How the Mangu Cash App Works: Everything You Need to Know

By using Mangu Cash app, Ugandans can get a loan at anytime and from anywhere. All you have to do is fill out the application and within seconds, your loan will appear in your mobile wallet.

Mangu Cash is a loan app operated by Volantis Company Limited. Through the app, Ugandans can request a loan at any time and from any location. It’s as simple as filling out the application and in a few seconds, your loan is delivered right to your mobile wallet.

The official and physical office for Mangu Cash under Volantis Company Limited is located in Kampala’s Nakawa Business Park. Mangu Cash currently only works in Uganda.

Here we explain everything that has to do with Mangu Cash including the frequently asked questions. Proceed to get a better understanding of how it works.

How can one acquire a loan through Mangu Cash?

Google Play provides access to this loan platform. Search for the “Mangu Cash App” in Google Play, download it, and then start the sign-up process with your phone number.

Requirements for Mangu Cash

The only requirements are your MTN, AIRTEL, GLO AND 9mobile phone number, BVN, and a few short application questions. To determine your eligibility, they will also ask you to examine the data on your phone.

Mangu Cash makes lending decisions using information from your phone, such as your mobile information and financial transaction SMS messages. 

This information is combined with your Mangu Cash payback record to create a unique credit score, which determines the loan offers you are given.

Can you trust Mangu Cash with your data?

They safeguard the information you provide using top-notch data security and encryption methods. 

Unless necessary for certain company operations, such as reporting defaulted loans to authorized credit bureaus, Mangu Cash never discloses your information to third parties. Your information or credit profile is not sold by them.

Are there cases where a loan application is rejected?

Yes, sometimes your loan application may be rejected. But don’t panic if you don’t get approved when you apply! Occasionally, it could take numerous tries to be approved for a loan. 

We advise you to keep storing data on your phone and to reapply when the allotted time has passed.

How to increase your chances of accessing a loan from Mangu Cash

To make a lending decision, Mangu Cash considers information from your phone in addition to data from other sources. 

Please remember to save the information to your phone, maintain good credit with all other lenders, and enter your account information precisely if you want to maximize your chances of being approved.

Up to how much money can someone borrow?

Currently, Mangu Cash loan limits range from 60,000 to 400,000 UGX. You can borrow more money if you make your scheduled loan repayments. It also takes only a few minutes before cash is deposited in your wallet.

How much does Mangu Cash charge in interest?

The cost of lending to them and your payback record with Mangu Cash are two major factors that affect interest rates. The origination fee is assessed at 12% for 180 days depending on these variables.

Any mobile money transaction costs, such as bank fees, related to loan repayment must be paid for by the borrower. You’re your carrier’s standard SMS and data rates may apply.

Can one pay back their loan early? And are there penalties for late loan repayment?

Mangu Cash accepts early repayment. Your loan offer amount will rise if you make on-time payments, which the company actively promotes.

On the other hand, a fee of 2% per day is automatically assessed for late loan installments. It is consequently recommended that one adheres to the due date. If you pay back the loan on the due date, you might get bigger loans. If you make late payments, it will be harder for you to receive new or bigger loans. 

They notify the First Central Credit Bureau if your payments are consistently very late. An individual’s credit history is gathered by a First Central Credit Bureau, which can also give banks, lenders, and potential employers information about how well you handle repayment. 

First Central Credit Bureau works to prevent overdebt and promote financial inclusion. Your ability to obtain credit from other lenders may be impacted if you are blacklisted by the First Central Credit Bureau.

Conclusion

If you’re browsing the internet for a loan app that will lend you money to manage your business, pay bills, go on vacation, or for your health, consider the Mangu Cash app. 

We’ve shared the most important information about Mangu Cash in this article. Please read through carefully for a better understanding of how it works.