Emergency Loans in Kenya 2019

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These are the best places to get an emergency loan in Kenya in case; you’re stuck. Let’s say that we all get to that point where we want money for one reason or the other but never have the amount we need in our accounts. It is mid-month, and you need quick cash, what are you going to do?

Where to access emergency loans in Kenya

Here is a list of the places you can get your emergency loans in Kenya in a short while.

  1. The mKey app

This is the latest app by Finserve and offers instant loans and other financial services. So, how do you get access to these loans?

The first thing you will have to do is to download the mKey app on your phone. The app is currently available on Android only, and you can get it from the Google Play Store here. 

To set up a mKey account, you will have to sign to the app through either facebook or google. After signing in, the app will prompt you to the next account setting steps, which include taking your information details.

In mKey, the lowest loan value users can borrow is Sh300, while the highest is Sh1 million. This makes it the only mobile loan app that can disburse the most significant loan value to an individual in Africa.

mKey loans are charged interest rates ranging from 1-9 per cent. This means that loans from the app are charged the lowest interest rates in Kenya.

mKey loans are approved in seconds so you can get the amount you want without wasting time.

2. HF Whizz App

HFC Whizz App allows quick access to loans, among other financial services to its users both on Android and iOS smartphones in Kenya.

  • Download HFC Whizz App from Playstore for those using Android devices and check Whizz on App store for those using iOS.
  • Create your HF Whizz virtual account by providing your phone number and ID number.
  • Confirm by entering verification ( temporary pin)code sent to your phone number.
  • Set your new PIN

Your account is active, just in a Whizz. Loans start from Ksh.1000 to a maximum of Ksh 50,000. Your credit will then be deposited into your Whizz account. Choose Mpesa to transfer the money to your Mpesa number.

Loans can be repaid through HFC Bank deposit, pay from Mpesa or pay from Whizz account. Repayment period ranges between 1 day and 30 days (1 month) depending on the loan taken. The loan amount will be charged an interest of 7.725%.

3. Timiza App

The Barclays Bank’s digital banking platform offers services such as loans, insurance, can hailing, bills payment and can also serve as a bank account.

It is open to both Barclays customers and non-customers as long as you have a Safaricom line. You can access it by dialling *848# or downloading the app from the Google Play Store.

One can also get insurance on the app for as little as Ksh. 42 per month. The insurance cover provided includes a personal accident cover of up to Ksh. 150,000 and a funeral cover of up to Ksh. 100,000.

Additionally, the app provides loans to customers. The loan amount is dependent on your M-Pesa transaction history, so the more you transact on M-Pesa, the more the amount you can access.

The amount will be charged a 5% processing fee and 1.17% interest, making the total fee charged on loan to be 6.17 %. The loan duration is 30 days.

4. Eazzy Loan

This loan is provided by Equitel, a mobile banking platform launched by Equity Bank. The first thing that you need to do is to open an Equity account after which you are eligible to get an Equitel line.

Only equity bank customers with active accounts (at least six old accounts). Once you download the app here, follow the prompt to be able to get a loan.

Being a product designed by a bank, the expectation is that you need to have saved with them for some time before they can advance a loan to you.

The Eazzy loan features include; interest rate of 2%-10% per month of the loan amount on a flat rate, the minimum loan amount is Kshs.1,000, and the maximum loan period is 12 months.

In case you delay to make a payment you will be charged a fee of 6% per annum above the average interest rates on the amount outstanding.

5. Emergency loans in Kenya – Pesa Pap App

This loan app by Family Bank is open to both customers and non-customers. It is the ultimate app to get an emergency loan today.

The app’s features include funds transfer to bank accounts and mobile money, bill payments, airtime purchase, scheduled payments and access to PesaLink.

To access the service, customers will need to register and activate PesaPap by dialling USSD code *325# or by downloading the PesaPap app available on Google Play Store and the Apple Store.

The maximum loan is kes50000 subject to qualification. The instant loans can be repaid in a 30-day window. The lender has also integrated investment goals in the app for periods between 3 to 12 months with interest.

6. CBA Loop App

Commercial Bank of Africa (CBA) launched its digital banking service Loop and recently updated it to include loans and overdrafts.

To get a loan from Loop, you need to download the app from Google Play or App Store for android users.

To create an account, you need a phone number and your ID number. You will be sent a PIN to activate the service to access your account. Once you have successfully created an account, you can be able to apply for a loan.

Loop customers can access loans of up to Ksh. Three million and overdraft of up to Ksh. 100,000. The loan repayment period is between 6-36 months. Interest rates will vary depending on the customer.

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2 COMMENTS

  1. Hey Beth, CBA Loop is not among the emergency loan apps because you need to use the app for at least 3 months for them to determine your credit profile before granting you a loan.

  2. Hi Kelvin. CBA Loop actually is an emergency loan app. This depends on whether Loop is your primary account or not.

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