best online loan apps in Tanzania

Top 20 Online Loan Apps to Secure Quick Cash in Tanzania

Whether you find yourself in a tight situation and you need an easy personal unsecured loan or your business needs some degree of working capital (cash advance) to finance operating activities, any of these best online loan apps in Tanzania, available on mobile app download stores, are readily available to help you meet up with that deadline.

These apps offer different services depending on what you want to achieve, they are reviewed in no particular order, so, you will have to settle for the one that best suits you want per time.

Therefore, the following have been adjudged as the best online loan apps in Tanzania;

  1. Fair-Branch

The Fair-Branch app is easy to use; it allows users to apply for a loan from anywhere and at any time. Once the loan is approved, the fund gets credited into your Mobile Money account, Bank account, or to your PayPal Account. The loan ranges from Tsh 25,000 – Tsh 750,000 for the duration of 70 days – 180 days. Interest rate is fixed at between 15% – 29% while the service charge is between 1 – 3% with APR of 18% – 30%

  1. FINCA (SONGA) Loans Tanzania

This is operated by the FINCA Microfinance Bank Limited, Tanzania. It does not only render financial solutions through the issuance of loans and savings services, but it also helps in capacity building to Tanzanians. The loan is simple and easy to access, targeted to meet the needs of applicants. Once the loan is approved, it takes three days before it is credited into your account

  1. Fuzu-Branch

It is very much related to the Fair-Branch app. It is in operation in Uganda, Tanzania, and Kenya for MPesa users only. It gives higher loans at a low-interest rate with a flexible repayment plan. Loans are approved faster and do not need collateral or any paperwork. The loan ranges from Tsh 25,000 – Tsh 750,000 to be repaid between 70 – 180 days with an interest rate between 15 – 29%. It attracts a service charge of between 1 – 3%

  1. Mikobo Tanzania

It is easy to use this app. Download the Mkobo-Mikopo ya Haraka Tanzania App from the Google Play Store, create an account, update your profile for review, apply for the loan and verify the application. Your loan can be increased to Tsh 500,000 when you keep the app continuously installed and payback on time. However, the interest rate is based on how quickly the loan is repaid. Interest rate ranges from 6% – 15% for a repayment period of between 7 days – 60 days

  1. Branch App
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With the Branch app, loan application and approval are Smartphone-based. The Branch app makes it possible for users to have control over their paycheck and access an instant loan of $100 of your wages before payday. All loans can be repaid between 6o days – 365 days. So, apply for your loan, get it approved in seconds and get paid to your bank account or Mobile Money account.

  1. Imarika Credit

This app is in operation across the Eastern Africa regions. T does not require any paperwork, registration charges are not required, and it does not consider your credit history. Once the loan is approved, it is paid directly into your M-Pesa account and repaid through the same source. The app gives a loan of up to 50,000. It is safe and free from fraudulent persons because of their encryption techniques. The service is available 24/7 making it quick and easily accessible.

  1. Eazzy Loan

After downloading the app, sign up with the Eazzy Loans and state the amount you want. After evaluation and approval, the money will be sent into your Mobile Money Account. The loans range from 250 – 70,000 for a period of 12 – 48 weeks at 7.7% – 29% interest rate. Note that timely repayment will increase your credit limit allowing a higher amount in the future. Also, users can top up their loans with the flexible amount as long as it is within your credit limit

  1. Loans Chap Chap

The Loans Chap Chap app is easy to use. Download the app from Google Play Store, create an account and submit for review. Apply for the loan through the mobile app, and once it is approved, it will be transferred to your mobile phone. However, to increase your limit to 50,000, you have to keep the app installed and repayment is done on time. The loan is usually for a period of 7 days – 60 days at 5 -15%

  1. Saidika Loans

The Saidika Loan app gives loans between 250 70,000 for a period of 12 – 48 weeks and at 7.7 – 29% interest. Also, the monthly interest rate is set at 2% – 15%. Once the loan is evaluated and approved, the money is deposited into your account. Prompt repayment of the loan will increase your credit limit and you for a higher amount in the future. Loans from Saidika do not require transaction charges. All short-term loans are expected to be repaid within 3 – 6 months while the long-term loans will be paid in more than six months

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best online loan apps in Tanzania

  1. Timiza

In addition to doing your usual banking transactions on the Timiza app, the app allows for an instant loan. To access the loan, the user must be subscribed to the M-PESA for six months and above and be active on Safaricom services like data, voice, and M-PESA. Also, you need to have a good rating with the Credit Reference Bureau. The loan attracts 1.083% interest for 30 days. The loan is deposited into your Timiza account and not M-PESA.

  1. Kashify

This app does not issue loans directly but helps users to locate and download best loan apps for personal credit and payday loans. The loan interest is usually between 5 – 30% APR, which includes service charge and interest rate. The repayment period is between 70 – 210 days based on the type of loan you applied for.

  1. FairMoney

The FairMoney app does not only give out loans but also allow users to recharge airtime, do data and TV subscription without transaction charges. It is a secure, fast, and reliable loan app available in both Tanzania and Nigeria. It takes 5 minutes to access a loan and monthly interest ranges from 10 – 30% for 60 days

  1. Mikopo Rahisi

The Mikopo Rahisi app is designed for users who are interested in lending their money out. It creates a platform where borrowers meet lenders and do business independently. Through the app, your offer is listed as a borrower and shares your details for lenders to find you and do business privately. The loan is for between 91 days – 365 days with no transaction charges.

The loan is usually repaid through M-Pesa or tiGo pesa through Paybill No 5557444, and the phone number you registered (account number). However, your loan can be increased to Tshs 500,000 just by making your repayment on time and also keeping the app installed on your mobile device

  1. Pesa Plus
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The Pesa Plus app will assist users to access loan products that suit them and download them via the download button. It is easy to use and does not require collateral. The loan is usually between 91 days – 120 days at 20% interest. The applicant will also have the advantage of calculating their loans before applying.

  1. Karibu Bayport Tanzania

This helps ordinary people in Tanzania who wish to achieve extraordinary things. This might be a business loan, personal loan, or maybe trying to invest in the future. Users can have access to a wide range of products via the app. This loan does not require guarantors, no sureties, no post-dated cheques, and no initial deposits.

  1. K-Finance

This targets low-income earners, mostly people operating in the informal sector of the economy, that people not financed by any financial institution. Usually, commercial banks do not offer loans to people in this sector because of the perceived risks involved. So, K-Finance assists people with low income, people with low education (illiterates). The loan is acquired without collateral and no credit history.

  1. ZB Finance – Tanzania

The ZB Finance Limited is based in Dar es Salaam; they are into Micro Credit and other microenterprise loan schemes. Through the app, users can access small short-time loans for their micro-entrepreneur business. However, formal and informal members, associations, and individuals can also apply using the app

  1. Microloans Access Bank Tanzania

Users can obtain a loan between TZS 500,000 – TZS 35,000,000. This amount can be repeated with clients who have a good history of loan repayment

  1. Ace Mobile Loans

This loan app is also available in Kenya. Download the app and register with your M-Pesa account number, apply for the amount you want, and get approval. Loan repayment is between 7 days – 30 days at an interest rate of 11% – 16%. However, 15% annual APR applies

  1. Okoa Cash

The Okoa Cash app is available to lenders in Kenya and Tanzania. The application process is easy, flexible repayment plan, and free transaction charges. The loans are paid back between 61 days – 365 days.

Have you been able to secure personal or business loan from any of the mobile loan apps in Tanzania? Feel free to share your experience.

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