List of best Loan Apps in Kenya

Published on 8th Sep 2018

List of Best Loan Apps in Kenya

> tala Loans app in kenya, Branch , Timiza

These are some of the working Mobile Loan Apps in Kenya in 2018, I have personally been able to get at least a loan from these providers.

  1. Mshwari by Safaricom
  2. KCB Mpesa Loans
  3. Tala Loans
  4. Branch Loans
  5. Saida Loans
  6. Haraka
  7. Zidisha
  8. Shika Loan App
  9. Timiza from Barclays

 

  • Tala (formerly Mkopo Rahisi)

 

Tala was the the first instant mobile loans App launched in Kenya wayback in 2014. To access Tala loans , you need to have a smartphone as well as an active Facebook account for registration purposes.

To start, simply download the Tala App, launch the App and link your Facebook account. Afterthen you will be ready to start using the service to borrow soft mobile loans.

Before requesting for a loan, you will be querried on a few personal questions aimed at determining whether you qualify for a loan and by how much. But generally, most of these mobile loan Apps in Kenya use your mpesa transaction history to determine your credit rating.

The minimum loan amount offered by Tala is Sh.500 and the maximum amount of loan is capped at Sh.50,000 depending with your good repayment history. You are required to return the loan back in 4 weekly installments at interest rates of 15%.

      • Minimum loan amount: ksh.500
      • Maximum loan amount: kshs.50,000
      • Repayment duration: 4 equal weekly installments
      • Loan interest rate: 15%

How to pay Tala loan via mpesa

To make repayment of Tala loan;

      • Select Lipa na M-PESA’
      • Choose Paybil option
      • Enter Tala Paybill Business number998608
      • Enter Account numberYour Phone number
      • Then enter amount, pin, confirm and send
      • You are done

 

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  • HARAKA

 

Haraka is very similar to Tala above except for their flexible repayment schedule. As the names suggests, you get instant loans to your phone after application. To access HARAKA loans , you need to have a smartphone as well as an active Facebook account which is used to create your profile on the App.

      To start, simply download the HARAKA App, Launch the App and link your Facebook account and then you will be ready to start using the service to borrow soft mobile loans .

 

Before borrowing a loan, you will be asked a few personal questions that will determine whether you qualify for a loan. However, the app mainly operates by reading your mpesa transaction history to determine whether you will be allowed access to HARAKA loans.

The minimum loan amount offered is Sh.500 and it can increase upto Sh.20,000 on the back of a good repayment history. You are supposed to pay the loan back in 4 weekly installments while the interest rate is pegged at 15%. Each time you repay your loan in time on Haraka, your limit is increased.

For the folks who are employed, you can also take salary advance loans from HARAKA and repay after you receive your salary.

      • Minimum loan amount: ksh.500
      • Maximum loan amount: kshs.50,000
      • Repayment duration: 4 equal weekly installments
      • Loan interest rate: 15%

How to pay HARAKA loan via mpesa

To make repayment of HARAKA loan;

      • Select Lipa na M-PESA’
      • Choose Paybil option
      • Enter Haraka Paybill Business number817910
      • Enter Account numberYour Phone number
      • Then enter amount, pin, confirm and send
      • You are done

 

  • Branch

 

You will find that most other solutions on this list require you to have an android phone. This is because it makes it easier for the app to gain access to your Mpesa transaction messages. These are used to determine your eligibility and loan limit.

You will have to start by accessing the minimum loan amount offered at Sh.1000. Each successful repayment increases your loan limit while lowering your interest rate. Branch is one of the best mobile loan app providers and is highly recommended.

The repayments must be completed in 4 equal weekly installments.

      • Access Branch loans by downloading the Branch App from the Play Store
      • Eligibility: Be a Registered and active Mpesa user, Facebook account, and Accumulation of more SMS and Mpesa transaction messages on phone.
      • Minimum loan amount: kshs.1000
      • Maximum loan amount: Sh.20,000
      • Repayment duration: 4 equal weekly installments

How to pay branch loan via mpesa

To make repayment of branch loan;

      • Select Lipa na M-PESA’
      • Choose Paybil option
      • Enter Branch Paybill Business number998608
      • Enter Account numberYour Phone number
      • Then enter amount, pin, confirm and send
      • You are done

 

  • Mshwari

 

First on the list is Mshwari. This is a product by Commercial Bank of Africa (CBA) in sync with Safaricom's M-pesa platform to offer mobile usecure loans in Kenya. You automatically qualify for Mshwari once you have been active on Mpesa for at least six months. The platform has been around since 2012. The best thing about Mshwari is that the loans are instant, only limited by your loan limit.

Mshwari mobile loan App comes freely installed on your Safaricom line. If your line doesn't have it, it is important to go to any Safaricom shop and they will give you a new upgraded line free of charge.

The minimum loan amount is Sh.100 and you can gradually raise your Mshwari loan limit upto Sh.20,000. Your loan limit is determined by Safaricom, based on your Mpesa transaction history and past loan repayments.

All mshwari loans have a repayment duration of 30 days at a flat 7.5% interest rate. If you default on an Mshwari loan, the repayment period is extended by an additional 30 days while an additional 7.5% facilitation fee is applied. Thereafter, you will lose access to Mshwari for 30 days for late loan repayment.

      • Eligibility: Be a registered & active Mpesa user for over (6 months)
      • Minimum loan amount: Sh. 100
      • Maximum loan amount: Sh. 20,000
      • Repayment duration: 30 days
      • Loan Interest: 7.5%

How to pay Mshwari loan via mpesa

To make repayment of M-shwari loan;

      • Select "Loans and Savings"
      • Then "M-shwari" option
      • Then Loan
      • Select "Pay Loan"
      • Then choose a repayment option between M-pesa and M-shwari.
      • Finally, follow the prompmts to the end.

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  • KCB M-pesa

 

KCB Mpesa is another product just like Mshwari on the M-pesa Application on Safaricom's GSM line. It is KCB product in sync with M-pesa. To qualify for a KCB M-pesa loan, you only need to have an active Mpesa account. You can find the KCB Mpesa menu under the loans and savings option in Mpesa. The service is facilitated by KCB bank, but it is separately managed from the usual KCB accounts. You can have a KCB Mpesa even if you are a current customer of the bank.

KCB Mpesa mobile loan App also comes freely installed on your Safaricom line. If your line doesn't have it, then walk into any Safaricom shop and they will give you a new upgraded line free of charge.

The one demerit of using KCB M-pesa is the fact that you can easily get listed on CRB at the earliest opportunity when you default. This is a complain many Kenyans have about KCB M-pesa.

      • Eligibility: Be a registered & active Mpesa user for atleast 6 months
      • Minimum loan amount: kshs 50
      • Maximum loan amount: kshs. 1,000,000
      • Repayment duration: 1 – 3 months.
      • Loan Interest: 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.

How to pay KCB M-pesa loan via mpesa

To make repayment of KCB M-pesa loan;

      • Select "Loans and Savings"
      • Then "KCB M-pesa" option
      • Then Loan
      • Select "Pay Loan"
      • Enter Amount to repay.
      • Now just follow the prompmts to the end.

 

  • Equitel Eazzy Loan

 

Equitel loans operate in a similar fashion as KCB M-pesa and Mshwari loans. They are both GSM based and you are required to have a line to access the unsecure loans. Your credit rating also needs to be good. With the Equitel line, you can access unsecure loans upto 1,000,000 KES. Yes, you heard that right. This is mainly because the Equitel line is directly linked to your Equity bank account and it goes through your bank statement to determine your loan worthiness unlike other mobile lenders that only go through your M-pesa statement alone.

With Equitel, you can basically get a loan immediately after activating your line by going to Equitel>>My Money>>Loans>>Get Loan>>Eazzy Loan>>select bank account>>Enter amount to borow. The Equitel line is FREE at every Equity bank branch as long as you hold an account with them.

You can also check your loan limit from your Equitel line to see how much money you qualify to borrow.

      • Minimum loan amount: 100
      • Maximum loan amount: 1,000,000
      • Repayment duration: 1 Month upto 1 Year
      • Loan interest rate: 14% Per Annum
      • Loan disbursement mode: via Equity bank account

 

  • Kopa Chapaa

 

Kopa Chapaa is Airtel’s Version of Mshwari although it has been around since 2012. While Mshwari loans are facilitated by CBA Bank, Kopa Chapaa is facilitated by Faulu Bank. To qualify for the loan, you must have been an airtel money user for at least 6 months.
The minimum amount disbursed is Sh.500 while the maximum is Sh.100,000. However, the loan has a surprisingly short repayment duration of 10 days. I believe that this is a very major drawback since KCB Mpesa offers an option of paying back the loan in up to 3 months.

      • Eligibility: Be an active Airtel Money User
      • Minimum loan amount: kshs.500
      • Maximum loan amount: kshs.10000
      • Repayment duration: 10 days

 

  • Saida

 

Saida is a Mobile app, that is very similar to Branch and Tala, although it is a bit harder to qualify for their loans. To be eligible, you need to be very active on Mpesa/Airtel Money and make transactions every two days; make and receive calls/sms daily; proof of income that is enough to allow you to pay back the loan.

      • To access Saida, download the app from the Playstore. Fill in your mobile number and wait for an invitation to access loans.
      • Minimum loan amount: shs.600
      • Maximum loan amount: Sh.15,000
      • Repayment duration: 30 days
      • Loan interest rate: 10%

 

  • DigiSacco

 

DigiSacco is a the first digital Sacco in Kenya. It operates exactly in a similar way as normal saccos do only that it is purely digital. You access various loan packages from school fees loans, emergency loans, ... and others. The turn would be the fact that you require guarators to access these loans, for the emergency loans you also borrow against your savings meaning you also need to save before getting a loan.

      • Minimum loan amount: 100
      • Maximum loan amount: 100,000
      • Repayment duration: 1 Month upto 6 Months
      • Loan interest rate: 12% Per Annum
      • Loan disbursement mode: via Mpesa or DigiSacco Wallet

 

  • Utunzi

 

Utunzi is another instant mobile loans App in Kenya. To access Utunzi loans, you need to have a smartphone as well as records of your M-pesa messages as this is what your credit worth is pegged on.

To start, simply download the App from Google PlayStore. Launch the App and you will be ready to start using the service.

The minimum loan amount offered is Sh.100, while it can increase to Sh.50,000 on the back of a good repayment history. You are supposed to pay the loan back in 4 equal weekly installments and the interest rate is pegged at 15%.

      • Minimum loan amount: ksh.100
      • Maximum loan amount: kshs.50,000
      • Repayment duration: 4 equal weekly installments
      • Loan interest rate: 15%

 

  • Stawika

 

Tala was the the first instant mobile loans app launched in Kenya as Mkopo Rahisi in 2014. To access Tala loans , you need to have an android smartphone as well as an active Facebook account.
To start, simply download the Tala App from the Google PlayStore. Launch the app and link your Facebook account and you will be ready to start using the service.

Before borrowing a loan, you will be asked a few personal questions that will determine whether you qualify for a loan. However, the app mainly depends on reading your mpesa transaction history to determine whether you will be allowed access to Tala loans.
The minimum loan amount offered is Sh.500, while it can increase to Sh.50,000 on the back of a good repayment history. You are supposed to pay the loan back in 3 weekly installments while the interest rate is pegged at 15%.

      • Minimum loan amount: ksh.500
      • Maximum loan amount: kshs.50,000
      • Repayment duration: 4 equal weekly installments
      • Loan interest rate: 13%

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  • Zidisha

 

Zidisha is a Peer-to-peer (P2P) lending platform. It involves lending money to individuals or businesses through online services that match lenders directly with borrowers.

Zidisha is a non-profit organization that connects borrowers from Kenya and across Africa, with lenders from North America and Europe.

      • Minimum loan amount: $100
      • Maximum loan amount: $10,000
      • Repayment duration: weekly or monthly installments
      • Loan interest rate: None.

 

  • Kiva

 

Kiva is a p2p borrowing platform that is quite similar to Zidisha, although it does not work quite as well as Zidisha locally.

  • Minimum loan amount: Dependent on lenders
  • Maximum loan amount: Dependent on lenders
  • Repayment duration: Not specified
  • Loan interest rate: 34% (varies by country and partner)
  • Loan disbursement mode: via PayPal/Kiva account



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