In a world that is constantly evolving with time, with technological development hitting every aspect of existence. The financial sector isn’t in any way left out in this advancement.
As a matter of fact, the financial service sector has seen the most technological evolution over the past years. Gradually steering towards completely abolishing the old ways of manually carrying out financial services, we are looking at a more modern surge.
Accessing a loan has been reduced to just downloading an app on your phone and hitting a few clicks. Now, with the right app and requirements, you can access a loan amount of more than 100k in Kenya. Some of these apps with such advantage includes;
Top 5 loans apps that offers over 100k
Before choosing an app, it is important to explore and compare a couple of options before selecting the best of them. Below is a quick breakdown of the top 5 apps in Kenya;
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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 for at least 6 months.
Features of KCB M-Pesa App
- Offers a maximum of Ksh 1,000,000
- KCB M-Pesa has more than 1million downloads on play store.
- It has 36,182 reviews on play store
- 4.2 /5 ratings on Google play store
- Has 9.1MB Memory capacity
- The application is easy to operate
- A well-designed view clearly spelling out all functions of its products
Branch loan is a financial institution in San Francisco with a branch office in Nairobi, Kenya. It started in 2017. Customers access loans from Ksh 1000 to an unknown maximum amount. More so, for one to qualify, you need to have a Facebook account with the same name as the one on your national ID card. You also need to be a registered M-Pesa user. Interest rates vary and depend on the amount and repayment duration.
Features of branch loan app
- Branch loan app has 321,038 reviews on Google play store
- The app is easy to operate and navigate through
- Has more than 10million downloads on play store
- 4.3 star ratings , which is good.
- An intuitive design for improved borrowing experience
- Showcases loan offer available to its customers
- Amazing view and different repayment options you can choose from.
Mshwari started in 2014 and offers its leading services through M-Pesa , in partnership with 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 become a Safaricom subscriber and have a registered M-Pesa line to qualify.
Features of Mshwari loan app
- Easy to use and navigate through.
- Fast in loading
- Reads phone data and keeps all data or information collected safe.
- Displays available loan limit
To qualify for Saida loan, customers need an active M-Pesa/Airtel money account. Once you install the app on your phone and you apply for a loan, the app reads and tracks all your call activities. They also track all your transactions to know if you can pay back the loan.
Features of Saida app
- 3.6 star ratings and 10,184 reviews on play store
- 500k downloads on Google play store
- 5.9MB memory capacity
- Easy to use and loan applications don’t take too long to get to the server.
- Offer other products, which are also easy to access.
How to apply for a loan on any of the apps that can give you more than 100k in Kenya
The procedure for applying for a loan on any of the applications is basically the same in Kenya. Follow the steps below:
- Download the mobile application from their official website and Google play store. They host no app in Kenya on IOS for now except Zenka.
- After installing the application, launch it. Then register or create an account. Supply all necessary information. Also, note that registration procedure differs from one application to another.
- Based on the information supplied and the app reading your phone transactions, it determines your loan limit.
- Proceed to apply for the loan on the app. Choose or input your loan amount. Note: often, some loan application determines your loan amount and you can not access more than the displayed amount.
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In a bid to ensure professionalism among digital lenders, the Central Bank of Kenya is moving to propose new laws to regulate activities of digital lenders. These loan apps have their advantages and disadvantages. However, some of them have gained enough goodwill in Kenya and you can always rely on them whenever you need funds.