Mobile loan apps in Kenya have become an easy source of quick credit. This is because of the efficiency and convenience they offer compared to traditional lending platforms. Currently, millions of Kenyans are using these apps monthly to access loans. Hence, let’s look at the top 22 best mobile loan apps in Kenya.
The growth of these apps comes from the fact that there was a huge financial exclusion of the majority of Kenyans by the traditional lending platforms. Even for those offering credit, the process was tedious and lengthy.
To access a mobile loan, you only need to download an app and within 5 minutes, the loan is credited to your account.
Benefits of mobile loan apps in Kenya
1. Fast loan disbursement – As long as you have the app and meet all the qualifying requirements, it takes less than 10 minutes to get a loan. This is faster than the traditional loan application process which could take days or weeks for disbursement to happen.
2. No need for security – Most of the mobile loan apps in Kenya don’t require loan security to give credit. They offer unsecured loans making it possible for millions of Kenyans without tangible security such as land to access credit.
3. Less paperwork– These mobile app loan providers don’t require any paperwork for you to access a loan. This is because the registration, application, and disbursement processes happen online. You only need to have a mobile phone device to get the loan.
4. Offer increasing loan limits– The loan limits by most of these providers keep on growing for good borrowers. These are borrowers that pay on time and have active transaction turnover.
5. Regulation- The latest regulations by the government of Kenya require all mobile loan app service providers to get a license from the Central bank of Kenya. This ensures customers are protected from issues such as data misuse and exploitation.
Top 22 best mobile loan apps in Kenya
This list includes;
- Mshwari
- Tala
- Branch
- Timiza
- Q-loan
- KCB M-Pesa
- Ipesa
- Zenka
- Okash
- Zash loan
- Fuliza
- Opesa
- Mokash
- Apesa
- Kashaway
- Whizz
- MCo-op Cash loan app
- Eazzy Loan
- Credit Hela
- Kopa Kash
- Kash Plus
- Saida
Below is a list of the top 22 best mobile loan apps in Kenya. The list considers some factors such as popularity, convenience, and regulations.
1. Mshwari
Mshwari is a loans and savings product offered by Safaricom. The goal of the product is to promote savings and access to credit by all mshwari customers.
To qualify for Mshwari, you need to be an M-Pesa subscriber for at least 6 months. Mshwari loans range from 100 to 50,000 shillings with a tenor of 1 month.
The cost is 9 % comprising 7.5% processing fees and 1.5% exercise duty. It is key to note the more you save the higher your loan limit.
2. Tala
Tala is among the top mobile loan apps in the country. Operating across 3 continents, the company brags about having over 6 million customers and over 300 billion shillings in loan disbursements.
Tala offers loans of up to 30,000 shilling at an interest rate of 0.3% per day. This averages 9% per month. Upon request, the loan is disbursed to your M-pesa wallet.
To start borrowing from Tala, you should download the Tala app below.
3. Branch
The branch mobile lending app which is now part of the branch microfinance bank offers loans up to 100,000 shillings in Kenya.
To get a branch loan, you should download the branch app. The branch offers longer tenure loans that could range from 2 months to 1 year. The interest rates also range between 2-18% depending on the loan tenure.
The loan is normally disbursed to your branch wallet where you can choose to either move it to M-pesa or bank account. You can also pay bills directly from your wallet.
4. Timiza
Timiza loan app is a mobile lending app offered by the ABSA bank in Kenya. The app allows you to borrow at the rate of 5%. However, it also has other benefits such as offering lower rates for good borrowers.
To get a loan from Timiza, you first need to open a Timiza savings account. You can also access the Timiza mobile loan by dialing the USSD code *848#
5. Q-loan
Q-loan is a mobile lending app product offered by Sidian bank Kenya. The app allows you to borrow up to 50,000 shillings with a loan tenure of 1 month. The Q-loan attracts an interest rate of 5% per month.
To get the loan, you need to open an account with the bank and then register for mobile banking. You can also enjoy the service by dialing *527#
6. KCB M-Pesa
KCB M-pesa mobile loan app is a product offered jointly by both Safaricom and KCB bank. The loan attracts an interest rate of 8.64% per month with a minimum limit of 1,000 shillings. These loans have a 1-month tenor.
Some of the benefits of this lending app are you can borrow as many times as long as you are within your limit.
7. Ipesa
Ipesa mobile loan app is a lending platform that has over 1 million Kenyans using it. It offers loans ranging from 500 to 50,000 shillings.
The loan tenor ranges from 3 months to 6 months attracting a minimum interest rate of 36% and a maximum of 72%.
The app does not charge any service fee. For you to access the loan, you must be at least 18 years and above.
8. Zenka
Zenka mobile loan app is among the top 22 best mobile loan apps in the country. Accessing a loan with the app takes not more than 5 minutes after downloading it.
Zenka offers loans averaging 500 to 30,000 shillings for up to 61 days. Processing Fees range from KSh 45 – KSh 5,800 for a one-time charge. The interest range between 9-39% of the principal amount.
9. Okash
Okash is a leading mobile loan app in the country with over 5 million customers. The app offers mobile loans with tenures starting from 3 months to 1 year.
To get a loan with Okash, you need to pay an origination fee of 100-3000 shillings depending on the amount. Okash limits range between 500 to 50,000 shillings with a maximum annual interest rate of 36%.
10. Zash loan
Zash loan is an instant mobile loan app that allows Kenyans to access loans from a minimum of 500 to 50,000 shillings.
It offers loans with a tenor from 3 months to 1 year. To qualify for the loan, you need to be between 18 to 60 years of age. Once approved, the loan is normally disbursed to your M-Pesa.
11. Fuliza
Fuliza is a lending product offered by Safaricom. The loan enables you to complete M-PESA transactions even when you don’t have enough funds in your wallet.
To access Fuliza, you need to opt-in by dialing *334#. You also need to have been active on the Safaricom network for the last 6 months. Fuliza allows you to borrow as many times as possible as long as you are within your limit.
The loan charges a 1% access fee and a daily maintenance charge for any extra day with the loan. Here are more details about the product.
12. Opesa
Opesa is a mobile loan app that offers loans to Kenyans within limits of 1,500 to 50,000 Kenyan shillings. The loan duration is 14 days and takes up to 24 hours for approval.
long loan approval timeline is a big disadvantage compared to other competing apps that take less than 10 minutes to approve and disburse.
13. Mokash
Mokash is a mobile lending platform offering loans between the limits of 1,000 to 30,000 shillings. The interest rate is 26% and the loan duration is 14 days.
Below is the link to download the app.
14. Apesa
Apesa Mobile loan app allows you to borrow up to 50,000 shillings. It is available on the google play store for free.
The application process takes an average of 5 minutes and if successful, the loan is credited in your M-pesa.
Full list of All Regulated Banks in Kenya. Contacts, Postal, Physical, and Email addresses
15. Kashaway
Kashaway is among the top 22 best mobile loan apps in Kenya. It offers loans of up to 50,000 shillings. To get a loan from Kashaway, you need to install the Kashaway app from the play store.
The loans attract an interest rate averaging between 5% TO 16% APR. They also charge a processing fee of 100-2,000 shillings depending on the amount.
16. Whizz
This is a mobile banking app offered by the Housing Finance Bank in Kenya. The product comes with a mobile loan app.
You don’t need to have an account with the bank to get the loan. As long as you have an ID, you can register and access the loan.
Whizz loan attracts an interest rate of 10% and the limits range between 1,000 to 50,000 shillings. The app is available both on the google and Apple play stores.
17. MCo-op Cash loan App
It is a mobile lending app offered by the co-operative bank of Kenya. The applications offer loans in the range of 1,000 to 500,000 shillings for borrowers.
To access the loan, you need to have a salary account with the bank. You should also download and register on the app. It is available both on the google play store and Apple play store.
The loan duration is between 1- 3 months. You can also access these services through the USSD Code *667#.
18. Eazzy Loan
Eazzy Loan is a product of Equity bank that allows customers to access mobile loans through the Eazzy app. The loans have a limit of up to 3 million that you can repay in multiple months.
To access the loan, you should have an active account with the bank for at least 6 months. You Can also access this loan using the USSD code *247#. Learn more about the Eazzy mobile loan app here.
19. Credit Hela
Credit hela is a mobile loan app that offers loans between the limits of 500 to 80,000 shillings. The loan durations range from 3 months to 1 year. You also have to pay a service of up to 600 shillings depending on the amount you are borrowing.
Some of the requirements to access the loan include having an M-pesa account and being at least 18 years of age. The loan attracts a maximum annual interest rate of 36%.
To get the credit Hela loan, you should download the app here.
20. Kopa Kash
Kopakash mobile loan app is among the top 22 best mobile loan apps in Kenya that offers loans ranging from 1,500 to 50,000 shillings.
The loan takes approximately 5 minutes to process. the loan application fee is 5% of the loan amount with a minimum of 60 shillings and a maximum of 600 shillings. You also pay a commitment fee of between 95- 110 shillings when borrowing.
Kopa Kash offers loans with a duration of 3 months to 1 year while the interest rate is 12.5% per year. Upon approval, the loan is disbursed directly to your M-Pesa wallet.
21. Kash Plus
This is a mobile loan application that offers credit to Kenyans between the ages of 20 years to 60 years. For you to get a loan with Kash Plus, you need to install the loan app below.
Kash Plus loan amount range from 2,000 to 50,000 shillings with a tenure of 3 months to 1 year. The interest rates also range between 15% -23% depending on the tenure.
The registration process requires you to input your phone number after installing the app. After approval, disbursement is done through your M-Pesa wallet.
22. Saida
Saida mobile loan app offers loans to Kenyans above the age of 18. You also have to download and install the app and be a Safaricom registered user.
Saida app offers other financial solutions such as savings products and bill payments. The amount of money you qualify from the app normally depends on several factors such as your M-pesa turnovers.
Saida offers loans from as little as 600 shillings and a maximum of 100,000 shillings. This is higher than the average limit of 50,000 maximum limit of apps in the market.
The loans also attract an interest of 10% with a maximum tenure of 1 month.
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