Top 5 Business Loan apps in Uganda. We tried to get a loan from each one of them

In this article, we're going to talk about the business loan apps in Uganda. Our goal is simple: we want to see how much money you can get from these apps to start a business or make it bigger. We'll check out things like how long it takes to get the money, how much you can borrow, and what you need to do to pay it back.

Before, we wrote about 25 different loan apps in Uganda. But this time, we're focusing on the ones that are best for starting or growing small businesses.

Our plan was to actually try getting a loan from each app we mention. But things got busy, and we couldn't do it. Instead, we'll sign up for each app and see how much they offer us right away. We'll also find out what they need from us to give us a loan.

So, let's take a look at the list of business loan apps in Uganda!

List of Business loan apps in uganda

1. Numida Business loan.

Numida is probably the most common business loan app out there. They promise to give you unsecured business loans in 24 hours.

After downloading the numida mobile app, the first screen you see is where you enter your phone number. Then you enter the business name, agree to the terms and conditions, and select how you found Numida.

Then comes a form which asks about your business. They ask the following questions:

1. The type of business (products or services)
2. If you sell products, the type of products you sell
3. How long you have been in business
4. Total sales in the last week
5. Total sales in the week before last week

I think based on the sales you did in the previous weeks, the app determines the loan amount. For me, I entered UGX 215,000 as the sales for last week and UGX 650,000 as the sales for the week before last week, and the Numida app told me I qualify for UGX 310,000, with an interest of UGX 47,000.

You will then be presented with a screen that looks something like below

You can then proceed with your loan application. Therefore, for a business generating about UGX1000,000 in sales, you can apply for a loan of approximately UGX 500,000 with an interest rate of around 15% for a period of 1 month.

You can read the full article article about getting a business loan from numida from this link

While these lenders may not have a mobile app, they do offer business loans through online applications.

2. Pezesha. Pezesha is a platform connecting small businesses with affordable credit in Uganda since December 2016. They claim to offer SME loans up to UGX 60,000,000 with minimal requirements like a National ID and legal busin ess documents. To apply to a pezesha loan visit their application form and fill the following. Name of the business, age and industry of your business, location, loan principal you need and the loan term. then submit and they will probably get back to you
3. FinCredit. Fincredit also offers loans to smes and their loans can be accessed by filling their sme loan application form. they ask you to fill the loan amount, loan term( in months) and information about you and your business.

Conclusion: While there are multiple ways for businesses to obtain loans, it is incredibly hard to get unsecured business loans via an. The following table summarizes the top business loan apps in Uganda that you can use to obtain an unsecured business loan.