9 platforms to quickly get collateral for free loans in Uganda

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

Logically, when you need an unexpected financial commitment, you can go to a regular bank where you will be hit with endless paperwork, paperwork, unreasonable interest rates, etc. Alternatively, you can reach out to friends and family, or draw on your emergency funds if you have any.

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If these are not in place, you can consider a quick loan. And by “quick loan” I don’t mean the loan sharks in your neighborhood demanding payments with pangas and machetes. Thanks to technology, fintech and financial platforms, they help you to 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 does not constitute an endorsement of the services listed here, nor does it constitute financial advice.

Alright, in no particular order:

1. QuickSente

QuickSente app is currently the most popular and downloaded free app in Uganda and you can use the app to get instant loan to cover urgent money needs and expenses.

Your loan amount is between UGX60,000 and 500,000UGX and interest rates are calculated at 12% for 180 days. Borrowers are required to bear all mobile money transaction fees when making loan payments.

The QuickSente app can be downloaded to Android phones via the Google Play Store. You can look at the company official guide to get an instant loan from the platform.

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2. MobizPay

MobiPay is a fintech app that helps businesses and individuals access instant loans in Uganda. Your loan amount is between UGX500 and 3,000,000UGX and their interest rates are 10% monthly.

The advantages of MobiPay are that they list products and services, including buying airtime and data, paying electricity and water bills; and TV subscriptions, among others. You can also simply transfer the money to your mobile money or bank account.

Try this official page to learn more about Mobizpay personal and business loans.

3. Mangu Cash

Mangucash app is another app that makes it easier for people in Uganda to access a quick instant loan. Reviews of how they calculate interest rates and repayment dates are ominous. Information on how much interest you pay is also not clear on their website. I read a comment where the company has an 8 day payment period. However, all customers rate them highly for their speed and ability to get a loan in minutes.

You can check theirs official site to learn more about their Terms of Use and related information.

4. Numida

Numida is a fast growing digital fintech app in Uganda that mainly serves small and micro businesses. They offer companies unsecured growth and working capital ranging from $100 to $5,000, by far the only company to have good reviews both on the Google Play Store and offline by word of mouth.

Download their app via the Load game and log in with your business credentials. Remember that they need a Mobile Money number registered in your name in order to receive your loan.

5. Platinum Credit

Platinum Credit Limited has been providing credit 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 “mobile loan“.

Their MobileLoan product gives existing customers access to instant mobile loans via Mobile Money to cover financial emergencies up to a maximum of ATS 50 million. To access a mobile loan, dial the USSD code *249# and follow the instructions.

6. Airtel Wewole

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

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Airtel Money customers and agents are not required by Wewole to save money or provide collateral in order to borrow money, and money can be freely moved between 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 lending and quick loans in Uganda. Launched in 2016 by MTN and CBA Bank, MoKash has become a household name. It is one of the most convenient and reliable ways to get quick instant loans in Uganda.

Customers have access to small loans between UGX3.000 and 1,000,000UGX instantly on their phones by dialing *165*5*1#. The only catch with MoKash is that you have to increase your credit limit over time by continuing to save with the same service.


Read more about MTN Mokash: 10 Things You Need to Know About Mokash Micro Savings and Loans


8. Airtel Quick Cash

Airtel Quick Loan service is used in case you have insufficient funds in your Airtel Money wallet while sending money, merchant payments, bill payments or data packages and airtime purchases through your mobile money account.

Airtel charges a 2% registration fee and 1% Interest on the outstanding amount every day for 15 days. This is not a credit product per se like Airtel Wewole where you receive the money in your Airtel Money account but it helps you to make payments and send money even if you have a low Airtel Money wallet and for us as Platform qualified you can use to get quick loans in Uganda.

9. MTN MoMoAdvance

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

MoMoAdvance incurs a one-time access fee of 2.75% of the overage used and a daily interest of 0.5% on any outstanding balance. Daily interest is calculated 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 who have used Mobile Money for at least 6 months and have passed credit checks based on their use of Mobile Money and other MTN services.

And that’s it for our guide to the top 9 platforms in Uganda where you can get a loan without collateral quickly. Let us know what you’ve used and if you’d like to add it to our list in the comment sections.

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