🇺🇬 EchoLoan App [2023]- How To Apply, Repay, Interest rate, Contacts.

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
Email: echo@echoloanug.com

Note: The Pros & Cons provided in this review have been generated from actual playstore reviews and personal experiences from a section of our readers. We are neither associated with the loan provider nor aim to discredit it. Discretion to use/shun the app is left entirely to the borrower. Remember, Borrow Responsibly!