Today we will review a list of loan apps in Kenya that allows you to access loans on your smartphone and receive your credit through Mpesa.
According to research, most people survive on mobile loans in Kenya. It is now easy to get instant unsecured loans through Loan Apps in Kenya. 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 accounts.
Which are the best loan Apps in Kenya?
- Mshwari by Safaricom
- KCB Mpesa Loans
- Tala Loans
- Branch Loans
- Saida Loans
- Okoa Stima
- Shika Loan App
- Timiza from Barclays
- HF Whizz
- CBA Loop
- Stawi loan app
- Berry loan app
Let’s go and explore the online 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.
Where can I get an instant loan in Kenya?
You can get an instant loan in Kenya on the following amazing platforms:
Mshwari is a Mobile banking service offered through M-Pesa in partnership with the Commercial Bank of Africa (CBA).
The minimum loan 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 mobile loan solutions that are easy to get with minimum requirements.
Loan application requirement on Mshwari
To qualify for a loan from Mshwari loan, 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 Fuliza product, which is challenging Mshwari at the moment.
KCB Mpesa is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom. The loan 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 loan 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 months 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.
Tala (Formerly Mkopo Rahisi)
Tala loan app was the first instant mobile loan 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 loan 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
- Link app to your Facebook account
- Answer a few personal questions
The loans are disbursed through your Mpesa account, and the minimum loan 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 loans.
Learn More about Tala Loan App here
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 a loan 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, link the app to your Facebook account, provide the 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 in the required details. Mpesa number, National ID, etc. Verify your account by clicking on the link that is sent to your phone via SMS.
The minimum Loan limit is Ksh 1000, and the maximum loan limit is currently unknown. The loan is disbursed via Mpesa, and the interest rate is dependent on the repayment of the weekly instalments by the due date, which ultimately increases the credit score and decreases the interest rate.
Saida is also using a mobile app to grant loans just like Tala and branch. To be eligible for a Saida Loan, your Mpesa/Airtel Money accounts must be very active. The app reads and monitors your transaction and calls activities to determine if you can be able to repay their loan.
To access Saida, download the app from the Play store. Fill in your mobile number and wait for an invitation to obtain loans; the request could take up to 3 -7 days for approval. Saida offers a Minimum loan limit of Ksh 600 with a maximum of Ksh 25,000 at an interest rate of 10%.
This loan is disbursed through Mpesa and is repaid in the same way via Mpesa Paybill number 854400 for 30 Days. Defaulters are handed over to CRB to be blacklisted.
Okoa Stima was founded by Kenya Power in partnership with Safaricom in 2015 and is currently active. It comes in handy when you don’t have enough fund to pay for electricity.
The minimum loan amount is Ksh 100 and a maximum of Ksh 2000 at an interest rate of 10%. The loan is disbursed and repaid through Mpesa and has a duration of 7 days.
Follow the steps shown here to get the OKOA Stima Loan.
Kopa Chapaa was established at the time as and facilitated by Faulu Kenya. You need to be an actual airtel money for six months user to qualify for a loan.
The minimum loan limit is Ksh 500, and the maximum limit is Ksh 100,000. The loan has a short payment duration of 10 Days.
Zidisha is an international firm which was found in 2008 and has been active ever since. It is a peer to peer lending platform, which means that it is a platform for lending money to individual or business organisations via an online platform that matches creditors directly to borrowers.
Zidisha is a non-profit organisation which connects borrowers from Kenya and across Africa, with creditors from North America and Europe. To qualify for a loan with Zidisha, you need to;
- Be employed or have an active business
- Have good conduct and reputation
- Have a good credit score record
- One should also have an excellent online presence to be able to respond to Zidisha queries and products on their website
- You also need to hold a Facebook account with good social connections
- Reside in a country where Zidisha currently operates.
- Be able and committed to posting frequent updates and reviews regarding the use of the loan and progress of the business on the Zidisha website.
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 the 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, you can borrow up to 3 million in cash.
Timiza by Barclays
One of the recently launched loan apps in Kenya is a beautiful loan product from 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 a Barclays account to use the 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.
If you are not using a Smartphone, you still can access the loan services from Timiza by dialling *848# on your mobile phone.
mKey Loan App
mKey represents the new revolution in customer-centric financial services. This is a new App from Finserve Africa that is gaining popularity fast. With mKey Loan App, you get a keyboard with yetumojis.
The app allows you to send money to several mobile wallets, including Mpesa, Equitel money, & Airtel money.
You can also buy airtime for either Safaricom, Equitel, Airtel, Telkom or Faiba. The app also allows you to goods or pay bills. You can do more like reading news get loans, among other services.
You can get the mKey loan apps on the Google Play store
HF Whizz Loan App in Kenya
I cannot end the 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.
The group is a credible entity in Kenya and be sure you will be served when you try them out.
The 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 and download the app. The process of registration is straight forward, and you will get a loan.
Zenka Loan App
Zenka is among the new loan apps in Kenya. I downloaded the app and immediately qualified for a loan of 2000 Kenyan Shillings. Zenka Finance owns Zenka, and they promise loans in the range of 500 to 20,000 payable in 30 days.
Stawi loan app
This is among the latest loan apps in Kenya introduced by the government in partnership with five commercial banks. Stawi loan app targets small and medium micro-enterprises in the Jua Kali sector. You can click on the link below to see how you can apply for a loan on the app to boost your business.
There isn’t much to say about this loan simply because its the best. Though quite an unnoticeable, Berry being the newest loan app in the market provides loans with low-interest rates with flexible repayment periods.
Which are the best loan apps?
According to me, the best apps in Kenya 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 loan limit.
Video – New apps for loans in Kenya
We’ve made a simple video that shows all the available loan apps in Kenya. If you don’t want to read, make sure you check out the video.