Best Loan Apps in Kenya [Full List in 2020]

Here a list of genuine loan apps in Kenya that allows you to access loans on your smartphone and receive your credit through Mpesa.

Kindly Note: Some of these mobile loan apps stopped issuing loans. Because the Central Bank of Kenya barred them from accessing the Credit Reference Bureau records, thus can’t determine your creditworthiness. This means these are loan apps without CRB checks currently.

That does not mean that you should avoid them altogether.

According to research, most people survive on mobile loans in Kenya. It is now easy to get instant unsecured loans straight to your mobile phone.

Getting personal loans online in Kenya is now faster and easier than getting a traditional bank loan thanks to the introduction of Mobile Banking.

Customers who need to borrow a small personal loan for an amount between Ksh 100 and Ksh 50,000, will have an instant approval with money deposited directly into their Mpesa mobile money accounts.

Let’s go and explore the best mobile loan apps one by one. However, it is essential to point out that KCB Mpesa and Mshwari are not open to everyone unless you are a client of either KCB Bank or Safaricom LLC.

Which are the genuine loan Apps in Kenya?

There are many mobile lending apps out there and I am sure many people are confused about which are the genuine ones from the fake one. Well, here are the genuine loan apps in Kenya:

1. Tala (Formerly Mkopo Rahisi)

Tala app was the first instant mobile lending app launched as Mkopo Rahisi in 2014 and later rebranded to Tala. This App requires one to have a smartphone and a good Mpesa Track record to access their loans.

How does Tala work?

To determine your loan limit, The App depends on your repayment behaviour and on reading your Mpesa transaction activities. You shouldn’t delete your Mpesa messages.

• Download & install the Tala App from the Google Play store
• Sign up and link the app to your Facebook account
• Answer a few personal questions

The loans are disbursed through your Mpesa account, and the minimum limit is Ksh 500, with a maximum of Ksh 50,000 at an interest rate of 15%.

The loan is to be paid back in weekly instalments for three weeks through Mpesa PayBill number 851900. Loan defaulters are restricted from qualifying for future investments.

Learn More about Tala Loan App

2. Branch Loan App

Branch International Inc is a San Fransico based company with a branch in Nairobi. It was launched in Kenya in 2015 and has been active ever since.

To qualify for credit using this App, you need to be a registered Mpesa user and have an official active Facebook account with usernames matching those in your National ID card.

Download and install Branch app from the Google Play store, sign up and link the App to your Facebook account, provide required details like Phone number, National ID number, etc. Verify your Phone number by clicking on the link sent to your phone via SMS

Link the App to your Facebook account. Fill the required details; M-Pesa number, National ID, etc. Verify your account by clicking on the link that is sent to your phone via SMS.

The minimum limit is Ksh 250, and the maximum loan limit is 70,000. The loan is disbursed via Mpesa, and the interest rate is dependent on repayment of the weekly instalments by the due date, which ultimately increases the credit score and decreases the interest rate.

You can find more information on how to pay Branch Loan.

So if you are looking for genuine loan apps, then Branch is your sure bet.

3. Timiza by Absa

One of the best mobile loan apps in Kenya is a beautiful loan product from Absa (formerly Barclays Kenya), Timiza. The best thing about Timiza is that it is open to anybody with a mobile phone.

Most importantly, because you don’t need an Absa account to use Timiza App. It is also suitable for saving, and you increase your chances of getting a loan by depositing money into the App through M-Pesa mobile money.

If you are not using a smartphone, you can still access loan services from Timiza by dialling *848# on your mobile phone.

4. Zenka Loan App

Zenka is among the new loan apps. I downloaded the App and immediately qualified for a loan of 2000 Kenyan Shillings.

When I repaid my loan, they only took the initial loan amount of 2,000, meaning the first loan is free. Zenka Finance owns Zenka, and they promise loans in the range of 500 to 30,000 payable in 61 days.

Zenka is a reliable mobile loan provider with over 1,000,000 downloads on Google Play.

5. CBA Loop Loan

CBA Loop a product of Commercial bank of Africa launched in 2018. The App is a digital banking service that helps you manage your money better right from your phone.

That means you skip queues, red tape, and all the monotony that comes with conventional banking. With Loop, you can send money, make payments, invest, save, and access loans at the tap of a button.

When managing your money is smarter and more accessible, it’s not banking at all. You need to use CBA Loop for at least three months before you qualify for a loan.

The best part is their loans have no limit, and you can borrow up to 3 million in cash and has the most prolonged repayment period compared to other money lending apps.

6. HF Whizz Loan App

I cannot end this list without mentioning the HF Whizz App from HF Group. I love it because the first time I qualified for a loan of 22,000. They have since updated their terms, and you are required to visit one of their branches for KYC to get a loan.

The group is a credible entity, and be sure you will be served when you try them out. HF Whizz app allows you to borrow up to a maximum limit of 50,000, and it similar to Timiza App by Barclays.

Apart from loans, you can also pay bills and send money to other people. To get started with HF Whizz App, head over to Google Play Store, download the App and sign up. The process of registration is straight forward, and you will get a loan after using the App for a while.

7. Okash Loan App

This list cannot be complete without mentioning Okash app a product of Opay, which is a Fintech subsidiary of the Opera group, maker of the popular Opera mini browser.

Okash app has over 1,000,000 downloads on the Google Play, and they offer loans to anyone between the age of 20 to 55 who has a fixed income.

Okash claims to offer loans of up to 500, 000 depending on the applicant’s credit score. We are not sure about that since, on the App, they have a period of 15 days for one to clear a loan.

8. Stawi loan app

This is among the latest money lending introduced by the Kenyan Government in partnership with CBA. Stawi app targets small and medium micro-enterprises in the Jua Kali sector. Currently, it has over 100,000 downloads on Google Play.

9. iPesa loan app

iPesa is a recent entry in the mobile loan industry. iPesa claims to be an Easy and Fast App that sends your credit direct to M-Pesa mobile money.

iPesa offers loans from as little as 500 Kenya shillings to 50,000 and has a new loan term of between 91 days and 180 days.

They do charge interest of between 0 to 6% and a variable service fee of 5% to 10%. Need to learn more? Check out iPesa loan app

10. Senti

Another entrant into the money lending apps is Senti, which offers hassle-free loans straight to your M-Pesa. It can either download the App directly on the Senti website or get it on Google Play, where it has over 100,000 downloads. They offer loans with a limit of up to KES 70,000.

11. Mshwari

Mshwari is a Mobile banking service offered through M-Pesa mobile money in partnership with the Commercial Bank of Africa (CBA).

The minimum amount that can you can borrow is Ksh 100, and the maximum loan limit is unknown.

To qualify for a higher loan limit; one is required to have repaid the first loaned amount on time, and also increase your saving amount in your account.

Mshwari loans usually have a repayment duration of 30 days and attract an interest rate of 7.5%. Loan disbursement is done through Mpesa and processed in less than five minutes.

It is important to note that this is one of the best loan solutions that are easy to get with minimum requirements.

Loan application requirement on Mshwari

To qualify for a loan from Mshwari, you must meet the following criteria:

• Be a Safaricom subscriber and have Mpesa enabled for your line.
• A registered and active Mpesa line used for six (6) Months
• Active Mshwari account
• An updated Mpesa menu

Safaricom has introduced a Fuliza product, which is challenging Mshwari at the moment.

12. KCB M-Pesa

KCB Mpesa is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom.

The platform started in 2015 as a saving account and has been active ever since. It is possible to borrow without saving, and the loan disbursed through KCB Mpesa Menu on your phone.

The minimum limit is Ksh 50 and a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per month, with a one-off negotiation fee of 2.5%.

The cost of a month’s loan is 3.66% with excise duty applicable to payments.

Conditions for Loan eligibility on KCB Mpesa

Being an active registered Safaricom Mpesa customer for six months is enough to qualify for a loan. Dial *844# and follow user prompts to activate our KCB-Mpesa account.

How to increase your KCB Mpesa Loan Limit

KCB Mpesa assess your loan repayment behaviour, saving history, and monitors your Mpesa transactions activity to determine the amount of loan limit for you.

NOTE: KCB M-Pesa and Mshwari are accessible through Mpesa Menu on your phone or the Safaricom App. KCB Mpesa is also available through the KCB App.

13. Eazzy Banking App

This app is by Equity banks which allows their customers to access bank services on their smartphone. It is a companion of the popular Equitel App.

The App is more of a banking app than a loan app but they offer loans through the App known as Eazzy loan.

Loan amounts range between KSh 1,000 and KSh 3,000,000 and can be repaid monthly or in several months.

Which app gives loan instantly?

I have used almost all the apps and I know Which app gives loan instantly. Here are the apps that give loans instantly but only if you qualify.

All of them. Since the introduction of mobile money, it is easy for lenders to profile you and disburse loans instantly to your phone.

How can I get a quick loan in Kenya?

As I mentioned, all the loan apps listed here allow you to get a quick loan in Kenya. All of them have requirements which will allow you access credit.

To get a quick loan in Kenya, you should meet the following requirements:

1. Be above the age of 18.
2. Have a registered line on your mobile phone with access to mobile money.
3. You should have a clean credit profile (Not listed on CRB). Many people have been asking me this question: Can I get a loan while blacklisted in Kenya? The answer is yes & no because there are apps that do not have access to CRB and will give you a loan based on trust.

Which are the best loan apps?

In my opinion, the best apps are Tala, Branch, and Zenka. I have been using Tala and currently among the top borrowers for the App.

With Zenka, you get your first loan free, and they provide instantly. It’s always good to check if you had been wrongfully blacklisted by the Credit Reference Bureau (CRB). It only takes seconds to check your credit score with CRB to qualify for a higher limit.