It is without a doubt that sometimes one may be in need of an instant loan to solve an emergency. Currently, with the emergence of instant mobile loan apps it's easy to get an instant loan. In this article, you will know more about best loan apps in Kenya where you can find monetary assistance. Therefore, continue reading to see some of the best loan apps in Kenya for instant loans.
Timiza For Instant Loans in Kenya
Timiza is without a doubt one of the best loan apps in Kenya for instant loans. It is a product of the ABSA Bank. For you to access a loan on Timiza, you need to follow the steps below.
- Download the Timiza app from Google Play Store or use the USSDC code *848#
- Fill in your registered M-Pesa number
- Activate your account using the one-time generated pin sent to you
- Once done you can now apply for your loan.
Timiza charges an interest rate of 6.083%. The repayment period of loans taken is 30 days. Failure to pay within the given 30 days attracts an extra fee of 5%.
You can borrow from Ksh. 50 to Ksh. 100,000. This solely depends on your loan limit. When you repay your loans on time, you will boost your chances of getting higher loan limits.
Berry
This is one of the best loan apps in Kenya for instant loans. To access the loan, one needs to own an Android smartphone, should be 18 years and above, and be a registered Safaricom user. Below are steps to follow when one wants to access the services.
- Download the Berry loan app from Google Play Store.
- Install the app on your smartphone and follow the registration process.
- Once downloaded, log in and press “Apply Now” to get your loan.
- Choose your limit and repayment options.
While doing this, your mobile data should be on. Berry gives loans from Ksh. 500 to Ksh. 50,000. Early repayment will make you have higher limits. The mobile app has an interest rate of 8% to 15%. The repayment duration is 30 days. For repayment, one should
- Go to M-Pesa and select Lipa na M-Pesa
- Select the Pay bill option and insert the number 977888. The account number is your M-Pesa number
- Insert your repayment amount
- Enter your M-Pesa pin and click OK after you have verified all the details.
Tala For Instant Loans in Kenya
Tala is a mobile app that gives loans to its users. You also need an android phone to access it. You can follow the instructions below to access your loans. It is one of the most trusted mobile loan providers. Here is how you can get a loan
- Download the Tala App from Google Play Store.
- Once downloaded, you will be required to link your mobile number.
- The mobile number is verified and you will be registered automatically.
- Your M-Pesa transactions are checked and your CRB status is used to determine your credit score.
- Once registered, you can go ahead and apply for a loan.
Tala gives a repayment duration of 21 days or 30 days with an interest rate of 5% - 19% depending on the repayment option you choose. Tala is one of the best loan apps in Kenya for instant loans.
KCB M-Pesa Loan
The KCB M-Pesa loan is accessible for all Safaricom users. KCB Mpesa app is among the best loan apps in Kenya for instant loans. You do not need to download or register for it. Your loan limit depends on your M-Pesa usage. You also need to be an active M-Pesa user for the last 6 months to qualify for a loan. You can borrow from Ksh.50 to Ksh. 1,000,000. You can follow the steps below to get a loan:
- Go to M-Pesa Menu
- Select loans &savings
- Select KCB M-PESA
- Select loans
- Request loan
- Enter amount
- Enter M-PESA PIN & submit.
The loan is deposited to your KCB M-Pesa account and all you need to do is to withdraw it to your M-Pesa. KCB M-Pesa has an interest fee of 8.64% and one has a duration of 30 days to repay the loan.
Mshwari by Safaricom
Mshwari is a mobile loan app that is more like a bank. You can use it to save your money. Mshwari also has the option of locking your savings where you will receive an interest of 6.65% p.a. You can borrow from Ksh. 100. To qualify for a loan, you need to be an M-Pesa subscriber for at least 6 months, save on Mshwari and actively using other Safaricom services. You can register as shown below:
- Go to the M-Pesa menu
- Select loans & savings
- Select M-Pesa
- Select activate
Mshwari charges an interest rate of 7.5% per month and the repayment duration is 30 days.
Branch
Branch is an international mobile loan lender. For you to access the app, you will need to follow the following steps:
- Go to Google Play Store and search for Branch loan
- You should get the "Branch-Personal Financial App" and install it.
- Once installed, you need to have to create an account by filling out a simple form and submitting it for a quick review.
- After the account creation, it will take you to the loans page and you can apply for your loan
Branch gives its users loans up to Ksh. 70,000. It has an interest rate range of 1% to 21%. You can repay the loan through the app or using the M-Pesa pay bill number 998608 and your phone number as the account number.
Zenka
Zenka is another mobile lending app available in Kenya. For first-time users, you get your first loan free that is without any interest rates. You can access the app by:
- Downloading it through Google Play Store
- Register your account then fill in the information needed and the amount of money you need to borrow
- Once the information has been submitted, the Zenka team will review it and if approved, they will send the money through M-Pesa
- You can go ahead and withdraw the money from your nearest M-Pesa agent.
Zenka has an interest rate of 29% and repayment ranges between 1-30 days.
Okash
This is one of the the best loan apps in Kenya for instant loans. Over 1.5 million people in Kenya use it. How can you become a member?
- Download and install the Okash app via Google Play Store
- Sign up or in
- Create an account by using your Safaricom number
- Okash will then send you a 6 digit verification code which you will input
- Create a password and agree to the terms and conditions
- Sign up
Once registered, you can apply for your loan. Okash offers high loans of up to Ksh. 500,000. It has an interest rate of 10% - 30% depending on the repayment schedule chosen. You can repay the loan by using the Pay bill number 612224 and your phone number as the account number
Credit Hela
Credit Hela gives quick loans via M-Pesa. The loans given range from Ksh. 500 to Ksh. 80,000 with a repayment duration of fewer than 90 days. How to access the app:
- Download the “Credit Hela App” from Google Play Store
- Register with the app
- Apply for a loan by filling in the needed information
- If you are credible, the loan gets approved and is sent to your M-Pesa number.
- Repayment of the loan is through the Pay Bill number 7186653 and your mobile number is your account number.
Bayes
Bayes is available to Safaricom subscribers above the age of 18 years. You must have a stable income and have a national ID. Bayes is one of the best loan apps in Kenya for instant loans. How can you access the loan?
- You can either download and install the App from Google Play or dial *879*99#
- Once installed, you will be asked for your details like Full name, Date of birth, registered M-Pesa number
- Upon completion of the registration, you should accept the terms and conditions and an SMS will be sent to you having your login PIN.
- Use the PIN to log in and choose your preferred loan products.
Bayes loans range from Ksh. 800 to Ksh. 30,000 with an interest range of 5% to 15% depending on the repayment duration, which is 14 days and 30 days. The loan repayment is by using the pay bill number 599862 and your M-Pesa number as the account number.
Opesa
For Opesa, one has to be between 20 years to 55 years, have a fixed income and a phone number. Below are steps on how to apply for an Opesa loan
- Download and install the Opesa App from Google Play
- Start the sign-up and loan application process
- Apply for the needed amount of money.
One can get a loan up to Ksh. 500,000 depending on your credit score. The money is deposited into your M-Pesa account. You repay your loan using the Pay Bill number 606280 and your phone number as the account number.
Opesa has a repayment period of a maximum of 70 days.
Haraka
Haraka is a South African-owned android loan application app. It is one of the most convenient and quickest apps in Kenya. How can you access it?
- Download and install the App from Google Play Store
- Link the app with your Facebook account and create an account. Fill in your personal details example Name, ID Number, M-Pesa number, Email
- After filling in the information, the App will tell you your loan limit
You can repay your loan by selecting Pay Bill number 817910 and using your phone number as the account number.
Kopakash
This is a digital lending platform that gives quick loans to help Kenyans who need money to conduct their daily activities. You can qualify for a loan ranging from Ksh. 1,000 to Ksh. 50,000 with a repayment period of 91 days to 120 days. How can you access the loan?
- Install the Kopakash App from Google Play Store
- Register with your M-Pesa phone number
- Select the product you would like to apply for
- Fill in the basic information then submit your application
- You will receive an SMS if it has been approved
- E-sign the loan agreement after approval. The loan gets approved and is sent to your M-Pesa number.
Kashway
For you to access the Kashway loans, you need to be above 18 years of age, with a valid national ID and a Safaricom number. Kashway uses data from your phone. How can you access this service?
- Download and install the app from the Google Play store
- Register using your M-Pesa number
- Apply for the amount of loan you need
You can apply a minimum amount of Ksh. 2,000 to Ksh. 10, 000. Depending on your loan repayment behavior, your loan limits can grow. Kashway has a repayment duration of 14 days. It charges an interest range rate of 21% to 32%.
For you to repay your loan you use the pay bill number 900068 and your phone number as your account number.
Lioncash
The Lioncash app is available in Kenya and has over 100,000 users. For you to access it, you need to have a smartphone, be at least 18 years with a valid national ID and be a registered Safaricom user. How to access the App:
- Download and install the app through Google Play Store
- Click register now
- Enter your phone number and click on receive code which will be sent to your number
- Enter and confirm your 4 digit password and click the register button
- You will be required to choose the repayment dates and click authorize
- In the authorization, you will put information like your name, education, income, emergency contact then press finish.
Lioncash offers a minimum loan limit of Ksh. 500 and maximum of Ksh. 70,000, which might increase up to Ksh. 500,000. It has a repayment duration of 15 days. One repays through the pay bill number 309517 and your phone number as your account number.
Utunzi
Utunzi app enables individuals to access loans from Ksh. 500 to Ksh. 100,000. If you have a smartphone and are 18 years of age and above, you are eligible to take the loan. You need to download the app and follow the instructions given for you to access a loan.
For repayment, one uses the pay bill number 800950 and your phone number as your account number.
Zidisha
This loan app targets business people. The Zidisha loan has a limit of Ksh. 1,000,000. You need to have a registered Safaricom mobile number, have an active Facebook account, be at least 18 years old, have an active email address, and have a source of income.
Like the other apps, one will first install it then follow the guidelines given in the app.
The repayment duration varies from 1-3 weeks. You should use the pay bill number 600201 and use your phone number as the account number
Jazika
This mobile loan app allows individuals to get instant loans through their mobile phones. All you need to do is download the app from Google Play Store and create an account by answering some questions before applying for the loan.
You will however be required to pay a registration fee of Ksh. 250 using the pay bill 687035 and your phone number as your account number.
You can borrow up to a loan of Ksh. 100,000.
Ipesa
All you need to access this mobile loan app is a Safaricom number, be at least 18 years old, and have a valid national ID. You also need to install the app on your phone.
The loans offered by iPesa range from Ksh. 2,000 to Ksh. 10,000 with an interest rate of 15%. The repayment duration is 14 days. You use the pay bill number 192010 with your mobile number as the account number.
Shika
Shika is available in Kenya. For you to be eligible, you need to be 18 years of age and above, have a valid national ID, and be a registered Safaricom user. How to access loans:
- Download and install the app
- Once registered, key in your phone number followed by the PIN
- Select request loan
- Key in the amount you want and put your PIN
- Select confirm
Once completed, you will receive an M-Pesa SMS with the requested amount.
Shika gives loans ranging from Ksh. 500 to Ksh. 20,000 with an interest rate of 15% and a repayment duration of 30days. To repay your loan, you use the pay bill number 811655 and your phone number as the account number.
These mobile loan apps have proved to be helpful to many Kenyans. The fact that they are easily accessible makes it even easier for people to use them. I hope you have learned a thing or two regarding mobile loan apps in Kenya. From the article, you can now decide on the best app for you.