Various Kenya Loan Apps have come up as a result of the booming FinTec sector.
We all have days when we need to access quick cash and don’t want to go through the hustle of calling up friends or family to borrow a certain amount to get us out of a fix. Luckily, technology has made life a lot easier, and we are now able to access quite a number of loan apps in Kenya, right on our smartphones. I bet you had no idea getting money could be this easy – buckle up and let me educate you on some of the best loan apps in Kenya.
List of Kenya Loan Apps
Loan applications are the new and convenient way to access money at your fingertips in no time. Below is a list of the top Kenya loan apps.
Branch is hands down one of the best mobile loan apps in Kenya. Creating an account is pretty easy – all you need is a Facebook login then you can apply for your loan in a matter of seconds. Once your loan is approved, the money is deposited right into your Mpesa account and is ready for use. If you are prompt and always pay back your loans in good time, your loan limit is increased and with time you can borrow even up to Kshs 50,000. Branch is also really convenient because it works 24/7. No need to worry about where to get emergency cash at 1AM. So, if you are looking for instant loan apps in Kenya, Branch is definitely worth looking into.
Tala has been in existence for very long, and is considered one of the most genuine loan apps in Kenya. Account creation is simple, and can be done within minutes. Upon downloading the app, your Mpesa messages are scanned, just to verify your actual identity and to determine your loan credibility. New users are allowed to borrow Kshs 1,000 initially. The more you transact on Tala, the higher your loan credit builds up, and you can borrow up to Kshs 30,000.
Remember, paying back on time increases your chances of borrowing larger amounts. All loans are expected to be paid back within a 1 month period at most. Tala has remained one of the top loan apps in Kenya also due to it’s low transaction fees. The app is easy to use, and very reliable since it can be accessed anywhere at any time.
Just like the name suggests (‘haraka’ means ‘quick’ in Swahili), Haraka offers quick service and you are able to access your loan in no time! To create an account, all you need to do is log in to Facebook then create your profile and if you are eligible for the loan, proceed to input the amount you would like to borrow.
The money is then deposited into your mobile wallet, this being your Mpesa account. Anybody looking for fast loan apps should definitely download Haraka. The loan limit is Kshs 5,000, so this app would be ideal for people who transact small amounts of money on a frequent basis.
Okash is one of the most convenient apps that offer loans in Kenya. Creating an account is very swift. All you need is to have an Mpesa number, which you input upon opening the app. You will be sent a verification code via text to your number just to be sure that the Mpesa account used is indeed yours, then you will proceed to create your profile by inputting the required basic information about yourself.
Anyone between the ages of 20-55 can create an Okash account. Same as with many other apps, the more consistency you show in repaying your loans on time, the higher your loan credit becomes.
Seeing how times have changed in this technology-dominated world, people prefer services that can be accessed directly through their smartphones. Banks have now realized the importance of soft loan apps, seeing that they create convenience for customers and are very easy to use. Barclays bank created the Timiza app so that not only their account holders, but every Kenyan is able to access loans swiftly, at any time of the day. Registration takes a few minutes, all you need is a National ID number and a Safaricom line. Of all mobile phone loan apps in Kenya, Timiza has one of the highest loan limits, set at Kshs 150,000.
Utunzi is considered to be one of the cheap loan apps due to it’s low interest rates. While signing up there is a questionnaire that needs to be filled and the information provided there is what’s used to determine your loan credibility. With Utunzi you are allowed to borrow between Kshs 500 to Kshs 100,000.
Stawika is one of the most straight forward unsecured loan apps in Kenya. The registration process takes less than 5 minutes. You are just required to fill in some personal information and follow the given prompts and your account is ready. To determine your initial limit, the app gathers data from your mobile phone then your loan is assigned.
In case of an emergency, Jazika will allow you quick access to a loan due to its simplicity. Upon download, you need to create an account and answer a few questions for the sake of familiarity. Like most legitimate loan apps in Kenya, Jazika will scan your mobile data and Mpesa transactions to determine what amount you qualify to be loaned.
With PesaZone you can borrow between Kshs 250 – 15,000.
Upon registration, the app checks if you meet their credit rating. If you do, you are required to pay a small verification fee, and your loan will be granted within 24 hours via your Mpesa account. If you do not meet your repayment deadline, a penalty is applied and in some cases debt collectors may be involved. However, if you make excessive payments towards your loan, that money is applied automatically towards your next loan request.
With Saida, not everybody is eligible for loans. Upon registration you will input some personal information and answer a number of questions. After answering questions you will get a response within about 1 hour, notifying you whether you are eligible for a loan or not. If you are, you will be notified of the amount you qualify for, and if not, you will be given a brief explanation on why you do not qualify. You can borrow from Kshs 600 – 25,000.
It might not be among the newest loan apps in Kenya, but Mshwari sure is among the most used. Anybody that has had an Mpesa account for 6 months has access to Mshwari services. Mshwari can be accessed straight from your Mpesa menu thus making it very convenient. Upon requesting a loan, a 7.5% (subject to change) one-time fee is imposed for each loan. You can borrow from Kshs 100 – 50,000, with a repayment period of 1 month.
12. KCB Mpesa
KCB Mpesa works a lot like Mshwari, and is accessible directly from the Mpesa menu. You can access a one month loan at a total cost of 3.62% with excise duty applicable on fees. Loans are accessible from Kshs 50 all the way to Kshs 1M, with a repayment period of 30 days. Once you activate your KCB Mpesa account, you will be given a loan limit from where you can borrow money instantly.
Okolea is one of the low interest loan apps in Kenya. At a rate of 0.6% per day, you are able to borrow money without feeling too much strain in your pocket during repayment time. Upon registration, you are required to pay an appraisal fee of Kshs 100. After your account is appraised, you are assigned an initial loan limit. Every time you pay back your loan in good time, your loan limit is increased by 20%.
Equitel loans are available to Equity bank account holders. To access the loan, you must have an equitel line which is linked to your bank account. You can then access loans directly from your mobile phone by going to the equitel toolkit and selecting the type of loan you want (there are different types i.e. one month, installment etc.), then inputting the desired amount and submitting the request.
Equitel is pretty convenient, since it allows you to check your loan balance and make repayments straight from your phone, without having to make a trip to the bank. You now know the best loan apps in Kenya, how they work and what they offer.