🇺🇬 EchoLoan App - How To Apply, Repay, Interest rate, Contacts.
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Echoloan is among the digital loan apps in Uganda available in the playstore. Developed by Echoloan and released in the playstore on March 2023, the app has a 4.1/5 star rating with 3K+ reviews in addition to 50K+ downloads.
Pros: App has reasonable size of about 25MB and receives periodic updates for efficiency
Cons: App raises privacy concern issues by requesting permission access to personal data such as phone SMS and contacts
EchoLoan Requirements/Eligibility Criteria
To be eligible, borrowers are required to be Ugandan citizens over 18 years with valid documentation such as national ID card. Furthermore, an active bank account is required for depositing the disbursed funds upon loan approval.
EchoLoan Registration & Application
To receive the loans, download, install and launch the Echoloan app directly from the Playstore, create your account by completing the sections with your personal details as well as uploading the necessary documentation required.
Upon completion of the registration creation process, go ahead and apply for a loan
Pros: Very easy registration and application process
Cons 1: Persistent request of new code for every login is at times frustrating and inconveniencing especially during delays
Cons 2: Very long loan processing times i.e more than 24hrs
Cons 3: High loan denial rate
EchoLoan Amount Limits
Loan amounts range from between UGX50,000 – UGX1,000,000
Cons 1: Amount received is less compared to the approved loan amount since the service fee charge is deducted prior to disbursement. e.g If you apply for UGX55,000, you will receive UGX38,000 and repay UGX55,275
EchoLoan Interest Rate
Interest on disbursed loans is averagely 30%
Cons: This interest rate is considered higher compared to other digital lenders.
EchoLoan Repayment Duration
Repayment is required after 8 days of loan disbursement
Cons 1: Despite the actual respective loan due dates, debt recovery through constant calls & SMS may usually actualized 24hrs before the due date.
Cons 2: The collection agents have unprofessional conduct i.e rude and uncooperative
Cons 3: No consideration of grace period
Cons 4: Failure to make repayment on due date will result in debt shaming by calling your phone-book contacts
EchoLoan Contact Information
Plot 21 Elizabeth Ave, Kampala