Are you in urgent need of cash? Looking for quick loans without security in Uganda? In this article, we’ll tell you about the best online lender in Uganda that gives loans without collateral. Let’s explore, then!
There is no doubt that the Corona Pandemic caused a huge drop in the economy that hurt everyone in the world. Let’s face it: rising inflation, shrinking job opportunities, and economic uncertainty are hitting us all. Add to the list of financial emergencies that can crop up at any time—medical bills, vehicle repairs, home improvements, anything. If things keep going the way they are, even the richest people in Uganda may need help with money.
How to meet these untimely expenses? Of course, you can go to banks and ask for loans. However, banks often ask for too many documents—income proof, security, etc. And the process is sometimes so long that seeking a loan through banks seems useless in the face of urgent financial emergencies.
Fortunately, it is possible to avail yourself of loans without compiling a thick file full of hard-to-procure documents. There are indeed several dedicated loan apps in Uganda that provide quick online loans.
Quick Mobile Loans In Uganda Overview
Want to learn more about these quick mobile phone loans in Uganda? Here are the top lenders in Uganda with stellar reputations;
- Platinum Credit
- Airtel Quick Cash
- MTN MoMoAdvance
- QuickSente
- Numida
- Airtel Wewole
- MobizPay
- ManguCash
- MTN MoKash
| Provider | Fee/Interest |
| Platinum Credit | 2.5% to 10% |
| Airtel Quick Cash | 2% |
| MTN MoMoAdvance | 2.75% |
| QuickSente | 25% |
| Numida | 10% to 16% |
| Airtel Wewole | 1% |
| MobizPay | 10% |
| ManguCash | 25% |
| MTN MoKash | 5% |
Platinum Credit
We will begin our list of online loans in Uganda with one of the veterans of the loan market in Uganda – Platinum Credit. It needs no introduction because the company has been serving Ugandans for decades. You can avail of quick collateral-free loans via Platinum Credits. The company came into existence in 2022, and since then, it has created an image of trust and reliability among Ugandan residents.
Platinum Credit Highlights & Features
Platinum Credit runs a ‘MobiLoan’ scheme that offers security-free loans to customers within 24 hours of applying for the loan.
Under the MobiLoan scheme, you can instantly avail of a loan of up to 50 million shillings via your mobile.
Besides, Platinum Credit also provides Civil Servants Loans, Logbook Finance Loans, Business Loans, Credit Card Loans, and personal loans.
The site has a live chatbot that assists and clears all doubts.
Platinum credit gives financial support without extra fees like processing fees, withdrawal fees, late payment fees, etc.
An individual can take a long-term loan for up to 96 months, and the fund is transferred through M – Pesa or directly into the bank account.
Pros
- Early repayment is allowed without extra fees
- Long-term loans are provided within 24 hours
- No extra processing or other fees
Cons
- The loan is provided only to civil servants and other selective employees.
- Indeed, interest rates are high. 2.5% to 10% per month.
Airtel Quick Cash
Airtel is already a reputed telecom vendor, but recently it has launched a series of services that provide quick loans without security to Ugandan natives.
If you are an existing Airtel customer, you can avail of a short-term security-free loan via the Airtel Quick Cash loan app in Uganda.
You can use Airtel Quick Cash in case you have an insufficient balance in your Airtel money wallet while paying bills, sending money, etc.
Airtel Quick Cash Highlights & Features
Airtel provides quick cash in the user’s account in case of an insufficient balance.
Easy and quick eligibility test. You can dial *185*7*10# to check your eligibility and continue the loan application.
Airtel quick cash has no loan limit. Hence, you can take two loans together as per your eligibility and convenience.
You can easily access all your loan details by dialing Airtel customer support.
Pros
- Gives quick mobile loans to their 6 months regular Airtel money wallet users.
- Borrowers can take more than one loan as per their eligibility.
- A straightforward loan approval process that takes only minutes.
Cons
- Short-term loans are given at high-interest rates.
- Airtel charger 2% of application fees. Besides, the service is not available for all Airtel users.
MTN MoMoAdvance
Next on our list of quick loans without security in Uganda is the MTN MoMoAdvance. The name may be a mouthful, but the service is super fast. MTN started a loan lending service called MOMO Advance for its existing customers.
If you’re short on cash, Ugandan citizens can apply for small, emergency loans through MTN MoMo.
This service helps users to make smooth transactions and obtain instant loans in case of insufficient balance. You can use the quick loan to pay the bills, send money to relatives, etc.
MTN MoMoAdvance Highlights & Features
The borrower isn’t required to apply for a loan every time, as once the borrower clears the eligibility, they can access a loan anytime.
Your eligibility is checked based on the credit score you make by using the MTN. Hence, make sure you use it regularly to get a quick mobile loan.
MTN can charge extra advance fees, maintenance fees, and application fees are charged.
MTN charges a daily 0.5% on the outstanding balance if you exceed the repayment period.
Pros
- Adds top-up money for a smooth transaction in case you have insufficient balance.
- Easy to apply and doesn’t affect your credit score.
- The money is credited instantly if you satisfy the MTN criteria.
Cons
- A short-term loan is provided and charges 2.75% every time and a 0.5% maintenance fee every day.
- The fund can be transacted only through MOMO pay.
QuickSente
If you are searching for a quick online loan app in Uganda, then QuickSente is another excellent choice for you.
True to its name QuickSente is an android app that provides quick short-term, security-free loans for users in Uganda.
And this is one of the most trusted and secure apps that offer easy loans to Ugandan residents.
QuickSente Highlights & Features
Eligibility criteria are very simple. You must be a citizen of Uganda and above 18 with a national ID card to avail of a quick loan through QuickSente.
QuickSente has a simple and intuitive user interface. You can quickly apply for a loan without any hassle.
Interest is deducted from the amount before disbursement. Hence, better apply for more money to complete your requirements.
A quick short-term loan that you can repay in 8 days with a 25% of interest rate.
Pros
- Provides quick mobile loans without taking much time.
- There are no restrictions on how you use the money.
- Simple and hassle-free application process.
Cons
- The interest rate is high compared to other lending sites.
- The loan period is limited to only 8 days.
Numida
Numida is an online unsecured loan lending app in Uganda that supports entrepreneurs with capital amounts to continue or start their businesses.
All you have to do is download the App, apply for online loans in minutes, and receive the fund within a day.
If you are thinking of an online loan for a short term without collateral or security, Numida can be worthwhile.
Numida Highlights & Features
Helps microfinance companies with capital amounts, regardless of paperwork and collateral, and no lengthy application process.
Provides quick mobile loans of $100 – $5000 to licensed companies.
The loans period repayment period is up to 30 days with an interest rate of 10% to 16%
Provides loans to semi-formal businesses, has no collateral, and is operated in cash.
You also receive interesting financial insights to grow your business.
Pros
- Easy interface and provides up to $5000 of loans.
- Allows the user to increase the loan period.
- More suitable for small to medium businesses.
Cons
- Based on their credit score model, interest rates range between 10% to 16%.
- It only provides loans to some micro businesses.
Airtel Wewole
Similar to its Quick Cash service, Airtel also operates another easy loan service, the Airtel WeWole. This loan app in Uganda runs in partnership with JUMO and offers emergency loans to its Airtel money customers.
Airtel WeWole Features & Highlights
If you are an Airtel money customer, you can easily obtain a quick loan amount of 8,000 to 500,000 shillings.
In case you are an Airtel money agent, the loan amount can be increased to 100,000 and 1,000,000 shillings.
As an Airtel money customer or agent, you don’t need to provide security or collateral.
Pros
- Simple to avail loan with no collateral needed.
- The faster approval process takes only a few minutes.
- Trustworthy service provided by a world-renowned telecom vendor.
Cons
- There’s a 2% application fee to avail of the loan. Besides, you have to pay 1% interest on the outstanding amount every day for 15 days.
- The loan is offered only for a short period, and if you fail to repay, you incur a heavy penalty.
MobizPay
MobizPay is another provider of the quality quick loan without security in Uganda. At its core, MobizPay is a mobile wallet app that facilitates online payments and transactions.
However, you can easily procure easy security-free business loans via MobizPay. All you need is the MobizPay App.
You can complete the application process and wait for the approval (usually takes an hour). Once approved, you will receive emergency loans instantly.
MobizPay Feature & Highlights
- MobizPay is a fintech app that supports online transactions and offers quick loans to Ugandan residents.
- MobizPay offers a short-term loan amount between UGX 500 and UGX 3000000 instantly if you satisfy all the eligibility criteria.
- It’s a one-stop platform to buy data and airtime, pay bills, and shop for other things.
Pros
- MobizPay service spans several avenues apart from loans and mobile wallets.
- Straight forward loan approval process.
- Businesses and individuals can easily avail of loan amounts as high as UGX UGX 3000000.
Cons
- Interest rates are fixed at 10%, which can be high for low-income individuals.
ManguCash
ManguCash is an intuitive mobile app that offers quick online loans in Uganda. You need to install the App, complete the application process, and wait for the approval.
Besides, ManguCash is notorious for its easy interface that offers a hassle-free experience to the users and facilitates them to complete the application process easier.
ManguCash Features & Highlights
- ManguCash is a mobile App based loan provider in Uganda specializing in security-free quick loans.
- If you have previously procured a loan from ManguCash, it acts as your credit score and entitles you to receive funds instantly.
- ManguCash offers a loan amount of UGX 60,000 to UGX 400,000 for the duration of eight days.
Pros
- It’s an App based loan provider so that you can avail of the loan directly from your mobile phone.
- The loan application process is straightforward and devoid of complexities.
- Requires no security or collateral to obtain a loan.
Cons
- Information related to the interest rate is not disclosed upfront.
- In any case, the interest can vary significantly and can reach as high as 25%
MTN MoKash
MTN is a leading network provider across Uganda and is already serving the Ugandan natives with its MTN MoMoAdvance service.
To facilitate its users further, MTN has launched another quick loan service called MTN MoKash.
If you are an MTN user, you can benefit from MTN MoKash and obtain a quick, short-term loan with a manageable repayment option.
MTN MoKash Highlights & Features
- MTN MoKash allows its borrower to avail of quick loan amounts between UGX 3,000 to UGX 1,000,000.
- If you are an MTN user, you can activate the MTN MoKash service directly from your phone and apply for the loan.
- MTN MoKash is a mobile app loan service in Uganda, so you don’t need to visit any banks, suit documents or provide collateral to obtain a loan.
Pros
- MoKash is from MTN, a trustworthy company with a massive user base.
- The service is entirely online, so you can get a loan right from home.
- MTN MoKash Activation and loan application process is smooth and tailored in a way to suit both tech-savvy and non-technical people.
Cons
- Not available for all users.
- If you have defaulted on your previous loans, MTN might reject the application.
Quick Mobile Loans Uganda – Conclusion
These are the top providers of quick loans without security in Uganda. We chose these loan apps in Uganda because they have the easiest ways to apply, offer fair loan amounts, and have flexible payment terms.
Before applying for a quick loan with a certain online loan lender in Uganda, you should do a lot of research. Deeply analyze your financial standing and repayment capabilities before availing of a loan.
Besides, never overlook the repayment options, duration, and interest rates. Once you are aware of all the technicalities involved, only then proceed to apply for a security-free loan in Uganda.
