TOP 26 Online Emergency Loans in Kenya For 2023
Looking for online emergency loans in Kenya? We've got you covered. Learn about the best loan providers, requirements, and repayment terms.
Life is unpredictable. Unexpected expenses could come knocking when least anticipated, whether a car breakdown or a sudden hospital bill. Fortunately, technology has made it easier for Kenyans to access emergency funds through online loans. Here's everything you need to know about online emergency loans in Kenya.
Why Choose Online Emergency Loans?
Online emergency loans in Kenya offer a quick and convenient means of obtaining funds, especially during emergencies. This solution is ideal for individuals requiring immediate cash and limited access to traditional banking services or loan facilities.
However, online loans have their challenges. High-interest rates and short repayment periods often accompany these loans. Therefore, weighing the pros and cons before opting for online emergency loans is critical.
Understanding the Landscape of Online Emergency Loans in Kenya
Here, we comprehensively review ten popular online loan providers in Kenya, their features, and their requirements.
1. Tala Emergency Loans
Tala, formerly Mkopo Rahisi, has grown remarkably, becoming a leading figure in Kenya's online loan market. With quick loan disbursement, flexible rates, and a supportive customer desk, Tala is a preferred option for many Kenyans.
Requirements:
- Be at least 18 years
- Active MPESA account
- Android smartphone
- Valid Kenyan ID
- Good CRB record
2. Timiza Online Emergency Loans Kenya
Timiza is a product of Barclays Bank, offering competitive rates to borrowers. The quick and smooth loan application process makes Timiza a convenient choice for many.
Requirements:
- Registered Safaricom line
- Good CRB record
- Kenyan ID
- Active MPESA account
3. Branch Quick Online MPESA Loans
Depending on eligibility, the branch offers loan amounts ranging from Ksh 250 to Ksh 100,000.
Requirements:
- Valid Kenyan ID
- Android smartphone
- Registered Safaricom number
- Active MPESA account
- A working Facebook account
- Good credit record
4. Zenka Emergency Loans in Kenya Via MPESA
Zenka offers an interest-free first loan to its new customers. However, this offer is only valid within 24 hours of the loan application.
Requirements:
- Registered Safaricom line
- Active MPESA account
- Android smartphone with Internet access
- Kenyan ID
5. Haraka Quick MPESA Loans
As the name suggests, Haraka offers fast loan processing straight into the borrower's MPESA account.
Requirements:
- Active Facebook account
- Valid Kenyan ID
- Android smartphone
- Registered MPESA line
- Good CRB record
6. Opesa Emergency Loans in Kenya Via MPESA
Opesa stands out with its simple registration process and swift loan disbursement.
Requirements:
- 18 – 55 years
- Valid Kenyan ID
- Active Safaricom line
- Working MPESA account
- Good CRB score
- Android smartphone with Internet access
7. Okash Emergency Loans
Okash provides loans ranging from Ksh500 to Ksh 500,000, with a 91 to 365 days repayment period. It's known for its excellent customer service and high approval rates.
Requirements:
- Aged between 20 – 55 years
- Active Safaricom line
- Valid Kenyan ID
- Android smartphone
- Good CRB record
8. M-Shwari Emergency Loans
M-Shwari is a product of Safaricom and the Commercial Bank of Africa and is well-established in the market. It provides loans directly into your M-PESA account and offers flexible repayment options.
Requirements:
- Registered Safaricom line
- Active M-PESA account
- Kenyan ID
- Good CRB record
9. Stawika Emergency Loans
Stawika offers a simple and quick loan application process with up to 1% daily interest rates. It caters to a wide range of financial needs.
Requirements:
- Registered Safaricom line
- Active M-PESA account
- Android smartphone
- Kenyan ID
10. Saida Quick MPESA Loans
Saida is known for providing quick loans and features an easy-to-use app interface. It offers an extended repayment period, making it an attractive option for those needing more time to repay.
Requirements:
- Active M-PESA account
- Android smartphone with Internet access
- Registered Safaricom line
- Kenyan ID
- Good CRB record
SUMMARY TABLE: TOP 26 Online Emergency Loans in Kenya
| Number | Loan Provider | Loan Type | Loan Amount Range | Repayment Period | Interest Rate (%) | Additional Fees |
|---|---|---|---|---|---|---|
| 1 | KCB MPESA Loans | Personal Loan | Ksh 1,000 - Ksh 1,000 | 1 month | 8.64 | None |
| 2 | KCB Mobile Loans | Personal Loan | Ksh 1,001 - Ksh 300,000 | 30 days | 7.02 | None |
| 3 | Fuliza MPESA | Overdraft Service | Ksh 1 - Ksh 70,000 | Up to 30 days | Varies | Ksh 25 daily maintenance fee |
| 4 | Mshwari Instant Mobile Loans | Personal Loan | Ksh 100 - Ksh 50,000 | 1-6 months | 9 | 7.5% loan fees + 1.5% excise duty |
| 5 | MCOOP Cash Loans | Personal Loan | Ksh 1,000 - Ksh 50,000 | 1-3 months | 8 | None |
| 6 | Eazzy Quick Online MPESA Loans | Personal Loan | Ksh 1,000 - Ksh 30 million | 1-12 months | 13 | None |
| 7 | Timiza MPESA Emergency Loans | Personal Loan | Ksh 500 - Ksh 150,000 | 30 days | 1.27 | 5% facility fee + 20% negotiation fee |
| 8 | PesaPap Mobile Loans | Personal Loan | Ksh 1,000 - Ksh 50,000 | 30 days | 6.62 | 5% processing fee + 1.12% monthly interest + 0.5% insurance |
| 9 | Tala MPESA Emergency Loans | Personal Loan | Ksh 1,000 - Ksh 50,000 | 21-30 days | 0.3 - 0.6 | 8% penalty for late repayments |
| 10 | Zenka Emergency Loans | Personal Loan | Ksh 500 - Ksh 30,000 | 61 days | 9 - 30 | None |
| 11 | Branch Emergency Loans | Personal Loan | Ksh 150 - Ksh 70,000 | Up to 60 days | 32 - 240 | None |
| 12 | Zash Online Emergency Loans Kenya | Personal Loan | Ksh 500 - Ksh 50,000 | Up to 91 days | 25 | None |
| 13 | Fin Credit Emergency Loans | Personal Loan | Varies | 1-12 months | 10 | None |
| 14 | Tala Emergency Loans | Personal Loan | Ksh 2,000 - Ksh 30,000 | 21-30 days | 11-15 | 8% penalty for late repayments |
| 15 | Timiza Online Emergency Loans Kenya | Personal Loan | Ksh 50 - Ksh 150,000 | Up to 30 days | 1.17 | 5% facility fee |
| 16 | Branch Quick Online MPESA Loans | Personal Loan | Ksh 250 - Ksh 100,000 | 4-52 weeks | 17-35 | None |
| 17 | Zenka Emergency Loans in Kenya | Personal Loan | Ksh 500 - Ksh 30,000 | Up to 61 days | 70.7 - 224.89 | None |
| 18 | Haraka Quick MPESA Loans | Personal Loan | Ksh 500 - Ksh 5,000 | 7-31 days | 23.45 | None |
| 19 | Opesa Emergency Loans in Kenya | Personal Loan | Ksh 1,500 - Ksh 50,000 | 91-365 days | 36 | Ksh 100 - Ksh 600 service fee |
| 20 | Okash Emergency Loans | Personal Loan | Ksh 500 - Ksh 50,000 | 91-365 days | 36 | Ksh 100 - Ksh 3,000 service fee |
| 21 | Fuliza Emergency Loans | Overdraft Service | Ksh 1 - Ksh 70,000 | 30 days | Varies | Ksh 2 - Ksh 30 daily charges |
| 22 | Zash Instant Mobile Loans in Kenya | Personal Loan | Ksh 500 - Ksh 50,000 | 91-365 days | 25 | None |
| 23 | Mokash Quick MPESA Loans | Personal Loan | Ksh 2,000 - Ksh 10,000 | 91-365 days | 36 | Ksh 100 - Ksh 3,000 service fee |
| 24 | Eazzy Quick MPESA Loans | Personal Loan | Ksh 100 - Ksh 200,000 | 30 days | 2-10 | None |
| 25 | KCB MPESA Quick Online MPESA Loans | Personal Loan | Ksh 50 - Ksh 1,000,000 | 30 days | 8.64 | None |
| 26 | Mshwari Instant Loans | Personal Loan | Ksh 100 - Ksh 50,000 | 30 days | 7.5 | None |
READ ALSO: Treasury Bills in Kenya: How to Register, Invest, and Available Interest Rates
Conclusion
Before settling on a lender, research their terms and conditions. Many lenders will require a good Credit Reference Bureau (CRB) record, which measures your past credit behavior. Furthermore, you must repay your loan on time to avoid a negative CRB listing, which can hinder your ability to access credit in the future.
Online emergency loans in Kenya have become an essential lifeline for many people, offering a quick solution to financial emergencies. With the right knowledge and careful consideration, these loans can be an effective tool in managing your financial situation. However, it's crucial to understand the terms and conditions fully before committing to any loan agreement to avoid future problems.
Frequently Asked Questions About Online Emergency Loans in Kenya
What is the minimum and maximum amount I can borrow?
The minimum and maximum amounts you can borrow vary from lender to lender. Typically, the amounts range from Ksh 250 to Ksh 500,000. Most lenders have a tier system where the amount you can borrow increases based on your repayment history.
What is the average repayment period for these loans?
Again, the repayment period differs from lender to lender. However, it usually falls between 30 to 365 days. Ensure you understand the repayment terms before accepting a loan.
How can I improve my loan limit?
Consistent repayment of your loans increases your credit score and, subsequently, your loan limit. Most online lenders have a tiered system where your limit increases based on your repayment history.
Are there penalties for late repayment?
Yes, most lenders impose penalties for late repayment. Understanding these terms before accepting a loan is crucial to avoid unexpected charges.
How quickly can I get the loan?
The speed of loan disbursement varies from lender to lender. However, most online lenders in Kenya promise to deliver loans to your MPESA account within minutes of approval.
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