Mobile Loan Apps; Since most people are unable to keep up with the interest that comes with bank loans, they have opted for mobile loan apps.
There are no tedious processes to using mobile loan apps as compared to banks in receiving credit after applying for it.
This article will show you the best money-lending apps in Kenya.
1. Tala Loan App
It was initially known as Mkopo Rahisi and rebranded to Tala. Tala App is available on Google Play Store and once you have downloaded the app, you can sign up and start accessing quick mobile loans. It provides personalized loans based on your digital credit history.
They offer loans up to 30,000 and disburse the loan through M-Pesa. However, you must provide your details for your account to be verified.
Here you can track your credit using My Tala Status and repay the whole amount at once or partial payments using Mpesa Xpress or through the Paybill number 851900.
2. Branch Loan App
Branch Intentional Inc is a San Fransico-based company with a branch in Nairobi. It was launched in Kenya in 2015 and has been active ever since. The branch is one of the most established loan apps in Kenya without registration fees in and outside of the country.
Through Branch, one can access up to Ksh. 70,000 from their smartphones at any time. All you need is to download the Branch App on Google Play Store, use Facebook to sign up, and follow the easy steps to register.
After that, loans are approved in less than 24 hours. If they approve you for a loan, you will receive it through M-Pesa.
3. Timiza Loan App
Banks have not been left behind regarding mobile loan apps in Kenya. Timiza is an online Mobile app by Absa group, formerly known as Barclays Bank Kenya, one of the local banks in Kenya.
Unlike other apps from banks, the best thing about Timiza is that they do not limit it to the bank’s customers alone.
Apart from offering loans, the Timiza app also serves as a bank account, fund transfers, insurance purchases, and many more.
Mshwari is a Safaricom product. M-Pesa Safaricom in partnership with NCBA Bank, has a solution for mobile loans bubbled Mshwari. It operates on the principle of saving for accessing a loan.
Depending on how you keep on Mshwari and repay your past loans, they can increase your limit. You access loans of a minimum of Ksh 10, and the limit rise based on your credit history.
To qualify for a Mshwari loan, all you need is to be an M-Pesa subscriber for six months, save on Mshwari and actively use other Safaricom services such as voice, data, and M-Pesa.
You can download the Mshwari app on Google Play Store.
5. Okash Loan App
The Opera software develops the Okash credit app to tap into the growing money lending business providing both personal and business loans of up to Ksk 60,000.
You need to download the app from Google Play Store, install it, and register. Using the personal details you provided, Okash determines your credit limit and the period you have to repay.
6. Zenka Loan App
Zenka is one of the best, the best thing is that you get your first loan free, for instance when you apply for 2000, you pay back 2000 which means you only have to pay the amount you borrowed within the stipulated time, which is usually 61 days.
After the first free loan, the Zenka loan will charge an 11% interest fee if you repay your loan on time.
You can download the Zenka app from their website Zenka or Google Play store or App Store and install it on your phone. After filling out the application form, you will receive the requested amount in less than five minutes.
7. KCB M-Pesa
KCB MPESA is another mobile money lender affiliated with Safaricom although it is owned by the Kenya Commercial Bank. It can be accessed through the M-Pesa menu on your phone, you must have a Safaricom sim card as well.
One only needs to click on the KCB M-Pesa tab under loans and savings and select a loan. That’s it. They require no registration or further details from you.
Once the amount you have requested is within your loan limit, they will send the loan amount to your M-Pesa. This KCB app has a money lending feature that is called top-up. It allows you to request a loan more than once as long as you have not exceeded your limit.
8. HF Whizz Loan App
This credit app works for both Android and iOS phones. HF Whizz belongs to the Housing Finance Group, making it among the most trusted lenders based on the reputation of the parent company. The mortgage company backs the app with its financial might, giving clients assurance of transparency.
Once the app has saved your details, you do not have to input the Paybill number, thus eliminating the risk of entering the wrong number.
HF Whizz is more than a lending app, it offers so much more where you can do most of your digital transactions on the app. including paying for goods directly from your account, money transfer, saving on the app, buying airtime, and applying for a loan.
9. Haraka Loan App
MKOPO HARAKA is an app designed to empower each of its users by offering speedy and very affordable credit solutions. After approval, your loan will be deposited directly into your wallet.
If you need emergency loans in Kenya, then Haraka is the place to go. They offer instant nano-credits directly into your mobile wallet within minutes of your application.
To be a client, you must have a Facebook profile and then decide on your payment terms before your credit can be approved.
10. KashPlus Loan App
If you seek a reliable money lending app in Kenya, KashPlus is your best bet. you can access the mobile loan application from the Google Play Store and access personal loans via several clicks. All you have to do is install, register, and get money instantly on your phone.
The app provides loan amounts of between Ksh. 2,000 and Ksh. 50,000 with terms ranging from 91 to 365 days. The interest rate is 1.3% per month or 16% per year.
Those are some of the best mobile loan apps in Kenya. Do you know any other you have used before in Kenya? Please share them with us and we’ll include them on the list.