Mobile loan apps have revolutionized the way Kenyans access credit. With the rise of these digital lending platforms, getting quick cash for emergencies or funding your aspirations has become more convenient and efficient than ever before. As of 2024, numerous loan apps cater to various financial needs, from small cash injections to substantial amounts to support your goals.
Requirements To Get A Loan In Kenya.
- Must be a resident in Kenya.
- Must be employed and should be a salary earner.
- Proof of identification such as national ID, Passport, or drivers license.
- Minimum age – 20 years old.
- Having a registered mobile money account like M-pesa is often necessary for loan disbursement and repayment.
Below are 15 loan providing apps in Kenya.
1. Tala
Tala loan app in Kenya assist people to get money fast by letting them borrow up to Ksh50,000. Tala promises is a fair interest rates starting from 0.3% daily without any hidden cost to the users. They are known for providing quick help to customers solving
2. Timiza
Timiza loan app is offered by Barclays Bank Kenya. The loan app has become a go to solutions for Kenyans because they serves as a reliable financial partner, extending quick loans to meet diverse needs of users. Borrowers can repay loans within a period of one week to twelve months.
3. KCB M-PESA
KCB M-PESA is a loan app offered by Kenya commercial bank in partnership with safaricom. With this loan app, you get quick and accessible loans of up to Ksh1,000,000. It provides flexible repayment terms spanning from one week to 12 months with low interest rates.
4. M-Shwari
M-Shwari is a loan app through a collaboration between the Commercial Bank of Africa (NCBA) and safaricom’s M-PESA mobile money platform. It brings loans solutions directly to customer’s mobile phone. The loan ranges from Ksh100 to Ksh70,000, with repayment period extending up to 30 days.
5. Zenka
Zenka is one of the leading loan apps in Kenya that prides itself in being the most flexible in the market because it allows loan top-ups and repayment date extension. It loans up to Ksh30,000 with repayment period of 61-180 days and monthly interest rates of between 9% to 30%.
6. Ipesa
Ipesa is a loan app that has over 1 million users across Kenya. It does not charge service fee to process its loans and they can be repaid once or in installments. It offers loan amount between Ksh500 to Ksh50,000, with monthly interest rate of 3% to 6% and repayment period of 91 days to 180 days.
Read also: 22 Low interest rate loan apps in Nigeria.
7. AsapKash
AsapKash is a loan app has one of the lowest interest rate in the market. You have to be at least 20 years old to access a loan from this app. It offer loan amount of up to Ksh15,000 with interest rate of 1.5% and loan period of 91 days to 120 days.
8. Haraka
Haraka is a loan app that responds to quick financial needs of Kenyans. The loan app uses a proprietary credit score algorithm to assess creditworthiness. This enables instant loan decisions tailored to individual circumstances.
9. Hustler Fund
Hustler Fund is a loan app operated by the the Kenyan Government. It offers a range of loan solutions to both individuals and small businesses across Kenya. With Hustler Fund, borrowers gain access to loans ranging from Ksh500 to Ksh300,000, with flexible repayment extending up to 36 months.
10. Okash
Okash is a loan app that offers loan immediately in Kenya. It is run by Tenspot Kenya limited and owned by Opera Group. The loan apps gives an easy way to get personal business loans up to Ksh600,000.
11. Branch
Branch loan app offers flexible loan between Ksh500 and Ksh300,000 with interest rates ranging from between 17% and 35% and repayment period of one to twelve weeks. The loan app also makes it easy to pay bills and move money around. Sometimes user get interest of up to 15% on investment without papers.
12. Stawika
Stawika loan app provides simple loan options providing amounts starting at Ksh1000 to Ksh100,000, depending on personal credit history. It gives loan interest rate ranging from 21% on the money borrowed, with a repayment period of 12 months. Loan adds a daily fee if they are not renewed in time.
13. LendPlus
Lend plus is a loan app that gives fast loans from Ksh500 to Ksh40,000 with a repayment period of 61 days. Borrowers may extend the deadline if they need more which comes with an interest rate of 2.2%. The loan app also serves borrowers aged 23 to 62 with a good job or regular income.
14. KeCredit
KeCredit is a loan app that lets you apply for loan in Kenya with loans ranging from Ksh2,000 to Ksh50,000, and repayment period is from 91 days to 365 days. First time borrowers gets no interest , but subsequent loans attracts an interest rate between 16% and 30% which includes service charge of 3% to 8% of the money borrowed.
15. Truepesa
Truepesa is on if the newest loan app in Kenya. Truepesa saves you from whatever emergency situation you might be in. The loan app offers gives loans between Ksh2,000 to Ksh80,000, with monthly interest rate of 4% to 25% and repayment period of 91 days to 120 days. It also includes processing fee of 2% to 8%.
Each of these apps offers unique features, interest rates, and repayment terms, making them suitable for different financial needs and preferences. By understanding the pros and cons of each app, you can make an informed decision and access quick cash when you need it most.
