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| Best Genuine & Low-Interest Loan Apps in Kenya |
Do you live in Kenya and urgently need a loan?
Carefully read through this list of some of the best loan apps in Kenya.
This article provides some of the best apps in Kenya which provide instant mobile loans in Kenya. Some apps such as Zenka listed below are able to offer quick ussd mpesa loans.
Loan apps are always convenient as they are easily available and can be downloaded easily.
Here is a list of the best loan apps in Kenya in 2022.
Safaricom Loan Options
1. Safaricom offers mobile loans easily. You only need to have an active Mpesa account.
Loans offered include:
* Fuliza
* Mshwari
* KCB M-Pesa
Bank Loan Options
2. Banks have also taken the mandate of mobile lending and they have come up with apps that offer
loans on low interest.
* Timiza from ABSA Bank
* HF Whizz - This app requires you to use it for a period of time and
go through the KYC process so as to qualify for a loan.
* Eazzy App from Equity Bank
* Vooma Loan From KCB Bank - You need to have a KCB Bank account to qualify.
* PesaPap from Family Bank.
* MCo-op Cash from Co-op Bank.
The above two choices are mostly preferred by users due to their regulations and low interest. However, there are also some good apps that can be downloaded from Google Play Store.
Best Mobile Loan Apps in Kenya to Download.
Tala has been a forerunner in the mobile loan app business for a while. Most of its users trust it and believe it is one of the best loan apps in Kenya. Loans offered on this app can range up to 30,000 and are disbursed through Mpesa. Tala promises its customers to disburse loans in as little as 5 minutes.
With over 5 million downloads on Google Playstore. It is surely a popular app. For you to get a loan from Tala, download through this link. Set up your account. Go through their loan application process and easily get your loan.
If you are looking to get a loan from a bank, try ABSA's loan app. The app's loans are not
limited to ABSA's customers but also everybody on an android app. Timiza goes also a step further
and offers you banking services as your account can also serve as a bank account.
To access Timiza Loan App, Go to Google PlayStore through this link and download it. Sign up to
use the account and you can instantly start applying for loans. The payment period allowed for the
app is 30 days with Timiza customers able to borrow loans up to Ksh. 150, 000.
All Co-operative Bank customers in Kenya can apply for loans using the Mco-op banking app. The app allows customers to apply up to a maximum of 200, 000 shillings. Put simply you can get a loan of 1.5 times your net salary. Additionally, customers can purchase airtime and you can also save money in your account.
4. KCB M-Pesa
Safaricom enables its customers to get access to KCB loans through KCB bank. You are only required to have an active Mpesa History. KCB Mpesa services are already installed on the Safaricom lines therefore there is no point in downloading.
The only limit to this loan service is that you need to have a good loan limit in order to get a certain
loan amount. The trick to using this service is to save up on your KCB Mpesa account in your Mpesa account.
5. Mshwari
Mshwari is another amazing loan service that comes already preinstalled on your Safaricom line.
Just as KCB Mpesa works, Mshwari requires you to build your trust with Mshwari by saving up on your Mshwari account. To qualify for a Mshwari loan, you need to be a Mpesa subscriber for six months, save up on Mshwari regularly, and actively used Safaricom services such as Mpesa and voice and data.
Zenka has recently transformed its loan service. Some consider it to be the best app as interest is not charged on your first three loans. Zenka loan limits start as low as Ksh. 500 and go up to as high as Ksh. 20,000. It is important to note that the first loan is interest-free while the rest
come with an interest charge of 11% interest fee for payments done on time.
- Access the Zenka Loan App on Google Play Store,
- Register your account by going through the
list prompts where you are required to fill in.
- Submit an application, and once it is reviewed by Zenka support it will be sent your way if they approve it.
To get a loan with a deducted interest, use the Promo Code IQWY
The app from Opera Software offers affordable loans. They deduct the interest to be paid before handing you a loan and provide you with a set timetable on how best to clear the loan. Okash requires you to regularly take loans so that you grow your loan limit.
Branch is also a popular selection among Kenyans. Introduced in 2015 by Branch International, Branch boasts a number of users who continue to apply for loans from the app.
The app offers its users loans to up to Ksh. 70,000. It is quite easy to use the app as it is available on
the Google PlayStore. Branch allows users to sign up using their Facebook account or through their
mobile phones which have access to Mpesa. It is quite easy to use the Branch app as you can get notified immediately if you have qualified or not. You get the funds to your Mpesa if your loan application is approved.
Want to get some interest off your next Branch loan? Use the code 6l4CBD as your invite code and enjoy interest deduction.
What you should know about loan apps.
Even though loan apps may seem appealing. It is important to take care and not to get engulfed in the endless cycle of borrowing. Be sure to follow these tips:
* Save up for a rainy day. Loan Apps may seem to be the only solution but what will save you
is financial literacy.
* Loan Apps tend to go through your phone data. They may access your phone records, message records and if you fail to pay your loan, they end up sending texts to your contacts.
* Choose wisely who you list as your guarantors. The people you list as guarantors can be called
upon to pay up if you fail to pay the loan on time. Ensure you don't burn bridges in your quest for
loans.
* Loan Apps always require you to promise to pay on time. Always keep this promise to pay on time.
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