What Is Money Lenders?
The main function of money lenders is to give short-term loans. Loans may be given for consumption purposes, to meet social and religious obligations or the needs of farmers for seeds, cattle, fertilisers, etc. Loans are generally given on the personal security of borrowers.
Below Are The List Of Registered Money Lenders In Uganda
Platinum Credit
Platinum Credit Limited is a Micro Finance Company licensed in Uganda under the Company’s Act. Providing Emergency Loans to all Civil Servants is their founding vision. It also offers loans to employees of selected private sector companies and business people through their newest product called Logbook Finance.
Smart Loans
Whether you need working capital for your small business or need to handle a family emergency, Smart Loan Uganda Ltd lets you get an instant loan from 100,000 to 50 million. As you take loans and pay back, the system trusts you more, offering you higher amounts each time.
Bayport Financial Services
Bayport financial services has provided primarily government-employed men and women with credit and access to financial services. In nine developing economies across Africa and Latin America, it offers it’s customers speed, value, convenience and also provides financial solutions they can trust.
Express Loans Uganda
This is a micro-finance company that started this journey. It is a fully registered company with both a trading and money lending license under the names Express Loans Uganda. It provides emergency instant loans designed to suite a client.
Shaka Credit
It has expanded to offer a wider variety of financial products that target privately employed salaried workers, landlords and importers. Shaka Credit loan application process is fast and convenience.
Street Finance Uganda
Street Finance focuses on delivering top notch business solutions to the business world by providing quick and flexible loan amounts agreeable between them and the borrower.
Freedom Lender Ltd
Freedom Lender Ltd provide you with quick emergency loans to enable you attend to your immediate financial needs. Simple items like Laptops, TV screens, cars, iPhone and Samsung phones can act as security.
Vision Fund Uganda
Vision fund is a Christian owned and operated mission-driven microfinance network. It works with caregivers in hard to reach, impoverished locations so they can create secure futures for their children. The products and services offered fall into five broad categories: micro-loans, savings programs, micro-insurance, training and education. Benefits therefore include sustainable livelihoods, increased economic well-being, improved community well-being, decreased dependence on outside aid and restoration of hope and dignity.
Afroteller
This is a peer to peer lending platform bringing together lenders (investors) and borrowers. When a borrower expresses interest to get a loan, he provides collateral against which the lender (investor) funds the loan and earns interest. Afroteller highly commits to the safety and security of this transaction
People Finance Investment Company Limited
PFICL are here to provide you with financial solutions for your lending needs. Whether you are looking for a loan or mortgage, their knowledgeable and experienced lending team will explain their lending options to you in a straightforward manner.
How Does Money Lending Work In Uganda?
The authority will a written notice of the deposit to be served on the moneylender, and require the money lender to appear before the authority and receive any monies deposited, and to reconcile accounts of the borrower to reflect the sum deposited as money duly paid.
How Much Do Money Lenders Charge In Uganda?
Mandated rate as under the money lending Act provides that money lenders are to have an interest on any money lent out to be 24% per annum and not above it, this thus implies a month installment of 2%. This however has not been the practice of lender in Uganda as interest goes up to 30%.
How Do Money Lenders Work In Uganda?
Usually, lenders are reimbursed by ongoing, monthly payments made by the borrower until the total amount owed is received. In return for lending the money, the lender charges the borrower a percentage of the amount borrowed, which is known as an interest rate.
What Is The Maximum Interest Rate For Money Lenders In Uganda?
Interest rates are generally determined by the market; however the Money lenders Act prohibits harsh and unconscionable interest rates. The Act prohibits interest rates that exceed 24% per annum.
How Do I Become A Successful Money Lender In Uganda?
Four keys to be a successful lender
Reach the target. First of all, as a lender you have to serve the correct group of people.
Innovate and be helpful.
Mind your business.
Go mobile.
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What Are The Rights Of A Money Lender In Uganda?
Every money lender shall give a receipt for every payment made to him or her on account of a loan or of interest on the loan; every such receipt shall be given immediately after the payment is made.
Who Regulates Money Lenders In Uganda?
The Uganda Microfinance Regulatory Authority (UMRA), is a government agency responsible for the licensing, supervision and regulation of Tier-4 micro finance institutions, money lenders, savings cooperatives and any money-lending institution with capital of less that USh500 million.
Is Money Lending Legal In Uganda?
It should be noted that it is an offence for a person to carry on business as a moneylender without a moneylending license or in a name or at a place other than the name or address specified in the money-lending license.
Is Money Lending Business Profitable In Uganda?
Besides passing the test of time with flying colors, banks and other institutions that operate as lenders are some of the most profitable businesses in the world. Unfortunately, many people are borrowers, not lenders! So if you’ve got money to lend, congratulations, you can put it to good use.
Are Money Lenders Regulated In Uganda?
A money lending business should be a company registered with Uganda Registration Services Bureau (URSB) and licenced by Uganda Microfinance Regulatory Authority (UMRA) in accordance with the Tier 4 Microfinance Institutions and Moneylenders Act, 2016.
How Do I Start A Lending Business In Uganda?
Any person wishing to lend money must acquire a Money Lending license from Uganda Microfinance regulatory Authority (UMRA) by submitting its incorporation documents, the particulars of its directors and secretary and paying the requisite fee.
How Much Is A Money Lending Licence In Uganda?
The following steps have to be followed to obtain a money lending license. The applicant has to pay a fee of UGX 4743.34 to receive the application. The applicant has to enter the required details in the application form.
Can A Private Person Lend Money With Interest In Uganda?
Like every investment there are associated risks, but today it is possible for an individual to lend money and earn significant returns on it. Most of us remember the movies of 1980s where unscrupulous moneylenders would harass and torment the borrower with exorbitant interest rates and absurd terms and conditions.