At Moneyspace, we don’t advocate for mobile app loans or even overdraft services like Fuliza, as they come with ridiculous monthly interest rates and unreasonable daily fines, not to mention constant pestering days after your loan is approved.
However, some of our readers do wish to know some of the best loan apps in Kenya, so here we are.
This is an informational piece only, based on info available on the web.
These apps are here measly because of their market dominance. But we do have one app that we recommend if you need a small low-interest loan for when you are in a fix…
Table of contents
- 1) Hustler Fund
- 2) Tala Loans
- 3) Branch
- 4) M-Shwari
- 5) KCB M-Pesa
- 6) Zenka loans
- 7) Timiza Loans
- 8) TiFi Slice
- 9) Eazzy loans
- 10) Vooma Loans
- 11) iPesa Loans
- 12) LendPlus
- 13) PesaPap loans
- 14) Zash Loans
- 15) FlashPesa
- 16) Truepesa
- Which app gives a loan easily in Kenya?
- Where can I get a 20k loan immediately?
- Where can I get an instant loan in 5 minutes?
- Which app is legit for loans?
Best loan apps in Kenya
1) Hustler Fund
![Top 20 Best Loan Apps in Kenya in 2024 1 List of best loan apps in Kenya Husler Fund](https://money.ke/wp-content/uploads/2024/04/list-of-best-loan-apps-in-kenya-husler-fund.webp)
Hustler Fund is the best loan app with interest rates below CBK’s standards.
While many apps charge 7-15% interest per month, Husler Fund only charges $8.5 per year.
Divide that 12, and you get why Moneyspace recommends it.
Approval limits are usually low, with most users starting off with loans as low as KES 500, and 900… You also need to borrow frequently and repay on time to get higher limits. Seems like the government doesn’t trust us enough…
Important considerations before choosing any loan app:
- Interest rates: Compare interest rates carefully. High interest rates can lead to a cycle of debt.
- Fees: Look for hidden fees or additional charges. Be aware of processing fees, late payment penalties, and rollover costs.
- Repayment terms: Choose an app with repayment terms that align well with your financial capacity.
- Data privacy: Review the app’s privacy policy to understand how your data will be collected, used, and shared.
2) Tala Loans
Tala is a digital financial services company that offers loans to customers in Kenya.
The company is trusted by millions and offers fast growing cash limits up to KSh 50,000 with low interest starting at 0.3% per day.
3) Branch
![Top 20 Best Loan Apps in Kenya in 2024 2 Branch List of Loan Apps in Kenya](https://money.ke/wp-content/uploads/2024/04/branch-list-of-loan-apps-in-kenya.webp)
The Branch loan app in Kenya offers personal loans ranging from Ksh 500 to Ksh 300,000.
The interest rates for these loans vary from 17% – 35% annually (equivalents of 1.7% – 22% monthly rates), depending on your loan option, repayment history, and the cost of lending.
- Limits: KES 500 – 300,000
- Loan terms: 1 -12 weeks
- Collateral: none
Branch has transitioned into a neobank (microfinance bank), offering additional services like business loans and savings, aiming to cater to a broader range of financial needs for its customers in Kenya and beyond.
4) M-Shwari
M-Shwari is A Safaricom product offered in conjunction with banks, providing a convenient savings and loans platform.
Fee: 7.5%
To qualify, you need to:
- Be an active M-Pesa user for atleast 6 months
- Save money on M-Shwari
- Not listed on CRBDiscover how Credit Reference Bureaus (CRBs) in Kenya, licensed by the Central Bank, collect and share borrower information to enhance credit market t... ...
- Use other Safaricom products regularly
You can access this product if you are not listed on CRB, via Safaricom toolkit, M-Pesa USSD, or M-Pesa app.
5) KCB M-Pesa
![Top 20 Best Loan Apps in Kenya in 2024 3 KCB M-Pesa List of Loan apps in Kenya](https://money.ke/wp-content/uploads/2024/04/kcb-m-pesa-list-of-loan-apps-in-kenya.webp)
KCB M-Pesa is a partnership between KCB Bank and Safaricom, offering accessible small loans.
- Interest Rate: Borrow a one-month KCB M-PESA loan at a competitive rate of 7.5%.
- Repayment Period: You have a one-month repayment window to settle the loan.
- Multiple Loans: If you stay within your limit, you can take out multiple loans as needed.
How to apply:
- Go to your M-PESA menu.
- Select “Loans & Savings.”
- Choose “KCB M-PESA.”
- Request a loan by entering the desired amount.
- Enter your M-PESA PIN and submit.
- The loan will be deposited into your KCB M-PESA account.
To access the funds, transfer the money from your KCB M-PESA account to your M-PESA account (this transfer is free).
6) Zenka loans
Zenka provides fast loan processing and flexible amounts for various needs.
You could pay in 2 installments, and the payback timeframe is extensible up to 12 months)
- Maximum amount: KES 100,000
- Fee: 9-39% (risk-based pricing)
- Duration: up to 61 days
7) Timiza Loans
![Top 20 Best Loan Apps in Kenya in 2024 4 Timiza Best Loan Apps in Kenya app long qualify](https://money.ke/wp-content/uploads/2024/04/timiza-best-loan-apps-in-kenya-app-long-qualify.webp)
This is a loan app primarily geared towards those with a good credit history.
Operated by Absa Bank, Timiza allows you to borrow up to a max of KES 150,000.
Timiza allows both Absa and non-Absa customers to access instant mobile loans.
Timiza charges:
- Origination fee: 5%
- Monthly interest rate: 1.56%
- Repayment period: 30 days
You could extend for an extra month with a charge of an extra 5% calculated from your outstanding loan balance
With the Timiza loan app, you can:
- Make insurance payments
- Settle your bills
- Top up airtime
How to get Timiza:
- Dial *848# or download the Timiza App from the Google PlayStore or iOS App Store.
- To open a Timiza account, register for a transactional account within the app.
8) TiFi Slice
TiFi Slice is a safe and secure installment loan app that provides quick financial solutions.
Here’s what you need to know about TiFi Slice:
- Limits: KES 3,000 to KES 100,000
- Repayment terms: 91 – 365 days
The app allows for one-time or monthly repayments based on the loan amount and APR
9) Eazzy loans
![Top 20 Best Loan Apps in Kenya in 2024 5 Eazzy Loans Kenya](https://money.ke/wp-content/uploads/2024/04/eazzy-loans-kenya.webp)
Eazzy Loan is a product introduced by Equitel in 2015, which allows customers to instantly borrow 30-day loans of up to Kshs 200,000.
The loan amount has since been increased to Ksh3 million, with monthly installments up to 12 months.
Equity Bank uses complex algorithms and data analysis to determine the Eazzy Loan limit for each customer.
The factors that determine the loan limit include customer’s:
- Banking activity
- Loan facilities with other lenders
- Ability to pay back
- Credit history
One way to increase your Eazzy loan limits is by channeling all incomes to a single Equity Bank account and making punctual loan repayments.
To apply for an Eazzy Loan, customers can use the EazzyApp, Equitel line, or Equity Bank Kenya USSD code.
The cost of borrowingThe cost of borrowing refers to the total expenses that a borrower incurs when taking out a loan or using credit. This cost is not just the interest r... an Eazzy loan varies based on the borrower’s banking profile and borrowing history, with interest rates ranging between 2% and 10%
10) Vooma Loans
![Top 20 Best Loan Apps in Kenya in 2024 6 Vooma Loan apps in Kenya](https://money.ke/wp-content/uploads/2024/04/vooma-loan-apps-in-kenya.webp)
VOOMA loans are available to VOOMA customers, who can apply for and repay their VOOMA loans within flexible repayment periods of 1, 7, 14, or 30 days.
with rates as low as 0.2%, dependent on the repayment period selected1.
To borrow a loan, you can select Loans on the VOOMA App or dial *844# on your Safaricom or Airtel line and follow the prompts to register.
To check your Vooma loan limit:
- Go to Loans & Savings
- Then Loans
- Now select Check Loan Limit
To increase your loan limit, you need to be a VOOMA customer for at least six months or have other KCB Bank products…
11) iPesa Loans
iPesa is a popular digital lending platform in Kenya that has gained significant traction in recent years.
The app offers a convenient solution for individuals seeking quick access to short-term loans, with instant approval and disbursement to M-PESA.
iPesa offers loans ranging from small amounts to up to 50,000 Kenyan Shillings, catering to a wide range of financial needs.
Key features of iPesa loans:
- Instant loan approval and disbursement
- Competitive interest rates
- Loans up to 50,000 Kenyan Shillings
- Minimal documentation required
- Direct disbursement to M-PESA
- Regulated by the Central Bank of Kenya
12) LendPlus
![Top 20 Best Loan Apps in Kenya in 2024 7 top 20 loan apps in kenya](https://money.ke/wp-content/uploads/2024/04/top-20-loan-apps-in-kenya.webp)
LendPlus has a significant presence in Kenya, where it was launched by the Aventus Group in 2020.
The company provides a quick and convenient way for Kenyans to access short-term loans online.
The company’s primary offering is short-term loans with a maximum duration of up to 61 days.
This type of lending is particularly popular in markets where individuals may need quick access to small amounts of cash to cover unexpected expenses or short-term financial needs.
The company offers a mobile app that allows users to apply for loans quickly and easily, with disbursements often made within minutes via M-Pesa.
Key features of LendPlus:
- Short-term loans up to 60 days (in Kenya)
- Quick online application process
- Fast loan disbursement, often within minutes
- Mobile app for easy loan management
- Presence in multiple countries, including Kenya and South Africa
13) PesaPap loans
PesaPap is a mobile banking platform developed and operated by Family Bank Limited, a commercial bank in Kenya.
This digital banking solution offers a range of financial services to its users, making banking more accessible and convenient.
PesaPap is designed as a fast, easy, and secure way for customers to access their bank accounts 24/7 from wherever they are.
It serves as Family Bank’s primary mobile banking platform, allowing users to perform various banking operations without visiting a physical branch.
The platform is available as a mobile app, which can be downloaded from the Google Play Store for Android devices and the App Store for iOS devices.
PesaPap offers a wide range of banking services, including:
- Money transfers
- Bill payments
- Balance inquiries
- Mini-statement requests
- Loan applications
- Mobile money transactions
14) Zash Loans
Zash Loan is one of the top 20 loan apps in Kenya worth exploring.
Zash Loan is designed to provide instant loans to help Kenyans who need money for various purposes, such as growing their businesses, shopping, or financing other emergencies.
Key features of Zash loans include:
- Instant loan approval and disbursement
- Available on Google Play Store for Android devices
- Targets Kenyan users aged 18 and above
- Offers personal loans for various purposes
While Zash Loan promotes itself as a helpful financial tool, it’s important to note that user experiences with the app have been mixed:
- Some users have reported positive experiences with the app, praising its quick loan disbursement.
- However, there have been complaints about the app’s practices. Some users have described the loan recovery methods as aggressive, even for relatively small amounts.
- The app’s rating on the Google Play Store varies, with some users expressing dissatisfaction with the loan terms and customer service.
15) FlashPesa
![Top 20 Best Loan Apps in Kenya in 2024 12 FlashPesa best loan apps in Kenya](https://money.ke/wp-content/uploads/2024/04/flashpesa-best-loan-apps-in-kenya.webp)
FlashPesa positions itself as one of the fastest-growing mobile lending services in Kenya.
Key features of FlashPesa include:
- Loans up to 80,000 Kenyan Shillings available
- Instant loan approval and disbursement to M-Pesa
- Accessible anytime and anywhere via smartphone
- Marketed as one of the cheapest and most convenient mobile lending services in Kenya
- Available for download on the Google Play Store
- 61-180 days repayment period
FlashPesa is a product of Ambush Capital Ltd., a Kenyan-registered company.
The platform operates under the supervision of the Central Bank of Kenya, which provides a level of regulatory oversight.
16) Truepesa
Truepesa is another option for mobile loans in Kenya
Key features of TruePesa include:
- Fast loan processing and disbursement
- Available as a mobile app on the Google Play Store
- Provides short-term loans for various purposes
- Loan amounts ranging from 500 to 50,000 Kenyan Shillings
TruePesa promotes its service as a solution for various financial needs, including emergencies, business capital, or personal expenses.
The app is designed to make the loan application process straightforward and accessible to a wide range of users.
User experiences with TruePesa have been mixed:
- Some users have reported positive experiences, appreciating the quick loan disbursement and easy application process.
- However, there have been complaints about various aspects of the service. Some users have expressed dissatisfaction with loan terms, interest rates, or customer service.
- The app’s rating on the Google Play Store is currently 4.3 out of 5 stars, based on over 15,000 reviews, indicating a range of user experiences.
Loan apps FAQs
I’ll answer these frequently asked questions about loan apps in Kenya based on the most current information available:
Which app gives a loan easily in Kenya?
Several apps in Kenya offer relatively easy loan processes, but it’s important to note that “easy” doesn’t always mean “best.”
Some popular options include:
- Tala, which is known for its quick approval process and is often considered one of the best overall loan apps in Kenya.
- Branch, which offers larger loan amounts and has a straightforward application process.
- Zenka, which is known for its flexible terms and quick disbursement.
Where can I get a 20k loan immediately?
For a loan of 20,000 Kenyan Shillings, you might consider:
- Meta loans app
- Tala, which offers loans up to 50,000 KES for returning customers.
- Branch, which provides loans up to 70,000 KES.
- M-Pesa app, which offers Fuliza overdraft service that might cover this amount for eligible users.
- AMREF SACCO – Karibu M-Cash Loan: Available to members, this loan can go up to KSh 50,000, with a maximum repayment period of 60 days for amounts below KSh 20,000.
Where can I get an instant loan in 5 minutes?
While “instant” often means within a few hours rather than literally 5 minutes, some of the fastest options include:
- Zenka, which advertises fast loan processing.
- Stawika: The process is quick, taking less than 5 minutes from registration to loan approval. Stawika evaluates your mobile data to determine your loan limit, making it an efficient option for immediate financial needs
- LendPlus: This service provides emergency loans that can be accessed via M-Pesa. LendPlus promises quick approval and disbursement of funds, making it a popular choice for those needing fast cash
Which app is legit for loans?
Legitimacy is crucial when choosing a loan app. Some of the most reputable options include:
- Hustler Fund
- KCB M-PESA
- M-Shwari
- Eazzy Loans
- Timiza Loans
- Branch
- Tala, etc.
While these apps are considered legitimate, it’s crucial to read and understand all terms and conditions before taking a loan.
Always borrow responsibly and ensure you can meet the repayment terms.