Asaak is redefining asset financing in Africa. Through an initial boda (motorcycle) loan, African entrepreneurs can access a breadth of financial products, from smartphone loans to personal loans. You can manage the entire process from your smartphone or can visit one of our branches and work directly with a dedicated loan officer.
Asaak has offices in Soroti & Kampala, Uganda and New York, United States.
You can go here to get a link to the latest version of the app, along with installation instructions.
Asaak currently supports Airtel & MTN in Uganda.
You can call us here. Depending on where you are, you can also visit us in either our Kampala or Soroti branch.
Your dedicated credit officer will contact you directly during the application process. You will then be given their direct contact information. You can also contact your appropriate branch and we will route the call to your credit officer.
Once you enter your mobile number in the app, our system will send you a code to that number as a text message. You will need to entier this code on the next step to verify.
While applying, you can always go back and update any part of your application. After your loan is disbursed, you can ask your credit officer to update any information for you.
You can increase your chances of being approved by repaying all loans on-time, by having consistent cash flows in your business and demonstrating your driving experience.
The initial application from start to finish will take you about 5-10 minutes to complete. Be sure to have your ID available. Our staff will then reach back out to you directly to process the rest of the loan, which can take 2-3 business days.
Asaak combines data about you and your business to make lending decisions. This information includes financial transactions, answers from the application and collateral information. We combine this with your Asaak repayment history to build an individualised credit score, which determines the loan offers you receive.
Requirements are simple - all you need to apply is a phone number, a National ID, a mobile money or bank account, a guarantor and an initial deposit.
The interest rate will range from 1% to 4% per month, depending on your Asaak credit score.
You can apply for a loan by downloading the Asaak app. In addition, you can always come into one of our branches or give us a call at +256 750 445566.
Yes! You can and should repay early when possible. We may reward you with bonuses and discounts on future payments by repaying early. Please see your contract for more details.
Once you have been disbursed, your repayment schedule will become available in the Asaak app in the "Payment" section.
Once you have a loan, you can repay in several easy ways:
1) You can text "asaak pay" to 6115 to pay by mobile money
2) You can navigate to the Payment section within the Asaak app and click "Pay"
3) We also accept payment by bank account, via RTGS or EFT
4) You can contact your credit officer for help
Asaak will work with you to make sure you can repay your loan, so we don't have to take ownership of your security or collateral. In the case of default, however, we may have to take ownership of the collateral in order to recoup the loan amount.
Asaak does report to the CRB, currently operated by Metropol in Uganda. We want to encourage Asaak customers to repay on-time to build their credit histories.
A Credit Reference Bureau (CRB) collects credit information on individuals and can provide your repayment performance data to banks, lenders, and potential employers. CRBs help promote financial inclusion and prevent over indebtedness.
You may speak with your Asaak credit officer to check if changing your payment schedule is possible. We want your Asaak loan to work for you!
If you miss a payment, your Asaak credit officer will follow up with you to make sure everything is okay. We understand this may happen, but we do expect all of your payments to be made on time and any exceptions must be documented and approved.
Asaak does not want to own your security. We want you to be a lifelong customer and build a lasting, trusting relationship with us. We will never sell your security without prior authorization.
We use world-class data security and encryption techniques to protect the data you share with us. Asaak never shares your information with third parties unless it is for dedicated business purposes, such as reporting defaulted loans to authorized credit bureaus. We do not sell your data or credit profile.