ElizabethLoan apps have grown in popularity in Kenya over the past several years due to their accessibility and ease. Through these apps, users may quickly apply for and receive smartphone loans.
For those who might need access to formal financial services, they have emerged as a popular substitute for conventional banks and microfinance organizations. If you want to know the best options, check out any of the 14 best loan apps in Kenya listed in this article.
Table of Contents
WHAT ARE LOAN APPS?
Loan apps enable you get funds from any bank in your nation at a rate established by that bank. With these apps, you can contact a lender who can give you money for a set time after comparing interest rates to discover which one best suits you.
Users can obtain a loan instantly thanks to this app, which functions like a credit card. Installing one of these applications and signing up takes care of everything regarding user loans.
After confirming their eligibility, they next need to add their personal information and bank information. Due to the ability to check one’s trustworthiness and credit score and determine the amount of a loan one qualifies for, these apps have emerged as some of the most reputable ones.
REQUIREMENTS FOR LOAN APPS IN KENYA
You must meet the following criteria before applying for a loan in Kenya:
- National ID: To be eligible for a loan, you must possess a current Kenyan National ID.
- Mobile device – You must have a smart: phone and an active mobile number in order to use the majority of lending apps.
- Bank Account – You must have an active, in-your-name-registered bank account.
- Income Source: T qualify for a loan, you must have a reliable source of income.
- Good Credit Score: Before approving your loan application, lending applications consider your credit score.
- An excellent payback history is taken into account by loan applications.
- Some loan applications may request documents for Know Your Customers (KYC), such as utility or bank statements.
N. B: You should always examine the exact requirements of the loan app you’re interested in using before applying because these requirements can differ based on the loan app.
14 BEST LOAN APPS IN KENYA
The best loan apps in Kenya are:
1. BERRY LOAN APP
Berry stands out as one of the nation’s free mobile lending apps. The company provides loans in the range of 50 to 50,000 Kenyan shillings. Berry interest rates range from 8% to 15% at their highest.
Simple and quick, the registration process takes a few minutes. An Android phone with a live Safaricom Mpesa line is required for prospective borrowers.
2. TALA LOAN APP
With a registered Safaricom line, Kenyans can apply for personal unsecured loans through Tala. The Tala loan app is one of the best loan apps in Kenya and is available as a digital platform that bases the loan limit on a person’s credit history.
The loan is disbursed through Mpesa, with a sum range of Ksh 1000 to Ksh 50,000. You can repay a loan by using Tala Paybill number 851900.
Only Android phone users can access the Tala through the Google Play Store as there are no mobile loan apps available right now for iPhone users.
3. ZENKA LOAN APP
Due to the provision of first loan in Kenya without charging interest or service fees, Zenka is included in the list of mobile lending apps. After 61 days have passed, your interest becomes due and you must ensure that you repay your loan as at when due or before the due date.
Additionally, the Zenka loan provides a flexible repayment schedule and permits the customer to acquire new credit before fully repaying the previous one and it is one of the best loan apps in Kenya you can opt for.
You can get the app from the Google Play Store or the developer’s website. The application is straightforward to use and after applying for credit, you’ll receive the amount on your phone in five minutes.
4. MSHWARI BY SAFARICOM
M-Shwari is among the best loan apps in Kenya with a user-friendly platform.
Through this platform, customers can save and receive loans—loan amounts offered by the mobile loan service range from 100 to 50,000 Kenyan shillings.
7.5% is the monthly interest rate, while between 3% and 6% is the interest generated on savings. The interest rate rises as the amount does.
Download Mshwari by Safaricom Here
5. ZIDISHA LOAN APP
Users using Android phones can download Zidisha from the Google Play Store. It is quick and straightforward to download, just like registering. It is an online hub that connects lenders and borrowers.
As one of best loan apps in Kenya, it utilizes a non-profit peer-to-peer platform, unlike the majority of other competitors.
It aims to attract employed people and business owners with a Safaricom line, Facebook activity, a clean credit history, and a national ID.
Download Zidisha Loan App Here
6. TUNZI LOAN APP
Tunzi is the best option if you’re looking for mobile lending apps without a credit check. The credit app, formerly known as Utunzi, provides emergency loans to people without considering their credit histories.
The Google Play store offers a mobile payment system that utilizes Safaricom M-Pesa.
The minimum loan amount is 300 shs, and the maximum is 1,000,000 shs. The minimum tenor is 91 days, while the maximum tenor is 36 months.
The interest rate is 12%, plus there is a 12% facilitation fee. Additionally, it charges a Kshs 400 annual account management fee.
7. HF WHIZZ LOAN APP
People who want iPhone mobile lending apps are the target market for HF Whizz. Mobile devices running Android and iOS can access the HF Whizz loan app.
A reputable and trustworthy mobile money lending app in Kenya is the credit app provided by HF (Housing Finance) Bank. You obtain the application via Google Play or Apple Store.
Other financial services supported by HF Whizz, in addition to emergency loans, include money transfers, bill payments, and airtime purchases.
The software offers customers the option to directly return the loan to reduce the danger of entering the incorrect pay bill number making it one of the best loan apps in Kenya.
8. SAIDA LOAN APP
Saida is one of the best loan apps in Kenya available for iOS and Android. Unlike most other options, the credit app accepts Airtel money in addition to Safaricom Mpesa.
This makes it a popular option among users. The supplier considers several factors to determine a user’s reliability and eligibility.
Transactions made via M-Pesa and Airtel Money, credit history, social media usage, and other factors are among these. Following acceptance, the loan is disbursed quickly by mobile phone.
9. IPESA LOAN APP
Emergency loans are available to mobile phone customers through iPesa, which offers loans from 500 to 50,000 Kenyan Shillings. With a payback term ranging from 91 to 180 days, borrowers have more time to repay the loan.
It currently has no service fees and a 12% interest rate. As one of the best loan apps in Kenya, it is simple to download and register.
10. TIMIZA LOAN APP
Timiza is a mobile application by ABSA Kenya, formerly Barclays Bank Kenya. The online lender provides loans ranging from 50 to 100,000 Kenyan shillings.
A 5% facilitation fee and a 1.083% monthly interest rate exist. Other banking services are available through the ABSA Timiza app, including insurance, bill payment, savings through Zidisha, and airtime purchases.
You can register and apply for loans through the Timiza app from the Google Play Store or USSD code *848#.
11. JAZIKA LOAN APP
Are you looking for one of the best loan apps in Kenya without a credit check? Jazika, have you taken care of it? You only need a registered Safaricom M-Pesa line to be eligible for a loan—no reviews of credit history.
The registration process comprises completing a straightforward application form online and then waiting for a response.
A similar structure is used when applying for a loan. Jazika has a unique feature where you can pay in one lump payment or in installments via pay bill number 687035.
12. BRANCH LOAN APP
The branch is one of the top free best loan apps in Kenya available for many users. The app is compatible with Android phones and can be found on Google Play Store. The credit ranges from Kshs 250 to Kshs 70,000 at its highest.
It is simple to download, set up, and operate. The credit is granted within two hours, and money is transferred to the Mpesa line. There are no penalties or late fees, additional costs, or rollover fees.
13. MCOP LOAN APP
One of the best loan apps in Kenya you can opt for is the MCop Loan app. On this platform, loans up to Ksh 200,000, or 2.5 times the net salary, are available to users. The supplier can ascertain a user’s borrowing limit by carefully reviewing their profile.
Because it provides additional banking services, the mobile application stands apart from competing products. These consist of deposits, money transfers, and bill payments.
14. KashPlus
KashPlus is the best option for mobile lending apps without a signup charge. The emergency loan app is accessible from Google Play Store and is aimed at owners and users of Android phones and also one of the best loan apps in Kenya.
The loan amounts range from 2,000 to 50,000 Kenyan Shillings, with a monthly interest rate of 1.3% and an annual interest rate of 16%. The repayment period begins on day 91 and ends on day 365.
HOW MANY LOAN APPS ARE IN KENYA
Only 22 loan applications are authorized to operate in Kenya their business had been authorized as of the end of January 2023. The CBK reports has confirmed over 380 loan apps and is presently evaluating them.
The nation has 32 authorized digital lenders after the regulator added ten more lending apps to those approved.
WHICH OF THE LOAN APPS IN KENYA WORK EFFECTIVELY
The 14 best loan apps in Kenya discussed above all work perfectly. However, one is more effective than the other, and from our research, the Tala loan app, M-PESA, and M-Shwari are a few of the apps that work effectively.
FREQUENTLY ASKED QUESTIONS
How do I immediately apply for a loan?
Compare lenders, determine your eligibility, complete the online application, provide your PAN and Aadhaar numbers, and wait for approval before applying for an immediate loan online. Then, remit the loan as agreed upon. You can easily and quickly apply online for an instant loan, have it approved, and get the money you require
What is the Kenya M-PESA loan about?
Customers of KCB M-PESA can receive credit starting at KSh. One hundred that is repayable within a month and save as little as KSh. 1. Save for a predetermined amount of time (Fixed Deposit Account) or save incrementally over time (Target Savings Account) and receive interes
What is the current Tala loan limit in Kenya?
The change from Ksh 30,000 to Ksh 50,000 results from Tala’s MoneyMarch 2022 Report found that clients wanted more considerable loan limits and that 78% of borrowers used loans to fund their side businesses, add stock, or pay for business expenditures.
CONCLUSION
The development of mobile lending apps has made it simpler for Kenyans to obtain rapid loans. Some of the top loan apps in Kenya include Tala, Branch, Zenka, Okash, and KCB M-Pesa. These apps provide a selection of loan options tailored to various borrowers’ requirements.
Most of the best loan apps in Kenya mainly provide small, short-term loans between a few hundred and a few thousand shillings. Applying for a loan is typically straightforward and takes only a few minutes. Several loan applications also employ alternative credit scoring techniques to establish a user’s creditworthiness, like examining their social media or mobile phone usage.
Consider using any loan apps in Kenya if you require an urgent loan.
If you liked this article, then please subscribe to our YouTube Channel for videos relating to this article. You can also find us on Twitter and Facebook.
REFERENCE
RECOMMENDATIONS
Great Instant legit loan apps in USA
6 Best Loan Apps in Nigeria for Instant Loans
8 Great Instant Mobile Money Loans in Ghana
Elizabeth
Promise
Gloria
Ahmad
Abraham
Godswill
Erica Ofure