Looking for instant mobile loans, I reveal to you the Best Loan Apps in Kenya that you can use to get sorted out fast
I was shocked by a one-KNBS-stat that revealed the extent of digital borrowing. That, about 6.5 million Kenyans borrow using the now famous mobile loan apps in Kenya.
Mobile loan applications have become reliable loan platforms. And as long as you have a smartphone – android-enabled, you can install an app of choice and start enjoying timely financial solutions during cagey emergency situations.
The loan apps have therefore gained immense popularity in the country. As at June 2019, the number of these apps hit 49 and counting.
Without further ado, what are the best loan apps in Kenya because not all may be true to the task. Below, I dissect into the top 10 apps that you may want to try out in case you find yourself in a financial crisis.
Here are the 10 Amazingly Best Loan Apps in Kenya.
1. Branch Loans App
Although Branch loan app came after the emergence of many others, it seems to be one of the unprecedented leaders in the mobile micro-lending industry at the moment.
Branch loans app is simple to install from Google Play Store. It occupies only about 4 megabytes of your Android space meaning its easy and cheap to download.
On to top of that, it’s one of the apps that disburses their loans amazingly quick. That’s if you happen to qualify and get approved.
The money is directly disbursed on your Mpesa account within a few minutes, sometimes just less than a minute!
Once you have the app on your smartphone, creating an account is a breeze. Ensure that you have an active Facebook account that you’ll be required to log in and the rest is easy.
Branch loan offers range between a minimum of Kshs.500 and a maxi of Kshs.50,000. the interest rates or what they call service fee is anything between 10% – 27% of the loan you’re given.
Branch requires that you pay their loans in one month – but in weekly installments. Paying on time helps build a good rapport with the lender.
Which means that your loan limit will be pushed up so quickly. However, failure to repay on time attracts penalties; and affects credit score which can be damaging eventually.
2. Tala Loan App
The next household name in the Kenya Quick loans sector is Tala. By the way, Tala is one of the oldest apps in the country having been on this scene for now about 6 years.
It operates under Inventure Access company that offers quick mobile loans in Kenya. Tala was formerly known as Mkopo Rahisi before it switched names.
After downloading the app, creating an account is such a quick process. Once that’s done, apply for a loan and if you are approved, the loan will be disbursed to your Mpesa account in a matter of seconds.
Tala uses your transaction history as reflected by the Mpesa to determine your creditworthiness. This is used to decide which amount will be offered to you or in other cases, no offers.
The minimum amount you can receive from them is Ksh.1,000, the maximum is Ksh.30,000. But when one repays on time, the loan amount increases quite fast.
Tala offers two options when it comes to repayment; a 30-day repayment period or a 21-day repayment. If you choose to go with the former, the service fee is obviously higher than a loan repaid within 21 days.
Tala loan interests range between 11 – 15 percent. This largely depends on the repayment period option one chooses to go with.
Downloading the Tala app doesn’t take a lot of time and your Android space. It’s therefore definitely one heck of an app to have.
3. KCB Mpesa Loan App
This is another one of its kind. KCB Mpesa loan came into being as a result of a partnership between Kenya Commercial Bank and Safaricom.
The loan is available to only Safaricom customers. And without lying, KCB Mpesa loan is arguably the cheapest when it comes to interest rates application, on this list.
Besides accessing this loan through Safaricom on Mpesa, one can download a KCB mobile banking app, create an account and be able to start enjoying its affordable loan offers.
Minimum loan is Ksh.50 and this can rise to tens of thousands depending on your repayment records.
If approved for a loan, it will be disbursed immediately into your KCB mpesa account. What it means for you is that you’ll have to transfer this money into your Mpesa for withdrawal for free.
One of the most interesting features about this app is the flexibility of repayment and the affordable interest rates. For example, you can choose to repay your KCB mpesa loan in one month, two months or three – absolutely depending on your capability.
Then the KCB mpesa loans are repaid with strikingly low-interest rates; 1.16 percent per month and one-time negotiation fee of 2.5. this puts this app as the most affordable to get an unsecured loan.
4. Stawika Loan App
Stawika is also another app that offers loans in Kenya without security. Coming as a product by the Stawika Capital Limited, a Kenyan-based company, Stawika is one of the apps an ordinary Kenyan will trust.
With the app on your phone, registration of your account is very straightforward with no attached first-time fees asked before being given a loan.
As it is with other mobile lenders, Stawika also assesses one’s mobile phone data to assign loans. And you won’t have to wait for long as the process is within less than 5 minutes.
Once you are approved, the money is wired straight into your Mpesa account.
If this loan is repaid on time, Stawika increases its loan limits quite fast. The minimum one can get from this mobile lender is Ksh.200 and the maximum can go up to Ksh.30000.
The interest rate is 1 percent per day.
You are required to repay the loan within one month. Of which you don’t, a rollover fee of 10 percent will be applied on the principal amount and have your repayment time extended.
5. Timiza Loan App
Among the recently launched best loan apps in Kenya, Timiza loans are just simply admirable and worth making a try.
The Timiza loan app is a product of the Barclays Bank of Kenya. Having seen how fast things were changing in the financial sector (more so the potential in digital borrowing), Barclays blew this market space with Timiza loans for both their account and non-account holders.
Actually, the app is the best in its own rights: it comes with extremely flexible loan offers and repayment periods. While the interest rates are something that seasoned borrowers would wet their mouths for.
That said, account registration is free and simple; also coming with the option of registering it using the Timiza account registration USSD code *844#.
When the loan request is approved one receives it within a few minutes. Usually, the amount is deposited into your Timiza wallet from where you will transfer into the Mpesa account for quick withdrawal.
The minimum loan amount one can borrow depends on their creditworthiness after the app scans the mpesa transactions. So numerically, the lowest you can borrow is Ksh.50 and Ksh.150,000 as the highest limit.
The Timiza interest rates are very low, at 1.17 percent while a one-time facility fee of 5% applies on all loans.
Someone may want to ask why the heck mshwari is appearing sixth on the list. There is no big issue. Mshwari is a product of Safaricom.
I have stashed it right here as there it has no traditional apps we are used. So, no personal beef. In fact, Mshwari is the most popular mobile lender currently in Kenya.
And for that matter, it offers instant mobile loans in Kenya. It should be the first one to have entered the unsecured mobile loan lending scene before others joined the park.
To apply for this loan, you just need to have an active Safaricom and mpesa account that has been running for the last six months. You can access the Mshwari loan from the Mpesa menu – and apply it from there.
You can borrow anything between Ksh.100 to Ksh.50,000. While the interest rates on this loan are very low; a one-time facility fee of 7.5 percent.
Repayment is done in one month.
Besides these loan offers, Mshwari also features other services such as lock savings account where you can save money for a defined period of time.
7. Zenka Loan App
On this scene entered Zenka loan app, the new boy in town. It has taken the market by a storm of its own – no amount to pay for registration in order to receive a loan and such like stuff.
I didn’t know it was such an efficient application until I saw someone practically use it. So, I would say it’s as fast as Tala and Branch and others which throw money in your mpesa in no time.
With Zenka, you can borrow up to Ksh.20,000. Due to the quick fund release into mpesa, the app has gained popularity among the Kenyan populace.
It’s highly rated on the internet as can be seen from the many positive feedbacks from the users. Currently, Zenka is giving an offer to its first-time customers – that’s a free first loan if you are new to Zenka.
Zenka offers flexible repayment options. This means that you can repay the loan in a few days, a week, 3 weeks or a month – although all these come with different applications of interest rates.
The interesting aspect of Zenka is that they can give you a loan regardless of the banking history you have. The Zenka app is also easy to download and use – simple user interface.
8. Utunzi Loan App
Utunzi Loan App is the next among the best loan apps in Kenya. A dedicated mobile loan app that disburses instant money into your mpesa account.
This is a creation of Utunzi Ventures, which is a micro-lender in Kenya. With the app on your phone, the credit score calculated automatically by the app will determine how much money between Ksh.300 to KSh.300,000.
You will need to fill a questionnaire when signing up for the app.
There are claims that a small fee is required from applicants before you get a loan. If this is something you want to try, Utunzi is very much available for you.
A service fee of 12 percent and an APR of 12 percent are charged on your loan. Repay the loan on time to get limit increases.
9. Haraka Loan App
With Haraka Loan App, one is guaranteed loan amounts between Ksh.500 – Ksh.5,000. While this limit can increase with time as one clears their debts in time.
Registering an account with Haraka doesn’t need lots of personal details from you. Just register with your Facebook account to create a Haraka account.
Credit performance will inform Haraka how much to allocate you. After you’ve been provided with your limit, you can apply for the loan and specify the period of repayment.
The money is sent promptly to your mpesa after successful application. The interest rates stand at 23.45 percent per month which indicates that if you borrowed Ksh.500, you will be required to pay Ksh.617.25.
10. Zidisha Loan App
Today, I will finalize with Zidisha. I also start with the uniqueness of this app: Zidisha interacts directly with the entrepreneurs who borrow from them.
So, it’s not just one of the money lending apps in Kenya, it also serves as a platform that gives an opportunity for the lender to engage the borrower regarding the progress of the projects for which loans were disbursed.
Zidisha is also known to be a committed promise keeper. It wants to ensure that all customers are satisfied and if not, 100% of the lender credit uploads, donations and services fees paid by that member are refunded.
Unlike the traditional version of the lending apps, Zidisha uses the peer to peer lending model. This means that there are independent lenders giving their money for credit rather than an organization.
To start using the app, install it on the phone. A service fee of 5 percent will be applied on the loan while a credit risk payment also applies (ranging from 5-30 percent).
A premium membership fee of Ksh.1000 is also required in order to be able to access higher loan limits. But this is just a one-off fee.
One can borrow up to Ksh.1M. But that’s if the repayment conditions are rightly met.
The 21st Century Kenya is experiencing a real-time financial revolution with the advent of online money lending apps. The above 10 are some of the best loan apps in Kenya.
All of them provide instant loans. No paperwork. No long processes – just your phone and internet (some even have USSD codes) and you are good to go.
Make a decision today and choose your favorite.