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Motorbike Loan Without Deposit in Kenya

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In Kenya, getting a genuine motorbike loan without a deposit can be tricky but often comes with a feasible option for individuals looking to venture into the boda-boda (motorbike) business or those simply wishing to own a motorbike for personal use. 

Lenders and financial institutions offer different loan products designed to meet the needs of prospective motorbike owners, recognizing the increasing demand for accessible transportation and the economic opportunities motorbikes can render.

Key Features

  • Interest Rates – The rates for this kind of loan can vary and are often high because of no initial deposit or collateral
  • Eligibility – To be eligible for this type of loan, you have to be 18 years and above, Have valid documents and licenses, show evidence of income, and have a good credit history.
  • Requirements – You have to provide a colored passport photo, a copy of your national ID, a copy of your KRA PIN, six months M-Pesa Statement, one to three guarantors, a logbook to be retained by the financier until clearance of the loan, a Safaricom registered phone number, 6 months payslip, proforma invoice from bodaboda dealers, valid driving license of the rider/driver and so on.
  • Repayment duration – This can vary depending on the lender. It can go from one month to three months.
  • Application Procedure – Prospective borrowers can apply through the lenders’ websites, branches, or through mobile platforms. Some lenders offer instant approval while some take days to review your documents. 

Advantages of a Motorbike Loan Without a Deposit

A motorbike loan without a deposit can be a great option, offering benefits like:

  • Accessibility: Allows borrowers without immediate access to capital to acquire a motorbike.
  • Economic Opportunity: Boost the economy by empowering those entering the boda-boda business, providing a means to earn a livelihood.
  • Flexible Terms: Comes with different loan options with different repayment styles to cater to diverse financial capabilities.

No-Deposit Motorbike Loan Considerations

Here are some key things to consider when applying for a motorbike loan without a deposit:

  • Total Cost: It’s important to calculate the total cost of the loan and everything it covers to know how much to invest.
  • Interest Rate: Consider the interest and any additional fees, to ensure it is affordable over the loan duration.
  • Insurance: You may also need to factor in the cost of insurance, which is often a requirement for this type of loan.

How to Apply

  • Interested borrowers should first research and compare offers online and offline from various lenders such as banks, microfinance institutions, and credit companies specializing in motorbike financing without deposit.
  • Review the eligibility criteria, and understand the terms and conditions
  • Login to the selected lender’s website or visit their office to start your application process
  • Provide personal information 
  • Prepare necessary documentation and upload them or submit them offline
  • Apply for the loan and wait for the decision 
  • Once approved, get a successful approval message and how to pick up the motorbike 

Conclusion 

Motorbike loans without deposit in Kenya have facilitated ownership and also contributed to economic empowerment and mobility. Many borrowers with good credit history have ended up getting this type of loan to help themselves and the economy. 

However, it’s important for borrowers to assess their financial situation and choose a lender that best suits their capacity and needs. This helps to avoid loan default in the long run.

How Tech is Transforming the Loan Process in Kenya

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The importance of technology can never be overemphasized as it comes with numerous benefits for every sector. The loan sector in Kenya has benefited so much from these innovations.

Benefits like instant loan approval, using a modernized system for credit scoring, storing each individual’s financial footprints, and data analytics data privacy. 

In Kenya, this digital revolution is consistently unfolding new things in the financial sector, reshaping the way loans are processed, disbursed, and managed. 

At the heart of this transformation is technology, offering innovative and quick solutions to age-old challenges.

The Rise of Fintech in Kenya

Kenya has emerged as one of the global leaders in fintech innovation in Africa, driven by the widespread adoption of mobile money platforms like M-Pesa and others. 

So many fintech innovations are coming up every day to solve the challenges in lending. Some are still in the pilot stages while some are fully out already. This makes loans easily accessible without stress as it was in the old days.

This fintech boom has paved the way for digital lenders to offer financial services directly from smartphones, check credit history from a central system, and review digital footprints just by the borrowers installing the lenders’ app and setting it up on their phones. These processes make credit more accessible to everyone.

Key Technological Transformations

The important technological transformations that fintech has brought to the lending sector are:

  • Digital platforms now enable instant loan approvals via your smartphone, eliminating the need for physical documents and in-person visits.
  • Platforms like M-Pesa have saved borrowers the stress of queuing up in a bank to open a bank account.
  • The use of data analytics for credit scoring has boosted access to loans
  • Easy access to creditworthiness based on digital footprints rather than traditional bank records.
  • Quick repayment of loan just by logging in to your M-Pesa account and tapping the right keys.

Impact of Technological Transformation

Technological transformation has created some impacts on lending and they increased:

  • The efficiency and accessibility of loans have significantly improved.
  • Small businesses and individuals can now access capital faster
  • SMEs can easily use a single channel to disburse loans to farmers and other industries 
  • It has fueled economic growth and financial inclusion.
  • The digital footprint left by mobile transactions provides lenders with data to offer personalized financial products in Kenya.

Challenges and Considerations

Despite the progress that fintech innovations have brought to the lending sector, there are also some challenges and concerns:

  • The first is the concerns about data privacy where borrower’s personal information is not exposed.
  • The concern about digital literacy
  • Concern on the regulation of digital lending practices.
  • The rapid growth of fintech also raises questions about the sustainability of interest rates
  • The risk of over-indebtedness among borrowers.
  • The risk of making the whole lending process transparent as much as possible.

Conclusion

Technology is undeniably reshaping the loan process in Kenya, offering great opportunities for economic empowerment. It comes with so many innovations that have made lending easy and quick.

However, the journey towards fully harnessing these benefits while mitigating risks is ongoing and constantly taken into consideration. 

As the loan sector evolves with new technologies, the focus must remain on innovation, consumer protection, easy access to loans, data privacy, obeying lending regulations, and financial literacy to ensure the transformative power of tech benefits all Kenyans.

How To Get Airtel Money Loan in Kenya

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The range of solutions to close the gap in the financial service markets brought about including network providers in giving loans. How to get Airtel loan in Kenya?, what mobile loans are available to Airtel money subscribers? How to repay Airtel Kenya loans? The following queries are among the top ones searched for on the internet by Kenyans.

We will discuss this topic and answer all the questions listed above.

About Airtel Money Loan Kenya

Airtel money loan allows customers to access loans with no collateral or paperwork. All you need is your phone and an account with Airtel Money. You can have access to loans anytime, anywhere. Customers simply have to dial *211# to access the Kutchova Menu. The product is providing financial help in so many ways.

You can also dial *222# for those using the Airtel line and *281# for the Safaricom line or go to M-Fanisi mobile app, to access the loans. Understanding how it works will simply be of a significant advantage to you. It is more like a short-term financial loan that is paid after 30 days.

How Can I Get an Airtel Money Loan in Kenya?

To access and register for these loans on your Airtel and Safaricom M-Pesa line :

  1. Dial *222# for those using the Airtel line and *281# for the Safaricom line or go to the M-Fanisi mobile app.
  2. Accept the product terms and conditions and activate
  3. Select Loans.
  4. Choose a request loan.
  5. Input amount and select period.
  6. Enter your M-fanisi PIN.
  7. Loan amount will be sent into your Airtel Money Account or your M-Pesa account

How to Access Airtel Fuliza

Follow the following steps to get Fuliza from Airtel;

  1. Dial the USSD code: Initiate the process by dialing either *334# or *234# on your Airtel mobile phone.
  2. Navigate to Fuliza: Once the USSD menu appears, look for the option related to “Loans and Savings” or “Fuliza” directly. Select this option to proceed.
  3. Opt-in and Accept Limit: You’ll likely be shown your pre-assigned Fuliza limit. Review the amount and choose to “opt-in” to activate Fuliza and access this credit.

Loans Available on Airtel Money Loan

These are the three types of loans available on Airtel money Kenya:

  1. Mfanisi loans
  2. Kopa Cash 
  3. Express 

Mfanisi Loan

M-Fanisi is a mobile loan product available to Airtel Money subscribers who can apply directly through the mobile money service for a loan of up to 30 days. You will also be able to open a regular savings account. Airtel Kenya provides Mfanisi loans in collaboration with Maisha Microfinance Bank.

How to Activate/Register For Mfanisi Loan

  1. On your Airtel line dial*222#  
  2. Reply with 7 which is “Loans and savings”
  3. Reply with 1. (Mfanisi)
  4. Reply with 1. (Accept terms) 
  5. Enter your ID Number
  6. Complete the registration with your Airtel money pin 
  7. You will receive a message about your registration for Mfanisi loans

Kopa Cash Loan 

Airtel Kenya partnered with Jumo to offer this loan.

Terms And Conditions For Kopa Cash Loan

To get Kopa Cash Loan, there are terms and conditions to it and they are:

  1. Agreeing to pay the actual credit by the stipulated date or in advance.
  2. Agree that the actual credit charge will be applied to your outstanding balance until the total amount is paid off within the agreed period.
  3. Agree that your credit charge will change if you purchase additional products/loans.
  4. Agree that credit charge is non-refundable under any circumstances or even upon return of product.

How to Register and Apply for Kopa Cash Loan

  1. On your Airtel line dial *222# 
  2. Reply with 7. “Loans and Savings”
  3. Reply with 2. KopaCash 
  4. Enter your Airtel money pin 
  5. Accept terms
  6. Wait for a response from Kopa cash for loan approval.

Express Loan

With the help of Ecobank, Airtel Kenya is making instant loans available in Kenya via Airtel Money, dubbed Express loans.

How To Register/Activate Express loan

  1. On your Airtel line dial *222# 
  2. Reply with 7. “Loans and Savings”
  3. Reply with 3. Express
  4. Enter your Airtel money Pin 
  5. Accept terms and conditions
  6. Wait for approval from Express to apply for the loans.

How to Contact Airtel Money Loan Kenya

Before contacting Airtel Money, identify the type of loan you need and then go ahead to contact them. In case of any difficulties you can contact:

  1. Mfanisi loans customer care through +254 709 567 000.
  2. For Kopacash loan contact customer care via: 1522. 
  3. Then, for Express customer care, contact through Ecobank: +254 719 098 001.

Frequently Asked Questions 

Does Airtel have a Loan App?

These are the three types of loans available on Airtel money Kenya and you need to download the app to use it. :

  • Mfanisi loans
  • Kopa Cash
  • Express

Read- You can also check out the Airtel Kenya site.

Can I get an Airtel Phone on a Loan?

Airtel smartphones loan deal is a financing plan to help subscribers get Airtel phones and smartphones on a credit basis. Airtel partnered with Mastercard and Samsung to launch this in Kenya and some other African countries but it was first started in Kenya.

The Airtel smartphones on loan will be available to Airtel subscribers only and will be based on each customer’s transaction history. Each qualified customer can purchase a variety of Samsung devices which they can pay for in flexible installments for up to 12 months.

Conclusion

M-Fanisi, Kopa Cash and Express loans are mobile-based bank accounts that are available to Airtel Money registered customers. Through these accounts, customers can: 

  1. Access loans are repayable within 7 days, 14 days, and 30 days, respectively.
  2. Get loans at attractive one-off facility fees of 4.8%, 7.2%, and 12% respectively with excise duty applicable on the fees.

It is important to keep in mind that you must pay back any loans you get at the agreed time. Before applying, make sure you understand what you will be getting.

Best Logbook Loans in Kenya

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Logbook loans in Kenya are a type of secured loan where the borrower’s vehicle logbook (vehicle registration document) is used as collateral to obtain a loan. 

This type of loan is popular in Kenya, where individuals can leverage their personal vehicles to access quick financing. Sometimes people call them emergency logbook loans because they are the easiest way to access credit for emergencies.

5 Best Logbook Loans in Kenya 

Logbook loans in Kenya

We know that the concept of “best” can vary depending on individual needs and preferences. However, we can provide you with the best logbook loans based on our personal experiences with some of these loan lenders in Kenya.

  1. KCB Logbook Loans: They are one of the best banks in Kenya that gives logbook loans to eligible borrowers who meet the requirements. Some of their requirements include having an active KCB account that is a minimum of three months, original payslips, Kenyan ID and other documents. You can check out their sites for more details on this type of loan.
  1. Family bank logbook loans: The family bank is one of the best great Asset financiers in Kenya with good reviews online. They offer asset loans to business account holders and are intended to assist in the acquisition of assets. You are required to present the original copies of your logbook to access the credit. They also have their unique requirements which you can check out via their website.
  1. NCBA logbook loan: The bank launched their logbook loan in 2021 and since then they have been giving out credit to borrowers who meet the requirements. This loan type enables borrowers to access up to 50% financing against an owned vehicle. Visit their office near you or log into their website to learn more about this loan type.
  1. Equity bank logbook loan: They are a reliable and accessible bank for easy logbook loans. Equity bank is known for giving reliable asset financing to borrowers. You can get your logbook loans within a few hours of submitting all required documents.
  1. Ngao Logbook Credit: They give you up to 50% of the value of your car or up to KES 3 million in less than 24 hours to repay within a period of up to 15 – 20 months. Their requirements are easy to meet and they can be a good fit for solving emergencies by using your car as collateral.

Reasons Why These Logbook Loan Providers Are the Best

  1. Credibility and Reputation: These lenders have a good reputation and positive customer reviews. They are licensed by the relevant regulatory authorities in Kenya, such as the Central Bank of Kenya, to ensure they operate within the legal framework.
  1. Interest Rates and Fees: We compared the interest rates and fees among different lenders and we found out that the lenders listed above are the best. They all offer competitive rates and transparent fee structures. Also, they don’t charge excessive interest rates that could lead to financial strain.
  1. Loan Amount and Repayment Terms: Their maximum loan amount and the flexibility of repayment terms are great. Look for lenders that provide loans that meet your specific financial requirements and offer manageable repayment schedules.
  1. Customer Service: These lenders have a responsive customer service team that can address your inquiries and concerns promptly. Good customer service indicates a commitment to assisting borrowers throughout the loan process.
  1. Loan Approval and Disbursement Process: When you evaluate the efficiency and speed of their loan approval and disbursement process, you will choose them. They all have a streamlined application process and can disburse funds quickly once the loan is approved.

Requirements For Logbook Loans

It is essential to know the requirements for logbook loans and get them ready for the loan. We all know that different logbook loan lenders have unique requirements but we will be listing the general requirements we know of.

  1. Filled application form
  2. Bank statements for a period of 6 months
  3. Two copies of your passport photograph
  4. Original three-month payslips
  5. Copy of your national ID or passport
  6. Your  KRA PIN
  7. Proof of your place of residence 
  8. Copies of logbooks of your vehicle or for other motor vehicles (Used vehicles).
  9. The year of manufacturing of the vehicle should not be more than 10 to 12 years as a loan expiry

Some Other Lender’s Requirements Like Family Bank And Other Banks

  1. Pro-forma invoice from the dealer/ seller.
  2. Present the recent AA/regent automobile valuers and assessors valuation (for used vehicles).
  3. Proof of your source of income.
  4. Introduction/Confirmation/Appointment letter from your present employer
  5. Carefully signed authorization forms. 
  6. Present the car for evaluation and installation of the car tracker.

Pros and Cons of Taking Logbook Loans

Pros

  • The loan comes in handy during an emergency.
  • Logbook loans offer longer repayment periods between 12 – 36 months.
  • Logbook loan provides more time to get your finances in order.
  • Comes with a lower interest rate when compared to payday loan
  • People without a high credit score can secure the loan. Most lenders don’t look out for high credit scores but on the logbook documents. 
  • Once you meet the requirements, the process can be completed within 24 hours.

Cons

  • In all cases, one of the stringent requirements would be first to transfer the car ownership to the lender. 
  • If you do not keep up with repayments, most times, the car will belong to the lender, depending on the agreement. Or they will sell off your car to recoup the loan interest and the principal amount.
  • The amount you will get as the main credit will depend on the car’s age, the mileage on the vehicle, and the general condition of the car.
  • The loan comes with a high-interest rate when compared to mainstream finance.

Conclusion 

There are different best logbook loan lenders in Kenya and we have listed five of them in this article. If you have any reason why you won’t be using any of these lenders in this article, conduct proper research and compare lenders.

Remember, logbook loans come with risks, including high-interest rates and the potential loss of your vehicle if you default on the loan. It’s essential to carefully consider your financial situation and evaluate the terms and conditions before taking a logbook loan.

Flexible Loan Repayment Apps in Kenya- (2024 Updated)

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There are so many flexible loan repayment apps in Kenya, one wouldn’t know where to start especially if they are a newbie in the industry. The idea of going through all these flexible repayment apps is to educate you further. I have brought together 5 best flexible loan repayment apps in Kenya that you should use if you want to enjoy a stress-free repayment experience.

Flexible loan repayment

Understanding flexible loan repayment application 

Financing is key to any business, and it is an area of importance. They have developed many apps to allow users to choose the comfortable time to repay their loan. People have been enjoying this feature while taking loans from different apps in Kenya. 

Kenya is a competitive country. Businesses compete fiercely to gain dominance especially in industries like mobile money, online commerce and banking. In the wake of this intense competition, banks and loan companies have had to ensure that they stay ahead of their competitors since customers are becoming more fickle now. This was among the thoughts that led to the creation of these flexible loan repayment options. The platform has seen a lot of success since it came into existence. This has saved many by helping them choose when to make repayment and how to repay.

What are flexible loans

Flexible loans are loans that give you the power to choose your own repayment due date. This feature helps you select dates between 10 and 40 days to repay. They designed this flexibility to make it easier for you to repay early, increase your credit score and unlock more repayment features.

Read- Kenya School of Credit Management

5 Flexible loan repayment application 

We have many flexible loan repayment apps in Kenya but we will list 6 out of them. They include:

  1. Tala loan app
  2. Branch loan app
  3. Zenka loan app
  4. Timiza loan app
  5. M-shwari loan app

Benefits of applying for flexible loans in Kenya 

  1. Allows you pay at your own pace
  2. Helps you grow your a lot
  3. Helps you improve your loan duration with good credit scores
  4. Helps you avoid late payment

Conclusion 

When many people get a loan from a financial institution, their repayments are limited to once or twice a month. But there are apps in Kenya that make it easier to pay your loan, even if you’re paid weekly. You can even choose to pay it biweekly. 

M-Shwari loans – How to apply for a loan in Kenya

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Ever had that drowing feeling when you realize you’re short on cash? Maybe an unexpected bill hits, or you need quick funds for your side hustle.

In Kenya, the days of scrambling for loans or facing lengthy bank queues are fading fast. Thanks to M-Shwari, with a few taps on your phone you can have easy access to credit whenever you need it.

Intrigued? You should be!

This post will be your guide to getting that needed loan with M-Shwari. We’ll delve into eligibility, explore the loan application process (it’s shockingly simple!), and shed light on any fees involved.

But wait, there’s more! We’ll also explore some smart tips to ensure you get the most from M-Shwari loans; allowing you to increase your loan limit from zero up to 1 million Ksh. So, ditch the stress and keep reading. M-Shwari might just be the financial product you’ve been waiting for!

m-shwari-soft-loan

About M-Shwari loans

M-Shwari Loans is a service that offers fast and convenient access to interest-bearing savings accounts and mini loans for Kenyans seeking credit and financial services.

M-Shwari Loans is a financial game-changer in Kenya, offering a one-stop shop for both saving and borrowing on your mobile phone. Through M-Shwari, Kenyans can ditch the bank queues and access interest-bearing savings accounts to grow their money, while also having the option to apply for quick and convenient “mini loans” for unexpected expenses or small business ventures

Launched in 2012 through a collaboration between Safaricom, Vodafone, and the Commercial Bank of Africa (CBA), M-Shwari revolutionized the way Kenyans manage their money. Here’s a deeper dive into what makes M-Shwari loans so unique:

  • Easy Access: Everything, from applying for a loan to receiving the funds, happens directly through your phone. No filling out lengthy forms or visiting bank branches
  • Savings and Loans in One: M-Shwari isn’t just about borrowing. It’s a comprehensive financial product that also allows you to save. You can earn interest on your savings while also having access to quick and easy loans whenever you need them. It’s like having a mini-bank branch right on your phone!
  • Focus on Financial Inclusion: M-Shwari was designed specifically to address the gap in financial services for many Kenyans. Unlike traditional banks, M-Shwari uses your M-PESA activity and savings history to determine your loan eligibility. This opens doors for those who might not qualify for loans through conventional channels.
  • Rigorous Risk Assessment: Despite its accessibility, M-Shwari employs a strict assessment process to determine your loan limit. This ensures responsible borrowing and helps both you and CBA manage risk effectively. If you’ve ever wondered why your M-Shwari loan limit seems low, it likely reflects your past M-PESA usage and repayment history.

How to qualify for a M-Shwari lian

  1. Be 18 years and above
  2. Be an M-Pesa user for at least 6 months 
  3. Save on your M-Shwari account and actively use other Safaricom services 

How to apply for M-Shwari loans on the app

  1. You can access the loan through M-Pesa menu
  2. Select loans and savings
  3. Choose M-Shwari 
  4. Select loans
  5. Request for loans
  6. Input the amount 
  7. Enter your M-Pesa pin
  8. The loan amount will be sent to your M-Pesa account plus the facility fee.

Understanding M-Shwari Loan Limit

M-Shwari loans are all about convenience, but how much you can borrow depends on your financial responsibility. Here’s what goes into determining your M-Shwari loan limit:

Building Your M-Shwari “Trust Score”:

Unlike traditional banks with lengthy applications, M-Shwari uses a unique approach. They analyze your mobile financial behavior to create a kind of “trust score”, usually referred to as credit score. This score reflects how likely you are to repay a loan responsibly. Here’s how your financial habits contribute:

  • Consistent M-PESA Usage: Regular money transfers, bill payments, and airtime purchases through M-PESA demonstrate responsible financial management and active engagement with the platform. This positively impacts your M-Shwari loan eligibility.
  • Building Your Savings Habit: Remember, M-Shwari offers both loans and savings. The more you save in your M-Shwari account, the higher your loan limit could potentially be. This demonstrates financial discipline and responsible saving habits.
  • Timely Loan Repayments: A spotless loan repayment history is crucial. Settling previous M-Shwari loans promptly builds trust and demonstrates your commitment to financial responsibility. This can lead to higher loan limits and improved access to credit in the future.
  • Maintaining an Active Line: Ensure your M-PESA line remains active. An inactive line can negatively impact your loan eligibility. Regular use of M-PESA signals your active participation in the mobile financial ecosystem.

While M-Shwari loans range from Ksh 100 to Ksh 1 million, your individual limit will likely fall somewhere in between. By consistently practicing these positive financial habits, you can work towards increasing your loan limit and unlocking greater access to credit opportunities.

Building a strong M-Shwari financial profile is a two-way street. It benefits you by allowing for larger loans, but it also helps M-Shwari manage risk and ensure responsible lending practices. So, save consistently, repay on time, and keep your M-PESA line active. By doing so, you’ll unlock the full potential of M-Shwari loans and empower yourself to achieve your financial goal.

Interest rate

The interest rate for M-Shwari is 9%. This comprises of 7.5%. loan fees and 1.5% excise duty.

Loan repayment duration 

The loan repayment duration is 30 days or one month.

How to repay M-Shwari loans

You can repay the credit from your M-Pesa account or M-Shwari account. 

Here’s how to repay your M-Shwari loan through SMS:

  1. Open your M-Shwari menu on your phone.
  2. Look for the “LOAN” option and select it.
  3. Within the “LOAN” menu, choose “Pay Loan.”
  4. Enter the exact amount you want to repay towards your loan.
  5. Key in your M-Shwari PIN.
  6. Carefully review the confirmation message on your screen. This will typically show something like “Pay Loan Kshs 2,000” (replace 2,000 with your repayment amount).
  7. If the details are correct, confirm the payment by pressing “OK”.

Conclusion 

M-Shwari loan is for everyone who believes in banking made easy. No form to fill and no M-Shwari branch to visit. Just one simple process of downloading the app and signing up on your phone. The loan obtained from the platform can be for emergencies, or financing a project or enterprise.

M-Pesa Loans – How To Apply And Everything You Should Know

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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. 

Best Loan Apps in Kenya Without CRB- Top 10 Loan Apps

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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.

How do I apply for M-Pesa loans- All you need to know

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The process of applying for M-Pesa loans is simple. How do I apply for M-Pesa loans will be answered in this article.  M-Pesa Kenya is a mobile money service that you can use to store, send, receive, and repay bills.

There are a variety of M-Pesa applications  that offer loans directly to your M-Pesa account. It is quickly taking over and  dominating the market. We will discuss how to apply for M-Pesa loans in Kenya.

M-Pesa loans

M-Pes loans are offered through the M-Pesa app. They are loans transferred directly to your M-Pesa account. M-Pesa is the most affordable way to handle money, transfer and get loans. Over millions of Kenyans enjoy the loan. It is instant, easy to apply and comes with wonderful features. There are other additional features you can enjoy from the M-Pesa platform.

13 M-Pesa loans apps in Kenya

  1. KCB M-Pesa
  2. M-Shwari 
  3. Tala
  4. Branch
  5. Timiza
  6. Haraka
  7. Zenka loan app
  8. Ipesa loan app
  9. Saida loan app
  10. Shika loan app
  11. Berry simple swift loan app
  12. Pezesha loan app
  13. Okolea loan app

How do I apply for M-Pesa loan 

To apply for M-Pesa loans in Kenya, follow the step below:

  1. Got to M-Pesa menu
  2. Choose loans and saving
  3. Select the M-Pesa loan app (like M-Shwari, KCB etc.)
  4. Request for loan
  5. Input amount
  6. Type in the M-Pesa pin and submit
  7. Loan amount will be sent to your M-Pesa account 

How do I qualify for M-Pesa loans

In order to qualify for M-Pesa loans, be sure to:

  1. Have M-Pesa account for at least 6 months
  2. Be a Safaricom user
  3. Use other Safaricom services such as voice, data e.t.c

What is the maximum amount M-Pesa can hold

Maximum balance M-Pesa can hold is Ksh. 300,000

5 M-Pesa application transactions 

  1. Paying bills
  2. Buying airtime
  3. Buying goods
  4. Sending money
  5. Saving on the platform 

Conclusion 

Most Kenyans depend on short-term loans to solve their needs. Additionally, they appreciate instant loans. These are all features of M-Pesa loans. You are responsible for choosing the best M-Pesa app with the best repayment plan and interest rate. Do your research smartly. 

You can also check out apps like dave and Diamond Trust Bank options.

Diamond Trust Bank Kenya- All You Need To Know

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Are you interested in taking a loan? and know the ideas that matter about loans? Diamond Trust Bank Kenya is proud to offer a range of products spanning loan, retail, large corporate and investment banking relationships. You will be dealing with a diverse group of people who all want to leave their customers satisfied.

About Diamond Trust Bank Kenya 

Diamond Trust bank Kenya has an extensive branch network spanned across the country. It is a reputable financial service provider that offers a broad range of banking services for businesses and individuals. You can use their services to receive, store or send money, send international remittances, manage your account and get a personal loan from their online platform.

What does Diamond Trust Bank do?

Diamond Trust bank is a major banking group operating in Kenya, but also has branches across East Africa in Tanzania, Uganda and Burundi. Kenyans living abroad benefit from their loan services to solve their pressing needs.

How Diamond Trust bank Kenya works

Diamond Trust Bank Kenya provides a comprehensive range of retail and corporate banking products and services including Savings and Loan services , Mortgages, loans for commercial and personal purposes, Micro-credit program , vehicle financing and leasing. Visit the website to get the best loan offer you need. 

How to get loan from Diamond Trust bank Kenya 

Do you need a loan from the Diamond Trust bank Kenya? Please read on to learn more about this process, and get started today.

  1. Visit the website 
  2. Go to “Get a loan” 
  3. Choose the type of loan Product you want 
  4. Put all necessary personal information and documents 
  5. Wait for loan approval

How many branches does Diamond Trust Bank have in Kenya 

DTB has 130 branches in Kenya, Tanzania, Uganda, and Burundi. They operate a 24/7 digital  banking branches across Africa.

How do I check my DTB account balance?

To check your DTB balance is by dialing *382# or by downloading the DTB mobile app.

How do I transfer money from M Pesa to Diamond Trust Bank?

Sending money from Mpesa to a DTB Account is simple. Follow the steps below to achieve this:

  1. Launch and open  the M-Pesa toolkit/Safaricom App/M-Pesa app. 
  2. Select Lipa na Mpesa.
  3. Choose paybill and enter 516600 as the number 
  4. Input your DTB account number as the “Account No”.
  5. Type in the amount that you would like to deposit.
  6. Enter your pin number.

Conclusion 

Diamond Trust bank Kenya is the leading and premier banking institution in Kenya, and offers a wide range of personal and corporate loan services and products including: Personal Banking Services and loan services. Check out their website to enquire more and apply for the loan you had wanted.