Are you in need of quick cash? You are in luck today as I will provide a comprehensive list of places you can get loans in Kenya without security.
In these modern times, to get a loan in Kenya, one does not need guarantors or conventional security such as log books or title deeds. With the advent of technology, it is becoming increasingly easy to access loans in Kenya without security.
All you need is a mobile phone and a good credit score to access instant unsecured loans in Kenya. However, there is only one disadvantage which is that the loans are limited. For instance, the minimum amount that one could be able to borrow ranging from Sh.100 to Sh.1,000,000.
List of loans in Kenya without security
Check out the list below for the cheapest places where one can get loans in Kenya without security on stormy days.
1. Fuliza by Safaricom
Fuliza is a form of unsecured loan in the form of an overdraft. It is provided by Safaricom in partnership with Commercial Bank of Africa (CBA). This loan saves one from embarrassment when trying to pay via Mpesa and you lack insufficient funds to do so.
Further to this, it may even be used when trying to send a Mpesa but also lack the full amount. This solution is only available to Mpesa users. One needs to dial *234# to join.
Fuliza loan has an access rate of only 1% and a daily charge of Sh.1. Paying the loan on its day of acquisition ensures no further charges. However, at the moment, one is unable to withdraw directly into their phone.
The only option available is sending the money to a friend to withdraw it for you. Safaricom deducts the amount borrowed directly from Mpesa whenever one receives a deposit.
For more information about Fuliza, Please visit Safaricom
2. Mshwari by Safaricom
Mshari is one of the best places to access loans without security to boost business or for personal use. Its loans are instant and it also has low-interest rates as compared to other mobile apps. To qualify for a Mshwari loan, one needs to have been an active user of Mpesa for the past 6 months.
Mshwari started in the year 2012. It has since gained increased popularity from Mpesa users all over the country. The minimum amount that one can borrow is sh.100. The loan limit grows as one keeps on borrowing and paying on time.
It is important to note that, the loan has a 30 days repayment period at 7.5% interest rate at a flat rate. Failure to repay after the lapse of 30 days attracts an application fee of 7.5%.
3. Tala Loans
Tala is the first mobile application for accessing instant unsecured loans in Kenya. Established in 2014, Tala has become a go-to loans app for many Kenyans. Tala has some minimum requirements in order to access its loans which includes:
- Being an active facebook user
- having access to Android smartphone
- Downloading the Tala app at the Google Play store
- Linking the Tala app to Facebook
- Provision of personal details as requested
- Accessing the loans
The minimum amount one can borrow from Tala is sh.500 and it attracts an interest rate of 15%. Just like the other places of borrowing money, one’s loan limit increases with increased borrowing and positive repayment curve.
Click the following link if you need more information about Tala Loans.
4. KCB Mpesa
KCB Mpesa offers unsecured business loans to small businesses and individuals. This is a partnership between Mpesa and Kenya Commercial Bank (KCB). There are two possible ways to access these loans. One is by being a KCB customer. The other is by being an active Mpesa user.
Just as Mshwari, their minimum loan limit is sh.100 while their maximum loan limit is sh.1,000,000. Its interest rate is at 1.16% per month. This means in addition to the excise duty, servicing an unsecured loan for one month attracts an interest rate of only 3.66%.
Check out this guide for a detailed explanation.
In addition to the other places mentioned above, Branch is a mobile application providing unsecured loans. Similar to Tala, it requires its users to have an active facebook account as well as an android phone. After downloading the app from Google play store, one is eligible for a loan of sh.1000.
The good news is, the more you use Branch app to access loan and pay in good time, the lesser your interest rate becomes. Branch comes in highly recommended among my friends.
6. Kopa Chapaa
Kopa Chapaa is the unsecured loan provided by Airtel in partnership with Faulu bank. One needs to have used Airtel for at least six months in order to qualify for a loan. The maximum loan limit that one can access via Kopa Chapaa is sh.100,000. Kopa chapaa is not very popular among Kenyans. Its repayment period is a little bit shorter at only 10 days.
7. Zidisha Loan
Zidisha loans is an international community for lenders and lendees. This platform provides instant unsecured loans to its customers in Kenya. The highest loan limit is Kes.1,014,790. All that one needs to be able to access the loan is to have a monthly income and be able to make weekly payments. The best thing about Zidisha is that it does not have an interest charge only a 5% service charge.
8. Pesa Pata Platform
It is one of the best places in Kenya to get loans without security. It works on the same way as Zidisha only that PesaPata is local. One needs to be an active Mpesa user for more than six months to be eligible for the loan.
In order to access its services:
- Go to Google play
- Download PesaPata
- Register the required details
- choose whether to lend or borrow
This App provides Kenyans and Africans with unsecured loans. It gives between Kes. 50 and Kes. 5000 with only a 30 days repayment period.
10. Timiza App
The Barclays bank of Kenya has provided this app offering unsecured loan in Kenya. This app also offers other services such as buying insurance forex, topping up airtime, paying for a taxi as well as paying other bills.
Download the Timiza app from the Google Play store and fill in the required details and kaboom! you are ready to borrow from Timiza.
Loans in Kenya without security conclusion
There you have it, places you can get loans in Kenya without security. If in need of cash, these are the places you might want to look for. All of them available on your mobile phone. If need more loan apps in Kenya, then look out for our comprehensive article.