Are you looking for a loan in Kenya? Well, read through this list of loan apps in Kenya in 2023.
We live in exciting times where you can get everything from
the palms of your hands, including obtaining credit.
This article will review the popular loan apps in Kenya
available today. If an app is missing, kindly suggest the comments below or
send me details, and I will review it.
Technology has made it possible to do things that seemed
unthinkable about five years ago. We all know how bureaucratic getting a loan
from a bank was back then. But now, with the innovation of loan apps in Kenya,
your loan is just a phone away.
Best Loan Apps in Kenya
Financial Institutions support the first two digital lending
apps (Absa Bank and Housing Finance). The rest are unregulated by the Central
Bank of Kenya.
Let’s dive into the details of each mobile loan app:
1. Branch Loan App
The first loan app in Kenya to review is Branch. It is a
popular app introduced to Kenyans in 2015 by Branch International. The Branch
loan app is not only available in Kenya but can be found in Tanzania and
Nigeria.
The mobile loan app gives its users loans up to KES
50,000.
To get started on Branch App,
you download the App from Google Play, use Facebook to signup, and log in, and
automatically you will know if you qualify for a loan or not. If you are
approved for a loan, you will receive it through M-Pesa.
2. Tala Loan App
The Tala loan app was initially known as Mkopo Rahisi and
was rebranded to Tala. They offer loans up to 30,000, and the loan is disbursed
through M-Pesa. They pride themselves on giving loans in less than 5 minutes,
and you will build your credit up to the maximum amount by repaying your loans
in time.
Tala App has more than 1 Million downloads on the
Google store and is considered one of Kenya’s most popular money lending apps.
To get a loan from Tala, all you have to do is download the
app on your Smartphone and create an account. If you are not listed on CRB, you
will get your first loan to choose the payment terms.
3. Timiza Loan App
Timiza is an App by Barclays bank, one of the local banks in
Kenya. As mentioned earlier, the loan app craze in Kenya has forced mainstream
financial players to innovate.
Unlike other apps from banks, the best thing about Timiza is
that the app is not limited to the bank’s customers alone but instead available
to all Kenyans.
You download the app, register, and check if you qualify for
a loan.
The Timiza App is
not only a money lending app but one of a kind app where you can do more. You
can top up any amount and use the money to hail a Taxi.
4. Stawika Loan App
Stawika is
a rising money lending app in Kenya by Stawika Capital. Once installed on your
Smartphone, the app will evaluate your data on the phone, such as M-Pesa usage
and other factors, to qualify you for a loan.
The registration process is simple; you download Stawika
loan App from Google. Use your phone number to register and provide a unique
four-digit pin.
5. Haraka Loans
Haraka means fast in Swahili. So anyone within Kenya will
know that the app offers quick/fast loans. Haraka Loan is a product of
Getbucks, a South African registered lender.
Haraka
Loan App is available in other 4 African countries, i.e., Swaziland,
Uganda, Tanzania, and Zimbabwe.
Their loan range is between 500 and 5000, and the loans
attract an interest rate of 23.45%.
6. FlashPesa
FlashPesa is a locally operated company working to
positively impact Kenyans’ lives by providing quick access to funds. FlashPesa
offers users a fast and secure way to get their hands on the money they need,
whether for a personal emergency, a business loan, or just for fun.
Using FlashPesa is easy. All you have to do is download the app from Google Play Store, enter your phone
number, and fill out a simple form in under 30 seconds to get started. Once you
have an account set up, you can access funds quickly and securely with minimal
hassle.
FlashPesa believes that life doesn’t always have to be full
of emergencies; sometimes, people just need funds to make life fun as well.
Through their quick financial access service, they can provide users with the
money they need when they need it most – enabling them in ways never thought
possible before.
7. Zash Loans
Zash Loan is an online loan application that offers
transparency in interest and fees, high quotas with low-interest rates, and no
credit record required. Residents aged 18-60 with a stable source of income can
easily apply online anytime they need financial assistance.
The application process is quick and simple, with users
receiving the money to their M-PESA accounts within minutes. Super technology
and full encryption are also utilized to protect users’ personal information
security.
8. LendPlus Loans
We’ll say this is one of the best loan apps. LendPlus is a
responsible direct lender offering a simple and quick solution for customers
who need financial assistance. Customers can apply for a loan from anywhere.
Data privacy, confidentiality, and protection are
guaranteed. Once you qualify for the loan, money is transferred instantly to
your account and you can prolong the loan period. Their customer service,
friendly interest rates, and extension option provide additional assurance for
customers.
LendPlus is great for emergency cases, as it requires no
physical presence and can be done in 15 minutes. They offer honest interest
rates that are lower compared to other apps.
9. KCB M-Pesa
I believe Safaricom set the ball rolling for mobile loan
Apps, and KCB, in partnership with M-Pesa, came up with a solution. The KCB
MPesa loan solution is tied to your Safaricom sim card and the Safaricom App.
In my opinion, they have the cheapest interest rates in the
market.
10. Mshwari
We could not finish this list without mentioning a Safaricom
product. All the other Apps work best with M-Pesa. So just like KCB, M-Pesa
Safaricom, in partnership with NCBA Bank, have a solution for mobile loans
dubbed Mshwari.
It operates on the principle of saving for accessing a loan.
Your loan limit can be increased depending on how you keep on Mshwari and how
you repay your past loans.
11. InstarCash loan app
InstarCash is a mobile application that provides personal
loans to users in Kenya. It has an easy and fast application process, where one
can download it from the Google Play store, register, fill out the application
form and receive an approved loan through M-Pesa.
Despite its lower loan amount, it also offers very
affordable interest rates and quick approval, making it one of the best loan
apps.
12. Okash Loan App
Used to be a popular and most loved loan app. The
application started with a target of providing loans to at least 100,000
Kenyans for a start. The Okash loan app is currently one of the most popular
mobile loan apps being used in Nigeria. It is no longer available in
Kenya therefore don’t be lured by any other app masquerading around to
be them.
13. Zenka loan app
Zenka is one of the best loan apps, and the best thing is
that you get your first loan free. When you apply for 2000, you pay back 2000.
Zenka loans start at Ksh 500 and can go up to 20,000.
After the first free loan, the Zenka loan app will charge an 11% interest fee
if you repay your loan on time.
History of Loan apps in Kenya
Loan Apps in Kenya became popular in the last three years
with the launch of the Branch loan App. We have had so many players come into
the industry ever since. Others have died off, while others have grown so big,
and their clients have increased in numbers.
Kenya is known for mobile money and is the hotbed for money
lending Apps, with M-Pesa being the ideal option to receive loans from these
Loan Apps in Kenya.
Now banks who have been traditional loan lenders are joining
in by releasing their mobile loan app versions.