| Interest Rate | 35% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | SimpleLoan Platform |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | |
| Category | Mild Loan |
| Company Email | help@yeloanapp.com |
| Views | 208 |
Step by step guide to break free from loan apps
About Yeloan
Are you facing a financial emergency and need quick cash? Yeloan is here to help! With our instant loan app, you can access funds ranging from UGX 10,000 to UGX 500,000 in minutes—no lengthy paperwork or bank visits required. Whether it's for medical bills, school fees, business needs, or unexpected expenses, Yeloan provides a hassle-free borrowing experience right from your smartphone.
How Yeloan Works – Simple Steps to Get Your Loan
Download & Install – Get the Yeloan app from the Google Play Store.
Register Easily – Sign up using your phone number.
Verify Your Identity – Complete a quick in-app verification process.
Receive Funds Instantly – Once approved, your loan is sent directly to your e-wallet.
Flexible Repayment – Repay conveniently via Airtel or MTN mobile money using the same number you registered with.
Why Choose Yeloan for Instant Loans in Uganda?
✅ Fast & Secure – Get approved and funded in minutes.
✅ No Hidden Charges – Transparent terms with 0% interest rate (APR from 15% to 52%).
✅ Flexible Loan Terms – Repay between 91 to 365 days based on your convenience.
✅ No Collateral Needed – Unsecured loans with minimal requirements.
Loan Eligibility & Requirements
Must be a Ugandan citizen
Aged between 18 to 60 years
Active mobile money account (Airtel or MTN)
Loan Example & Repayment Breakdown
Loan Amount: UGX 160,000
Loan Term: 180 days
APR: 50%
Total Service Fee: UGX 40,000 (25% of loan amount)
Total Repayable: UGX 200,000
Repayment Options:
🔹 One-Time Payment: UGX 200,000 after 180 days.
🔹 Monthly Installments: UGX 33,333.33 per month for 6 months.
Your Privacy Matters to Us
At Yeloan, we prioritize data security and confidentiality. Your personal information is never shared without your consent. Our app only requests necessary details to verify your identity and process your loan securely.
Expert Counsel
Loan Agreements in Uganda: Understanding Your Rights
Under Ugandan law, loan agreements can be deemed invalid or unenforceable in certain situations. These include:
- Unlicensed Money Lenders: Operating without a valid license from the Bank of Uganda can make contracts unenforceable under the Financial Institutions Act.
- Excessive Interest Rates or Hidden Fees: Contracts with unconscionable terms may be unenforceable under consumer protection laws, as regulated by the Uganda Microfinance Regulatory Authority (UMRA) for Tier 4 microfinance institutions.
- Fraud, Misrepresentation, or Coercion: Contracts obtained through deception, misleading statements, or threats can be voidable under the Contracts Act.
- Breach of Privacy & Harassment: Loan apps that invade borrowers' privacy or engage in harassment may have contracts that can be challenged as invalid under the Data Protection and Privacy Act.
- Lack of Written Agreement: While not strictly defined for all loan amounts, having a written contract is advisable for clarity and enforceability.
- Violation of Loan Tenure & Repayment Rules: Contracts that violate guidelines set by the Bank of Uganda or relevant regulatory bodies may be challenged.
- Duress or Undue Influence: Contracts signed under threats, blackmail, or undue influence are invalid under Ugandan Contract Law.
- Lending to Minors: Loan contracts with individuals under 18 years old may be void or voidable, depending on the circumstances, under the Contracts Act and the Children's Act.
Understanding these points can help borrowers navigate loan agreements and protect their rights in Uganda. Borrowers are advised to seek legal counsel or financial advice when entering into loan agreements.
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