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Have you ever found yourself in a situation where your favorite brand releases a new product, but you’ve run out of money? Or when it’s time to pay rent, but you haven’t received your salary yet? You need some money urgently, but you can’t borrow from anyone? This is when you should turn to the CreditLab loan app. With quick and simple loan request approval, you can have the money in your hands on the same day.

Overview of the CreditLab loan app

As a newly launched loan app this year, CreditLab is attracting a lot of attention from customers. This app is established with the aim of providing customers with online loan services that are low in limit, convenient, and fast.

Applying the latest advanced AI technology, all loan procedures in CreditLab are carried out without customers having to visit an office. You only need to fill out an information form with personal documents such as your ID card, and after being automatically reviewed by the system, customers will receive disbursement on the same day, including Saturdays, Sundays, and holidays.

Information on how to borrow money from CreditLab

As online loan services become increasingly popular, there will be many fake websites appearing to deceive users. Therefore, customers should be careful and follow instructions to avoid disclosing personal information. To participate in borrowing money from CreditLab, customers only need to follow these 3 simple steps:

Step 1: Customers need to access the website or the CreditLab mobile app and select the loan limit and repayment period on the toolbar. Make sure to carefully review the terms, amount, and selected time before clicking agree.

Step 2: Fill in the address and occupation information.

In this step, customers need to provide complete personal information such as their ID card number, as well as social media account details like Facebook and Zalo links currently in use. Then, customers continue to provide detailed information about their occupation, position, company name, and address. Additionally, it is necessary to provide information and phone numbers of relatives for reference. Once completed, click “continue” to proceed.

Step 3: Upload images of personal identification documents (ID card). Customers need to provide front and back photos of these documents along with a portrait photo for identification purposes.

After completing the 3 registration steps, the system will automatically process the application and notify the customer of the result within 30 minutes.

Eligibility Criteria

In order to provide the utmost convenience and save customers’ time, when participating in borrowing money from CreditLab, you don’t need to provide collateral but you must meet the following requirements:

  • Customers must be citizens of Shilling Uganda, aged between 18-62 years old.
  • Residing in Shilling Uganda.
  • Have valid and legal personal identification documents, such as a valid national ID card.
  • Have a bank account and a registered mobile number in your name.
  • Have a monthly income of at least UGX 10,000 and the ability to repay the loan.
  • Please note that the loan term will range from 91 to 180 days, and customers can borrow amounts ranging from UGX100,000 to UGX2,000,000, with interest rates varying from 1% to 15% depending on specific conditions.

Loan Limits and Interest Rates at CreditLab

For customers borrowing for the first time from CreditLab, the application will support a 0% interest rate for the first 7 days after the transaction. For subsequent loans, specifically from the third loan onward within the same month, customers will be subject to an interest rate of 18.3%. Additionally, customers will have to pay a small service fee for subsequent loans. If there is a need for loan extension, customers will have to pay an additional 30% of the principal amount to extend the loan for an extra 30 days.

To repay their loans, customers have two options: cash payment or payment through the banking system. When making cash payments, customers can visit CreditLab’s partner locations, which are transaction points of any bank. When repaying the loan through IB (Internet Banking), customers will need to transfer funds to the application’s bank account.

Although CreditLab has recently been launched, it has already attracted a large number of supportive users. Through the convenience, simplicity, and safety of this application, we believe it will be a reliable online loan app for customers. We hope that we have provided some useful information for your reference through this article, and we also advise customers to choose reputable loan apps and avoid loan sharks.

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