Instant loan apps in Uganda are designed to facilitate the borrowing process, typically offering quick access to funds for individuals or small businesses. When it comes to OkLoan, one of the trusted personal online instant loan app in Uganda, there is much more to expect. However, here is our review of this loan app to help you identify if it is worth it.
At the end of this review, you will have a better understanding whether to borrow money online using OkLoans or to consider other instant loan app options available in Uganda.
| Loan limit | UGX 60,000 to UGX 800,000 |
| Repayment period | 90 days – 365 days |
| Interest rates | 16% – 45% |
| Loan Requirements | Download OkLoan app |
How does OKLoan app work in Uganda?
OkLoan app is a credit and financial app offering instant affordable and easy loans to anyone eligible in Uganda. This app uses intelligence (AI) to examine your data and assume your credit score. With OkLoans, you don’t need any collateral, but only your valid phone number to access your loan needs.
Does OkLoan app give instant loans in Uganda?
Yes, OkLoan app together with other loan apps in Uganda is one of the accessible and convenient ways to borrow money online without the need of complicated documentation. Additionally, There repayment period is comfortable, allowing you enough time to repay your loan amount.
What is the loan limit offered by OkLoan app in Uganda?
OkLoan mobile app offers a minimum loan limit of UGX 60,000 and a maximum loan limit of UGX 800,000 payable from 90 days to 365 days depending on the loan amount you have borrowed. This gives you enough time to prepare and repay your loan in time without any trouble.
What is the interest rate of OkLoan app in Uganda?
OkLoans offer an interest rate ranging from 16% to 45% depending on the loan amount you have borrowed online with the app. In case you are interested in this kind of offer, you can download their mobile app from Google play store to get started.
Is OkLoan good for business loans?
No. OkLoan app is specifically catering for personal loan needs. With their limited loan limit of UGX 60,000 – UGX 800,000, it might be too little to help you run a bigger business on such limited cash. If you are interested in a business loan to boost up your business, we recommend checking out these other loan app options in Uganda.
Editorial Remarks
One of the main advantages of OkLoan app is their ability to provide fast access to funds. The platform boasts quick approval processes, sometimes within minutes, and funds can often be disbursed swiftly, sometimes within the same day. However, note that the app will have access to your sensitive personal data such as previous financial information.
