List of best loan apps in Kenya
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"Do not be fooled that rasta nuh educated...or we nuh know wah 'appen.
But you done know say you need be careful how the system coming to you and trying to rob nuff man out dem pocket."
- Mshwari by Safaricom
- KCB Mpesa Loans
KCB M-PesaKCB Mpesa is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom. The loan platform started in 2015 as a saving account and has been active ever since. It is possible to borrow without saving and the loan is disbursed through KCB Mpesa Menu on your phone.The minimum loan limit is Ksh 50 and a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per month with a one-off negotiation fee of 2.5%. The cost a months loan is 3.66% with excise duty applicable to fees.
Conditions for Loan eligibility on KCB MpesaBeing an active registered Safaricom Mpesa customer for six months is enough to qualify for a loan. Dial *844# and follow user prompts to activate our KCB-Mpesa account.
How to increase your KCB Mpesa Loan LimitKCB Mpesa assess your loan repayment behaviour, saving history and monitors your Mpesa transactions activity to determine the amount of loan limit for you.NOTE: KCB M-Pesa and Mshwari are accessible through Mpesa Menu on your phone or the Safaricom App. KCB Mpesa is also available through the KCB App.
- Tala Loans Very familiar.
- Branch Loans The first loan app in Kenya to review is Branch. A well-known app that was introduced to Kenyans in 2015 by Branch International. Branch is not only available in Kenya but can be found in Tanzania and Nigeria.The mobile loan app gives its users loans up to KES 50,000.
- Saida Loans Saida is another Loan App that is helping Kenyans secure an instant mobile loan direct to their phones. You can download Saida to your mobile app and they offer loans of up to 25,000.Their interest rates can go as low as 7.5% and you have up to 3 months to repay your loan.I have not used to App but will create a post on Saida in few coming weeks.
- Shika Loan App
- Timiza from Barclays
The app is available for download on the Google Play Store.You can borrow from Ksh. 300 to Ksh. 1 Million and the loan interest rate is 9%.
5. MCo-op Cash loans
You can borrow from Ksh 3,000 to a maximum of Ksh 100,000.
The charges on the loans are as follows:
- 1 Month individual loans – 1.166%
- 3 Month individual loans – 3.498%
- Business Loan – 1.166%
- Insurance on 3 Month Loan – 0.102%
6. Eazzy Loan
7. OKashOKash is a micro-loan service by Opera. To access the loans, you need to download the app from the Google Play store and apply for the loan from there.
Customers can get loans of between Ksh. 500 and Ksh. 100,000. Their loans attract 14% interest so if you borrow Ksh. 1,500 you will pay Ksh. 1,710 (i.e. with an interest of Ksh. 210). Their repayment period is 14 days.
8. HarakaHaraka is a micro-loan service by GetBucks, a South African company. To get the loan, you need to download the app from the Google Play Store and apply for the loan from there.
Customers can get loans of between Ksh. 500 and ksh. 5,000. Their loans attract an interest of 23.45% so if you borrow a loan of Ksh. 750 borrowed for a month will attract an interest of Ksh. 175.90 which will make the loan repayment amount to be Ksh. 925.90. The repayment period is between 7-30 days.
9. TimizaBarclays Bank Kenya has launched a digital banking platform, dubbed Timiza. The platform also offers micro-loans to Kenyans. You can register on the Timiza platform by dialing *848# on your Safaricom line or downloading the app from the Google Play Store.
Customers can get loans of upto Ksh. 150,000. Timiza offers loans of upto Ksh. 150,000 and the loan amount that you get depends on your M-pesa transaction history. The loan amount will be charged an interest of 6.17% (i.e. 5% processing fee and 1.17% interest). The loan is payable in 30 days.
10. WhizzHousing Finance recently launched a digital banking product called Whizz. You can register by downloading the app on the Google Playstore.
Customers can access loans of upto Ksh. 50,000. The loan amount will be charged an interest of 7.725%. The loan is payable in 30 days.
11. LoopCommercial Bank of Africa (CBA) launched their digital banking service Loop in March 2017. They recently updated it to include loans and overdrafts. To register for a CBA Loop account, you need to download the Android app , iOS app or go to their website cbaloop.com.
Loop customers can access loans of up to Ksh. 3 million and overdraft of upto Ksh. 100,000. Loan repayment period is between 6-36 months. Interest rates will vary depending on the customer.
13. Safaricom FulizaTo use, Safaricom Fuliza, you have to sign up on the MySafaricom app and opting in under the Fuliza tab in M-Pesa. You can also sign up via USSD by dialing *243#.
The amounts offered will depend on your M-Pesa usage. Once you get the loan you will be able to use it to pay bills and also buy goods and services.
The charges for the overdraft are a 1% access fee and a maintenance fee on the outstanding balance as per the table below. This means that the sooner you pay for it the better if you don’t want to pay expensive charges.
|0 -100||One-time fee of Ksh 2|
|101-500||Ksh 5 per day|
|501-1000||Ksh 10 per day|
|1001-1500||Ksh 20 per day|
|1501-2500||Ksh 25 per day|
|2501-70000||Ksh 30 per day|