🇺🇬 Fido Loan App [2023]- How To Apply, Repay, Interest rate, Contacts.
Fido is among the digital loan apps in Uganda available in the playstore. Developed by Fido Solutions and regulated by the Uganda Microfinance Regulatory Authority, the app was released on December 2022 and has an impressive download stat of 1M+ with over 60,000 reviews and a 3.9/5 star rating
Pros: App is generally small in size with 11MB download size
Fido Loan Requirements/Eligibility Criteria
To access the loans, you must be 18, a resident of Uganda and possess an active mobile money account to apply.
Fido Loan Registration & Application
Download and install the Fido app from the playstore.
Proceed and begin the registration process by providing all the required details. During the process, ensure you type your ID card number and mobile money number accurately.
Also, ensure that the birth date selected tallies with the one indicated on your national ID.
Upon completion, go ahead and make the loan application whereby upon approval, you will receive the money instantly into your mobile money wallet.
Pros 1: Easy registration and application process
Pros 2: Quick loan processing and disbursement time i.e within 15 minutes of loan application
Cons: May require additional financial and personal information to improve your Fido Score to become eligible for loans and also unlock larger loan amounts and improved loan terms
Fido Loan Amount Limits
Fido loans range from between UGX60,000 to UGX600,000
Pros 1: Timely repayments on due dates result in future loan limit increases
Pros 2: As the loan increases, interest rate decreases and installment options are available
Fido Loan Interest Rate
The interest rate is favorable in comparison to other lenders who charge upto 30%. In-fact, it decreases as your loan limit increases.
Pros: This interest rate is low compared to other digital lenders
Fido Loan Repayment Duration
The loan app has a loan tenure of upto 30 days with availability of installment options as your loan limits increases.
Pros 1: Loan duration is favorable compared to other loan apps offering less periods such as 7 days
Pros 2: Timely repayments on due dates result in future loan limit increases
Cons: Early repayments may result in denial of subsequent loans thus it is advisable to repay ONLY on the due date indicated.
Fido Loan Contact
Email: info.ug@fido.money
