Personal Loans in Kenya


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Taking personal loans in Kenya has become the order of the day, at least to almost every Kenyan citizen, whether employed or even running a private business.

With the emergence of financial technology, accessing personal loans in Kenya has become like a walk in the park where anyone can get quick money anytime as long as they have an Android smartphone.

In this article, I will take you through some of the existing personal loans in Kenya.

But first, let us understand what a personal loan is.

What are personal loans?

A personal loan is simply the money borrowed or taken by an individual with plans to accomplish a specific need or task. It could be constructing a house and paying school fees, among others.

Banks and credit institutions can offer personal loans or get them through mobile loans.

They can also be referred to as instant or quick loans. They are provided based on specific criteria, including individual income, salary, employment history, and repayment history.

In Kenya, the lender may further check whether you are in the credit reference bureau (CRB)

Where to Access Personal Loans in Kenya

one can obtain personal loans in Kenya from various credit institutions, including banks, Saccos, and Mobile loans. Let us now discuss each in detail

1. Banks

a. Cooperation Bank

Cooperative Bank Personal loan gives clients a chance to get money to fulfil the planned tasks or even in emergencies.

What you need

  • Be a regular Cooperative Bank customer, employed or self-employed
  • Be an account holder of a Cooperative bank

Requirements for the loan application

  • Original National Identity Card and a copy
  • Original PIN Certificate and a copy
  • No specific minimum net salary is required
  • Salary payslips for the last three months
  • Filled in the loan application form
  • Copy of KRA PIN


  • Minimum of KES 50,000
  • A maximum term of 72 months
  • The loan can cater for medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares
  • The application takes up to 48 hours to process

b. Equity Bank

Equity bank happens to be one of the largest banks in Africa, serving over 9 million customers.

The bank offers three types of personal loans, including

Equiloan: It is provided to individuals who are on salary and are looking to do development projects and acquire assets

Salary Advance: This is the short-term loan given to employed individuals and then deducted from the payroll. In most cases, individuals take on emergency cases. The credit is available for up to 12 months.

Eazzy Loan: This is the Equity loan app. Download from google play store to access loan

c. KCB Bank

Unsecured Personal: This loan is granted to individuals to meet their personal needs without requiring a security deposit.


  • Must have had an account with KCB for at least three months
  • Original and copy of National ID or passport
  • Employment card (where applicable)
  • Latest original payslips (where applicable)
  • Proof of income for self-employed individuals


  • Open to employed/self-employed individuals with a regular steady income.
  • Repayment period of up to 48 months.
  • No security deposit is required.
  • From as low as Kshs 20,000 to as high as Kshs 4M

Rates & Fees

  • The repayment period is a maximum of 4 years
  • An interest rate of 13%
  • Negotiation fees of 2.5%

d. Barclays Bank

Barclays Bank has two types of personal loans

Unsecured Loan, Non-check-off: This type of loan requires no collateral as security. Your salary determines the amount you qualify for. For personal use, this is the one.

Unsecured Loan Checkoff: With this loan, we sign a contract with a company to lend its employees money, which gets deducted from their salaries.


For Barclays account holders

  • Latest payslip (certified)
  • A national ID card or passport (non-Kenyan)
  • KRA – PIN

Non-Barclays accountholders

  • Last two months’ payslips (certified)
  • Bank statements for three months (certified)
  • One passport photo
  • KRA – PIN

2. Mobile loans App

With the emergence of financial technology, the launch of mobile loan apps has increased with over 20 mobile loans, including Tala, Branch, Afrika Loan app, Stawika Loan App, Haraka Loan app, and Jazika Loan App, among others.

You must follow a few steps to get a quick loan from mobile loans.

Must have an Android smartphone

Go to Google play store and search for your preferred mobile loan app

Click on install to download the app straight to your phone

Click on open to register for the app

Once done now, you can see the amount you qualify to borrow

3. Saccos

Saccos are financial institutions with restricted members of a particular organization or group.

However, most of these SACCOs in Kenya have started opening their services to outsiders.

Saccos have a regulatory body, Saccos Societies Regulatory Authority (SASRA), which regulates deposit‑taking Sacco Societies in Kenya.

They are best when it comes to savings. They then use the savings to loan lend to their members.


  • Be a member of a Sacco

Rates on personal loans are typically cheaper than those on a credit card, and the limits on how much you can borrow are usually higher.

A personal loan can consolidate debts into one payment at a lower rate if you have high balances on multiple high-interest credit cards.

Simon Mwangi
Simon Mwangi
Simon Mwangi is a finance expert and talented freelance writer with a background in banking and accounting. He simplifies complex financial concepts and produces top-quality content on various topics. Follow him on Linkedin to stay up-to-date on his work and connect with him.

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