Top 10 Mobile Loan Apps With The Lowest Interest Rates Right Now

In today’s fast-paced world, financial challenges have become part of everyday life for many households in Kenya. From sudden medical bills and school fees to unexpected travel costs, the demand for fast and reliable credit solutions is at an all-time high.

Traditionally, many people relied on banks and microfinance institutions, but the lengthy procedures and strict requirements often locked out those in urgent need.

Thanks to advancements in mobile technology and Kenya’s vibrant fintech sector, digital loan applications have now become a lifeline for millions of citizens. These mobile-based lending platforms provide a convenient, paperless, and instant way to access loans without the lengthy approval processes of conventional banks.

Even better, many of these apps come with relatively low and transparent interest rates, ensuring that borrowers are not overwhelmed by debt.

Here are 10 of the top mobile loan apps in Kenya with some of the most affordable and user-friendly interest rates.

1. Tala Loan App

Tala remains one of the most popular and widely trusted digital lending platforms in Kenya. The app allows users to borrow up to KSh 50,000, depending on their credit history and repayment behavior. What makes Tala stand out is its simple application process.

By downloading the Tala app and filling out an online application form, borrowers can apply from the comfort of their homes and receive funds directly to their M-PESA accounts in minutes. The daily interest rate of 0.3% makes it a reasonable choice for short-term borrowing.

2. Branch Loan App

Branch has gained recognition for its flexibility and higher loan limits compared to many of its competitors. With loans of up to KSh 300,000, it caters to both small and large financial needs, ranging from personal emergencies to small business support.

The Branch app is easy to download, and once approved, funds are disbursed instantly. Its tiered interest rates, starting as low as 2% monthly, provide borrowers with a fair opportunity to access credit without excessive charges.

3. Timiza Loan App

Timiza, powered by Absa Bank Kenya, offers both convenience and credibility. Users can borrow up to KSh 250,000 without the need for guarantors or long paperwork.

The app can be accessed through download or via the USSD code *848#, making it inclusive even for those with basic phones. With an interest rate of 7.25% monthly, Timiza is a reliable solution for individuals seeking fast credit backed by a reputable financial institution.

4. Zenka Loan App

Zenka is well known for its user-friendly interface and quick approval process. Borrowers can access loans of up to KSh 50,000, with the flexibility to manage repayments through the mobile platform.

One of Zenka’s advantages is that first-time borrowers often receive discounted interest rates, making it appealing to new users. With its wide accessibility and straightforward loan terms, Zenka continues to be a strong player in the digital lending space.

5. Okash Loan App

Okash prides itself on offering fast loan approvals and a completely paperless borrowing process. With loan amounts ranging from KSh 2,500 to KSh 50,000, it is particularly popular among young professionals and small traders who require quick cash flow.

The Okash app is easy to download, and the approval process is designed to take just a few minutes, ensuring that borrowers get funds when they need them most.

6. iPesa Loan App

iPesa provides instant loans of up to KSh 50,000 with a direct transfer to the borrower’s M-PESA account. The app is simple to download and comes with an easy-to-navigate interface.

While its interest rates may appear higher compared to some competitors, its speed and reliability make it a preferred choice for individuals who need emergency funds with minimal delays.

7. M-Shwari

M-Shwari is a household name, being one of the earliest digital savings and loan services in Kenya. Powered by Safaricom’s M-PESA and NCBA Bank, M-Shwari allows users not only to borrow but also to save and earn interest. Loan limits are determined by usage of Safaricom services, including voice, data, and M-PESA transactions.

With interest rates of 3% to 6% annually, M-Shwari remains one of the most affordable options in the market, especially for users who build a consistent borrowing and repayment history.

8. Eazzy Loan

Developed by Equity Bank, Eazzy Loan offers one of the largest loan limits among mobile loan apps, with amounts of up to KSh 3,000,000. The product is designed for both personal and business use, offering flexibility and instant access without requiring guarantors.

Although the annual interest rate of 25.5% may seem higher compared to some other platforms, the convenience of accessing such large sums instantly makes it highly attractive for entrepreneurs and professionals.

9. AsapKash

AsapKash is gaining popularity for its low-interest rates and around-the-clock availability. Borrowers can access up to KSh 50,000 at highly competitive rates, starting as low as 0.05% annually. The application process is entirely digital, and users can apply 24/7, making it one of the most flexible and affordable solutions in the lending market.

10. LendPlus

LendPlus focuses on quick, small-to-medium loans ranging from KSh 500 to KSh 40,000. Its appeal lies in flexible repayment terms and straightforward applications directly from smartphones. Although its daily interest rate of 2.2% may appear high, it serves as a short-term solution for borrowers who require urgent cash and intend to repay quickly.

Read Also: Kenya’s Lending Landscape Sees Surge In Mobile Loans As Overdrafts And Asset Finance Tighten