Top 10 Fastest and Easiest Mobile Loan Apps in Kenya 2019

By Virginia Mwangi / February 14, 2019



Mobile Loan Apps in Kenya

Mobile phones have continually become famous amongst Kenyans and it is undoubted that majority rush to their mobile phones for that quick loan in case of an emergency.

Borrowers of 100 shillings to 50,000 shillings can get instant approval with money deposited directly into their Mpesa accounts. It is, however, advisable to check your CRB status to make sure you are not blacklisted.

List of best loan apps in Kenya

  1. Mshwari by Safaricom
  2. KCB Mpesa Loans
  3. Tala Loans
  4. Branch Loans
  5. Saida Loans
  6. Okoa Stima
  7. Kopaa chapaa
  8. Zidisha loans
  9. Stawika
  10. Timiza from Barclays

N/B

KCB Mpesa and Mshwari are not open to everyone unless you are a client of either KCB Bank or Safaricom Plc.

Mshwari is offered to Safaricom customers only. It was founded in 2012 by M-PESA in partnership with the Commercial Bank of Africa (CBA) and is hence offered through M-Pesa.

The minimum loan amount one can borrow is 100 shillings while the maximum loan limit is set by the app depending on how much one saves and how often. To qualify for a higher loan limit, one needs to have repaid the first loaned amount on time.

Mshwari loans attract an interest rate of 7.5 percent and the borrower is given a repayment duration of 30 days. The loaned amount is sent to M-Pesa in less than 5 minutes.

Mshwari is considered one of the fastest and easiest mobile loan solutions with minimum requirements to process.

What You Need To Qualify For a Mshwari Loan

  • Be a Safaricom subscriber.
  • Own a registered Mpesa sim card active for at least six Months.
  • Own an active Mshwari account
  • Have an updated Mpesa menu

KCB Mpesa which is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom was founded in 2015.

KCB M-Pesa allows one to borrow without necessarily saving with KCB. The money loaned is sent to one’s Mpesa account. KCB Mpesa Menu in integrated on Mpesa in all registered Safaricom lines.

KCB M-Pesa offers 50 shillings as the minimum loan limit and 1,000,000 shillings as the maximum loan limit. The loan accumulates interest at a rate of 1.16 percent per month with a one-off negotiation fee of 2.5 percent. A month’s loan attracts a cost of 3.66 percent of excise duty applicable to fees.

To increase your loan limit on KCB Mpesa, one must be active in their Mpesa transactions. It is important to note that KCB M-Pesa and Mshwari are accessible through Mpesa Menu on Safaricom registered sim cards and KCB Mpesa is also available through the KCB App.

To qualify for a mobile loan on KCB M-Pesa, one must;

Be a registered and active Safaricom M-Pesa customer for six months.

Dial *844# and follow user prompts to activate our KCB-Mpesa account.

  .Tala (Formerly Mkopo Rahisi)

Tala which was previously known as Mkopo Rahisi is one of the oldies in the quick money lender business.

Mkopo Rahisi was launched in 2014 and was later rebranded as Tala. It requires one to have the App downloaded onto their smartphone from the Google Play store. The app should then be linked to the borrower’s Facebook account after which one answers several personal questions.

A good Mpesa record is considered before one can qualify for a loan and one should therefore not delete their Mpesa messages. The money loaned is sent to your Mpesa account. The minimum one can borrow from Tala is 500 shillings and the maximum is 50,000 shillings at an interest rate of 15 percent.

Tala loans are paid back in weekly installments for 3 weeks through Mpesa PayBill number 851900.

Branch International Inc., a San Francisco-based company with a branch in Nairobi, was launched in Kenya in 2015.

To qualify for a loan with Branch, you need to be a registered Mpesa user and also have an active Facebook account have a genuine active Facebook account with usernames matching those in your National Identity card.

Download and install Branch app from the Google Play store link your Facebook account to the App and provide the required information like Phone number and National Identity number. Verify your Phone number by clicking on the link sent to your phone number in a text message.

The minimum Loan limit Branch offers is 1000 shillings while the maximum loan limit is not established.

The money loaned is then sent to your Mpesa within a few minutes. The interest charged on the branch loan is dependent on the repayment of the weekly installments.

Saida requires one to be registered on Mpesa or Airtel money and the accounts Must be very active in transactions.

Saida monitors its borrower’s Mpesa and Airtel money transactions to determine whether they are able to repay the loan. To access Saida loan, download the app from the Playstore, fill in your mobile number and wait for an invitation to access loans. The invitation could take 3 -7 days before being approved.

Saida offers a Minimum loan limit of 600 shillings up to a maximum of 25,000 shillings at a 10 percent interest rate. The money loaned is sent to the borrower’s Mpesa account and is paid back on the same platform using the Mpesa Paybill number 854400 within 30 Days of borrowing.

Founded by the Kenya Power in partnership with Safaricom in 2015, Okoa Stima is very convenient when the electric power token drains and one does not have the money to purchase immediately.

With a 10 percent interest, the minimum loan amount one can get is 100 shillings while the maximum is 2000 shillings and the money is deposited into the borrower’s Mpesa account within a maximum of 7 days.

Kopa Chapaa is facilitated by Faulu Kenya and for one to qualify for a loan they need to actively use their Airtel money sim card for 6 months. The minimum loan limit is 500 shillings and the maximum limit is 100,000 shillings loan with payment duration of 10 Days.

Zidisha, an international non-profit organization founded in 2008, is a platform that lends money to individual or business organizations through an online platform that matches creditors directly to borrowers.

Zidisha connects borrowers from Kenya and across Africa, with creditors from North America and Europe. To qualify for a loan with Zidisha, you need to;

  • Be employed or have an active business
  • Be of good conduct and reputation
  • Have a good credit score record
  • Be active online to be able to respond to Zidisha queries and products on their website
  • Hold an active Facebook account with good social connections
  • Reside in a country where Zidisha currently operates.
  • Be able and committed to posting frequent updates and reviews regarding the use of the loan and progress of the business on the Zidisha website.
  • Stawika Loan App

Stawika, owned by Stawika Capital, is an app that automatically evaluates mobile phone data and other factors to assign loans.

Stawika also uses information from the CRB to ensure its borrower is not listed on CRB before applying for a loan.

Stawika charges an interest rate of 15 percent and the loan is repayable through Mpesa.

Timiza by Barclays Kenya is open to anybody with a mobile phone and one does not necessarily need to have a Barclays account to use the loan App.

It is also recommended for saving and one increases their chances of getting a loan by depositing money into the App through M-Pesa.

Timiza can be accessed by dialing *848# on your mobile phone if the phone is not a smart gadget.

Related Content

Mobile Loans Apps In Kenya: The Curse Disguised As The Savior

Here Are Mobile Loan Apps with the Lowest Interest Rates

Top 10 Mobile Loan Apps Kenyans Are Rushing for Instant Loans





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