Ever found yourself in dire need of money? Maybe an emergency, and unable to go through the tedious loan application from a bank? Today, most Kenyans more so those unemployed, survive on mobile loans. It’s hard to qualify for a loan in Kenya from a local bank. This has given rise to mobile loan apps offering soft loans at lower interest rates compared to shylocks and banks. It’s now faster and easier to get your loan in the palm of your hand within seconds or minutes of your application. Customers can borrow from as low as Ksh 50 up to Ksh 1,000,000 with an instant approval with money deposited directly into their Mpesa accounts. To access any loan you must not be listed on CRB. Learn how you can check your CRB status.
Mshwari was found in 2012, a partnership project between Safaricom and Commercial Bank of Africa (CBA). The minimum amount that you can borrow is Ksh 100. You can qualify for a higher loan by repaying on time and by increasing your savings in your Mshwari account. The repayment period lasts for 30 days with an interest rate of 7.5%. To qualify you need; first be a Safaricom subscriber, active Mpesa account for a period of 6 months and an Mshwari account. Your loan will be processed in less than five minutes.
2. KCB M-Pesa
KCB Mpesa is a partnership project between Safaricom and Kenya Commercial Bank (KCB) launched in 2015. The minimum amount you can borrow is Ksh 50 all the way up to Ksh 1,000,000. The loan interest rate is 1.16% per month with a one-off negotiation fee of 2.5%. The cost of a one-month loan is 3.66% with excise duty applicable to fees. The loan is disbursed KCB Mpesa menu on your phone. KCB Mpesa is also available through the KCB app. To qualify you need to have an active Mpesa account for at least 6 months. KCB Mpesa assesses your loan repayment behavior, saving history and monitors your Mpesa transactions activity to determine the amount of loan limit for you.
3. Branch
Branch was launched in Kenya in 2015. The minimum amount you can borrow is Ksh 1,000. To qualify you need an active Mpesa account and a genuine active Facebook account with a username matching the name on your National ID card. On successful application, your loan will be disbursed though Mpesa. The interest rate is based on repayment of the weekly installments, ultimately increasing the credit score and decreasing the interest rate.
4. Tala
Tala, previously known as Mkopo Rahisi, was launched in 2014. The minimum amount you can borrow is Ksh 500 up to a maximum of Ksh 50,000 at an interest rate of 15%. To qualify you need a good Mpesa Track record in order to access their loans. The App depends on your loan repayment behavior and on reading your Mpesa transaction activities. You shouldn’t delete your Mpesa messages. The loan is repaid in weekly installments for a period of 3 weeks.
5. Saida
With Saidia you can borrow a minimum loan of Ksh 600 up to a maximum loan of Ksh 25,000 at an interest rate of 10%. To qualify you need to have active Mpesa/Airtel money account. You will need to fill in your mobile number and wait for an invitation to access loans, the invitation could take up to 3 -7 days for approval. To assess your creditworthiness, the app reads and monitors your transaction and calls activities to determine if you can be able to repay their loan. The loan is to be repaid in a duration of 30 days.
6. Shika
Shika loan is a project of Alternative Circle, a credit company in Kenya. They offer loan limits between Ksh 500 and Ksh 20,000. To qualify, you need to be a Safaricom subscriber. A 15% facilitation fee is charged with the loan amount. The loan should be repaid in a period of 30 days. In case of late payment, a 10% rollover fee is charged on the owed amount. A rollover exceeding 60 days will attract a CRB listing.
7. Kopa Chapaa
Kopa Chapaa is a project of Faulu Kenya, that offers loan limits of between Ksh 500 and Ksh 100,000. To qualify you need to have an active airtel money account for period of 6 months. The loan has a duration of 10 days.
8. Okoa Stima
Okoa Stima was launched in 2015, a partnership project between Kenya Power and Safaricom. The minimum amount you can borrow is Ksh 100 and a maximum of Ksh 2,000 at an interest rate of 10%, with a duration of 7 days. The loan is disbursed and repaid through Mpesa. This loan is helpful when you don’t have enough money to settle your electricity bill.
9. Timiza
Timiza is a loan product from Barclays Bank Kenya. You don’t need a Barclays account to use the Timiza app. It allows you to save using your Mpesa account and in case you don’t have a smarthphone you can access its services by dialling *848# on your mobile phone.
10. Zidisha
Zidisha is a peer to peer lending platform. It is a platform for lending money to individual or business organizations via an online platform that matches creditors directly to borrowers. Zidisha is a non-profit organization which connects borrowers from Kenya and across Africa, with creditors from North America and Europe. To qualify for a loan from Zidisha; you need to be employed or have a business, have a good credit score record, have a good online presence, have a Facebook account with good social connections, have good conduct and reputation, reside in a country where Zidisha currently operates and be able and committed to posting frequent updates and reviews regarding the use of the loan and progress of the business on the Zidisha website.
11. PesaZone
PesaZone is peer lending application in Kenya. Peer to peer lending is a form of borrowing where one person with money lends money to someone else who needs money. But there has to be a referee who oversees the transactions and makes sure that the debtor pays back the money to the lender. You can take a loan ranging from Ksh 250 to Ksh 15,000, that is sent to your Mpesa account.
12. Stawika Loan
Stawika loan app is a baby project of Stawika Capital Limited giving small loans and credit support to Kenyans. The app has aided in the growth and development of SMEs by dispatching specific credits such as capital lending and invoice factoring.
