Find microfinance institutions, SACCOs, and money lenders in Uganda based on loan durations. Compare short-term, medium-term, and long-term options to find the right repayment period for your needs.
Find loans based on interest rates, from low to high percentages.
Find loans based on how much you need to borrow, from small to large amounts.
Find loans based on collateral requirements, from secured to unsecured options.
The loan duration or repayment period is a critical factor that affects both your monthly payments and the total cost of your loan. Choosing the right duration depends on your financial situation and goals.
Short-term loans (typically less than 12 months) usually have higher monthly payments but lower total interest costs. These are ideal for emergency expenses or small purchases when you can afford larger monthly payments. Many mobile money loans and some microfinance products fall into this category.
Medium-term loans (between 1-3 years) balance monthly payment size with total interest costs. These are suitable for moderate expenses like business equipment, education fees, or home improvements. Most SACCOs and microfinance institutions offer loans in this range.
Long-term loans (over 3 years) have lower monthly payments but higher total interest costs over time. These are appropriate for major investments like property, large business expansions, or expensive assets. Banks and some larger microfinance institutions typically offer these longer durations.
When choosing a loan duration, consider both your current ability to make monthly payments and the total interest you'll pay over the life of the loan. A shorter duration means paying less interest overall, but requires higher monthly payments.