Do you need a loan in Kenya for your business? This list contains the top loan apps in Kenya. It’s an exciting time in which you can do almost anything, even get credit. This article will discuss the most popular money lending apps today.
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According to a report from the Communications Authority of Kenya (46.6 million), Kenya had 46.6 million active mobile subscribers. This was four years ago.
A total of 51.39 millions people in Kenya own mobile phones. This is more than any other device (computer, radio, TV, etc.). ).
Because of their ease of access, more Kenyans will subscribe to mobile loans apps than traditional lenders like banks or MFIs.
Types of loans Apps in Kenya 2022
Below is a list with different categories of top loan apps for Kenya in 2022.
1. Safaricom offers mobile loans
These loans are available directly through Safaricom. You don’t need to download another app to access them. These loans include:
- KCB M-Pesa
2. Banks offer mobile loans
Mobile lending has been taken up by banks, who have created products that allow customers or the public to borrow money. These loans are safest and offer low interest rates because they are regulated.
Banks in Kenya offer mobile loans, which include:
- Timiza – ABSA Bank
- NCBA Loop – You must save money and use the app for a while to be eligible for a loan.
- HF Whizz-You’ll need to use it for a while and go through the KYC process in order to be eligible.
- Equity App – Eazzy App
- KCB Vooma Loan – If you are a customer at KCB Bank, then you are eligible.
- PesaPap Wallet Loan from Family Bank
- Co-op Bank MCo-Op cash
3. Google Play Loan Apps
These are the mobile loans apps that you can find on Google Play. Only genuine loan apps from Kenya will be listed. Some lenders may have poor practices, even though they offer loans. If you default, they will invade your privacy by calling your contact list.
These are the latest loan apps for Kenya 2022 and beyond.
We had a list with the top 20 Kenyan loan apps. We have now updated the article to only include the top Kenyan loan apps. Many mobile loan app lenders had removed their apps from Google and closed.
When you needed quick cash, the options were limited. You could go to banks, which is slow, or turn to your family and friends.
We are lucky that we have smartphones that allow us to do just about anything, even accessing fast loans. It takes less than five minutes to apply for a loan from your M-Pesa through one of the many instant loan apps available in Kenya.
The Best Loan Apps for Kenya in 2022
Here’s a list with the top loan apps in Kenya
1. Branch Loan App
Branch Loan is the first app for loan in Kenya that you should review. Branch International introduced it to Kenyans in 2015. Branch Loan App is Kenya’s second-oldest online lending platform.
Branch Loan App is available in Kenya, Tanzania, and Nigeria. It offers loans up to KES70,000 for its users. Branch App is available for download from Google Play. After signing up with Facebook, log in and you’ll be able to see if you are eligible for a loan. M-Pesa will send you the loan if they approve.
2. Tala Loan: Best Loan App in Kenya
It was originally known as Mkopo Rahisi, but it was rebranded to Tala. Tala Loan app is one of the oldest and most trusted mobile loan apps in Kenya. Tala Loan app has been around for many years in Kenya and has become one of the most trusted instant loan apps.
They can offer loans up to $30,000 and will disburse the loan via M-Pesa. They are known for providing loans within 5 minutes. You will be able to build your credit by repaying your loans on time.
Tala App is one of Kenya’s most downloaded money lending apps. It has been downloaded over 5 million times on Google Play. All you need to do to get a loan with Tala is to download the app to your smartphone and to create an account. If you are not listed on CRB, your first loan will be granted to you.
3. Timiza Loan
Timiza, an online mobile money app from Absa group, was formerly known under the Barclays Bank Kenya name. It is one of the most popular local banks in Kenya. The lending app craze in Kenya, as mentioned before, has forced financial institutions to be more innovative. Timiza’s app is different from other banking apps. It is open to everyone in Kenya, not just to customers of the bank.
The Timiza app not only offers loans but also allows users to open a bank account and manage their accounts.
Access a mobile loan through Timiza App:
- The Timiza app is available in the Google Play Store.
- Enter your M-Pesa registration number.
- Use the pin that was sent to you to activate your application
- Then, you can apply for a loan at Timiza
Timiza loans are available with a 30-day repayment term and can be borrowed up to KES 150,000.
4. Cash MCo-op
The co-operative bank customers of Kenya can access this loan app to get emergency loans and bank services. It transfers cash from customers’ MCo-op cash accounts to Mpesa and Airtel, and gives them account balances.
Customers can also purchase airtime using the MCoop cash account. You can apply for MCOOP Cash app up to 1.5 times your net income.
5. KCB M-Pesa
Safaricom was the first to offer mobile lending, and KCB in partnership with M-Pesa came up with a solution. KCB M-Pesa is available to registered M-Pesa users. It is already installed on your phone so you don’t have to download and install it.
Click on the KCB Mpesa tab, under loans and savings, to select a loan. That’s it. You don’t need to register or provide any additional details.
After the requested amount is within the loan limit, the lender will send the loan amount directly to your Mpesa. KCB M-Pesa is therefore ranked among the top online M-Pesa lenders in Kenya.
Safaricom products are a must-have in this list. M-Pesa works best with all other apps. Mshwari, a mobile loan solution developed by M-Pesa Safaricom in partnership with NCBA Bank is similar to KCB. It works on the principle that you must save for a loan. They can increase your limit depending on how well you manage Mshwari, and how quickly you repay past loans.
You can qualify for a Mshwari Loan by being an M-PESA Subscriber for 6 months. This will allow you to save on Mshwari and make active use of other Safaricom services like voice, data and Mshwari.
7. HF Whizz Loan
HF Whizz offers more than a loan app. You can also do all of your digital transactions through the app. These include paying for goods from your HF account directly, money transfer, saving, buying airtime and applying for loans. Here’s how to apply for an HF Whizz loan.
8. Ok Loan
Opera software creates Okash to tap into growing money lending. For a start, the application was designed to provide loans to at most 100,000 Kenyans. The Okash loan app, which is currently one of the most popular in Kenya, is among the most used lending apps.
9. Zenka Loan
Zenka is one the most reputable lenders. Your first loan is free! You pay 2000 back if you apply for 2000. Zenka loans can be up to 20,000 and start at Ksh 500 If you pay your Zenka loan in full within the timeframe, there will be an additional 11% interest charge.
According to the majority of Zenka’s users, there are no hidden fees for Zenka’s mobile loan app.
During your application, you will be informed of all costs that you may incur when you apply for the loan. They make the loan as affordable as possible.
Zenka App allows you to access an online M-Pesa loan.
- Get the Zenka app on the Google Play Store or from the Zenka Website
- Register an account and complete the application form with your requested amount.
- After you submit your application, they will examine it and approve it. Once approved, they will send the money directly to your M-Pesa.
- An M-Pesa agent can help you withdraw the money.
- To increase your loan limit, repay your loan on-time.
Summary of Mobile Loan Apps for Kenya
|Name||Minimum Amount (KES)||Maximum Amount (KES)||Repayment Period|
|KCB M-Pesa||1000||1,000,000||30 days|
|LOOP||50,000||3,000,000||6 to 36 months|
|HF Whizz Loan||1,000||50,000||30 days|
|Eazzy Loan||1,000||3,000,000||Available from 1 to 36 months|
|KCB Vooma Loan||1,001||300,000||30 days|
|Mco-op Cash loan||1,000||500,000||1- 3 Months|
|PesaPap Wallet Loan||1,000||50,000||30 days|
|Branch loan||1,000||70,000||30 days|
|Tala loan||1,000||30,000||30 days|
|Ok Loan||500||50,000||15 and 21 days|
|Zenka loan||500||30,000||61 Days|
Common Questions about mobile loan apps
In this section, I’ll answer common questions regarding the best mobile loans apps in Kenya.
1. What is a Mobile Loan?
The short answer is: A loan that you receive on your mobile phone. You may have taken a loan on your mobile phone to get money from a lender to help you with your financial problems.
Although mobile loans are most popular in Kenya, they are mostly offered through loan apps. However, lenders have recently started offering loans via USSD.
2. How do I get a loan for my mobile phone in Kenya?
You will need an internet connection and a smartphone to get a loan. Many mobile loan lenders prefer that you have an Safaricom line with MPesa enabled. To qualify, it is best to have a high credit score. You don’t have to have an internet connection or a smartphone in order to get loans via USSD.
3. What is the best mobile lending app in Kenya?
It depends on different users having unique experiences. This question will be answered by identifying the mobile lenders who lend via mobile. These lenders can be classified as regulated or unregulated. When I refer to held, I am referring to those lenders that are regulated by the CBK, which is a majority of banks.
Timiza is the best mobile loan app. You don’t need to be a Absa bank customer to use this app to get a loan. They also offer reasonable interest rates.
Fuliza by Safaricom and Mshwari can be added to this list. These are available if you have a Safaricom phone with M-Pesa enabled.
Unregulated lenders are those who have introduced mobile loan apps in Kenya. Based on my experience, this is the list of the best. These include the Tala Loan App and Branch Loan App.
Rest are great for user experience, and the interest rates on loans.
4. Where can I find a mobile loan in Kenya
I believe I have answered your question in the previous question. You can get a loan quickly in Kenya from your mobile phone. This is the most convenient place. Fuliza is a service that will allow you to make M-PESA transactions even if your account has insufficient funds.
Next, check Mshwari. If you need more information, visit KCB Mpesa. To be eligible for a loan from KCB Mpesa, you will need to have saved a certain sum.
Unregulated mobile lenders are available, but Branch and Tala are the best options. Don’t rely too heavily on these apps
After answering the most common questions, let’s move on to the list of mobile loans available in Kenya as promised at the start of the article.
5. What are the real loan applications in Kenya?
All of the apps on this page can be trusted. I have personally used several of these apps, as well as others I know who have.
Downloading and trying them is the best way to find out. Be careful, some won’t give you money upfront.
Only one fee should be paid: a percentage at end of loan period. Some will inform you upfront about the amount they will deduct. Others will charge what they want and you won’t know until it’s too late.
However, this does not mean you should avoid a loan with prepayment fees.
6. What are the fees for applying for a loan?
Loan apps can be downloaded for free and there are no fees to obtain them.
Some lenders will take a percentage off your loan amount at the end, while others will charge you an upfront fee. This reduces the cash that you get before it is actually received. However, this does not mean you should avoid loan apps that charge fees upfront. There are many benefits to these loans.
7. What app can I use to get a loan of 50000?
Most loan applications start with a very small amount. As your loan limit grows, so do many others. Only KCB Mpesa or Timiza can provide loans up to 50K. However, this loan is only available for a limited time. However, you must repay the loans within one month.
NCBA loops can provide you with over 3 million, and you can pay it within a year.
8. What app can I use to get a loan if I’m in CRB?
Any loan app that is not supported or regulated by the Central bank of Kenya may offer loans to you without a CRB. The digital lenders association is working to regulate these lenders and allow them access credit records.
Apps that allow you to get a loan if you’re in CRB include Tala, Branch and Zenka. Okash is another example. Some of the new Kenya 2022 loan apps cannot access CRB records.
9. What is the best instant loan application in Kenya?
Many bank-backed mobile loans won’t give you instant loans in Kenya right away after downloading their app. You will need to use the app for three months and deposit before you can be eligible for the first loan.
The traditional loan apps Tala, Branch and Zenka can provide instant loans in Kenya right away.
Conclusion: Mobile Loan Apps in Kenya
In Kenya, loan apps have grown in popularity over the past few years. Although there are concerns about high interest rates charged by lenders, these apps can provide credit access for Kenyans that may not be eligible for traditional bank loans.
Additionally, mobile loan apps for individuals and small businesses have increased financial inclusion by allowing them to access credit that would otherwise be difficult to obtain loans.
It is important to keep an eye on the industry as loan apps grow in popularity. This will ensure that borrowers are treated fairly and that terms are clear.
I hope that you have learned a few things about mobile loan apps in Kenya so you can make educated financial decisions. You now know which app offers instant loans in Kenya and which one gives you an immediate loan.
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