Are you in need of quick cash? Find a list of loans without security in Kenya.
In these modern times, to get a loan in Kenya, one does not need guarantors or general 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. You can get personal loan for students with no job in Kenya.
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
Here are some of the places to get unsecured loans in Kenya:
- KCB Mpesa
- HF Whizz
Top Loan in Kenya Without Security
The following are the different ways to get unsecured personal loans in Kenya:
1. Fuliza by Safaricom
Fuliza is a form of unsecured loan in the form of an overdraft, many call it mpesa loans. Safaricom provides it 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 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 costs. 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.
2. Mshwari by Safaricom
Mshwari 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 six 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 a 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 loan app for many Kenyans. Tala has some minimum requirements to obtain 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 lending money, one’s loan limit increases with increased borrowing and a definite repayment curve.
Click the following link if you need more information about Tala Loans.
4. KCB Mpesa
KCB Mpesa offers unsecured loans to small businesses and individuals. The KCB Mpesa 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 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 KCB M-Pesa guide for a detailed explanation.
5. Branch Loans
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 the Branch app to access loans and pay in good time, the lesser your interest rate becomes. A branch loan comes highly recommended among my friends.
6. HF Whizz
Launched by Housing Finance Group, HF Whizz is a new banking experience that gives you control and access over your finances anywhere anytime. HF Whizz is one of the best loan apps in Kenya downloadable from both Google Play and App Store.
The app is more than just a lending app, and it allows you to do more on your phone like paying bills, transferring cash, buying airtime, and so much more.
To access HF Whizz loans, all you have to do is download the app and deposit a small amount to your account through M-Pesa. I didn’t deposit anything since my credit score is excellent, and I qualified for a 20,000 loan.
Read more about Online loans in Kenya
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. CBA Loop
This is a product of CBA Bank, and it is a digital banking service that helps you manage your money better right from your phone. CBA Loop offers loans up to 3 Million Kenyan Shillings.
You have to use the app to qualify for a loan from the app. You can use the app to send money at any time, pay utility bills conveniently at any time anywhere, Borrow loans, manage your finances, Invest money, Invite friends to join the love loop, and create financial goals.
This app provides Kenyans and Africans with unsecured loans. It is between Kes. 50 and Kes. 5000 with only a 30 days repayment period.
10. Timiza by Barclays
The Barclays Bank of Kenya has provided this app offering unsecured loans 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.
11. iPesa Loan App
The iPesa loan app is currently the latest in the market, offering fast and easy loans straight to your M-Pesa account. Their loan interest rate is now at 12% APR with no extra fees such as service fees attached.
Loans without security in Kenya conclusion
There you have it, places you can get credits 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 you need more loan apps in Kenya, then look out for our comprehensive article.