Looking for a quick and easy way to get a loan in Kenya? In this article, we’ll introduce you to a selection of Kenya Kenya loan apps that make it simple to access mobile credit and receive payments through Mpesa.
Gone are the days of waiting for traditional bank loans – with these mobile loan apps, you can get instant unsecured loans in a snap. Plus, if you need to borrow a small personal loan between Ksh 100 and Ksh 50,000, you can expect instant approval with the money deposited straight into your Mpesa account. No wonder Kenyans are increasingly turning to mobile loans to make ends meet!
Top loan apps in Kenya in 2023
- Branch Loan
- HF Whizz Loan
- KCB Mpesa Loans
- Mshwari Loan by Safaricom
- Tala Loan
- Timiza Loan from Absa
Ready to dive into these loan apps and find the perfect one for you?
Before we get started, it’s important to note that KCB Mpesa and Mshwari are only available to clients of KCB Bank or Safaricom LLC. But don’t worry. There are plenty of other great options to choose from.
Let’s take a closer look at each loan app to find the one that fits your needs.
1. Mshwari Loan
Looking for a convenient and accessible loan solution in Kenya? Mshwari, offered in partnership with the Commercial Bank of Africa (NCBA) through M-Pesa, might be just what you need.
This mobile banking service has been helping people get the financial support they need since it was founded in 2012.
One of the great things about Mshwari is that you can borrow as little as Ksh 100, and with on-time repayment and increased savings in your Mshwari account, you may qualify for higher loan limits.
Mshwari loans typically have a repayment period of 30 days and an interest rate of 7.5%. Plus, loan disbursement is done through Mpesa and can be processed in under five minutes.
Mshwari is a mobile loan solution that’s easy to access and has minimal requirements, making it a great option for those needing financial support.
How to Qualify for a Mobile Loan on Mshwari
To qualify for a loan from Mshwari, you must meet the following criteria:
- Be a Safaricom subscriber with a Mpesa-enabled line
- Have a registered and active Mpesa line for at least six months
- Have an active Mshwari account
- Have an updated Mpesa menu
Make sure you meet the requirements to give yourself the best chance of being approved for a loan through Mshwari. It’s worth noting that loan disbursement is done through Mpesa and can be processed quickly, so you’ll be able to access the funds you need in no time. Keep these details in mind as you consider applying for a loan through Mshwari.
If you meet these criteria and need financial support, consider applying for a loan through Mshwari.
2. KCB M-Pesa Loan
KCB Mpesa is a loan platform that’s convenient and accessible through your phone. It was founded in 2015 as a partnership between KCB Bank and Mpesa through Safaricom.
Through KCB Mpesa, you can borrow as little as Ksh 50 or up to Ksh 1,000,000. Loan disbursement is done through the KCB Mpesa menu on your phone. The loan interest rate is 1.16% per month, with a one-off negotiation fee of 2.5%. The cost of a month’s loan is 3.66%, with excise duty applicable to fees.
If you require financial support and want a convenient and accessible loan solution through your phone, KCB Mpesa is one option to consider.
Conditions for Loan eligibility on KCB Mpesa
To qualify for a loan through KCB Mpesa, you must be an active registered Safaricom Mpesa customer for at least six months.
If you meet this requirement and are interested in getting a loan through KCB Mpesa, dial *522# and follow the user prompts to activate your KCB-Mpesa account.
How to increase your KCB Mpesa Loan Limit
KCB Mpesa assesses your loan repayment behavior, saving history, and Mpesa transaction activity to determine your loan limit. You may qualify for a higher loan limit if you have a good repayment history and a strong track record of saving and using your Mpesa account.
It’s worth noting that KCB M-Pesa and Mshwari are accessible through the Mpesa menu on your phone, the Safaricom App, and the KCB Bank App. So no matter how you prefer to access your financial accounts, you’ll have plenty of options with KCB Mpesa.
3. Tala Loan App
Looking for a convenient and accessible way to borrow money on the go? Tala might be just what you need. Trusted by millions, Tala offers fast-growing mobile loans up to KSh 50,000, with low-interest rates starting at 0.3% per day.
Tala was the first instant mobile loan app launched in 2014 by Mkopo Rahisi and was later rebranded to Tala.
You’ll need a smartphone and a good Mpesa track record to access Tala loans. With Tala, you can borrow money whenever and wherever you need it, making it a great option for those in need of financial support.
How does Tala work?
Tala looks at your loan repayment behavior and reads your Mpesa transaction activity. It’s important to note that you should not delete your Mpesa messages, as this information is used to help determine your loan limit.
To start with Tala, you must download and install the app from the Google Play store, link it to your Facebook account, and answer a few personal questions. Once you’ve done that, you’ll be able to access loans through your Mpesa account. The minimum loan limit is Ksh 500, with a maximum of Ksh 50,000 at an interest rate of 15%.
Your loan will be paid back in weekly installments for three weeks through Mpesa PayBill number 851900. It’s important to make sure you make your payments on time, as loan defaulters may be restricted from qualifying for future loans. With Tala, you can borrow money whenever and wherever you need it, making it a great option for those in need of financial support.
4. Branch Loan App
Branch International Inc is a financial technology company that offers a convenient and accessible loan solution. It was founded in San Francisco and was launched in Kenya in 2015 and has been helping people get the financial support they need ever since.
To qualify for a loan through Branch, you’ll need to be a registered Mpesa user and have a genuine active Facebook account with usernames that match those on your National ID card.
Once you’ve met these requirements, you can download and install the Branch app from the Google Play store, link it to your Facebook account, and provide the required details like your phone number and National ID number.
You’ll also need to verify your phone number by clicking on the link sent to you via SMS.
The minimum loan limit for Branch is Ksh 1000, and the maximum loan limit is currently unknown. The loan is disbursed via Mpesa, and the interest rate depends on the repayment of the weekly installments by the due date.
5. Timiza Loan by Absa
One of Kenya’s recently launched Loan Apps is a wonderful loan product from Absa. The best thing about Timiza is that it is open to anybody with a mobile phone. Most importantly, you don’t need a Barclays account to use the Timiza App.
It is also good for saving and increases your chances of getting a loan by depositing money into the App through M-Pesa.
If you are not using a Smartphone, you can still access the loan services from Timiza by dialing *848# on your mobile phone.
6. HF Whizz Loan
I cannot end the list without mentioning the HF Whizz Loan from HF Group. I love it because the first time, I qualified for a loan of 22,000.
The group is a credible entity in Kenya, and be sure you will be served when you try them out.
The app allows you to borrow up to a maximum limit of 50,000, and it is similar to Timiza Loan by Barclays. Apart from loans, you can also pay bills and send money to other people.
Head to Google Play Store and download the app to get started with HF Whizz Loan. The registration process is straightforward, and you will get a loan.
Loan Apps in Kenya Conclusion
It’s always good to check if you have been wrongfully blacklisted by the Credit Reference Bureau (CRB). It only takes seconds to Check your credit score with CRB to qualify for a higher loan limit.