Here in Kenya, as we search the market to find the best online loans, there were several factors we looked at. Our criteria were low-interest rates, higher principal amounts that are affordable, and excellent customer service. In addition, whatever it is you need, you will find the best online loan in Kenya. Particularly for the quick funding solution in a hurry. 

Let us discuss online loans in Kenya and all you need to know.

Definition of online loan

An online loan is a type of loan you apply with your smartphone or tablet or personal computer through a web browser. You apply by visiting the lender’s website and submitting your personal details and all necessary documents. You apply from the comfort of your home. No need to visit the lender. Usually when you need help, you can quickly contact the customer service. 

10 Online loan platforms in Kenya 

Currently in Kenya, most of the private lenders made their loans accessible through apps. But some banks made their loans available directly from their website. Current best app and bank online loans in Kenya are:

1. KCB bank
2. Musoni Microfinance bank
3. NIC Bank
4. Fin credit 
5. Kenya Central bank
6. NCBA bank Kenya
7. Tala loans
8. Branch loans
9. Mshwari loans
10. Shika loans

Note: These banks made their loans available directly from their website. You can apply directly online with the best interest rate and customer service support. The app also can be downloaded from Google play store.

How do I apply for online loans

To apply for an online loan, follow the procedure:

1. Visit the lender’s website online and fill out your official application 
2. Send all necessary documents. Also, do your electronic signing if requested.
3. Cross check all details and also input your bank account or M-Pesa account
4. Wait for your loan approval
5. If successful, you get your fund within a short while.

6 ways to qualify for online loans in Kenya 

To be eligible to apply for an online loan, you need to:

1. Be 18years and above
2. Possess a national identity to prove your identity 
3. Own a digital gadget that can connect to the internet. Be it mobile phone or tablet or personal computer. 
4. Have a valid phone number 
5. Operate a workable email address 
6. Have a bank account or M-Pesa account 

3 documents for online loans

There are few documents needed to be submitted online before your loan approval. They are:

1. Security documents for logbook loans
2. National ID card for some loan lenders
3. Birth Certificate to prove your age. Some loan lenders request for this.

3 things you need to apply for online loans 

The basic things a borrower should possess before thinking of going for an online loan include:

1. A digital gadget that can connect to the internet 
2. An internet connection 
3. A working web browser

3 types of loans in any of the online loans in Kenya 

There are several kinds of online loans offered in Kenya. They are:

1. Personal loans
2. Unsecured loans
3. Secured loans

4 features of online loans in Kenya 

Features of best online loans in Kenya are:

1. No upfront payment 
2. Low interest rates 
3. Best online customer service/ quick response 
4. High or good loan amounts 

How fast are funds released in any of the online loans platforms in Kenya 

Once your have fallout your application form online, submitted all documents and re-sign, your fund will released within a short while

The only thing needed is for your loan to be approved. If approved, you will have our find within a short while.

Conclusion 

Online loans are convenient because they are straightforward to navigate. You won’t have to spend much time on the application process. In the modern world, nearly all individuals seek to live and prosper through finance.

There are still many ways to get the cash and pay it back at agreed time. In this article, we have saved you the hassle of searching for your online loan in Kenya.