Frequently asked questions.
Straightforward answers to the most common questions.
Eligibility
Who can borrow from Kuula?
Salaried employees, small business owners, market traders, mobile money agents, boda riders, entrepreneurs, contractors and suppliers.
What do I need to qualify?
A verifiable source of income: a salary, business cashflow through mobile money or bank records, or a confirmed invoice or contract. Plus a valid National ID.
Does my business need to be formally registered?
No. What matters is verifiable income, not formal registration.
Loan products
What products does Kuula offer?
Salary-Backed Loans, Asset Financing, Small Trader Loans and Invoice and Contract Financing.
How much can I borrow?
Amounts are tailored to your income, business cashflow or the value of the asset or contract. We agree the figure during the application.
What are the interest rates?
Maximum 2.8% per month on a reducing balance. You only pay interest on what you still owe. Full cost shown before you sign.
What is the mandatory savings amount?
10 to 15% of your loan, held as security. Not a deposit. Refunded in full after your loan is repaid.
Can I get a group loan?
Group arrangements are possible but each borrower is assessed individually. Speak to us if you want to apply as a group.
Application process
How do I apply?
Visit our office at Taabu Courts, Kisingiri Road, Mengo, Kampala. Bring your National ID.
How long does approval take?
5 to 10 working days from the date your application is complete. Incomplete applications take longer.
What documents do I need?
National ID, income evidence (mobile money records, bank statements or salary slips), two community references and your business or workplace address.
Will someone visit my premises?
Yes. A field officer visit is part of every application.
How is the loan disbursed?
To your registered mobile money number. No bank account needed.
Repayment
How do I repay?
Via mobile money or in person at our Mengo office. Weekly, bi-weekly or monthly, aligned to your salary or business cycle.
What if I cannot pay on time?
Contact us before you miss a payment. We can sometimes restructure. Missed payments are reported to the Credit Reference Bureau.
What happens after I repay in full?
Your mandatory savings are refunded and your record is logged. A clean record qualifies you for a larger next loan.
Business Companion app
Is the Business Companion app free?
Yes. Free with every Kuula loan.
Do I need to download it from Google Play?
No. It is a Progressive Web App. Add it directly from your browser in about five minutes.
Does the app work offline?
Yes. Data syncs automatically when you reconnect.
Can anyone see my business data?
No. Your data is private to you. We never share it outside Kuula.
About Kuula
Is Kuula a registered business?
Yes. URSB Registration No. 80034879228612. TIN: 1058061488. UMRA Tier IV licence application in progress.
Does Kuula take savings or deposits?
No. We are a non-deposit-taking institution. Mandatory savings held during a loan is security, not a deposit.
Where is the office?
Taabu Courts, Kisingiri Road, Mengo, Kampala.
Still have a question?
Visit us at Taabu Courts, Kisingiri Road, Mengo, or send us a message.