Top 10 Loan Apps in Kenya for Quick and Convenient Borrowing In 2023
Are you in need of a loan in Kenya? Look no further! In this article, we will explore the various options available for mobile loans in Kenya. From mobile loans offered directly through Safaricom to those offered by banks, we've got you covered. We'll also take a look at some of the best loan apps available on Google Play, including Branch Loan, Tala, and Okash.
Getting a loan in Kenya can be a daunting task, especially if you don't have a good credit score or collateral to secure the loan. However, with the rise of fintech companies and loan apps, it has become much easier to borrow money without going through traditional banking channels. In this article, we will be discussing the top 10 loan apps in Kenya that you can use to get a loan in the comfort of your own home.
So, let's dive in and explore the various options available for mobile loans in Kenya.
Mobile Loans offered by Safaricom
If you're looking for a mobile loan in Kenya, you may want to consider options offered directly through Safaricom. These loans include Fuliza, Mshwari, and KCB M-Pesa, and are convenient as you don't need to download an additional app to access them.
Mobile Loans offered by Banks
Another option for mobile loans in Kenya are those offered by banks. These loans tend to have lower interest rates as the lenders are regulated. Some examples of mobile loans offered by banks in Kenya include Timiza by ABSA Bank, NCBA Loop, HF Whizz, Eazzy App by Equity, KCB Vooma Loan, PesaPap Wallet Loan by Family Bank, and MCo-Op Cash by Co-op Bank.
Loan Apps on Google Play
In addition to mobile loans offered directly through Safaricom and those offered by banks, there are also several loan apps available on Google Play in Kenya. It's important to be cautious when choosing one of these lenders, as some may have questionable practices. However, there are several reputable options available, including Branch Loan, Tala, and Okash.
Best Loan Apps in Kenya
#1 Tala
Tala is one of the most popular loan apps in Kenya, with over 4 million users. The app uses advanced technology to analyze your financial data and determine your creditworthiness, which allows them to offer loans at competitive interest rates. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 1,000 to KES 50,000, with repayment periods of up to 30 days.
#2 Branch
Branch is another popular loan app in Kenya that offers short-term loans to individuals and small businesses. The app uses advanced algorithms to analyze your financial data and determine your creditworthiness, allowing them to offer loans at competitive interest rates. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 1,000 to KES 50,000, with repayment periods of up to 30 days.
#3 M-Shwari
M-Shwari is a mobile banking service offered by Safaricom in partnership with the Commercial Bank of Africa (CBA). It allows users to access a range of financial services, including loans, savings, and investments, through their mobile phone. To apply for a loan, you will need to have an active M-Pesa account and a stable source of income. The loan amounts range from KES 100 to KES 50,000, with repayment periods of up to 30 days.
#4 Okash
Okash is a loan app offered by Opera, the company behind the popular Opera Mini browser. The app uses advanced algorithms to analyze your financial data and determine your creditworthiness, allowing them to offer loans at competitive interest rates. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 500 to KES 50,000, with repayment periods of up to 30 days.
#5 KCB M-PESA
KCB M-PESA is a mobile banking service offered by the Kenya Commercial Bank (KCB) in partnership with Safaricom. It allows users to access a range of financial services, including loans, savings, and investments, through their mobile phone. To apply for a loan, you will need to have an active M-Pesa account and a stable source of income. The loan amounts range from KES 1,000 to KES 150,000, with repayment periods of up to 6 months.
#6 Timiza
Timiza is a loan app offered by Barclays Bank in partnership with Safaricom. It allows users to access a range of financial services, including loans, savings, and investments, through their mobile phone. To apply for a loan, you will need to have an active M-Pesa account and a stable source of income. The loan amounts range from KES 500 to KES 150,000, with repayment periods of up to 6 months.
#7 MCo-op Cash
MCo-op Cash is a mobile banking service offered by the Cooperative Bank of Kenya. It allows users to access a range of financial services, including loans, savings, and investments, through their mobile phone. To apply for a loan, you will need to have an active M-Pesa account and a stable source of income. The loan amounts range from KES 1,000 to KES 150,000, with repayment periods of up to 6 months.
#8 KCB Mpesa
KCB 2JAMBO is a loan app offered by the Kenya Commercial Bank (KCB). It allows users to access loans, savings, and investments through their mobile phone. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 1,000 to KES 150,000, with repayment periods of up to 6 months.
#9 Saida
Saida is a loan app that allows users to access loans, savings, and investments through their mobile phone. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 500 to KES 50,000, with repayment periods of up to 30 days.
#10 Lpesa
Lpesa is a loan app that allows users to access loans, savings, and investments through their mobile phone. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts range from KES 500 to KES 50,000, with repayment periods of up to 30 days.
A Summary of Best Loan Apps in Kenya
| Loan App | Loan Amount | Interest Rate | Repayment Duration |
|---|---|---|---|
| Tala | KES 1,000 - 50,000 | Varies | Up to 30 days |
| Branch | KES 1,000 - 50,000 | Varies | Up to 30 days |
| M-Shwari | KES 100 - 50,000 | Varies | Up to 30 days |
| Okash | KES 500 - 50,000 | Varies | Up to 30 days |
| KCB M-PESA | KES 1,000 - 150,000 | Varies | Up to 6 months |
| Timiza | KES 500 - 150,000 | Varies | Up to 6 months |
| MCo-op Cash | KES 1,000 - 150,000 | Varies | Up to 6 months |
| KCB Mpesa | KES 1,000 - 150,000 | Varies | Up to 6 months |
| Saida | KES 500 - 50,000 | Varies | Up to 30 days |
| Lpesa | KES 500 - 50,000 | Varies | Up to 30 days |
| Fuliza | KES 1,000 - 100,000 | Varies | Up to 30 days |
| NCBA Loop | KES 1,000 - 150,000 | Varies | Up to 6 months |
| HF Whizz | KES 1,000 - 150,000 | Varies | Up to 6 months |
| Eazzy App | KES 500 - 150,000 | Varies | Up to 6 months |
| KCB Vooma Loan | KES 1,000 - 150,000 | Varies | Up to 6 months |
| PesaPap Wallet Loan | KES 500 - 50,000 | Varies | Up to 30 days |
| Zenka | KES 1,000 - 50,000 | Varies | Up to 30 days |
| Branch International | KES 500 - 50,000 | Varies | Up to 30 days |
| Pata Loan | KES 1,000 - 50,000 | Varies | Up to 30 days |
Read Also; Step-by-Step Guide on How to Register a Company in Kenya: Requirements and Procedures
Conclusion
In conclusion, the top 10 loan apps in Kenya offer a convenient and quick way to borrow money without going through the traditional banking channels. These apps use advanced technology to analyze your financial data and determine your creditworthiness, allowing them to offer loans at competitive interest rates. To apply for a loan, you will need to have a valid national ID, a working phone, and a stable source of income. The loan amounts and repayment periods vary depending on the app you choose.
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