At Moneyspace, we don’t advocate for mobile app loans, 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
Best loan apps in Kenya
1) Hustler Fund
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
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 CRB
- 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
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
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
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
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..