Mobile loans have become part and parcel of Kenyans. For smartphone users, the process of applying for a loan has been made easy, quick and convenient.
Considering the ever-rising rate of unemployment in the country, many people have opted for soft loans from mobile loan apps. Mobile loan apps came in handy due to their low-interest rates when compared to shylocks and banks.
The following are some top Mobile Loan Apps frequently used by Kenyans:
Branch targets Kenyans with android mobile phone devices with active and established Facebook and M-pesa accounts. The service is accessible through a mobile phone app.
The lender disburses loans instantly from as low as 250 shillings to as high as 50,000 shillings through M-PESA. The loan repayment period ranges between a month and one year charged on a flexible interest rate.
Formerly known as Mkopo Rahisi. They pride themselves on providing loans in the shortest time possible; 5 minutes. They provide loans up to 50,000 shillings. It’s the second most download Loan app on google play.
This is the third most downloaded loan app in Kenya. Utunzi enables clients to apply for loans ranging from 500 to 100, 000 shillings. Their Loan approvals depend on a borrower’s credit score considering also the information provided in the sign-up questionnaire.
Stawika automatically evaluates mobile phone data as well as other factors to assign loans. The process takes less than 5 minutes and your loan is ready.
With more than 100,000 downloads from Google Play Store, Haraka loan app offers Kenyan loans ranging between 500 and 5,000 shillings. All one needs to do is to sign up using their Facebook account and apply for a loan.
Saida checks how you have been using your phone to make call/SMS, data and how you use mobile money services such as M-Pesa to evaluate the amount of loan you qualify for.
It takes around 10 minutes for your loan to be processed.
This is another low-interest loan app in Kenya which has more than 50,000 downloads at the moment. Loans are approved instantly.
With PesaZone Loans, one is able to borrow from 250 to 5,000 shillings from the App and receive the cash via M-Pesa from anywhere in Kenya without any securities.
This is another Kenyan loan app that can save you during emergencies and avoid costly bank overdraft fees and payday loans.
Craft app is a mobile loan app that enables instant application of loan to Craft inventors and gets decision instant.
On loan approval, cash is sent immediately and directly into your M-Pesa account.