🇺🇬 TopLoan App [2023]- How To Apply, Repay, Interest rate, Contacts.
TopLoan is a digital loan app from Uganda that is developed by TopLoan publishers. The loan app can be found in the playstore and since its release date on August 2022, it has amassed over 100,000 downloads with a 3.5/5 star rating and 300+ reviews.
Pros: TopLoan app receives regular updates and is considerably small with a download size of about 5MB
Cons: TopLoan app requires access to some of your personal phone data such as text messages, location, calendar and camera which may raise privacy concerns
TopLoan Requirements/Eligibility Criteria
To be eligible for TopLoan, you are required to be a citizen of Uganda over the age of 18 years
TopLoan Registration & Application
To access the loans, you are required to download the TopLoan app from the playstore, complete the registration process, choose loan amount and apply.
Once approval has been granted, you will receive the disbursed amount to your MoMo account
Pros: TopLoan registration process is quite simple and straightforward
Cons: High loan disapproval rates even upon successful registration
TopLoan Amount Limits
TopLoan amounts range from between UGX 80,000 – UGX 500,000
Pros 1: TopLoan application process is easy and straighforward
Cons 1: Average loan approval & disbursement times i.e loan approvals may take upto 24hrs
Cons 2: TopLoan 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 UGX80,000, you will receive UGX73,000
TopLoan Interest Rate
TopLoan attract interest rates of 30-40%
Cons: This interest rate is considered higher compared to other digital lenders.
TopLoan Repayment Duration
TopLoan has a loan repayment tenure period of eight (8) days
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 may be rude, abusive & intimidating during loan collection
Cons 3: No grace period allowed & zero tolerance to partial payments upon due dates
Cons 4: Failure to make repayment on due date will result in a penalty fee of 2% per day.
Cons 5: Overdue loans may result in debt-shaming such as contacting your phonebook contacts
TopLoan Contact Information
St Kizito Cl, Kampala, Uganda
Email: support@toploan.biz
Phone: (256) 759223550
