If you’ve ever been cash-strapped and in desperate need, you
may relate to how it feels to not have access to credit facilities.
Thankfully, rapid loan applications in Kenya minimize this
time-consuming procedure and allow you to acquire sizable loans on your mobile
device.
Having said that, Which App should you have for emergencies?
Tala
Tala joins the list of top 20 loan apps in Kenya because of
Kenyans’ massive downloads and wide usage. It is available on Google Play
Store, and once you have downloaded the app, you can sign up and start
accessing quick mobile loans in Kenya. However, you must provide your details
for your account to be verified.
Tala provides personalised loans based on your digital
credit history. Here you can track your credit using My Tala Status and repay
the whole amount at once or in partial payments. You can repay your loan using
Mpesa Xpress or through the Paybill number 851900.
Mshwari by Safaricom
M-Shwari is one of the most widely used mobile loan services
in Kenya. It is not just a lending platform but a paperless banking service
that allows users to save and borrow.
Saving money through Mshwari earns you an interest rate of
3% for Ksh1-20,000, 5% Ksh.20,000-50,000 and 6% for greater than Ksh.50,000
annually. You access loans of a minimum of Ksh. 100, and the limit rises based
on your credit history. You can only access M-Shwari loans if you have a
Safaricom line.
KCB M-Pesa
This is another mobile money lender affiliated with
Safaricom, although the Kenya Commercial Bank owns it. KCB M-Pesa also enables
you to save, thus enabling you to borrow.
One can access KCB M-Pesa through the M-Pesa menu on the
phone SIM toolkit or M-Pesa app, so you must have a Safaricom sim card as well.
In addition, KCB M-Pesa has a unique top-up feature that allows you to request
a loan more than once as long as you have not exceeded your limit.
Timiza from Barclays
Banks have not been left behind regarding mobile loan apps
in Kenya. For example, Timiza is an app by Absa Bank’s app allows users to do
all kinds of banking from their phones.
Services offered through Timiza include loans, fund
transfers, insurance purchases and many more. Timiza app is available on Google
Play Store, but those who can’t access it can dial *848# to register.
Branch
Branch is one of the most established loan apps in Kenya
without registration fees in and outside of the country. Through Branch, one
can access up to Ksh.70,000 from their smartphones at any time.
You have to download the Branch app on Google Play Store and
follow easy steps to register. After that, loans are approved in less than 24
hours, and there are no hidden fees. In addition, the lender does not charge
late fees or rollover fees, so many people prefer the app.
Shika
Shika is one of the credit apps that stand out by offering
more than just loans. It is an SMS app with several cool features that
facilitate text messaging. The app also provides the latest news on topics
ranging from politics, sports, and entertainment.
Shika acts like a portal for several lenders to give credits
to their clients. However, the credits are tailored more towards startups in
agriculture, asset finance and invoice discounting.
iPesa
iPesa loan app offers credits from as low as Ksh. 500 to
Ksh. 50,000. The shortest tenor for credits is 91 days, while the longest is
180 days, so you will have enough time to repay your credit. Their interest
rate stands at 12% with no service fee.
Once you download the app, register with your M-Pesa number
and apply for the exact amount you need. If you repay your credits on time,
your credit limit will be set at Ksh. 50,000.
Zenka
If you have not used the Zenka app to get credit, you will
love it. The first credit is interest and service fee-free. It means you only
have to pay the amount you borrowed within the stipulated time, which is
usually 61 days.
You can download the Zenka app from their website Zenka and
install it on your phone. After filling the application form, you will receive
the requested amount in less than five minutes.
Zidisha
Zidisha is one of the best new loan apps in Kenya 2022 and
is available in Google Play Store. Download it, register and start using the
services. Zidisha functions as a non-profit peer to peer lending platform. It
means that your credit will be coming from an independent lender and not the
organisation itself.
The app is a portal where lenders and borrowers meet and
transact their business. To qualify for a credit, you have to be employed or
running a business, be active on Facebook, have a working Safaricom sim card,
provide a national ID and have a good credit history.
Okash
Okash credit app provides both personal and business loans
of up to Ksh. 60,000. You need to download the app from Google Play Store,
install it and register.
Using the personal details you provided, Okash determines your credit limit and the period you have to repay. The interest rate is slightly higher at 14%.
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