Here Are Top 25 Mobile Loan Apps in Kenya With Low Interest Rates
Are you looking for quick cash for your personal or business use? here are the top 25 loan apps in Kenya offering friendly and low interest and competitive rates as well as flexible registrations online.
The loan apps in Kenya are assisting several Kenyans to get funds for their emergencies, and that is why many people are opting for it rather than making use of the traditional banks. These loan apps require little or no form of security to access them.
The following are the top 25 loan apps in Kenya;
- Tala (Mkopo Rahisi)
This app was launched in 2014 as Mkopo Rahisi and later became Tala. It requires a Smartphone and a clean Mpesa Track record to get the loan. The loan is issued through your Mpesa account. Users can obtain between Ksh 500 to Ksh 50,000 loan at 15% interest rate. The loan is repaid weekly for 3 weeks using PayBill number 851900. Defaulters will be blocked from accessing future loans.
- Timiza (Barclays)
This app is a product of Barclays Kenya. It is one of the newest apps in the loan market in Kenya. The applicant must own a mobile phone. Applicant should know that you do not require Barclay’s account to make use of the app but it is recommended you increase savings in the app through the M-Pesa.
- Branch Loan App
To access loan on the branch mobile app, you need to be registered with Mpesa and have an active Facebook account that has the same name as that on your National ID. It offers a minimum loan of Ksh 1000. The interest rate is dependent on the weekly instalment payment which decreases interest rate and increases credit score. So, link the app to a Facebook account and supply the necessary information, and verify your phone number via the link sent to your phone.
- KCB M-Pesa
The users of the KCB M-Pesa app can access loans from between Ksh 50 – Ksh 1,000,000 at an interest rate of 1.16% monthly with 2.5% as a negotiation fee (this is one-off). This platform can be accessed through the Safaricom App or Mpesa menu on your Smartphone. Also, you could access it through the KCB App. Note that the applicant must have been active on Safaricom Mpesa for six months before application.
- Zenka App
This is also among the new entrants into the loan business in Kenya. It is a reliable loan app in Kenya and has over a million downloads on the Google Play Store. The app offers loans between Ksh 500 – Ksh 30,000 with a repayment period of 61 days. The applicant should note that the initial loan is free, and it takes less than five minutes to get the money.
- CBA Loop Loan App
It was introduced in 2018 by the Commercial bank of Africa. The app also allows you to manage your finance from your Smartphone. Interestingly, this app not only offers loans, but also allows you to send money, invest, make payments, and make savings. To qualify, you must have been active on CBA Loop for three months and above.
- Shika Loan App
Shika loan app stands out among the rest in Kenya. Also, it offers more than just giving out loans. This app is SMS based and acts as a platform for getting information on sports, entertainment, and politics. The Shika app serves as a platform where lenders find borrowers. The loans are targeted for start-up businesses like agriculture, asset acquisition, etc.
- HF Whizz Loan App
This app allows you to borrow up to Ksh 50,000 and its operation is closely related to that of the Timiza App from Barclays. In addition to acquiring loans via the app, you could also send money and pay bills. It would, however, require you to have been active on the app for a while before qualifying for the loan.
- Utunzi Credit App
It works through the M-Pesa platform just like similar loan apps. It is available for both business and personal with loans ranging from between Ksh 300 – Ksh 1,000,000 with a repayment period of between 91 days – 36 months. Users are charged 12% interest plus Ksh 400 annual subscription charges and 12% application fee.
This loan app offers credit between Ksh 1,000 – Ksh 50,000 with a repayment time between 91 days – 120 days. Once it is approved, the funds get credited into your bank account or your M-Pesa.
- Okash Loan App
The Okash loan app has above a million downloads on the Google Play Store. It is designed to attend to people between the ages of 20 – 55 who earn a fixed income. It offers up to Ksh 500,000 based on the user’s credit score. A requires 15 days to repay the loans. This is a product of Opera group (owner of the famous opera mini browser)
- Berry Loan App
This is very unique with a low-cost interest rate and easy repayment plan. The first loan is usually not more than Ksh 500 which can be increased to Ksh 50,000. The app is user-friendly, a service fee of between 9 – 16% is charged and its repayment is via the app. The applicant needs to download the app, get verified, and boom, you have the loan.
- iPesa Loan App
the iPesa loan is quite new in the loan industry in Kenya. It is an app that directly sends your funds into your M-Pesa. It offers between Ksh 500 – Ksh 50,000 with a repayment plan of between 91 days – 180 days. Interest rate is between 0% – 6% and service charge of between 5% – 10 %
- Haraka Loan App
This is owned by a South African company called Getbucks. This app is also in operation in South Africa, Swaziland, Zimbabwe, Uganda, and Tanzania. The offers loan between Ksh 500 – Ksh 5,000. It is easy to qualify for loans and easy to repay.
A product of Ambush Capital LTD; it is fast becoming popular in Kenya. It is designed to offer a loan of between Ksh 2,000 – Ksh 50,000 with over 100,000 downloads Google Play Store. Download the app and enjoy loans for your emergencies.
- Saida App
To qualify for the loan, you must have an active Airtel Money and Mpesa account. The Saida app works by monitoring and reading your transaction and ascertain whether the loan can be repaid or not. It offers between Ksh 600 to Ksh 25,000 at 10% interest. It takes between 3 – 7 days for approval after download and other verifications.
- OKOA Stima
This app is a product of Kenya Power in collaboration with Safaricom and was launched in 2015. It gives between Ksh 100 – Ksh 2000 and at 10% interest. Once approved, the money gets paid through the Mpesa within 7 days.
- mKey Loan App
This app is designed by Finserve Africa and it is gaining rapid popularity in Kenya. In addition to obtaining loans via the app, users can also send money to mobile wallets like Equitel money, Mpesa, and Airtel money. Besides, you can get airtime for Equitel, Airtel, Telkom, or Safaricom.
Also, the app can be used to pay bills, buy goods and also serves as a news platform
This app offers loans through M-Pesa in collaboration with the Commercial Bank of Africa. It offers a minimum loan amount of Ksh 100 and the highest it can offer is yet to be fixed. The loan repayment is within 30 days with an interest rate of 7.5%. The loan application is done through Mpesa and processed within 5 minutes
- Zidisha Loan App
It is available on the Google Play Store; it is a platform that connects lenders to borrowers. You must be a business owner, gainfully employed, be active on Facebook, a working Safaricom SIM card, national ID, and a good credit history to qualify for the loan.
- Kopa Chapaa App
Kopa Chapaa app was designed by Faulu Kenya. To qualify for the loan, you need to be active on Airtel Money for at least six months. Users can get loans of between Ksh 500 – Ksh 100,000 with a short repayment period of 10 days
The Senti app is also new in the loan app business in Kenya. It is user-friendly and can offer a loan of up to Ksh 70,000. The app can be downloaded from Google Play Store or the Senti website. The app boasts of over 100,000 downloads.
- Stawi Loan App
The loan app was launched by the Kenya Government in collaboration with CBA. It is made to target the Jua Kali sector especially the small-medium micro-enterprise. However, it has about 100,000 downloads via the Google Play Store.
It gives a loan anywhere and at any time. To qualify for the loan, you need the app downloaded and M-Pesa line. The loan is settled on an instalment basis or one-off via a waybill number 687035.
- Stawika Loan App
This app is gradually becoming popular in Kenya. After the download, the app checks through your M-Pesa usage and other factors to ascertain your eligibility. So, download the app, enter your PIN, confirm your loan limit and apply for the loan. The loan goes straight into your M-Pesa once it is approved.
Aside from these top 25 loan apps in Kenya, do you have suggestions on other mobile loan app offering competitive rates, feel free to share your comments?
iPesa Loan App Download - Quick Personal Cash for M-Pesa Users
[…] Here Are Top 25 Mobile Loan Apps in Kenya With Low Interest Rates […]