13 Best Loan Apps in Kenya in 2023

13 Best Loan Apps in Kenya in 2023

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.

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