🇺🇬 LoanGo App [2023]- How To Apply, Repay, Interest rate, Contacts.
LoanGo is among the digital loan apps in Uganda available in the playstore. Developed by LoanGo developers and released on June 2022, it has managed to garner downloads of upto 100K+ with a 3.9/5/0 star rating and over 1,000 reviews.
Pros: App receives regular updates and is considerably small with a download size of about 8MB
Cons: App requires access to some of your personal phone data which may raise privacy concerns
LoanGo Requirements/Eligibility Criteria
LoanGo is reserved for Ugandan residents between the ages of 20-60 with a valid national ID. Additional requirements include; active phone number and mobile money account
LoanGo Registration & Application
To begin using the LoanGo app, simply download and install it from the playstore.
Allow the app to access some of your phone information, complete the registration process then proceed to apply for the loan.
Pros: Easy registration and application process
LoanGo Amount Limits
LoanGo provides loan amounts ranging from a minimum of UGX60,000 to a maximum of UGX1,000,000
Pros 1: Application process is easy and straighforward
Pros 2: Approval and disbursement is done within minutes of application.
Cons 1: Received amount is less than the approved amount i.e if you get approval for loan amount of UGX60K, you will receive a lesser amount of UGX45K due to prior deduction of service fee charges
LoanGo Interest Rate
LoanGo loans have an interest rate of about 6% but attract additional charges such as 15% service fee and 9% channel fee which brings the actual interest rate to about 30%
Cons: This interest rate is very high compared to other digital lenders
LoanGo Repayment Duration
Repayment due date is set to eight (8) days
Pros: Timely repayments on or before dates may result in future loan limit increases
Cons 1: Full amount must be repaid within the due date with no option for partial repayments
Cons 2: Overdue loans may lead to debt-shaming through reaching out to your provided referees as well as phonebook contacts
Cons 3: Numerous calls & SMS from various numbers before or on due date.
Cons 4: Unprofessional collection agents who are rude and abusive
Cons 5: Failure to make repayment on due date will result in a penalty fee of 2% per day.
LoanGo Contact
Email: support@loango.vip
Tel: (256) 741667393 / (256) 393246182.
