Online Installment loans in Kenya

Online Installment loans in Kenya are simple and stress-free. With some lenders, you can apply online and have a decision fast. If approved, you could get money deposited in your bank account or M-Pesa account as soon as the next business day. So why wait? Get smarter about your money today.

What are installment loans

Online installment loans are designed to help when you need a short-term loan fast and have bad credit or even no credit. Consider an online installment loan if you are short on money, don’t have other credit options and need help with expenses. 

13 Lists of online Installment loans in Kenya

The following list of some online installment loans in Kenya:

1. Branch loan Kenya
2. M-Shwari loans
3. Shika loan
4. Zenka loans
5. Utunzi loans
6. KCB loans
7. Okash
8. Timiza
9. Tala loans
10. Haraka
11. Opesa loans
12. Saida loans
13. Izwe loans

Pros and Cons

Pros

1. High maximum loan amount of up to Ksh. 10,000
2. Most times no origination fees
3. Some variety of discounts and bonuses for members who pay early

Cons

1. High minimum credit score requirement of up to 650
2. Very high interest rate 

Online Installment Loans Minimum amount

Get up to Ksh. 5000 in an online installment loan platform. The more you take the loan, the more your limit grows. Instantly sign up through their website and get approved in minutes.

Online Installment Loans Interest Rate

In Kenya, online installment loan lenders charge between 8% to 15%.

How to qualify for an online installment loans

To qualify for an online installment loan, you need to:

1. Be 18 years and above
2. Phone number
3. Allow the app to read your phone data
4. Provide an account number or M-Pesa account
5. Provide other personal information
6. Your national ID

How to apply for an Online Installment Loans

Get pre-qualified for a loan and then go ahead to apply for the loan by:

1. Visiting the lenders website or downloading their app
2. Signing up online or on the app
3. Submitting all personal information requested for
4. Requesting for the loan and inputting your phone number
5. Wait for loan approval
6. Get your loan once approved

Online installment loans for bad credit

Lenders offer online installment loans for people with bad credit. With so many alternative credit checks used by lenders, a variety of sources  are deployed to look at parts of your financial history instead of just your credit score. 

So even if you have bad or no credit, you may be able to find a loan option that works for you

When do People tend to Borrow installment Loans

People ‌borrow basically to sort out need but there are other options why people borrow installment loan in Kenya and it include:

1. Emergency need
2. Immediate small fees like child’s school fees
3. To repair a leaking or small damaged path Ina home
4. Repairing and servicing a vehicle
5. Inter county travel in Kenya
6. Condolences
7. Festive expenses

Borrowing online Installment loans for Emergencies

Many prefer loans from online installment lenders in Kenya to address emergency needs. Typically, when in an emergency, one needs one or more of these qualities to be true in a loan:

1. Easy to apply
2. Accessible from anywhere ‌on the internet
3. No requirement of physical presence at any location in Kenya
4. High chance of being approved
5. Quick approval
6. Quick disbursal into your account

When to get an online installment Loans once applied

Receive your loan amount on the app in a moment or as few as 24 hours and the interest rate.

Conclusion

There are many online loans in Kenya and we mentioned most of them in this article. They deposit funds into your bank account or M-Pesa account within a few minutes of approval. 

Simple online installment loans take less than 5 minutes to complete. Online installment loan application is safe, secure and confidential.