9 Platforms to Get Quick Collateral Free Loans in Uganda

Loans in Uganda

Although many parts of the world appear to be moving past the acute phase of the COVID-19 crisis, let’s face it, life seems to be tough lately, and it’s not you alone. Fuel and food prices have increased rapidly, leaving our disposable income limited and most of us operating on a shoestring budget.

Logically, you can go to a regular bank when you are in need of an unexpected financial obligation where you will be slapped with endless paperwork, documentation, unreasonable interest rates, etc. Alternatively, you could reach out to friends and family or fall back on your emergency funds, if you have any.

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In the absence of these, you could consider obtaining a quick loan. And by “quick loan,” I don’t mean the loan sharks in your neighborhood that demand payments with pangas and machetes. Thanks to technology, fintech, and financial platforms, they are here to help you get low-interest and collateral-free loans within minutes.

Without further ado, here are the top 9 platforms in Uganda where you can get low-interest, collateral-free loans in Uganda. Please note that this isn’t an endorsement of the services listed here nor is it financial advice.

Alright, In no particular order:

1. QuickSente

The QuickSente app is the top and most downloaded free app in Uganda at the moment, and you can use the app to get an instant loan to help cover urgent cash needs and expenses.

Their loan amount is between UGX60,000 and 500,000UGX and interest rates are charged at 12% for 180 days. Borrowers are required to cover any mobile money transaction fees when making the loan payments.

The QuickSente app is available for download on Android phones through the Google Play Store. You can check out the company’s official guide on getting an instant loan from the platform.

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2. MobizPay

MobiPay is a fintech app that helps businesses and individuals access instant personal loans within Uganda. Their loan amount is between UGX500 and 3.000.000UGX and their interest rates are 10% monthly.

The perks of MobiPay are that they list products and services, including purchases of airtime and data, bill payments for electricity and water; and TV subscriptions, among others. You can also easily transfer the funds to your mobile money or bank account.

Check out the official page to learn more about Mobizpay’s personal and business loans.

3. ManguCash

The Mangucash app is another app that makes it easy for people in Uganda to access a quick instant loan. Reviews about how they calculate the interest rates and repayment dates are ominous. Information regarding how much interest you pay isn’t clear on their website either. I read a comment where the company has a payment period of 8 days. However, all the customers rate them highly for their swiftness and ability to get a loan in minutes.

You can check out their official website to read more about their terms of service and related information.

4. Numida

Numida is a rapidly growing digital fintech app in Uganda, majorly serving small and micro businesses. They provide unsecured growth and working capital to businesses between $100 and $5,000, by far the only company that has good reviews both on the Google Play Store and offline through word of mouth.

Download their app through the Play Store and signup with your business details. Keep in mind they need a mobile money number that is registered in your name to be able to receive your loan.

5. Platinum Credit

Platinum Credit Limited has been offering loan services in Uganda for decades and has a variety of products ranging from civil servant loans and salary advance loans to personal loans and quick collateral-free loans called the “MobiLoan“.

Their MobileLoan product allows existing customers to access instant mobile loans via mobile money to meet emergency financial needs up to a maximum of 50 million shillings. To access a MobiLoan, dial USSD code *249# and follow the prompts.

6. Airtel Wewole

Airtel Wewole allows mobile money customers to borrow between UGX8,000 and 500,000UGX and Airtel money agents between UGX100,000 and 1,000,000UGX.

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Customers and Airtel Money agents are not required by Wewole to save money or offer collateral in order to be able to borrow money, and money can be moved freely between the Wewole and Airtel Money accounts.

You can read more about Airtel Wewole in our previous blog here.

7. MTN MoKash

MTN MoKash is synonymous with mobile money loans and quick loans in Uganda. Launched by MTN and CBA Bank in 2016, MoKash has grown into a household name and is one of the most convenient and reliable ways to get quick instant loans in Uganda.

Customers have access to small loans ranging between UGX3,000 and 1,000,000UGX instantly on their phones by dialing *165*5*1#. The only hiccup with MoKash is you have to grow your loan limit with time by continuing to save through the same service.


Read More About MTN Mokash: 10 things you need to know about Mokash micro-savings and loans


8. Airtel Quick Cash

The Airtel Quick Loan service is used in case you have an insufficient balance on your Airtel Money wallet while sending money, making merchant payments, bill payments, or data bundles and airtime purchases using your mobile money account.

Airtel charges a 2% application fee and 1% interest on the outstanding amount every day for 15 days. This is not, per se, a loan product like Airtel Wewole, where you receive the money into your Airtel Money account but helps you make payments and send money even when you have a low Airtel Money wallet, and for us, qualifies as a platform you can leverage to get quick loans in Uganda.

9. MTN MoMoAdvance

MoMoAdvance like Airtel Quick Cash also helps customers when they have a low account balance on their MTN Mobile Money wallet to help pay for goods and services, buy airtimes and send money.

MoMoAdvance attracts a one-off access fee equivalent to 2.75% of the amount overdrawn used and a daily interest of 0.5% on any outstanding balance. The daily interest shall be charged at the end of each day that the overdraft is outstanding, up to a maximum of 45 days.

This service is now available to MTN customers that have been on Mobile Money for a minimum period of 6 months, have passed credit scoring based on their usage of Mobile Money and other MTN services.

And that is it for our guide on the top 9 platforms in Uganda where you can get a quick collateral-free loan. Let us know in the comment sections what you have been using and if you want to add it to our list.

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