What follows is a list of the best and most genuine loan apps in Kenya that offer loans to Mpesa users. The loan apps listed below do not require any security and will give you a loan in less than 24 hours.
There are a number of companies that offer mobile loans to Kenyans. We have listed a few of the most reputable ones with physical offices in Nairobi and approved by the Central Bank of Kenya (CBK). The list will also help you avoid fake ones created with the sole intention of collecting your personal information and data.
Best Mobile Loan Apps in Kenya
Below is a list of the best mobile loan apps in Kenya;
1. Zenka Loan App
Zenka is considered the best loan app in Kenya for unsecured loans because of its flexibility and ease of use. You can download the Zenka App, fill out the application form, apply for a loan and receive it in your Mpesa account the same day. It does not matter whether you are employed or unemployed. Zenka offers a 61-day loan repayment period with interest rates starting from 9%. Borrowers can request loans ranging from Ksh 500 to Ksh 50,000.
App download link: Zenka Loan App
2. KCB App Loan
KCB Bank offers loans through their mobile banking app or Mpesa Menu or Vooma. KCB app loan does not require any guarantors. The conditions for getting a KCB Loan include being at least 18 years old and having a registered and active Mpesa account for six months. You can borrow a loan ranging from Ksh 50 to Ksh 1 million. You are required to pay the loan within one-month failure to which your details will be forwarded to CRB for blacklisting.
App download link: KCB
3. Branch Mobile Loan App
Branch app provides loans based on your mpesa transaction history. To apply for a Branch Loan, download the Branch app, fill out the application form, and the funds will be deposited in your account in minutes. By consistently paying the loan on time, you can build your credit rating and qualify for higher and long-term loans. To be eligible for Branch loans, you need to be a registered and active Mpesa user. Loan amounts range from Ksh 1,000 to Ksh 50,000.
App download link: Branch App
4. Mshwari Loan
Mshwari, offered by Safaricom, is a reliable and fast way to obtain loans without installing any application or having a bank account. All you need is to transact regularly with Mpesa. The minimum loan amount is Kenya Shillings 100, with a maximum of Ksh 20,000, and a repayment duration of 30 days. To qualify for Mshwari loans, you must be an active Mpesa user for at least six months.
App download link: Mpesa App
5. Tala App Loan
Tala, formerly known as Mkopo Rahisi, is one of the most popular loan app in Kenya that offers instant loans. You can download the Tala Mobile Loan app from Google Play Store, and apply for a loan. Tala scans your M-Pesa transaction messages to determine your creditworthiness. The minimum loan amount is Ksh 2,000, with a maximum of Ksh 50,000. Repayment is done in three weekly instalments.
App download link: Tala App
6. Timiza App
Timiza is a mobile loan app powered by Absa Bank. Once you install their app and request a loan, Timiza will look at your credit rating before it issues you a loan. If you have a negative listing on CRB, you are not likely to get Timiza loan. Timiza loan comes with a one-time facility fee of 5% and a 5% rollover fee if the loan is not paid within the 30-day period.
App download link: Timiza App
7. Equity Bank Loan (formerly Eazzy Loan)
Equity Bank offers quick loans through their Equity Mobile App. Users must have an Equity Mobile Bank Account and the app installed. The credit rating for these loans is based on the user’s bank account transactions. Therefore, if you do not have an Equity Bank account, you will not qualify for Equity loans.
App download link: Equity Mobile
The list of lending apps above is updated on a regular basis. Let us know in the comment section if you have had a bad experience with any of the lenders listed above.
All the download links provided above are only for Android apps available in Google Play Store. There are iOS versions of some of the apps, but they are not regularly updated because a large percentage of Kenyans use Android Smartphones.
Learn more about the criteria loan apps in Kenya use to calculate, issue, and increase loan limit amounts.
Leave a Comment