🇺🇬 Mara Loan App - How To Apply, Repay, Interest rate, Contacts.
- Student Loan Forgiveness Program Application/ Deadline Requirements 2023 - September 22, 2023
- 6 Pro Tips For Using 401k As Down-Payment Towards Your First Home - September 22, 2023
- Kenyan Banks Offering Scholarships And How To Apply For Them  - September 20, 2023
Provided by Microle developers via the playstore, Mara loan app has garnered 100K+ downloads, 4.2/5 star rating with 3,000 reviews since its release date on July 2022.
Pros: Mara app receives regular updates and is considerably small with a download size of around 30MB
Cons: Mara app requires access to some of your personal phone data which may raise privacy concerns
Mara Loan Requirements/Eligibility Criteria
Usage of the Mara loan app is restricted to Ugandan residents between the ages of 20-60 years who possess a phone number with an active mobile money account.
Mara Loan Registration & Application
To begin using the Mara loan app, simply download and install it from the playstore.
Allow the app to access some of your phone information, complete the registration process which includes uploading of your photo. Once registration is complete, proceed to apply for the loan.
Pros: Easy registration and application process
Mara Loan Amount Limits
Mara offers loan amounts ranging from between UGX100,000 – UGX800,000
Pros: Quick verification, approval and disbursement processes.
Cons 1: Stagnant loan limit i.e loan limits take time before being increased
Cons 2: Received loan amount is less than the approved loan amount due to service fee charges being deducted prior to disbursement.
Mara Loan Interest Rate
Mara loans attracts very high interest rates of upto 30%
Cons: This interest is considered higher compared to other digital lenders.
Mara Loan Repayment Duration
Loans provided by Mara have a very short repayment duration of 8 days
Cons 1: This repayment duration is considered very high compared to other digital lenders.
Cons 2: Despite the actual respective loan due dates, debt recovery through constant calls & SMS is usually actualized before the due date.
Cons 3: Rude and arrogant collection agents
Mara Loan Contact
128 Old Kira Rd, Kampala
Tel: (256) 783921950 / (256) 707807167 / (256) 741242041