How to avoid loan scams and fake lenders

Fraudsters pretend to be lenders because people who need money act quickly. These are the warning signs.

Warning signs

• You are asked for money before any loan is approved, and no one will say in writing what it is for.
• You are asked for your mobile money PIN, your password or a code sent to your phone. No genuine lender needs these.
• The lender cannot name its regulator or licence, or has no website or office you can check.
• You are pressed to decide within minutes.
• The lender offers a loan to anyone, with no checks at all.

Checking Goodname Finance

We lend by recommendation, so a real application involves a recommender and verification by staff. We never ask for your PIN or a code. Where an onboarding fee applies, it is shown to you in the application before you pay it. If someone contacts you in our name, check with a loan officer using a number from the contact page of this website, not the number in the message.

Before you pay anyone

Ask what the payment is for, ask for it in writing, and confirm through an official number. Check that the lender is regulated by the Uganda Microfinance Regulatory Authority.

If you have been targeted

Stop paying, keep the messages and report it to the police and to UMRA. You can also tell us at the contact page so that we can warn others.