Are you interested in knowing about the top banks offering unsecured mobile loans in Kenya? If you are, please join me in this article as we try to list these top banks.
Kenya’s fintech industry has been increasing. Each day we wake up to a new unsecured mobile loan app being launched. These days, Kenyans are spoilt for choice for who to borrow from.
Therefore, one can be overwhelmed as to which bank or platform to borrow from. We want to be able to borrow without having to pay outrageous interest rates.
As a result, this article addresses the need to know these best banks. So that when the time of need comes, you can borrow with ease.
List of Banks offering unsecured mobile loans in Kenya
Almost all banks operating in Kenya now offer mobile banking. However, very few of these banks provide unsecured mobile loans through their platform. Let’s discover these top niche banks in Kenya.
The Kenya Commercial Bank, in partnership with Safaricom Mpesa product offer instant unsecured loans for Mpesa customers.
Therefore, if you are a Mpesa customer, then you should be able to access this unsecured loan facility. KCB bank is one of the top banks in Kenya, offering unsecured loans.
One does not need to have an account with KCB to be able to borrow from KCB Mpesa. The interest rate charged is at 7.5% on your loan.
Moreover, one can borrow from as little as Kes. 100. One should, however, have saved for six months before being able to access this loan.
Loop is a service by NCBA bank Kenya that offers unsecured mobile loans to its subscribers. It is straightforward to obtain a quick loan from Loop as all you have to do is to download the App from either the Google Play Store or Apple App Store and install it.
Loop charges an interest rate of up to 13.5% on its loans. One has to save as much and borrow as much to increase their loan amount.
Therefore, with time, one can even qualify for a Ksh. 500,000 loan to be paid for six months at the said interest rate.
Moreover, Loop has various physical shops sprawled all over the city. If you would like further assistance, you can visit them.
3. Timiza Loan App by Absa bank Kenya
Absa bank Kenya was formally known as Barclays bank Kenya. This bank ranks third as a top bank offering unsecured mobile loans in Kenya.
Through the Timiza App, anyone who has the App on their phone can access an unsecured mobile phone within a short time.
One, therefore, does not have to go through rigorous banking procedures to be given a loan.
Related: How to get SME Loan in Kenya.
The Timiza Loan interest rate is at 6.17%, and one can borrow up to Ksh. 1,000,000 from Ksh. 100. On google play store, this application has over one million installations indicating how good it is to its customers.
However, lately, the Timiza loan app has been getting negative reviews after a recent upgrade. We hope that they will get to resolve this issue soon.
4. PesaPap by Family Bank
The family bank is another top commercial bank in Kenya, offering unsecured mobile loans. Their Pesapap mobile application provides its users with an opportunity to access loans hassle-free.
Pepa pap wallet offers you an unsecured loan at an interest rate of 13.5%. One has to download and install the app first to access their loan limit and eligibility.
5. Equity bank – Eazzy 24/7
Equity bank has always been the common mwananchi’s bank. It is, therefore, only fair that they offer unsecured mobile loans to their customers.
It is, therefore, only reasonable that Eazzy 24/7 has become the most popular mobile platform to access unsecured loans. However, to access this application, one has to have an existing account with Equity bank.
Loans are charged at 2% appraisal rate and 10% government tax on the appraisal amount. It is, therefore, slightly cheaper than the others listed above.
6. Mshwari by Safaricom in partnership with Commercial Bank of Africa
Mshwari was the first platform to offer unsecured mobile loans in Kenya. According to statistics provided by the Commercial Bank of Africa, on a given day, they get to process about 50,000 loan requests.
The loan amount that one is eligible to borrow is based on how much one has saved in Mshari and their usage of Mpesa.
The interest rate charged is similar to that charged by KCB Mpesa, and it is at 7.5% for a month. If you default your payments, you might be blacklisted by the CBA.
7. MCo-op cash by Cooperative Bank
MCo – Op cash wallet is offered by a Cooperative bank. Users can request for a loan, access the loan as well as repay for their investment through their mobile investments.
The minimum amount of cash that a customer can access is around Ksh. 100 and a maximum of Ksh. 200,000. The interest rate charged on loan to be repaid within a month is 7%.
It is always good to repay your loan within the given period as one will not have to incur an extra 6% interest rate for being late.
Now that you know which banks to borrow unsecured mobile loans from be very careful as to how much you borrow. Always keep in mind that failure to pay up may have severe consequences in your life.
For instance, these days, some employers conduct credit checks on some employees handling sensitive departments such as finance. Please pay up your loans as soon as you can.