This post reveals 11 platforms to get quick collateral-free loans in Uganda.
What are quick collateral-free loans? These are loans that do not require any form of collateral, such as property or assets, to be provided as security for the loan. They are typically unsecured. Meaning that the lender is taking on more risk by lending money without the security of collateral. Quick collateral loans are usually small, short-term loans that are intended to be repaid quickly, usually within a few months.
Who uses such loans? These types of loans are often used by individuals and small businesses that have a temporary need for cash, such as to cover unexpected expenses, make a purchase, or bridge a financial gap. Additionally, they are also popular among people who do not have any assets to use as collateral. Such as students, low-income individuals, or people who are new to the credit market.
There are plenty of platforms in Uganda that offer quick collateral-free loans to individuals and small businesses. 9 of them include:
The Numida App is a financial management app designed for small business owners in Uganda. It was created to address the challenges faced by small business owners in managing their finances and accessing credit.
1. Airtel Money’s WeWole
Airtel Uganda offers a service called “WeWole“. This allows you to apply for and receive a loan through your Airtel Money account.
Among the requirements to get a loan from Airtel in Uganda is that you will need to have an Airtel Money account and have been actively using it for a certain period of time.
Also, you will need to meet the company’s eligibility criteria for a loan, which may include good credit history.
To apply for a loan, you will need to follow these steps:
- Firstly, dial *185# on your Airtel line to access the Airtel Money menu
- Secondly, select “Wewole” from the menu (Option 8)
- Thirdly, select “Get a loan” (Option 1)
- Then, follow the prompts to provide the required information and submit your application
After your application is approved, the loan amount will be credited to your Airtel Money account, and you will be able to use it to make purchases or transfer money as you would with any other Airtel Money transaction.
2. MTN’s MoKash
Just like Airtel, MTN also offers loans to its subscribers through a service called MoKash. MTN Mokash is a mobile savings and loan service offered by MTN Uganda.
To get a loan from MTN Mokash, you will need to have an MTN Mokash account and have been using it for a good period of time of about 6 months or more.
And you will need to meet the company’s eligibility criteria for a loan. Which may include good credit history.
To apply for a MoKash loan, you will need to follow these steps:
- Firstly, dial *165# on your MTN line to access the MTN Mobile Money menu
- Select “Savings & Loans” from the menu (Option 5)
- Select “MoKash” (Option 1), then 2 again (Loans)
- Follow the prompts to provide the required information and submit your application
When your application is approved, the loan amount will be credited to your MTN Mokash account. And you will be able to use it to make purchases or transfer money as you would with any other MTN Mokash transaction.
Third, on the list is Zenka finance limited which is a financial services provider in Uganda that extends credit to retail customers. Zenka provides both salaried and non-salaried loans.
Salary loans are those given to employees. And nonsalaried ones to people where their employment is not considered in the loan process.
Requirements for loan application:
- Identification e.g. National ID, Birth Certificate, driver’s license, and passport photos.
- Proof of income e.g. how much you earn and your employer’s information
- Bank account and asset information
- Credit score and history
- Social Security Number
For more information about the application process, visit them at Plot 46, Lugogo By pass, Mirembe Business Centre, 1st Floor Wing A.
4. Airtel Quick loans
In addition to Wewole, Airtel lets you get a loan through another service called Airtel Quickloans. This service allows you to complete your transactions when you do not have enough money in your account.
When you opt-in to use the service, you can request for a loan when paying bills, sending money or even buying bundles using your mobile money account.
You can get a number of loans continuously as long as you do not reach your limit.
Dial *185*7*10# and tap okay to access the main menu option; Choose Option 1 for “Quick Loan” and enter your Airtel money to opt-in.
5. Yetu Loan
Coming fifth is a microfinance bank in Uganda called yetu. Yetu (meaning ours in swahili) is listed in the Dares salaam stock exchange. It holds the record of being the first microfinance institution to be listed there.
Requirements to get a loan from Yetu:
- A current or Savings Bank account.
- You must have completed the loan application.
- Must have made payment of loan processing fee.
- Have a trading license.
- Have an existing enterprise, at least 3 months old.
- And must have or open an account with Yetu Bank.
You can download their app from the app store and get a loan.
6. Smart Loan Uganda
Smart Loans Uganda is a registered money lending company regulated by Uganda Microfinance Regulatory.
This platform is a short-term and long-term installment service provider in Uganda.
To get a loan:
Take an item to their offices to use as collateral for the loan.
Then, your item will be evaluated after which they will let you know how much you can borrow.
Now, in the event that you both reach an agreement on the valuation and how much you can borrow, smart loan will register you and present you with a contract while also collecting a form of identification from you issued by a recognized government agency.
It will fund you within 20 minutes. Your item can be redeemed at any time on or before the agreed date after re-paying the loan, interest, and any applicable charges.
7. EFC Uganda
The seventh platform, easy Mobile Loan Repayment is a service that enables EFC’s loan customers to pay loan installments on time with the convenience of using their mobile phones.
It is convenient to know that this service is powered by Mobile Money and is available on both MTN and Airtel Uganda networks.
Visit Easy Mobile – EFC Uganda for more information on how it works.
8. Mangu Cash
Mangucash is an online loans App owned by Volantis Company Limited. The Mangu cash app makes it easy for people in Uganda to access a loan, anytime, anywhere. All you have to do is complete your application in seconds and receive your loan straight into your mobile wallet.
The Isente app is similar to the Mangu Cash app. Isente is an online loans App owned by Volantis Company Limited. It makes it easy for people in Uganda to access a loan, anytime, anywhere. All you have to do is complete your application in seconds and receive your loan straight into your mobile wallet.
Numida is a financial technology company that provides loans to small businesses in Uganda. In contrast to traditional banks that ask for a big number of requirements for one to access a loan, Numida requires 3 things; one must own a business, have a national identity card or passport or driving permit, and a mobile money number registered in their name.
Download the Numida app on Google Play Store by tapping on this link today and apply for a loan.
11. Platinum credit
This company gives loans to private company workers and civil servants. It works 24/7 lending to those in need with minimal documentation.
The kind of loans you can get from platinum credit are; business loans, logbook finance loans, personal loans, motor import finance loans, and civil servant loans.
To get started with your loan application, dial *249#.