List of Places to Access Quick Loans in Kenya
Looking for quick loans in Kenya? Explore our guide to find reliable platforms that offer instant approvals and flexible repayment options.
Life's unpredictability often leaves us with unexpected expenses and financial strains. We need a quick, easy, and reliable solution at the moment. With the advent of digital technology, quick loans in Kenya have become accessible to many, providing financial assistance when needed.
What are Quick Loans?
Before we explore the numerous platforms offering quick loans, it's crucial to understand what they are. Quick or instant loans are short-term financial solutions, usually disbursed within a few minutes or 24 hours upon application. These loans help cover urgent needs such as medical bills, emergency repairs, or unexpected bills.
While quick loans are convenient and fast, they usually carry higher interest rates than conventional loans, and the repayment terms are relatively short. Therefore, ensure you understand the terms before applying and can afford the repayments.
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Your Go-to Platforms for Quick Loans in Kenya
1. MCo-op Cash Loans
Operated by the Co-operative Bank of Kenya, MCo-op Cash offers an accessible platform for customers to access banking services and loans. To qualify, you need to be a Co-op Bank customer with the MCo-op Cash app, which is available on both Google Play and iOS.
The loan limit ranges from Ksh 3,000 to a maximum of Ksh 100,000, offering flexibility for small and substantial financial needs.
2. Timiza by Absa Bank
A product of Absa Bank, the Timiza loan service gives instant approvals at competitive interest rates. It's accessible through the Timiza app, available on Google Play Store or iOS App Store. To qualify, you need to be an M-Pesa user for at least six months, an active user of Safaricom services, and have a favorable CRB status. The loan limit is up to Ksh. 150,000.
3. NCBA Loop
NCBA Loop App, a product of NCBA Bank, offers more than just loan services. It allows customers to access banking services, set financial goals, pay bills, and transfer money. With flexible repayment periods ranging from 6 to 36 months, customers can access loans of up to Ksh 3,000,000 and overdrafts of up to Ksh 100,000.
4. Branch Loans
The branch is a socially conscious company that offers quick loans via its app. Through a detailed analysis of your phone's transaction history, the app determines your risk profile, thus determining your loan limit. As you build your credit history, the fees reduce, and you are eligible for larger loans and more flexible terms.
5. KCB M-PESA
The result of a partnership between Kenya Commercial Bank and Safaricom, KCB M-PESA offers a virtual mobile-based bank account that allows customers to access micro-loans between Kshs.50 and Kshs. 1M. To be eligible, you must be at least 18 years old, have a registered and active Mpesa account for at least 6 months, and have an updated Mpesa menu.
6. Eazzy Loan
Eazzy Loan, a product from Equitel, offers loans with an interest rate of 2%-10% per month of the loan amount on a flat rate. The minimum loan amount is Kshs.1,000, and the maximum loan period is 12 months.
7. OKash
OKash is a micro-loan service by Opera, offering loans ranging between Ksh. 500 and Ksh. 100,000. With a 14 to 365 days repayment period and an interest rate of 5% -36%, OKash is a convenient solution for quick loans. The approval process requires a credit check, but you can often get your loan within a few hours of applying.
8. Tala Loans
Tala is an innovative digital lending platform that offers personalized loans in real-time, right through your smartphone. After downloading the Tala app, customers are guided through a simple application process. Tala then uses a proprietary algorithm to assess your creditworthiness. Loans range from Ksh. 500 to Ksh. 30,000 with repayment terms of 30 days or two monthly installments.
9. Zenka Loan App
Zenka is a flexible personal finance platform offering fast, paperless loans that are easy to access from your mobile device. They offer first-time loans for free, with 0% commission. Subsequent loans range from Ksh. 500 to Ksh. 30,000, with a service fee of 9%-29%. You can repay the loan in full at the end of 30 days or earlier or extend the repayment period by choosing the flexible repayment option.
10. Utunzi Loan App
Utunzi offers a personal budgeting tool that leverages data science to understand individual needs and offer credit. Users need to download the app and sign up. After applying, the platform uses AI to determine the user's credit score. Loans range from Ksh. 500 to Ksh. 100,000, and the repayment period varies based on the amount borrowed and the customer's profile.
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SUMMARY TABLE: 26 Places to Access Quick Loans in Kenya
| Loan Provider | Loan Amount | Repayment Period | Interest Rate |
|---|---|---|---|
| Timiza loan app | Up to Ksh. 150,000 | 30 days | 5% facility fee |
| NCBA Loop | Up to Ksh. 3,000,000 | Flexible (6 to 36 months) | Varies |
| MCo-op Cash app | Up to Ksh. 500,000 | Varies | 3% appraisal fee, 1.083% commission, 20% exercise commission |
| HF Whizz app | Up to Ksh. 50,000 | Varies | 10% interest rate |
| Eazzy Banking app | Up to Ksh. 3,000,000 | Varies | Varies |
| PesaPap loan app | Varies | Varies | Varies |
| NIC NOW app | Not available for loans | N/A | N/A |
| Vooma loan | Up to Ksh. 3,000,000 | 24 hours | 6.91% interest rate, no processing fees |
| KCB Mpesa | Up to Ksh. 1 Million | 1 month, 3 months, 6 months | 1.16% interest rate per month |
| M-Shwari | Up to Ksh. 50,000 | 30 days | 9% interest rate |
| Fuliza Mpesa | Overdraft facility | N/A | N/A |
| mKey | Up to Ksh. 1 Million | Varies | 9% interest rate |
| Branch | Up to Ksh. 50,000 | 2 weeks to 1 month | 6% to 16% interest rate |
| KCB M-PESA | Up to Ksh. 1 Million | 1 month, 3 months, 6 months | Varies |
| M-Shwari | Up to Ksh. 20,000 | 30 days | 7.5% interest rate |
| MCo-op Cash loans | Up to Ksh. 100,000 | Varies | Varies |
| Eazzy Loan | Up to Ksh. 1,000,000 | Varies | 2%-10% interest rate per month |
| OKash | Up to Ksh. 100,000 | 14 days | 14% interest rate |
| Haraka | Up to Ksh. 5,000 | 7-30 days | 23.45% interest rate |
| Timiza | Up to Ksh. 150,000 | 30 days | 6.17% interest rate |
| Whizz | Up to Ksh. 50,000 | 30 days | 7.725% interest rate |
| Loop | Up to Ksh. 3,000,000 | Varies | Varies |
| Tala | Up to Ksh. 30,000 | 30 days | 7% to 19% fee (30-day loan), 5% to 14% fee (21-day loan) |
| Safaricom Fuliza | Overdraft facility | N/A | N/A |
| MCo-op Cash Salary Loan | Up to 1.5 times net salary received in Co-op Bank account, maximum of Ksh. 200,000 | Varies | 8% fees deducted up-front |
| NIC Bank mobile banking loans | Varies | 30 days | 1.13% interest rate, 4% processing fee |
Considerations When Choosing Quick Loans
Even though quick loans are helpful in emergencies, it's important to make informed decisions. Before borrowing, consider the interest rates, repayment period, and other hidden charges. Remember, defaulting on loan repayments could negatively affect your credit score, limiting your ability to borrow in the future.
Conclusion
With the fintech boom, accessing quick loans in Kenya has become relatively easy. However, financial discipline is paramount to avoid falling into a debt trap. Therefore, always ensure you have a repayment plan in place before borrowing. And remember, loans should be used for emergencies, not as a way to fund your lifestyle.
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