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Here is the list of illegal online loan apps you should avoid

Matooke Republic by Matooke Republic
August 27, 2024
in Business
Reading Time: 5 mins read
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The Uganda Microfinance Regulatory Authority (UMRA) has identified and listed 59 online applications that are operating illegally, providing loans without the necessary licenses and approvals.

As the primary regulator of microfinance institutions and money lenders in Uganda, UMRA is taking steps to address the growing concern of unregulated online lending.

These unauthorized entities have been exploiting digital platforms, including mobile apps and social media, to offer credit to unsuspecting borrowers, often disregarding consumer protection standards and compromising sensitive consumer data.

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#PublicNotice A list of Illegal Online App money lenders is out in @newvisionwire
Kindly get your copy and read more. Avoid borrowing from unauthorized lending entities. pic.twitter.com/JuCTYkzbZ7

— Uganda Microfinance Regulatory Authority (UMRA) (@UgMicrofinAuth) August 26, 2024

The lack of oversight has led to numerous complaints from Ugandans on social media, citing exorbitant interest rates and harassment by lenders using vulgar language to demand repayment.

UMRA’s move aims to protect consumers and maintain the integrity of the financial sector. The regulator urges borrowers to exercise caution and only engage with licensed and reputable lenders.

Below is the list of the illegal loan apps

Below are illegal online loan apps in Uganda:

  1. Flypesa
  2. Banana App
  3. Loango
  4. Nile Credit
  5. Gloan App
  6. Boom Loan
  7. Mpacash
  8. Cashpulse
  9. Credit Lab
  10. Flowerloan
  11. Wind-Money
  12. Lever Credit
  13. Cashmate
  14. Ezee Loan
  15. Sunlit
  16. Wind Money
  17. Cashflow
  18. Moji Loan
  19. Ozzy Money
  20. Mumu Money
  21. Kasquick
  22. More Pesa
  23. Get Cash
  24. QuickLoan: Reliable Online Loan
  25. CashPulse
  26. KashBus
  27. YeLoan
  28. SenteHub
  29. CreditLab
  30. Echo Loan
  31. GetLoan-Online Fast
  32. Fair Loans
  33. SweetLoan-Loan App
  34. Banana Credit
  35. Loan Cash-Easy Instant Loans
  36. Borrow Money-Get Online
  37. CashPe Instant Loans
  38. Faircash
  39. Azima Instant Loan
  40. Quick Loan
  41. Easy Mobile Loan
  42. Smart Quick Cash
  43. Cash4You Mobile
  44. Cash Lender Mobile
  45. CashGo Mobile Loans
  46. Unity Loans
  47. Happy Credit Quick Loans
  48. CashNow
  49. Mobi Loan
  50. CashPe Easy Loan
  51. Rapid Mobile Loans
  52. Quick Cash Loans
  53. Credit Sente Loans
  54. Muno
  55. My Loan
  56. Real Cash
  57. Star Loan
  58. Echo Loans
  59. Fair loans

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Tags: Online Loan AppsUganda Microfinance Regulatory Authority
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