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7 Legit Apps Ugandans Can Run To For Quick Loans Without Security

Arthur

In today’s fast-paced world, financial emergencies can strike at any time, and having access to quick loans without the need for collateral or lengthy approval processes can be a lifesaver. Ugandans, like many others around the world, are turning to digital lending platforms to bridge financial gaps and meet unexpected expenses. In this article, we’ll explore some viable and reputable apps where you can receive quick loans without the hassle of providing security.

1. Unifi

Unifi offers short-term cash loans that are designed to help you get through financial challenges until their next payday. This service is available to formally employed individuals in both government and private sectors. Applying for a loan with Unifi is a breeze, and you can visit their nearest branch with your National ID, latest payslip, and latest bank statement

Key features of Unifi include:

  • No security required
  • Fast and easy application in as quick as 20 minutes
  • Instant cash disbursement
  • Affordable interest rates
  • Flexible repayment terms

2. MoKash

MoKash is a service tailored for MTN Mobile Money customers, offering the ability to save and access short-term loans. To qualify for a MoKash loan, customers must first save with MoKash, with savings starting as low as UGX 50.

Key features of MoKash loans include:

  • Loan amounts ranging from UGX 3,000 to UGX 1,000,000
  • A facilitation fee of 9%
  • A loan repayment period of 30 days
  • The option to extend the loan for another 30 days at a fee of 9% if not paid within the initial period

MoKash not only provides quick loans but also encourages financial discipline by promoting savings among its users. This unique approach to lending empowers individuals to manage their finances better.

3. Airtel Money Quick Loan

Airtel Money Quick Loan is a collaborative effort between Airtel Money and Housing Finance Bank, offering customers the convenience of requesting loans during various transactions. To be eligible, customers need to have been active Airtel Money users for six months and made at least one Airtel money transaction per month.

Key features include:

  • Quick access to unsecured loans
  • Loan amounts deposited directly to your Airtel Money account
  • Convenience during various transactions
  • Flexible repayment options

4. DFCU Mobiloan

DFCU Mobiloan is a short-term financial solution designed to address emergencies swiftly. To be eligible for this loan, you should have an active account where you transact often, have held a personal account with DFCU Bank for at least 6 months, and maintain a clean credit history.

Key features of DFCU Mobiloan include:

  • Loan amounts ranging from UGX 10,000 to UGX 2,000,000
  • A loan repayment period of 30 days
  • One-off repayment once the loan is due
  • Option for early repayment with no penalties

5. Cente Mobile Loan

Cente Mobile Loan is provided by Centenary Bank Uganda and is accessible through USSD (*211#) and the Cente Mobile application. This loan comes in handy for various purposes, such as paying school fees, buying basic needs, and covering utility bills.

Key features include:

  • Loan amounts ranging from UGX 5,000 to UGX 5,000,000
  • Flexible loan terms of 1, 2, or 3 months
  • Various repayment options, including advance payment and automatic deductions
  • An interest rate of 7% per month, with adjustments based on the economy

6. KCB Mobile Loan

KCB offers short-term unsecured loans for customers with active KCB bank accounts. Your account performance over the previous six months, average monthly savings, and on-time loan repayments all go into determining the KCB Mobile loan limit.

Key features of KCB loans include:

  • Access to loans of up to UGX 2,000,000
  • A loan repayment period of 30 days
  • Direct deposit of the loan into your KCB bank account

7. Fido

Fido provides quick loans directly to Airtel and MTN MoMo wallets, offering loan amounts ranging from 60,000 UGX to 600,000 UGX. Eligibility criteria include being over 18 years of age, a Ugandan resident with a National ID, and providing additional financial and personal information to improve your Fido score.

Key features of Fido loans include:

  • Quick and hassle-free loan disbursement
  • Loan amounts tailored to your needs
  • Loans delivered directly to your mobile wallet (Airtel or MTN MoMo)
  • The opportunity to increase your loan eligibility over time

Key Points to Know About Using These Loan Apps

Adhere to Loan Terms: The terms and conditions of these loans are there to protect both you and the lending platform. It’s absolutely essential to stick to the agreed-upon repayment schedules. Any deviations may lead to late payment fees or penalties that could negatively affect your future loan opportunities.

Credit History Matters: Most of these apps will take your credit history into account when deciding on your loan eligibility and limit. On that note, keeping a clean credit history by repaying loans on time can go a long way in securing larger loan amounts and more favorable terms.

Responsible Borrowing: While quick access to funds is undoubtedly tempting, it is advisable for you to borrow only what you truly need and can comfortably repay. Overborrowing can lead to financial stress in the future and a poor credit history.

Understanding Terms and Conditions: Always make sure you read and understand the terms and conditions of each lending platform before hitting that apply button. This ensures you’re fully aware of the interest rates, repayment terms, and any associated fees.