This article will discuss a number of online loans available in Kenya via M-Pesa. These loans can be applied for online and money sent directly to your M-Pesa bank account.
Many of these loans can be accessed through mobile loan apps that one must download to their smartphone.
The loans are available immediately, which means they are sent to M-Pesa within a matter of minutes.
You can apply for loans with Mpesa mobile app in the amount of Kshs. You can borrow between 5000 and 300,000 with varying repayment terms of days to one year.
Table of Contents
Mpesa has a list of online loans available in Kenya
I have separated the various online loans between Kenya and Mpesa into three categories.
- Mpesa online loans to Kenya from Banks
- Safaricom & its Partners offer loans
- Mpesa Mobile Loan Apps – Online loans in Kenya
Let’s take a look at each category individually under its sub-headings.
Online Loans in Kenya via Mpesa – Banks
Here’s a short list of Mpesa-based online loans available in Kenya:
1. NIC Now App
NIC Now, a mobile loan application from NIC Bank, is a quick and easy way to get a loan. This app allows customers of NIC Bank to access the loan anytime, anywhere.
Call *488# to get the app and follow the steps. You can only borrow KES 1,000. All loans have an interest rate of 13.5% with a one month repayment period.
NIC Now loan lets you get instant loans with no security.
2. Timiza Loans at Absa Bank
A mobile bank, Absa Bank Kenya (formerly Barclays Bank), offers Timiza loans.
This application can be accessed by dialing *848#, or downloaded from the Google Play Store. After you have completed your registration, you can fill out the loan application form.
After your loan approval, you will be able access it via MPesa.
Timiza’s mobile loans should be repaid within 30 days. Mpesa can be accessed through a pay bill number of 300067.
3. Housing Finance HF Whizz App
Housing Finance’s app is much more than just a mobile loan app. You can apply for a loan from anyone. It can be used to pay your bills, purchase airtime and many other purposes. If you’re looking for mobile loans quickly in Kenya, Hf Whizz app is a good choice.
4. NCBA Loop Loan
NCBA Loop Loan from NCBA Bank is a loan product that allows you to get a personal loan of up KES.3 million and an overdraft of up KES. One hundred thousand with no paperwork
Download the app to apply for this loan and follow its steps. After you have submitted your application, the app will send your details to their team. They’ll then review them and approve them as quickly as possible. It’s that simple!
5. Equity Bank – Eazzy Loan
Eazzy Loan is a quick and easy way to borrow money. Without the need for paperwork or signatures, you can apply for up to KSh3,000,000 without any documentation!
You can do this by using one of the following options:
- The Equity Mobile App allows you to access the loan
- Through the Equitel Line
- Or via Equity bank USSD – *247#.
6. Mco-op Cash loan
You can get short-term loans through Mco-op cash loans You can borrow between Kes 1000 and 500k. The loan repayment takes 1 – 3 months. You will need a copy of your KRA PIN and a salary account.
Mpesa Online Loans Available in Kenya
These online loans are available in Kenya via Mpesa from Safaricom and its partners. These loans include:
7. Mshwari loan
M-Shwari Loan, a partnership between NCBA Bank and Micro-credit M-Pesa, allows you to borrow money from your phone.
Each loan is subject to a 7.5% one-time charge.
These are the requirements to be eligible:
- Save by being enrolled in Mshwari at least six months.
- Safaricom services such as voice calls and data coverage should be used actively
8. KCB M-Pesa
KCB M-PESA offers M-Pesa customers only loans and savings products. You must be an active Safaricom M-pesa user to qualify.
The loan term is for one month, and the interest rate is 7.3%.
9. Safaricom Fuliza
Fuliza Mpesa allows M-PESA account holders to make transactions even if they do not have sufficient funds. Fuliza is now available to Kenyans everywhere thanks to the partnership between Safaricom, KCB Bank and NCBA Bank.
10. Bloom Finance Service
Bloom Finance Service, a Safaricom online loan provider, offers credit facilities between Kshs 150,000 and 5,000 for Lipa Na MPESA Buy Goods customers.
Mobile Apps – Online Loans in Kenya
Mobile apps have been a popular choice for online loans in Kenya via Mpesa. These loans grew quickly due to increased internet penetration and the ease of accessing online loans. Mpesa offers online loans to Kenya:
11. Zenka Loan
Zenka is Kenya’s most flexible quick mobile loan provider. This loan is easy to access.
The Zenka Mobile App can be downloaded and installed from the Google Play Store. Register and follow up with details about your loan application.
Zenka gained popularity towards the end of last fiscal year because it offered the first loan without interest charges, provided that the loan was repaid within thirty days. Zenka allows you to borrow as little as Ksh 500 and as much at Ksh 30,000.
Zenka also offers flexible repayment terms between 30 and 61 calendar days.
12. Branch Loan
This loan app allows you to get quick loans from your mobile phone in Kenya. The branch loan app is in use for quite some time.
This is the right place to get your mobile loan if you are active on Facebook and M-Pesa. Branch will grant you a loan for the amount of your minimum income if you are active on these sites.
Install the Branch app from Google Play Store to get quick mobile loans with no security.
13. Okash Mobile Loan
Onespot technology investment Kenya provides this mobile app to its customers for quick loans. Okash allows you to get instant unsecured loans in just 5 seconds.
Okash allows you to borrow as much as 500,000 with a minimum interest of 5%.
To get quick mobile loans, download and install Okash today from the Google Play Store.
You can also repay the Okash loan by using the M-Pesa payment bill 612224.
14. Tala Loan
Tala was originally known as Mkopo rahisi. Tala has been offering quick mobile loans in Kenya for years. You can easily download, request and receive the loan amount in your M-Pesa in just 5 minutes.
Tala’s minimum loan amount is KES 500. Your loan limit will increase if you borrow more and pay back on time.
Similar to Branch, Tala decides whether to lend a customer a loan based upon their Facebook activity and use of M-Pesa.
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Summary
Mpesa is a popular online loan provider in Kenya. Fast loans can be obtained to help you meet your business or personal needs. You will need to have an active MPESA account in order to access quick mobile loans. Follow the required steps.