M-Pesa is a mobile money service that was introduced in Kenya in 2007. Since then, it has become a popular means of conducting financial transactions in the country. M-Pesa allows users to deposit, withdraw, transfer money, pay bills, and even take out emergency loans using their mobile phones. In this article, we will look at ten emergency loans available in Kenya via M-Pesa.
- M-Shwari
M-Shwari is a paperless banking service Safaricom and Commercial Bank of Africa (CBA) offers. It allows M-Pesa customers to save and borrow money at affordable rates.
To qualify for a loan, one needs to have an M-Pesa account that has been active for at least six months and has saved at least Ksh. 2,000 in their M-Shwari savings account.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 100 to Ksh. 20,000. The loan attracts an interest rate of 7.5%, and the repayment period is 30 days.
- KCB M-Pesa
KCB M-Pesa is a mobile banking service offered by Kenya Commercial Bank (KCB) and Safaricom. It allows M-Pesa customers to save, borrow and invest money using mobile phones.
To qualify for a loan, one must have an active M-Pesa account and be registered for KCB M-Pesa.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 50 to Ksh. 1,000,000. The loan attracts an interest rate of 6.3%, and the repayment period is up to 180 days.
- Fuliza
Fuliza is an overdraft facility offered by Safaricom and various partner banks. It allows M-Pesa customers to borrow money to complete a transaction when they have insufficient funds in their M-Pesa account. To qualify for Fuliza, one must have an active M-Pesa account and be registered for the service.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 100 to Ksh. 70,000. These emergency loans attract an interest rate of 1.083% per day, and the repayment period is up to 30 days.
- Tala
Tala is a mobile loan app that offers unsecured loans to individuals. To qualify for a loan, one needs to download the Tala app, register and apply for a loan.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 1,000 to Ksh. 50,000. The loan attracts an interest rate of 11% to 15%, and the repayment period is up to 21 days.
- Branch
The branch is a mobile loan app that offers unsecured loans to individuals. To qualify for a loan, one needs to download the Branch app, register and apply for a loan.
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The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 1,000 to Ksh. 50,000. The loan attracts an interest rate of 14% to 29%, and the repayment period is up to 12 months.
- Zenka
Zenka is a mobile loan app that offers unsecured loans to individuals. To qualify for a loan, one needs to download the Zenka app, register and apply for a loan.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 500 to Ksh. 30,000. The loan attracts an interest rate of 11% to the repayment period is up to 30 days.
- Okash
Okash is a mobile loan app that offers unsecured loans to individuals. To qualify for a loan, one needs to download the Okash app, register and apply for a loan.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 2,500 to Ksh. 50,000. The loan attracts an interest rate of 5% to 14%, and the repayment period is up to 14 days.
- Timiza
Timiza is a mobile banking service offered by Barclays Bank of Kenya and Safaricom. It allows M-Pesa customers to save, borrow and invest money using mobile phones. To qualify for a loan, one must have an active M-Pesa account and be registered for Timiza.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 50 to Ksh. 150,000. The loan attracts an interest rate of 6.17%, and the repayment period is up to 30 days.
- Stawika
Stawika is a mobile loan app that offers unsecured loans to individuals. To qualify for a loan, one needs to download the Stawika app, register and apply for a loan.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 500 to Ksh. 50,000. The loan attracts an interest rate of 10% to 15%, and the repayment period is up to 30 days.
- PesaPap
PesaPap is a mobile banking service offered by Family Bank and Safaricom. It allows M-Pesa customers to save, borrow and invest money using mobile phones. To qualify for a loan, one must have an active M-Pesa account and be registered for PesaPap.
The loan amount offered depends on the customer’s creditworthiness, and it ranges from Ksh. 50 to Ksh. 1,000,000. The loan attracts an interest rate of 7.5%, and the repayment period is up to 90 days.
Conclusion
In conclusion, M-Pesa has revolutionized the financial sector in Kenya by providing a convenient and affordable means of conducting financial transactions.
The availability of emergency loans via M-Pesa has provided a lifeline to many individuals who may not have access to traditional banking services.
The loans listed above are just a few of the many options available in Kenya. It is important to compare the interest rates and repayment periods of different loan providers before taking out a loan to ensure that you get the best deal possible.
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