The best mobile loan apps and lenders in Kenya

The best mobile loan apps and lenders in Kenya

When it comes to mobile loans, there are plentiful loans apps in Kenya available. These mobile loan apps have become so popular since with them you can get quick loans with fewer procedures than banks. Most of these mobile loan lenders give you instant loans.

In short, you can apply for a loan and boom! Your funds are disbursed to your M-pesa account in minutes.

So if you are wondering which is the best app to apply for a loan in Kenya and get an instant loan you are the reason we wrote this review.

Let’s get started.

Types of Mobile Loans in Kenya

Mobile loans in Kenya are offered under different categories.  Here’s the list:

1. Bank Mobile Loans

Kenyan commercial banks have decided to improvise their lending platforms for their customers.

That way, if you need some quick cash you can borrow a loan using your mobile phone. In some banks, you necessary don’t need to have an account with them to get a loan with your phone.

And to be honest with you, if you are looking forward to the safest way to get a quick loan, bank mobile loans in Kenya are the best.

Good examples of bank mobile loans lenders in Kenya are Family Bank and KCB Bank.

2. Mobile Loans Offered Via Safaricom M-pesa

Okay, Safaricom does not necessarily offer loans but it offers a platform to get a quick mobile loan. Such is M-shwari, KCB M-pesa, and an Overdraft service, Fuliza.

3. Loans Offered Only Via Mobile APPs

These are loans offered only via mobile apps. Usually, the companies behind them are not necessarily banks.

Using these mobile loans apps, it’s easier to get a quick loan than borrowing from banks. Since most of them lend a small amount of a loan.

9 Best Mobile Loans Apps in Kenya to Get Instant Loans

We made sure to update this article only to list the best mobile loan apps and lenders in Kenya.

1. Tala App — The Best Loan APP with A Higher Loan Limit for New Borrowers

When it comes to mobile loans apps, Tala has been in the market for quite a good time.

With a 4.7 rate star on the Google Play store, you won’t be wrong choosing this mobile loan app.

Tala has built its reputation over instant mobile loans. Tala gives quick online M-pesa loans. With this app, you can apply for a loan and in no time your loan is disbursed directly to your M-pesa account.

According to them, Tala makes sure that your personal information is very secure. Such that your personal data is not used in malicious activities.

You can get a loan from Tala from as low as KSH 1000 and your limit grows as you continue using the app. You know it… borrowing and paying the loan on time.

So if you are searching for the best loan app in Kenya to get an emergy online loan I can assure you that Tala is a great APP.

2. Branch Loan app – The Best for New Users

If you are new to mobile loans in Kenya and wish to take a quick loan, Branch is the app you’ve been searching for.

Introduced in Kenya back in 2015 by Branch International, Branch is another loan app that has set a good reputation in mobile money in Kenya.

Branch has over 10 million downloads and a perfect ­4.5-star rating.

From the Branch loan app, you can borrow as little as Ksh 500. Usually, this is the loan limit for new users. And your limit grows when you borrow and repay your loan on time.

When you apply for a loan from the Branch app you get the funds quickly disbursed into your M-pesa account. Usually, it takes less than 5 minutes to get the money into your account.

If you want instant loans in Kenya Branch is an ideal choice.

3. Fuliza – Best Overdraft Service

Fuliza is not a loan app but an overdraft service. This way, when you want to send some money or pay your bills but you don’t have enough money to complete the transaction via M-pesa then you don’t have to worry since the amount is topped up to complete the transaction.

Fuliza cannot be directed referred to as a loan, but in my own opinion, Fuliza is kind of a loan.

Since initially you didn’t have the money and so M-pesa is kind of giving you a loan in order to complete the transaction. To opt-in for Fuliza you just need to dial *456# and follow the steps given.

When you use Fuliza, your mobile loan is deducted the next time you top up your account.

4. Ipesa – The Loan APP without a Service Fee

Ipesa is among the best mobile loan apps in Kenya receiving a lot of positive reviews. This loan app has grown fast accumulating over 1 million downloads from the google play store.

With Ipesa you can get a loan of as low as 500 if it’s your first time applying for a mobile loan with them. In which you can grow your loan limit to up to Ksh 50000.

Ipesa has an interest rate as per your loan duration. A 14 days’ loan has a 15% interest while a 28 loan will cost you a 12% interest rate.

When you are late to repay your loan a penalty of 2% is added to your loan. However, if you are searching for the best loan app to get a quick loan, Ipesa is a great mobile loan app.

5. Zenka – Fastest-Growing Loan APP in Kenya

Zenka is a loan app that has gained a good reputation over the last three years.

It’s an award-winning app as the most preferred mobile Loan App Kenya in 2020 by Digital Tech Excellence Awards. So choosing this app to get a loan in Kenya, it’s the right decision.

Zenka has a loan limit of Ksh 500 – 30000. With a processing fee of 9-39% of the principal amount. Also as a borrower, you can express your interest for loans of 61 days. Which gives you ample time to repay your loan on time.

6. M-shwari – Best Mobile Banking Platform

If you already own a Safaricom line, then you already know M-shwari.

M-shwari is a mobile banking platform provided by Safaricom. Usually, you can open an account with them and save any amount on your account.

It does not matter how much income you get each day. With M-shwari, you can save as low as 5Kes each day.

Ooh, I’m not kidding.

But if that’s as much as you can afford to save each day, then you can do it with M-shwari mobile banking. After all, at the end of the month, you would have saved KES 150. Sounds cool.

Apart from being a mobile banking platform, M-shwari also offers mobile loans in Kenya. Yes, you can get a loan that you can maybe use to grow your business.

M-shwari gives a loan from as low as 300. And the limit grows as you continue to save with M-shwari as well as repaying your loan on time.

7. Timiza – Best Mobile Loan APP from Commercial Banks

Timiza is a loan app and even a mobile banking app currently owned by the ABSA Group (formerly Barclays Bank). Timiza offers cheap international loans in Kenya.

In my own opinion, this is the best and the safest way to get a loan using your mobile. For one reason, their charges are super low and their loans are regulated. Unlike the mere mobile loan apps whose even the security of your personal isn’t something, you can boast.

Timiza offers a loan from as low as KES 1000 up to 150000. That’s a huge loan limit. And they can be an ideal choice to take a quick loan to grow your business with a low-interest rate of 1.17% and a facilitation fee of 5%. That is way more cheaper than most mobile finance lenders.

Actually, to use Timiza, you don’t need to be an ABSA user.

So if you are looking for a loan with a low-interest rate, then I have no doubt recommending you Timiza.

8. KCB Mpesa – Bank Mobile Loan Lender & Mobile Banking

KCB Mpesa is the M-shwari alternative. Only that KCB Mpesa is owned by among the best commercial banks in Kenya –– KCB Group.

KCB Mpesa is an amazing bank mobile loan lender. And you can easily access it from your Mpesa Menu.

From this platform, you can save money in your KCB Mpesa from as low as KES 50 and earn an interest rate of 6.3% for the “target account” and “fixed savings” accounts.

Apart from saving, you can borrow a loan from KCB Mpesa using your mobile phone. But to increase the chances of getting one you have to frequently use the platform. That is moving money in and out of your KCB Mpesa account.

With that in mind, KCB Mpesa is among the ideal way to get a loan using your mobile phone.

9. Okash Loan APP

Okash is an amazing mobile loan lending app.

Although I didn’t want to include it on this list. For one reason, I have to confess it’s not the safest mobile loan app out there. When I mean safety I don’t mean that your details are going to leak to people who are going your personal information for malicious activities.

Here’s what I mean.

Okash will definitely give you a loan. However, if you default on your payment they are going to publicly shame you. Since you have granted them to access your mobile contacts, then they are going to send a text to your friends that you have been unable to repay your loan.

In my opinion, customer privacy is more important than the Kes 3000 loans. And it is not right for lenders to publicly shame you for failing to pay it.

So use the app when you are sure to repay your loan as soon as possible. Otherwise defaulting it will…you know…everyone knowing your financial status.

Geoffrey Nevine — IT Services and IT Consulting

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