If you’re 18 or older and you have valid ID proof, then getting a loan in Kenya is no big deal. There have been a plethora of mobile loan apps in Kenya that do this job for you. But, the best of them are owned either by several well-known banks or by other renowned fintech companies. Also, they do not ask for any initial fees in order to apply for loans. Once you meet their minimum requirement, then things will be easier for you.
If you are looking for a loan in Kenya, then this article will be of great help. Today, we are in an era where anything and everything can be caught in the palm of your hand. Technology has grown so much that even the unthinkable has become easily possible.
You might still remember how hard it was to get a loan via a bank, but now, as part of the latest innovation, which is the loan apps in Kenya, you can get a loan with just a phone call. This article will educate you regarding the best mobile loan apps in Kenya. But before diving into the popular money lending apps, let us discuss mobile loans.
To be precise, mobile loans are nothing but loans that you can get through your mobile phones. Without further ado, let us look at the top mobile loan apps in Kenya in 2023.
List Of Best Mobile Loan Apps In Kenya 2023
- Branch Loan App
- Tala Loan
- Timiza Loan
- Mco-op cash
- KCB M-Pesa
- MShwari
- HF Whizz Loan
- Okash Loans
- Zenka Loan
- Eazzy Loan
- UbaPesa
- Zidisha
- Swastika Loan App
- IPesa Loan App
- Utunzi Loan App
Branch Loan App
Branch Loan App is the foremost mobile loan app that we are going to discuss. It was introduced by Branch International in 2015, and ever since, the app has become much more popular among Kenyans. In fact, Branch Loan App is the second oldest online mobile lending platform.
Apart from Kenya, the Branch Loan App is also available in Nigeria and Tanzania. Such a mobile lending app is useful for taking out loans up to KES 70,000.
First up, you need to download the application from Google Play, and then use Facebook to sign in. Once you are logged in, you will eventually know if you are eligible for the loan mobile loans or not. If you are eligible, you will receive the loan via M-Pesa.
Tala Loan
While talking about the best mobile loan apps in Kenya, how could we not mention the oldest yet best mobile lending app in Kenya, Tala Loan? Over the years, Tala Loan gained the trust of Kenyans, and today, it is one of the most looked forward to mobile loan providers as well as Kenya’s best constant loan-providing app.
Their loan limit is 30,000 and the customers are paid through M-Pesa. They say that you can get a loan in just 5 minutes, and if you pay it back on time, your credit score will go up. Therefore, a tala loan is one of the best options for an emergency loan in Kenya.
Since the Tala App is highly popular in Kenya, it is not a wonder that it has nearly 5 million downloads on Google Play. Getting a loan from Tala is not a big deal, as all you have to do is download the app on your smartphone from the Google Store and create a new account. If you are not listed on the CRB, then you will be eligible for convenient loans.
Timiza Loan
Timiza is a product of the Absa group. It was one of the local banks in Kenya and was initially known as Barclays Bank Kenya. As mentioned, the growth of lending apps forced this bank to get innovative. When you ask how Timiza loans are different from the others, we can say that they offer loans to all Kenyans and not just to their customers, which is a matter of distinction.
Although the Timiza app is a loan lending app, it also serves as a bank account that will manage their account.
To get the most out of the Timiza app, you should first download it from the Google Play store and then provide your registered M-Pesa number. After you’ve shared the number, you’ll use the shared pin to activate your application. Immediately after this process, you can apply for a loan in the Timiza app.
You can borrow up to KES 150.000, with a 30-day loan repayment period
Mco-op cash
It is an app that lets Kenyan cooperative bank customers get emergency loans and other financial services. It displays account balances and allows you to transfer money to Mpesa. Among the other services is the ability for bank customers to purchase airtime directly from their accounts.
With the Mco-op Cash app, you can literally borrow up to 200,000 shillings.
KCB M-Pesa
If you are a registered M-Pesa user, you can simply get access to KCB M-Pesa. Since the application is already on your mobile phone, you do not have to spend any more time downloading it.
You should select the KCB Mpesa option under loans and savings and then choose any loan. It’s that simple. No registration or other details are needed for the sanctioning of the loan.
MShwari
This list of loan apps in Kenya would be incomplete without mentioning Mshwari, a Safaricom product. While most of the mobile apps work best with M-Pesa, M-Pesa Safaricom, together with NCBA Bank, has come up with another mobile loan app that is named Mshwari.
It has a different principle, which is “saving for accessing” any loan. Depending on how fast you keep repaying your existing loans, they will increase your limit.
However, there are quite a number of conditions for loan eligibility to be satisfied in order to check whether you are eligible for a Mshwari loan or not. The first is an M-Pesa subscriber for at least 6 months, using other Safaricom services like data and voice, and also, you are supposed to save on Mshwari so that you get a loan there.
HF Whizz Loan
HF Whizz cannot be confined to a mere money lending app, as it carries out several other functions, including most of your digital transactions.
Moreover, its properties also include paying from an HF account, saving on HF Whizz, applying for a loan, money transfers, and buying airtime. Since they offer so many services, they are always considered one of the top loan apps in Kenya.
Okash Loans
Okash Loan App is one of the most renowned and reliable money lending apps in Kenya. When the app first came out, its goal was to give mobile loans to at least 100,000 Kenyans.
Today, they are slowly fulfilling each of their goals, and that is one of the reasons why the Okash Loan app is trusted the most.
Zenka Loan
Read carefully! Zenka is one of the most highly recommended money lending apps in Kenya as they offer the first loan for free, meaning, once your first goal is sanctioned, you are only asked to repay the principal amount and not any additions.
If you took 3000, then pay back 3000. Usually, a Zenka loan can be applied for an amount ranging from Ksh 500 to Ksh 20,000. ‘
Also Read: Best Quick Loans Without Security In Uganda
After you have received your first free loan, you will be required to pay 11% interest. The percentage is 11 when you pay on time. If you make any delays, there is a possibility that you might have to pay extra interest.
According to the reviews provided by Zenka Loan’s users, they do not charge their customers any hidden fees.
To apply for a Zenka loan,
- You must download the Zenka app from the Google store or you also get it on the Zenka website
- Complete the account registration process and provide the amount that you need to borrow
- Once submitted, the authorities will review your application, and once approved, you will receive your money in your M-Pesa.
- You are free to withdraw the amount from any nearby M-Pesa
- Remember to repay your loan to elevate your loan limit
Eazzy Loan
Eazzy Loan is an equity bank product that helps you get access to mobile loans and personal loans based on equity banks with interest rates between 2% and 10%. The loan amount limit is 100 shillings to 200,000 shillings, and once sanctioned, you will have to return it within a time period of 30 days.
The same app also has another advanced option, which is called Eazzy Plus, and with that, you can increase the loan amount limit to 3,000,000. You only have to repay them in a year.
UbaPesa
Ubapesa is one of the friendly loan apps in Kenya that directly connects lenders and borrowers, meaning if you’re a lender, they can lend your cash and earn interest, or if you’re the borrower, you get to borrow the sum.
The app is designed in such a way that you get to know your credit score rating, which will be showcased on the screen. Normally, you should repay the loan within 1–30 days. Based on the duration of the repayment, the facilitation fee might vary from 8% to 14%.
In terms of loan amounts, you can borrow between Ksh 50 and Ksh 70,000 on free UbaPesa. Your money will not be added to your M-Pesa account until the right fee has been taken out.
Zidisha
Zidisha is another unique lending platform in Kenya, as it connects lenders with entrepreneurs who are in need of financial support. You can either opt for Zidisha’s website or its Android app to apply for loans. The app can be used by anyone who has the potential to repay the amount on time. Moreover, the application also requires a national ID as proof.
Normally, Zidisha charges a service fee of 5%, and in case of any default, they have already mentioned that they charge a credit risk of up to 30%.
Once you develop an impressive credit history on Zidisha, you can borrow up to $10,000.
Swastika Loan App
Swastika Loan is a money lending app that provides emergency loans in Kenya. It can be qualified by some, who will be notified after installing the app from the Google Play store. Although it has no processing fee, it charges an interest fee between 7% and 21%.
However, the app enables you to borrow from Ksh. 500 to Ksh. 70,000.
IPesa Loan App
Another loan app in the list of best loan apps in Kenya, Ipesa, at an interest rate of 15%, you can borrow from Ksh. 500 to Ksh. 50,000. Once the loan is sanctioned, the amount is immediately transferred to your M-Pesa account.
So, IPesa Loan is another application that enables emergency loans in Kenya.
Utunzi Loan App
Utunzi Loan is another emergency loan app in Kenya, as they instantly approve loans up to Ksh. 1 million. You can make the repayment in 3 to 5 months. During the repayment, you will be asked to pay 12% interest, and for account management, you must pay Ksh. 400 every year.
Best Mobile Loan Apps in Kenya: Final Thoughts
A decade ago, Kenya had barely any mobile loan apps, but the situation has changed tremendously in recent years, Although many of the lenders would be charging deadly interest rates, Kenyans are still happy that they would at least get cash in their hands during emergencies that many commercial banks would not be able to do.
Additionally, these mobile loan apps have boosted the confidence of emerging entrepreneurs, who would have otherwise had no option to make their dreams come true. These instant loan apps in Kenya have successfully provided access to credit for individuals and small business owners who would have been in great trouble if it were not for the mobile loan apps in Kenya.
