstanding balance
How to Use MTN MoMoAdvance:
- Service Eligibility:
- Available to MTN customers with a minimum of 6 months on Mobile Money and a positive credit score.
- Access Fee and Interest:
- Pay a one-off access fee of 2.75% and a daily interest of 0.5% on any outstanding balance.
- Service Duration:
- The daily interest is charged up to a maximum of 45 days for the overdraft.
- Usage Criteria:
- Customers must pass credit scoring based on their Mobile Money usage and other MTN services.