Shika platform understands that even if you are employed, sometimes you need some extra cash to take care of some needs and waiting for payday could seem like forever, hence Shika empowers you financially to keep you going.

Shika, as a loan access platform, understands the need to lower the barriers preventing accessibility of credit and hence offers swift and flexible access to loans irrespective of your class without jeopardizing credit risk/loss. 

There are more interesting things about the Shika loan app that we’ll let you know in this article.

About Shika Loan

Shika Loan and its app was the first product of Alternative Circle founded by Kevin Mutiso in March 2016 with a mission to render financial access to over 200 million people worldwide. 

Shika is a lending platform that provides instant access to micro loans and flexible repayment plans for people who meet their basic eligibility criteria.

Customers using Shika are able to know their loan limits before taking loans. Shika only requires you to have an active M-Pesa mobile money account registered with a Safaricom number.

The platform is also available for financial institutions who can leverage on it to reach potential borrowers.

Maximum and Minimum Loan to Get From Shika Loan App

Shika loan app offers its customers a minimum of Kshs. 500 and up to Kshs. 10,000 which is to be repaid in 30 days with no hidden charges.

Shika will predict your loan limit and how much you would have to repay before you proceed with your loan application. This limit is determined by your credit history. A good loan history earns you higher loan limits.

How to Apply for a Shika Loan.

Getting a loan from Shika is very easy and you can get it within 3 minutes as long as you meet their basic eligibility criteria. You can get a Shika loan through the following steps:

1. Download the Shika Loan App: You can download this application from the website.

2. Create an account: To create an account, you would provide a valid national ID and an M-Pesa account registered with a Safaricom phone number.

3. Apply for a loan: Once you successfully create a Shika account, you can view your loan limits on the dashboard and click on apply for a loan, which is within your eligible loan limit/duration.

4. Upon application, your loan request is sent in for approval and once approved, your loan would be disbursed to your M-Pesa account within three minutes.

Interest Rates

They fix interest rate for Shika loan at a rate of 15% for 30 days irrespective of the loan amount.

Elegibility Criteria

Getting a loan from Shika requires you to meet their basic eligibility criteria. Which are:

1. Signing up for a Shika account already requires you to have an active M-Pesa mobile money account.

2. As a new user on the Shika app, you build your loan eligibility from your M-Pesa transaction history. However, subsequent eligibility is from your reputation on the Shika app which they draw from your frequency of loan requests and repayments.

Note: A good transaction/loan history often qualifies you for higher loan amounts on the Shika app.

Requirements for Taking up Shika Loan

You would need to meet the under listed requirements before you can access Shika loans through its app.

1. Be at least 18 years of age at the time of registration on Shika
2. Have/possess a valid National ID card
3. Have an M-Pesa mobile money account registered with a Safaricom mobile number and have at least 4 months of active M-Pesa transactions.
4. Have an excellent credit history with Shika and other loan providers
5. The Credit Bureau of Kenya must not blacklist you

Shika App Review

Shika loan is ideal for financing your personal or small business needs and can be accessed through the app. With the Shika app, you don’t need to wait for long hours to get a loan. The features of Shika app range from:

1. Easy access and flow of command and response.

2. The intuitive design of the Shika loan application makes loan application, disbursement and repayment process seamless. 

3. Shika app is secured and offers flexible eligibility loan limit repayment options on the dashboard.

How to Repay Your Shika Loan

You can repay loans collected from the Shika app either through M-Pesa or the Shika loan app.

Loan repayments on Shika are flexible, so one can choose to repay in daily or weekly installments as long as the repayment window is not exceeded. For loan repayments via the Shika loan app:

1. Login to the Shika loan app

2. Click on the Repay button on your dashboard

3. Copy the displayed Shika loan number

4. Complete your payment on the displayed M-Pesa page

For loan repayments via M-Pesa:

1.  Login to your M-Pesa account
2. Click on “Lipan a M-Pesa” and select PayBill
3. Enter the Shika loan PayBill number
4. Put in your phone number on the Shika app
5. Enter repayment amount
6. Authorize the transaction with your M-Pesa transaction PIN
7. Check for payment notifications from M-Pesa and Shika

Extra Important Information on Shika Loan and its App

• Please take note and heed that failure to repay a loan within stipulated repayment window attracts extra charges on the collected loan.
• If you do not repay a loan 30 days after the repayment window, they add an extra charge of 10% to the loan amount to repay.
•  Failure to comply and repay the loan after 60 days, they blacklist the customer on the Credit Bureau of Kenya.

How to Reach out Shika Loans 

For more information on Shika loans, you can reach out to their support via email@ shika-app.com or call 0742143999.

Conclusion 

Shika loan app and its platform have proven to be helpful to individuals and businesses who need access to easy finance without going through the stress of tight and stringent documentation obtainable in most financial institutions.

Shika app and its platform also offer one of the competitive rates in the Kenyan micro lending space, there’s no doubt that more individuals and businesses would resort to Shika loan app and its full platform.

M-Pesa is an outstanding mobile money service in Kenya, that offers a credit called M-Pesa loans and it is the most preferred platform for payment. Mobile payments are rapidly taking over with M-Pesa loans dominating the market.

It acts as a financial service provider for Kenyans who have an option of sending and receiving money and applying for loans. M-Pesa is the most affordable way to handle money transfer and loan applications. 

Let us explore M-Pesa loans in Kenya.

About M-Pesa 

Vodacom and Safaricom own the M-Pesa brand. It started officially in 2007. The new joint venture done in early 2020 was to speed up its growth. Customers register for the services and perform different transactions like loan apps and other things. Instant loans from M-Pesa can get you a loan with a maximum of Ksh.500 to Ksh.50000 without collateral. 

 Pros and Cons of M-Pesa Loans

Pros

1. It is easy to access online M-Pesa loans
2. M-Pesa account is cheap and easy to use
3. Used and accepted in Kenya
4. A local means of payment when you do not have a bank account 
5. They built your M-Pesa Sim to automatically use the apps.
6. The apps built by M-Pesa is popular in Kenya.

Cons:

1. They often hinder instant loans when you do not have an M-Pesa account. However, buy the M-Pesa sim and register and use it for six months to be eligible.

M-Pesa Loans Applications

They created a lot of apps to handle M-Pesa services and transactions. Once you apply for a loan on the platform, your money will be in your M-Pesa account within minutes. The M-Pesa loans application includes:

KCB M-Pesa Loans 

Registered customers of M-Pesa go for the loan services of KCB M-Pesa loans. You can deposit and withdraw through the services. You can also get a loan between Ksh.50 and Ksh. 1million based on the loan limit you qualify for.

You need a Safaricom Sim already built to house the app and they charge your loans at 3.6% interest rate.

M-shwari loan app

As an M-Pesa user you borrow on this platform at an interest rate of 7.5% monthly. It is a Safaricom product in partnership with Commercial Bank of Africa (CBA) to give loans. Without being an active user of M-Pesa for six months, you can use this service. Borrowing on the app depends on your usage of Safaricom services.

Tala loan app

Tala is an online mobile M-Pesa loan app for all citizens of Kenya. The credit history is looked before approving your loan on this app. You can get an amount range of Ksh.500 to Ksh.30000 with an interest rate. Download the app from Google play store and you can repay your loan through M-Pesa paybill number. There are options for 7days and 30days for loan repayment.

Branch loan app

They are a product of Branch International which was established in 2015. To start using the app, download it from google play store and create an account on the app. Your Facebook account, Safaricom mobile number and National ID is needed. Moreso, you can get between Ksh.250 to Ksh.50000 and can repay with M-Pesa paybill number. 

Timiza loan app

Timiza offers M-Pesa Loans at an affordable price. The amount of loan to get on this app depends on your M-Pesa history. It is an App by Barclays bank in Kenya. You can access up to Kshs.150,000 with an interest of 6.17%. A maximum repayment term of 30 days. The loan limit is often displayed on the app and you can not exceed the loan limit during loan application. 

Haraka loan app

They provide instant M-Pesa loans to citizens of Kenya between the ages of 18years to 60years. You can access Ksh 500 to Ksh 5,000, with a repayment tenure of 30 days. An interest rate of 23% is charged. The loan app is owned by a South African lender called GetBucks. They also offer their loan services to other parts of African countries. 

Opesa loan app 

To use this device, you have to download the app and register using your M-Pesa number. Loans between Ksh.500 to Ksh.3000 which the interest rate depends on your loan amount. You can do loan repayment through your Opesa loan app or through M-Pesa platform. Opesa loan App is built and owned by Tenspot Kenya Limited to Kenyans to get loans via M-Pesa.

Shika loan app

Shika is a mobile loan app that offers quick loans in Kenya via M-Pesa. You need an active register M-Pesa sim to access the loan. They disburse the loans within minutes to your M-Pesa account. In addition, a loan range of Ksh.500 to Ksh.20000 is accessed with an interest rate of 15%. They charge a fee on late repayment. When you refuse to pay within a period of 3months, they will list your name to CRB as a defaulter.

Saida loan app

They transfer your fund directly to your M-Pesa account upon loan application and approval. A good credit history is the basis of loan approval. Saida interest rate is between 7.5% to 10%. A minimum range of Ksh.600 to a maximum of Ksh.100000 is accessed with a repayment period of 30days. Repayment of your loan can be done through Lipa Na M-Pesa via pay bill number 854400. 

Note: You can access online M-pesa loans directly on the lender’s website by downloading the app on your phone.

How can I get a loan from M-Pesa 

To apply for loans from M-Pesa, follow the procedure:

1. Launch the M-Pesa menu.
2. Choose Loans
3. Select the M-Pesa platform you want to use. E.g. M-Shwari, KCB, etc.
4. Apply for the Loan.
5. Enter the loan amount.
6. Input your M-PESA PIN.
7. If approved the fund will be sent to your M-PESA Account.

Eligibility for M-Pesa loan

The eligibility needed for online M-Pesa loans include:

1. Be 18years and above 
2. Have a national ID 
3. Have an M-Pesa account as some app would require that.
4. Possess an M-Pesa sim which has been active for a period of six months.
5. Have a good credit history. For first-time applicants, do not delete your device transactions and history. Some apps judge your application based on that.

What happens if you do not pay any of your M-Pesa loan on time?

However, In the event that you do not repay your M-Pesa loan on the due date, you will be liable to pay a late penalty fee on the amount. 

How to repay M-Pesa loans

To repay online M-Pesa loans, follow this method:

1. Launch your M-Pesa toolkit
2. Chose lipa na M-Pesa
3. Select paybill 
4. Enter the  M-Pesa paybill number for that app
5. Enter your phone number as your account number 
6. Cross check all details
7. Input your M-Pesa pin
8. Hit the send option
9. Get a notification that your loan was successfully repaid.

Conclusion 

As M-Pesa evolved from a simple payment platform to an actual full-fledged Fintech company, it enabled lending for Kenyans.

In Kenya and other African countries, M-Pesa is the highest champion in mobile payments. Their services have expanded to other loan apps using M-Pesa since they launched M-Shwari, a smartphone app, in 2012. M-Pesa is widely known and used in Kenya. 

CRB is an acronym for Credit Reference Bureau. The Credit bureau maintains the credit profiles of people so that lenders can check them when considering a loan application.

This credit data is shared by banks, microfinance institutions, and other loan financial institutions, and paints a detailed picture of one’s credit history usually expressed as a score between 501 to 850.

 It goes to show how well or poorly you have managed your loan collection in the past.

In Kenya, Loan Apps Without CRB (Credit Reference Bureau) gives borrowers credit without them going through the credit history checks from CRB. These apps provide quick solutions to individuals facing financial challenges due to bad credit records.

You can access this loan through a mobile app and the criteria include your transaction history, employment status, national ID, and other data. These apps offer a pathway to credit without stringent CRB checks.

So the good news is that not every lender chooses to check your details on CRB before granting a loan.

In this article, we examine some loan apps that do not check CRB status during loan approval

10 Loan Apps Without CRB Check

10 loan apps in Kenya that do not check CRB status, include:

1. Okash

OneSpot Technology Investment Ltd. provides an app called Okash for loan applications. Borrowers must meet the eligibility criteria which are outlined in the Okash loan app.

OKash loans are available to anyone between 21-55 years of age, with a fixed income and a cellphone number. The interest rate on Okash loans ranges from 14% – 16% at 91 to 92 days of repayment. The loan limits range from Ksh. 2,500 to Ksh. 50,000. 

Due to their interest rates being deducted before disbursement, borrowers usually end up with less than they had originally applied for. 

2. Opesa

TK Limited provides the Opesa loan app. Opesa decides whether a loan needs to be approved based on a borrower’s phone data – e.g. handset details. They also consider MPESA/Mshwari finance transactions, and why they want the loan.

The interest rates on Opesa loans vary from 14% to 16%, with a repayment duration of  91 or 92 days. Opesa is another online loan app that deducts interest in advance

3. M-Fanisi

Maisha Microfinance Bank offers the M-Fanisi loan service. Applicants must be 18 years of age or older and have an active M-PESA account transaction record.

M-Fanisi loans range from Ksh. 200 to Ksh. 25,000 at a 10% interest rate repayable within 30 days. The M-Fanisi loan USSD code is *281# for Safaricom subscribers or *222# for Airtel subscribers.

4. Tala

Tala Mobile is the developer of the Tala loan app. They typically approve loans based on the phone data of customers, such as the financial transactions from M-PESA as well as the answers provided while applying.

The interest rate on Tala loans varies between 5% to 15% depending on the repayment period of 21 or 30 days. The loans range from Ksh. 500 to Ksh. 30,000. Tala loans can be accessed by downloading the Tala loan app from the Google Play store.

5. Mokash

Mocash offers a loan product called Mokash. They offer loans of between Ksh. 1,000 to Ksh. 30,000 for 8 days. The Mokash loan app can be downloaded from the Google Play store.

6. Branch

The branch loan app can provide you with loans ranging from KES 250 to KES 70,000 without a CRB check. 

You can apply 24/7 despite your needs. As you apply and repay, your loan limit goes up. Also, know that the interest rate can be as high as 17% to 30%.

7. Timiza

Timiza is one of the easiest and most convenient loan apps in Kenya without CRB. They are popular and many borrowers have successfully collected loans from them seamlessly.

8. Shika

If you need a genuine, easy, and convenient loan app, choose Shika. You can get up to Ksh. 70,000 with a 7.29 interest rate. This app stands out as one of the trusted apps in Kenya.

9. Mshwari loans

Mshwari started in 2014 and offers its leading services through M-Pesa, in partnership with the Commercial Bank of Africa (CBA). Customers can apply for loans of Ksh 100 to an unknown highest limit. It has a repayment duration of one month with an interest rate of 7.5%. 

Conclusively, Mshwari requires you to become a Safaricom subscriber and have a registered M-Pesa line to qualify. 

10. KCB M-Pesa 

This loan app has built a name in Kenya. It offers quick loans and gives a minimum of Ksh 500 and a maximum of Ksh 1,000,000 to its customers. 

KCB M-Pesa was born from the partnership between M-Pesa and Kenya Commercial Bank. However, for one to qualify, you need to be an active Safaricom M-Pesa customer.

Interesting Read: How to start a micro loan business.

Other mobile loan apps without CRB checks include:

• Tunzi Loan app (formerly Utunzi loan app)
• Fadhili Loan app
• Usawa Loan app
• Kano Loan App
• Upazi loan app
• Dolax loan app
• Craft loan app
• Utajiri loan app.

Benefits of Loans Without CRB Check

Loans without CRB checks offer numerous benefits, especially for borrowers with less-than-perfect credit histories. Here are the major advantages:

• Accessibility 
• Inclusivity
• Empowerment 
• Opportunity for improvement 
• Emergency funding 
• Simplicity 
• Speed and convenience 

How to Choose the Right Loan App Without a CRB Check

Choosing the right loan app without a CRB check involves a lot and they include:

• Understanding your needs and how the loan app without CRB checks aligns with your needs
• Look out for the security and privacy of the loan app
• Check their interest rates on all loans, especially their personal and emergency loan
• Read user reviews and experiences online 
• Check out for their other additional fees
• Check their market reputation and trust
• Rate their accessibility and ease of use without worry
• Look for an app with multiple channels of customer support

Some extra fees for loan apps without CRB check

1. Registration fees
2. Appraisal fees or processing fees.

Conclusion 

Normally, a borrower will be screened by a Credit Reference Bureau (CRB), as they interact with various lenders before a lending decision is made.

This is a criterion for loan disbursement. Despite this, some lenders do not use this information. They only access the information provided by the borrower and the data accumulated on the phone. 

Frequently Asked Questions

Are there any loan apps for blacklisted people?

Recently in Kenya, there are loan apps for blacklisted people but they ask for registration fees before giving you any loan. If you are comfortable with paying a registration fee to a loan app before collecting the loan, then check out these loan apps in Kenya.

However, you need also to know that you can pay this registration fee and still not collect the loan. Also, most of them give a loan that is less than the registration fee you paid or just slightly higher than it.

We are not recommending this application but you can try them out. So it is best you build your credit and apply for a loan. 

Some of these loan apps are:

• Opesa loan app
• Ubapesa loan app
• Lion Cash loan app
• Kuwazo loan app
• CashNow loan app
• Pesa Pats loan app
• Aspira loan app
• Pezesha loan app

How can I clear my CRB without paying?

There’s no other way to clear your name from CRB without paying. Once the loan agency has reported you, create a strategy and start paying off your loans immediately to avoid further bad reputation

How do I remove my name from the CRB blacklist?

To remove your name from the CRB blacklist, check your credit bureau report and see all your loan defaults and get up to date immediately with your debts. If the debts are much, negotiate with the financial institutions involved and seek to restructure your debt or pay little by little. 

After payment, request for your clearance certificate/letter.

How Much is the CRB clearance fee?

Kshs. 2200 is the CRB clearance fee or processing fee for a Clearance Certificate. 

It is not fine to clear your name on CRB but the amount charged for processing the clearance certificate is.

Can loan apps put you on CRB?

Loan apps can’t directly put your name on the CRB list but they can forward your name to the CRBs operating in Kenya under regulation and the CRB will now directly blacklist your name after going through the due process.

These loan apps usually give defaulters a grace period of 30 days’ notice before forwarding their name.