Top 20 Loan Apps in Kenya for Fast and Reliable Instant Loans

Last Updated on February 20, 2023

Best Mobile Loan Apps in Kenya

Do you need to take a loan to settle your urgent needs or are you a small-scale entrepreneur who needs to take loans to increase stock? This article enlists some of the best mobile loan apps in Kenya that can offer you instant Loans. These apps are designed to provide loans quickly and easily without requiring users to engage in lengthy paperwork or long wait times.

What is a Mobile Loan?

In short, a mobile loan is a loan you get on your mobile phone. For example, when you use your phone to borrow from a lender to sort out your financial situation, you have taken a mobile loan.

The most common mobile loans in Kenya are from loan apps, but recently, some lenders offered loans through USSD, which is part of the mobile loan providers.

Why Mobile Loans?

To begin with, these financing alternatives have lower interest rates, are easy to access, have no security needed, and have flexible repayment terms when compared to conventional bank loans.

So, which mobile loan apps are genuine in Kenya?

Top 20 Loan Apps in Kenya

Here’s a quick recap of the top 20 loan apps in Kenya:

1. Mshwari by Safaricom

2. KCB Mpesa

3. Tala

4. Branch

5. Okoa Stima

6. Okash

7. Timiza

8. Haraka

9. MCo-op cash

10. Zenka Loan

11. Berry

12. Shika

13. iPesa

14. Zidisha

15. Eazzy

16. Utunzi

17. Zash

18. HF Whizz

19. Saida

20. Apesa

10 Best Loan Apps in Kenya

Here is a list of the 10 best loan apps in Kenya:

1. Mshwari by Safaricom

Mshwari, a product of Safaricom launched in November 2012, is the mother of all other mobile loan apps. It is because of its success that other companies decided to join in and share the benefits. Even though it one of the most accessible mobile loans, you need a registered Safaricom SIM card that has been in use for at least 6 months.

You can easily access your Mshwari account on your Mpesa menu; you do not need internet. The mobile loan has a minimum loan limit of Ksh 100 and a Ksh. 50,000 maximum loan limit to be repaid within 30 days. The processed loan is deposited to your Mpesa account balance.

To advance your loan limit, you need to borrow more, make prompt loan repayments as well save more on your savings account. Mshwari will charge a 7.5% facilitation fee for each loan for 30 days. This levy fee will be doubled up in the following month in the event of a default.

2. KCB Mpesa

KCB Mpesa is a product of collaboration between Kenya Commercial Bank (KCB) and Safaricom’s Mpesa that was introduced in March 2015. The money lending service is not available to everyone but only Safaricom clients.

KCB Mpesa loans have a minimum limit of Ksh 50, and a maximum of up to 1 million. After receiving a confirmation of the processing of the loan, the cash is deposited on the customer’s Mpesa account.

Recently, KCB Mpesa announced an increase in their interest rate on loans from 4.08% to 7.5%. This piece of news shocked millions of customers that were loyal to the platform for its competitive interest rates.

3. Tala

Which app gives instant loans? With a rating of 4.7 and over 360,00 reviews on the Play Store as of August 8th, 2019, Tala formerly known as Mkopo Rahisi is arguably one of the leading instant loan apps in Kenya today. Tala mobile lending app offers credit to its over 3 million clients in Kenya, Tanzania, Mexico, and the Philippines.

RELATED: Top 10 Best Loan Apps in Nigeria to Borrow Quick Loans

To obtain a loan from Tala, you need an internet connection and a mobile phone. The next step is to download the mobile loan app from Play Store. Once you download, the app will ask permission to access your data on your phone. This is because Tala scans your SMS folder for Mpesa transaction history as well as voice call patterns all in an attempt to build your credit score.

Obtain a minimum loan of Ksh 500 and a maximum limit of Ksh. 50,000 on the Tala app depending on your previous repayment behaviour. Loan applications on this digital lending app take 5 minutes after which the funds are sent directly to you Mpesa. Tala mobile loan charges a service fee of 7%-15% for 30 days or 5%-11% for 21 days.

4. Branch

The Branch app is another popular mobile lending app in Kenya with a rating of 4.6 with over 204,000 reviews on the Play Store. The Branch mobile app was founded in San Francisco and launched in Kenya in 2015. To acquire a loan with Branch, you must be a registered Mpesa user and have a functional Facebook account with a name matching the one on your National ID card.

Download the Branch loan app and fill in all the required information. Next, accept the app to access your data on the phone to calculate your loan limit depending on the history of your Mpesa transactions.

The minimum loan you can get on the Branch loan app is Ksh 250, and the maximum limit is Ksh 70,000. Your credit will be processed in less than 3 hours after which it will be deposited into your Mpesa. Branch loan interest rate in Kenya can be 10% or 27% depending on how you pay your weekly installments translating to a 1%-21% monthly rate.

5. Okoa Stima

Okoa Stima is the brainchild of Kenya Power, and it advances loans to its clients to help them pay for their electricity bills. One can take a minimum loan of Ksh 100 and a maximum of Ksh 2,000 which has to be repaid with an interest of 10% within one week.

6. Okash

Okash is among the most popular mobile lending apps in Kenya for persons between 20 years and 55 years. Okash has a 4.1 rating with over 51,573 reviews on Play Store.

When registering on the app, it will need your details such as birth date, educational level, monthly income, and marital status. Okash proves loans from as low as Ksh 500 and charges a fixed 14% interest rate. To get the maximum loan limit, you will have to optimize your details.

7. Timiza

Timiza is another digital lending app powered by Barclays Bank of Kenya. Even though the app is by Barclays Bank, it is open to anyone who needs a loan provided you have a good credit score with CRB. The app has a 4.1 rating with over 11, 100 reviews on the Play store.

You can also use the Timiza app for your saving needs as this will augment your chances for higher loan limits. The best part about the Timiza lending service is that it is open even to persons without smartphone devices. You can access Timiza services by dialing *848# on your handset. One can access loans of up to Ksh 150,000 on the lending service which you will receive on your Mpesa. Timiza loan interest rate in Kenya is 6.17% to be repaid within 30 days.

8. Haraka

Haraka is powered by Getbucks, a South African based service provider. The money lending app is available in Kenya, Zimbabwe, Uganda, Tanzania, and Swaziland.

One can get a minimum loan amount of Ksh 500 to a maximum limit of Ksh 1,000. All Haraka loans are subject to a 23.45% interest rate. Even with a high-interest rate in Kenya, the app still manages a good rating score of 4.1 with over 12,140 reviews on the Play Store.

9. MCo-op cash

This loan app enables the cooperative bank of Kenya customers to access bank services, including emergency loans. It gives customers account balances and transfers cash from their MCo-op Cash to Mpesa, Airtel. It also allows bank customers to purchase airtime from the MCo-op cash account, among other services. With MCOOP Cash App, you can apply for up to 200,000 shillings, 1.5 times your net salary.

10. Zenka Loan

Zenka is one of the best, and the best thing is that you get your first loan free. When you apply for 2000, you pay back 2000. Zenka loans start at Ksh 500 and can go up to 20,000. After the first free loan, the Zenka loan will charge an 11% interest fee if you repay your loan on time.

Based on the reviews shared by most of its users, the Zenka mobile loan app has zero hidden costs to its customers.

All the costs you might need to incur while accessing the loan are known to you during your application. As a result, they make your loan cost as affordable as possible.

To access the online M-Pesa loan from Zenka App:

  • Download the Zenka app from the google play store or the Zenka Website
  • Register your account and fill in the application form with the amounts you need to borrow.
  • Once you have submitted your application, they will review it, and once approved. They will send the money to your M-Pesa.
  • You can withdraw the money from an M-Pesa agent near you.
  • Repay your loan on time to increase your loan limit.

Disclaimer: Please make sure you read and understand the terms and conditions before applying for any of these loans.

Fake Loan Apps in Kenya

Did you know that there are a series of fake loan apps in Kenya today? You should know that being terrible does not preclude you from obtaining a loan from them; rather, the manner in which they operate is the true issue, and you should avoid them if you value your dignity and peace of mind.

The indicators of a poor loan are listed below:

  • A higher rate of interest
  • Shorter loan terms, such as (7-14 days)
  • Bad lenders will charge a different service fee and interest rate.
  • They treat their consumers as though they are garbage.
  • When you default for even a few hours, they send hateful messages to all of your contacts.
  • Even before the loan is due to expire, you can launch a fight.
  • Before approving a loan, they charge for card verification.
  • Some won’t give you a loan but will refer you to other apps and charge you a fee for their services.

Frequently Asked Questions about Loan Apps in Kenya

Which app gives loans immediately in Kenya?

All genuine loan apps in Kenya gives loans immediately depending on your eligibility and credit score. For instance, Branch app, M-Shwari and KCB M-Pesa are some of the most popular loan apps that offer instant loans.

Where can I borrow money urgently in Kenya?

There are several loan apps in Kenya that offer quick loans. For example, Tala, Branch, and M-Shwari provide fast access to funds when you need them the most. Additionally, these apps do not require lengthy paperwork or collateral for approval.

Which are the most reliable loan apps in Kenya?

From my personal experience, the most reliable loan apps in Kenya are KCB M-Pesa, Branch, Tala, and M-Shwari. All of these apps offer secure and efficient loan services with quick approval and flexible repayment options. Furthermore, they have competitive interest rates and no hidden fees or charges.

What app gives 50k loans?

Most loan apps claim to offer loans up to 50,000 Ksh depending on your creditworthiness and repayment capability. For instance, Branch app, Tala and KCB M-Pesa currently offer up to 50,000 Ksh for eligible customers.

Which is the easiest app to get a loan in Kenya?

Tala and Branch are the two most user-friendly loan apps in Kenya, as they have a straightforward application process and minimal paperwork. Furthermore, both of these apps provide quick access to loans with competitive interest rates and flexible repayment options.

How can I get an instant loan in 5 minutes in Kenya?

Getting an instant loan in 5 minutes is possible with some of the most popular loan apps in Kenya. For instance, Tala and M-Shwari provide fast access to funds with simple application processes and secure online platforms. Additionally, you can get instant approval if you meet the eligibility criteria set by these apps.

Leave a Comment