As more people choose mobile money over banks and other traditional lending institutions, mobile money has altered how lending is done in this country.
Kenyans have been accustomed to fast loans that need little or no security as pioneers in mobile money transfer utilizing M-Pesa.
So, which are the most popular and dependable loan apps in Kenya, with the most user-friendly interface?
Banks are being challenged by mobile loan apps.
This is because, for beginners, they are instant, as opposed to bank loans, which require a lengthy process and then a wait before credit is granted.
Most clients have discovered that the finest loan applications in Kenya do not require a lot of paperwork before giving loans, which simplifies the overall process.
While loan apps have many advantages, borrowers should be wary of using them. So, which app in Kenya provides loans the quickest?
Loan App Types in Kenya
Mobile loans apps
- Branch
- Tala
- Berry
- Shika
- iPesa
- Zenka
- Zidisha
- Utunzi
- Haraka
- Kopa Kash
- Saida
- Okash
- Jazika
- Apesa
- KashPlus
Mobile Loans offered by Banks
The mobile loans offered by banks in Kenya include
- Timiza – By ABSA Bank
- NCBA Loop
- HF Whizz
- Eazzy App by Equity
- KCB Vooma Loan
- PesaPap Wallet Loan by Family bank
- MCo-Op Cash by Co-op Bank
20 of Kenya's most useful loan apps
If you've ever been cash-strapped and in desperate need, you know how it feels to be denied credit. Fortunately, rapid loan applications in Kenya avoid this time-consuming process, giving you access to large loans on your mobile device. Which app should you get?
1. Branch Loan App
Branch Loan is the first loan app in Kenya to be reviewed.
Branch International first offered it to Kenyans in 2015.
The branch loan app is Kenya's second oldest online lending smartphone platform after Tala.
The Branch loan app is available in Kenya, as well as Tanzania, and Nigeria.
The mobile lending app offers loans of up to KES 70,000 to its subscribers.
To get started with the Branch App, download it from Google Play, sign up with Facebook, log in, and you will automatically know if you qualify for a loan or not.
If you are approved for a loan, you will receive it via M-Pesa.
2. Tala Loan App
The Tala lending app was formerly known as Mkopo Rahisi before being renamed Tala.
They provide loans of up to 30,000, which are disbursed via M-Pesa.
They take pleasure in providing loans in less than 5 minutes, and by repaying your loans on time, you will grow your credit up to the maximum amount.
Tala App has over 1 million downloads on Google Play and is one of Kenya's most popular money lending apps.
To apply for a loan through Tala, simply download the app on your smartphone and create an account. If you are not on the CRB, you will receive your first loan and be able to set your payment conditions.
3. Berry Loan App
Berry, described as a one-of-a-kind mobile money lending app, provides low-cost fast mobile loans in Kenya with customizable repayment terms.
You must first download the app from the Google Play Store and then register on Berry.
You will be able to access their loans once system administrators have validated your identity.
The initial loan cannot exceed Ksh. 500, and the sum is gradually increased to Ksh. 50,000.
Berry loans have a service fee of 8-15 percent of the principal amount. The repayment is completed through the app and is self-explanatory.
4. Shika Loan App
Shika Loan Application is a product of Alternative Circle, a Kenyan lending company. In Kenya, credit organizations are rapidly expanding, but very few are able to meet the needs of borrowers. Shika is one of the select few.
This app acts as a platform for borrowers to obtain quick loans through an Alternative Circle. The app is accessible in Kenya for Android system mobile phone users. In order to utilize the service, you must have a Safaricom sim card.
Their loan amounts range from Kshs. 500 to Kshs. 20,000.
When your loan is authorized, the funds are transferred to your MPesa account within 3 minutes.
The interest rate charged is 15% of the amount borrowed.
A month is the maximum repayment time. There are two payment options: daily or weekly.
Late payments incur a 10% rollover fee on top of what you owe.
Delaying repayment for more than 60 days results in being registered as a defaulter with the CRB.
How to Make Use of the App
- Download the App from the Google Play Store.
- Install the App on your mobile device.
- Sign up with your Safaricom sim card phone number and the number from your National ID card.
- Make your PIN.
- Log in to your account by entering your registered phone number and PIN code.
- Choose "Request Loan."
- Enter the amount of money you want to borrow. It is prudent to never exceed the loan limit set for you.
- Choose "confirm"
How to Pay Off the Shika Loan
- Log in to your account and click the "Repay loan" button.
- Select the "Copy" button to be directed to your Safaricom sim toolkit.
- Continue by selecting Mpesa and then Lipa Na Mpesa.
- Enter the business number, 811655, or copy and paste
- Enter your Safaricom account number in the Account Number field.
- Then enter the amount you are required to pay.
- Enter your PIN Number and click the Submit button.
- If you already have the Shika Paybill number, you can always go directly to your MPesa and pay your loan.
You can reach the Shika team by email at
Caare@shika-app.com
Alternatively, you can call/text them at 0742143999.
You can also visit them at Interswitch Offices, Orbit Place, Chiromo Lane, Westlands, Nairobi, on the 4th floor.
5. iPesa Loan App
Ipesa provides fast loans without the need for collateral.
This article focused on the Ipesa loan review, and we discovered it to be one of the finest loan lender apps in Kenya.
They make rapid loans to citizens, both salaried and company owners.
Just make sure you have a solid credit score before applying for the loans.
We shall examine Ipesa loans and believe that the knowledge acquired will be really beneficial to you.
About Ipesa Loans
Osome Fintech Company, based in Kenya, owns the Ipesa loan.
It is one of the greatest and most popular financial apps in Kenya.
They are currently receiving a lot of positive web reviews, ratings, and honors.
The system tracks your creditworthiness using algorithms.
It reads the information on your cell phone to estimate your ability to repay debts on time.
What You Should Know About Ipesa Loans
To make lending approval choices, Ipesa uses data from your phone to authenticate your identity.
After a few simple steps, you will be able to benefit from Ipesa loans. The steps are as follows:
- Install the app on your mobile device.
- Make an account in the app.
- Fill in the blanks with your information.
- Examine your loan limit. If you like, you can apply right away.
- Loan payments are made immediately into your M-Pesa account.
- Increase your loan limits by making early repayments.
Minimum and maximum loan amounts for ipesa loan app
Borrowing amounts range from Ksh.500 to Ksh.50,000.
The repayment period ranges from 91 to 180 days. Furthermore, Ipesa's maximum APR on loans is 36%.
How to Apply for Ipesa Loans
Follow the steps below to obtain Ipesa loans:
- Download the app from Google Play.
- Set up an account using your Safaricom phone number.
- Enter all of your personal details.
- View the loan amount you are eligible for and complete the application form
- Choose your loan repayment period.
- If your application is approved, you will receive your loan within minutes.
Ipesa loan interest rates
Ipesa will charge you 15% for a 14-day loan, taking into account a variety of factors.
Their average interest rate is 13% APR.
They also offer a 0% service charge.
The fees are also determined by your repayment history and the amount of the loan.
Ipesa loan specifications
To acquire an Ipesa loan, you must meet the following requirements:
- You must have a Safaricom phone number that is linked to your M-Pesa account.
- Have a national identification card
- Create an M-Pesa account.
- A clever Android phone
- Be willing to give Ipesa permission to see your phone's data.
The Advantages of Ipesa Loans
The following are some of the benefits of utilizing the Ipesa app:
- There are no hidden or secret fees.
- They do not require collateral or any other type of documentation.
- Your data and processed information are protected.
- They have an excellent customer service team.
- You can borrow up to Ksh. 50,000 when you repay your loan.
How to Pay Back Ipesa Loans
Follow the instructions for repaying your Ipesa loans.
- Set up your M-Pesa account.
- Select lipa na M-Pesa and paybill.
- Enter the paybill number as 192010.
- Only input your M-Pesa number linked to your account in the account number section.
- Enter the amount you want to repay.
- Enter your M-Pesa pin .
- Confirm the information you supplied by pressing OK.
- Receive SMS notification of successful repayment
How to Get in Touch with Ipesa Loans
To contact Ipesa Loans, call their customer service line at +05488888888.
You can also contact them via email at help@ipesa.cc.
Contact them via Facebook at https://www.facebook.com/iPesaKenya/.
You can also pay them a visit at their office, which is located at ADLIFE PLAZA, CHANIA AVENUE, NAIROBI.
6. Zenka Loan App
Zenka Finance Limited manages the loan app.
Loan amounts range from Kshs. 500 to Kshs. 30,000.
Loan repayment period: 30 days to 180 days.
Processing fee: A one-time charge of 9% - 30% (Kshs. 45 - 870) of the authorized principal amount.
70.7 percent is the minimum annual percentage rate.
Annual Percentage Rate Maximum: 224.89 percent
Late payment penalties are 1% each day of the unpaid balance.
Loan repayment: Through their app or their M-Pesa Paybill number 979988.
If you are unable to repay a loan granted by a fintech company on time, you can request an extension of 7, 14, or 30 days.
The maximum duration of the extension is 12 months.
How to get their loan: through the Google Play Store, their website, or a USSD code.
On Google Play, the Zenka loan app has been downloaded over 100,000,000 times.
They have a 4.0-star rating.
Except for a few problems in accessing their app and the hefty interest rate they impose on their loan, most of the 67,000 evaluations on their app are good.
Signing up for the app is simple. They don't require a lot of information from a person. They require an individual's first and last name, phone number, and National ID number.
You can also register for their lending services by dialing *841# on your phone.
7. Zidisha Loan App
In Kenya, there are various lending applications that allow you to obtain rapid and unsecured loans. With these loans, you can be able to pay unexpected costs, acquire capital for your business, or cater for any other personal or business expense. The Zidisha lending app is one of these online providers.
Zidisha is a popular loan app in Kenya that provides peer-to-peer loans. Borrowers can use this service to obtain financing from overseas lenders. Here's everything you need to know about how the service works, from installing the app to applying for loans to repayment methods and terms.
Android app for Zidisha loans
To download and install Zidisha for Android, launch the Google Play store app on your Android smartphone.
You can also go directly to play.google.com in your browser.
Search for Zidisha in the Google Play store and select the first result that appears.
If you're using a browser, click here to get directly to the Google Play store.
To add the app to your smartphone, tap Install. After installing the app, you may now access it and register for the services it offers.
The installation and usage recommendations provided later in this text will be useful.
iPhone app for Zidisha loans
Unfortunately, the Zidisha loan app is not accessible in the Apple app store for iPhones and other iOS mobile devices.
You can still use the service by creating a Zidisha profile, applying for credit, and receiving funds from lenders via the Zidisha website.
Even if you use this service, keep in mind that you will still need an active M-Pesa account to receive funds once your proposal has been funded.
8. Utunzi Loan App
This is a Kenyan microlender that provides low and rapid loans using an Android mobile app. 'Utunzi Loan App' is the name of the Android mobile app. It serves as a platform for customers to apply for loans ranging from Kshs. 500 to Kshs. 100,000. Loan approvals are based on the borrower's credit score, which is determined automatically by the app while also taking into account the information provided in the sign-up questionnaire. When the loan is granted, the requested money is transferred to the borrower's Mpesa account within minutes.
THE PROCESS FOR GETTING THE UTUNZI LOAN APP;
The technique for obtaining the Utunzi loan application in your Android mobile phone is as follows.
- Navigate to the Google Play Store on your mobile device.
- Then, install the utunzi program.
- Install the program on your smartphone.
- Sign up with your phone number and identification number.
THE APPLICATION PROCESS FOR UTUNZI LOANS;
The following is the process an applicant will go through when applying for Utunzi loans.
- Access your utunzi app.
- Then click the 'Apply for a loan' button.
- Enter the amount you want to borrow.
- Answer the questions that have been assigned to you.
- Please include a snapshot of your identification card.
- If necessary, an applicant can also add referees to speak about his or her character.
- Submit
If your application is granted, the loan amount requested will be transferred to you via your MPESA number. This is for a few minutes from the utunzi enterprises. The loan repayment period varies according on the amount loaned or granted.
THE REPAYMENT PROCESS FOR THE UTUNZI LOAN
When the loan is due, here is how you will repay your borrowed funds.
- Navigate to the Mpesa menu.
- Then select Lipa na Mpesa.
- Choose the Pay bill option.
- Enter the number '800950' here. (This is the Pay-bill number for Utunzi Ventures)
- Choose the Account number.
- Enter your phone number in the account number field.
- Fill in the Amount (which is the amount of loan owed)
- Then click OK.
CONTACTS FOR UTUNZI LOANS
This is how an applicant can contact Utunzi Ventures.
If a problem arises that demands the attention of the team, applicants can SMS or call 0720686009 or 0721843974.
An applicant can also access the app and send a message via in-app assistance.
They can be found on the third floor of Vitram Plaza in Nairobi.
The email address for Utunzi Ventures is admin@utunziventures.co.ke.
9. Haraka Loan App
What exactly is a Haraka loan?
GetBucks, a South African lender, owns the Android loan application.
Haraka loan application lends to people in Uganda, Swaziland, Zimbabwe, and Tanzania, in addition to Kenya and South Africa.
Since its inception in 2011, the organization has assisted millions of individuals from all over the world in meeting their financial needs.
Haraka app services are approved by the MFSA and NCR, making your money safe and secure. Getbucks has created and maintained its systems with the needs of its customers in mind.
The fundamental purpose of Haraka app loans is to give reasonable turnaround capital to a large number of people all over the world.
However, unlike other lending apps in Kenya that have a greater loan limit of Ksh10,000-Ksh50,000, the Haraka loan application has a lower loan limit of Ksh500-Ksh5,000.
While this credit limit may appear low, your financing is nearly guaranteed after you apply.
How to Get a Haraka Loan
To obtain a loan from Haraka, you must first download the app from the Google Play Store.
Upon downloading the app, you are prompted to register an account using your Facebook account.
The next step is to fill in your details which include:
1. Complete Names
2. National Identification Number
3. Your email address
4. M-Pesa Account Number (Referred to as Wallet Number)
5. Date of birth (DOB)
6. Make a loan application
You must be between the ages of 18 and 60 to qualify for the loan. Applicants who are too young or too elderly will be rejected.
Once your information is entered, the loan app will tell you how much you can borrow (the loan limit).
The loan should be paid back in no more than 30 days. The loan is credited to your M-PESA account when you select the loan amount and repayment duration.
It is worth mentioning that the loan amount is subject to a 23% interest rate.
This means that a loan of Ksh1,000 will have an interest rate of Ksh230 per month and a repayment amount of Ksh1,230.
Although the interest rates are high, the simplicity and accessibility of obtaining the loan may be worth it if you are in desperate financial need.
10. Kopa Kash Loan App
Kopakash is a digital lending platform that charges service fees based on the product you select. These fees are used for credit score assessment, account maintenance, and payment cost.
KopaKash can provide a speedy loan to anyone in Kenya who needs money to expand their enterprises, pay school fees, buy items, or finance any other emergency.
Loan amounts ranging from KSh 1,000 to KSh 50,000 are available, with repayment terms ranging from 91 to 120 days.
Why should you borrow from KopaKash?
There is no background check necessary.
On your mobile device, you can conduct a paperless and digital process.
Get loan access 7 days a week, anywhere and at any time.
Quick review in 30 minutes
Once authorized, funds will be transferred immediately to your bank account or M-PESA in 5 minutes.
Available throughout Kenya
The loan amount gradually increases as the credit score improves.
A variety of handy payment methods are available (Lipa na Mpesa and Bank)
How to Sign Up for Kopakash
Install the KopaKash APP from the Google Play Store or click here.
Sign up using your M-PESA phone number.
Choose the product for which you want to apply.
Fill out the required information and upload your KYC documents before submitting the application.
If approved, the final application result will be shown in the APP and delivered by SMS.
Following loan approval, e-sign the loan agreement.
The loan is approved after the E-sign.
11. Saida Loan App
Saida is a money lending organization that provides loans to its customers while also allowing them to save, pay bills, and do other things. The Saida loan app features can help you track how you spend your money and operate as a mobile wallet in various ways. Although it is not among the most popular mobile apps in Kenya, Saida has worked hard to improve its offerings in order to maintain its'head above water.'
Where can I get the Saida Loan app?
The Saida loan application is available for download via the Google Play store or the Saida website, which includes a link for direct APK downloads.
Apple Stores do not carry Saida services.
Saida does not have any USSD choices.
How do you apply for a loan with Saida Loan App?
Almost all loan companies currently use standard application methods. The requirements are similar, if not identical, with a few exceptions.
What are the requirements for applying for a loan with Saida?
- Do you own an Android smartphone?
- You must be at least 18 years old.
- You must have a valid national ID.
- You must be a Safaricom/Mpesa subscriber.
What should I do now that I have everything listed above?
You must first download the application. Check that you have a strong internet connection and enough storage space.
Second, fill in the spaces and respond to several questions.
Third, grant phone access and allow them to observe how you've been making calls, what your transaction history looks like, and any other data that they deem relevant to determining your eligibility.
Saida tells you of the amount you can get once everything is completed. Apply for what works best for you, and they'll send you the money and explain the payback conditions.
What is the exact cost of a loan with Saida, and what is an example?
Saida offers immediate mobile loans ranging from Ksh 600 to Ksh 25,000 with repayment lengths ranging from 2.5 to 6 months. The following is an illustration of how much Saida loans will cost.
If you borrow Ksh 1,000 for 2.5 months at a 7.5 percent interest rate, you will repay Ksh 1,075 in 2.5 months.
Please keep in mind that Saida's loan interests are normally levied upfront. Simultaneously, you will be charged a service fee ranging from 0% to 25% every month of the amount lent to you based on your credit score. Essentially, we are arguing that the exact amount of the loan may vary depending on the user's creditworthiness rating.
12. Okash Loan App
Okash is a mobile loan software that allows you to get finance whenever and wherever you want. Once you've qualified for a loan, they'll provide you an instant loan using Mpesa.
Opay, a Fintech subsidiary of the Opera group, is the firm behind the Okash lending app. This borrowed money can be used to expand your business, pay bills, or deal with unexpected expenses.
Okash has received a large amount of downloads. On the Google Play app store, this mobile loan app has received over 100,000 downloads. Okash had an average rating of 4.0/5.0 from over a hundred thousand individuals who downloaded it.
Okash Loan Repayment and Limit: Okash offers loans ranging from KES 500 to KES 100,000. The loan has a 15% interest rate and is repayable in 30 days.
User Interface:
An app is just as good as its ease of use. The Okash application provides a straightforward user interface that gets the job done. Despite a few key UX principles being overlooked, the final result is that you will apply for a loan and have it disbursed to you via mpesa.
Contact and support: If you need to contact Okash for technical support, use their email address, help(@)o-kash.com. The in-app chat function was not operational the last time we tried to use it, which is a disappointment given that most competitors in this market heavily promote in-app chat assistance.
13. Jazika Loan App.
With loan interest rates falling dramatically, particularly on home loans, banks have been attempting to simplify the loan application process. However, there are few possibilities for small-ticket loans. There are NBFCs (Non-banking financial corporations) that offer small loans, but interest rates are often very high.
What if you needed money right away and borrowing from a friend or family member didn't work out? Imagine being able to secure a loan in minutes using only an app on your phone. What am I talking about? Scarp all of that, because it's all old news. Ladies and gentlemen, please join me in welcoming the latest entrant into the mobile loans category, Jazika loan app.
Given the extensive range of mobile loans discussed here, I believe Kenyans can never make an excuse for not having access to quick money. Jazika Ventures understands your insatiable want for income, and they are ready to assist you. In only minutes, the app may lend up to Ksh100,000 to a qualifying borrower. The funds are subsequently sent to the borrower's M-Pesa account to be used.
What captivates my interest is the connection between Utunzi and Jazika loans. For some reason, I believe the two platforms are related. This is because, after trying out the Jazika App, I received an automatic authentication from Utunzi in order to access Jazika. Utunzi Loan App will be reviewed another time. But first, let's have a look at the Jazika Loan App and see what it has in store for us.
Get Jazika Loan App
- Install the Jazika lending app.
- Create your account by entering the needed information.
- Please confirm your phone number.
- After that, your account will be validated and activated.
Applying for your Jazika loan
- Log in to the app
- Select Apply for a loan
- Enter the loan amount (your amount should not exceed the limit given to you)
- Choose the repayment period
- Fill out the application
- If your application is granted, the funds will be transferred to your M-Pesa account within minutes.
Repaying Your Jazika Loan App Loan
Jazika Paybill number 687035 will be used (registered as Jazika Ventures). As the Account number, enter your phone number.
- Visit Mpesa app.
- Choose Lipa na Mpesa.
- Paybill (Paybill number 687035) This is Jazika Paybill's account number.
- The account number (here input your phone number)
- Amount (write the loan amount to repay)
- Enter and confirm your Mpesa PIN.
- Send
14. Apesa Loan App
Apesa loan app is a quick emergency lending app developed by Apesa Kenya Ltd. The app offers loans ranging from kes 500 to kes 8,000 with a minimum repayment period of 91 days and a low interest rate of 0.006 percent each day.
How to Get the Apesa App
- Go to Google Play and look for the Apesa app.
- Download the app by clicking on it.
- After downloading the app, you may now register with it and apply for loans.
How to Repay Apesa Loans Through MPESA
Loan repayment is done within the app, or you can use Paybill number 4047993 to refund the debts.
- Open the MPESA menu.
- Visit Lipa na MPESA.
- Choose PAYBILL.
- Enter the following Paybill number: 4047993
- Enter your phone number as the Account Number.
- Enter the amount to be paid.
- Enter your MPESA pin number, confirm, and send.
- Both MPESA and the Apesa app will send you a confirmation SMS.
15. KashPlus Loan App
KashPlus loan app is a new loan app in Kenya that provides the best and most reputable platform for potential borrowers to access fast mobile loans using M-pesa. The KashPlus technicians are in charge of this app. If you have a need and are looking for a solution to get a loan, KashPlus is the greatest option because you can get safe personal loans in just a few steps.
PayBill Code
4050763 is the KashPlus loan pay bill number.
You can refund the amount you borrowed using this pay bill.
KashPlus is a mobile application.
KashPlus program gives the greatest and most dependable platform for users to access fast loans using M-pesa via the app. You may also access the KashPlus loan app by downloading it from the Google Play store, where you can create an account.
To get the KashPlus lending app for Android smart phones, follow the steps below.
- Go to the Google Play Store app or directly to play.google.com from your browser.
- Search for KashPlus lending app in Google Play and click on the first result.
- Then, to add the app to your smartphone, tap install.
- After you've installed the app, you'll need to sign up for the service.
- After you've registered, you'll be able to login and apply for the loan.
How to Pay Back a KashPlus Loan
KashPlus loans are repaid using M-pesa and the mobile phone used to enroll up. Then it permits payments to be made in full or in premiums at any time on or before the due date.
Following are the steps to repaying your KashPlus loan:
- Open the M-pesa menu.
- Then proceed to Lipa na M-pesa.
- Then select pay bill option
- Enter the 4043625 business number.
- Then, as the account number, enter your mobile phone number.
- Then enter the amount you wish to pay.
- After that, enter your M-pesa pin.
- Then, patiently await the confirmation notification.
The KashPlus loan's interest rate
KashPlus provides loans ranging from Ksh20,00 to Ksh50,000 using your mobile phone via M-pesa. Then they impose an interest rate of 1.3 percent per month or 16 percent per year, depending on how long the borrower plans to wait before returning the loan.
FAQs
Where can I borrow money urgently in Kenya?
places you can get quick loans in Kenya
- mKey. mKey is a digital banking service that was launched by Finserve Africa in September.
- Branch. Branch describes itself as a for profit socially conscious company based in San Francisco and Nairobi.
- KCB M-PESA.
- M-Shwari.
- MCo-op Cash loans.
- Eazzy Loan.
- OKash.
- Haraka
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