Loans Without security in Kenya Today (2023)

Many Kenyans are looking for financial help during these times when the world is undergoing hard economic times as a result of the covid-19 pandemic.

As a result of this many loan platforms, banks, and microfinance institutions were quick to offer the much-needed help during these times of uncertainty. 

A security interest can be described as collateral that a borrower gives to a lender to secure a loan.

In this article, let's look at some places where you can get Loans without Security. 

Get Loans Without Security

1. Mshwari

Mshwari is a good financial service that is a product of a partnership between Safaricom and CBA Bank of Kenya. Mshwari 's intended purpose is to offer Kenyans a platform where they can save and get access to instant loans without security.

For you to get a loan from Mshwari you require to have a Safaricom line that has been in use for at least more than 6 months. The lowest amount that you can borrow is Ksh 100 and the maximum amount of Ksh. 50,000. You are required to pay the loan in 30 days which comes with an interest rate of 7.5%

2. Tala Loan

Tala is a popular alternative among most Kenyans from which Kenyans have getting access to unsecured loans. The loan app is available for download from Google Play Store from where you can sign up input our details and access quick swift loans.

Tala lets you borrow from as little as Ksh. 500 and charges an interest rate of 15%. In order to access a higher loan limit, you can borrow regularly and repay on time on all occasions so at to grow your limit.

3. Timiza App Loan

ABSA Banking Groups in Kenya provides Kenyans with access to unsecured loans and financing through the Timiza Loan App. The app is also a banking app where customers can save and pay their utility bills. 

Timiza loans are mandated to be paid in 30 days with reasonable loan interest.

4. Zenka App Loan

Zenka Finance Ltd through their loan app available on Google PlayStore. Zenka is becoming a Kenyan favorite application with the app having over 1 million downloads on the PlayStore. 

 The interest charged on loans is between 9% and 29%. The app lets you borrow from the lowest amount of Ksh. 500 to a maximum amount of Ksh. 50, 000. Customers can get loans disbursed to the Mpesa accounts with less disbursal time.

To get a loan with a deducted interest amount, use the PROMO CODE:  IQWY

5. Branch App  Loan

The branch app is a mobile loan application that lets you get unsecured loans straight to your Mpesa account. For one to be able to get a Branch loan, one needs to have an active Facebook account and have a registered Mpesa mobile number. 

The app is available on the Google Play Store and can be easily be installed and operated. 

To get a loan with a deducted interest amount, use the PROMO CODE: 6l4CBD

6. KCB Mpesa loan

Safaricom and KCB Bank partnered together to provide financing to all Mpesa users. Customers can get to save money which can accrue interest of 6%. In order to get a KCB Mpesa loan. you should be an active user of Mpesa for more than 6 months. Loans from KCB Mpesa loans accrue an interest charge of 7.5% for 30 days.

Kenya 2022 

Want to get loans easily? 

Read this to know how: Best Loan Apps in Kenya You Should Try in 2022