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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.