Emergency knocks on everyone’s door. People will need to deal with instant personal needs at some point in their lives. Chances are you must have heard about Mobi loans.

So you will find this article useful and we have highlighted all you need to know.

About Mobi Loans 

Mobi loan is among the banking and finance products offered in the financial market of Kenya. It is a quick way to apply for credit.

The first step to go through in order to get this loan is by registering an account at the nearest bank. If you have an account already, all you need to do is register for Mobi banking services. Moreso, there is no paperwork involved or long processes. 

The application is majorly made through mobile.

Purposes

1. The loan is designed to cater for emergency and instant personal needs
2. Designed also for customers of loan platforms like SACCO and others.

How to Apply or Access Mobi Loans

To access the fund, check out the loan platform you wish to apply from. Download the app and make the application through your smartphone. 

How to Apply Using a short code

The first option available to use and apply is also through a short code. 

First dial the loan platform’s short code and follow the prompt.

Eligibility 

1. Be 18years and above 
2. Possess a national ID
3. Have a registered sim card
4. Have an M-Pesa account or Mobi account 

Loan Duration 

Loan duration can be one to three months depending on the agreement. 

Some Commercial Banks’ Mobi Loan Categories 

There are different categories and they are:

1. Mobi loan
2. VOOMA loan 
3. Salary advance 
4. Personal loans
5. Kopa bills

Credit Platforms That Offer Mobi Loans

1. SACCO – 10% of members deposit or Kes. 100,000/= with 7.5% interest rate
2. Family bank
3. KCB loans – Ksh. 1001 to Ksh. 300,000 instantly on 6% to 8% interest rate.

How to Repay Mobi Loans

To repay this credit, follow the procedure below:

1. Go to M-Pesa menu
2. Choose lipa na M-Pesa
3. Select paybill and enter the lender’s paybill number 
4. Under the account, type your ID and your National ID number 
5. Enter the amount to deposit
6. Input your M-Pesa pin
7. Have your loan repaid.

Conclusion 

Mobi loans follow an easy banking and financing system. Mostly, it is available to existing customers of the platform. They fund the credit to your Mobi banking account.

If you fail to repay the loan, the platform is entitled to terminate the contract based on the agreement. 

People offer to keep track of the fees in their Mobi account by:

1. Requesting for bank statement or Mobi loan account mini statement 
2. The activity report statement in respect of your Mobi loan account from the bank.

Here in Kenya, as we search the market to find the best online loans, there were several factors we looked at. Our criteria were low-interest rates, higher principal amounts that are affordable, and excellent customer service. In addition, whatever it is you need, you will find the best online loan in Kenya. Particularly for the quick funding solution in a hurry. 

Let us discuss online loans in Kenya and all you need to know.

Definition of online loan

An online loan is a type of loan you apply with your smartphone or tablet or personal computer through a web browser. You apply by visiting the lender’s website and submitting your personal details and all necessary documents. You apply from the comfort of your home. No need to visit the lender. Usually when you need help, you can quickly contact the customer service. 

10 Online loan platforms in Kenya 

Currently in Kenya, most of the private lenders made their loans accessible through apps. But some banks made their loans available directly from their website. Current best app and bank online loans in Kenya are:

1. KCB bank
2. Musoni Microfinance bank
3. NIC Bank
4. Fin credit 
5. Kenya Central bank
6. NCBA bank Kenya
7. Tala loans
8. Branch loans
9. Mshwari loans
10. Shika loans

Note: These banks made their loans available directly from their website. You can apply directly online with the best interest rate and customer service support. The app also can be downloaded from Google play store.

How do I apply for online loans

To apply for an online loan, follow the procedure:

1. Visit the lender’s website online and fill out your official application 
2. Send all necessary documents. Also, do your electronic signing if requested.
3. Cross check all details and also input your bank account or M-Pesa account
4. Wait for your loan approval
5. If successful, you get your fund within a short while.

6 ways to qualify for online loans in Kenya 

To be eligible to apply for an online loan, you need to:

1. Be 18years and above
2. Possess a national identity to prove your identity 
3. Own a digital gadget that can connect to the internet. Be it mobile phone or tablet or personal computer. 
4. Have a valid phone number 
5. Operate a workable email address 
6. Have a bank account or M-Pesa account 

3 documents for online loans

There are few documents needed to be submitted online before your loan approval. They are:

1. Security documents for logbook loans
2. National ID card for some loan lenders
3. Birth Certificate to prove your age. Some loan lenders request for this.

3 things you need to apply for online loans 

The basic things a borrower should possess before thinking of going for an online loan include:

1. A digital gadget that can connect to the internet 
2. An internet connection 
3. A working web browser

3 types of loans in any of the online loans in Kenya 

There are several kinds of online loans offered in Kenya. They are:

1. Personal loans
2. Unsecured loans
3. Secured loans

4 features of online loans in Kenya 

Features of best online loans in Kenya are:

1. No upfront payment 
2. Low interest rates 
3. Best online customer service/ quick response 
4. High or good loan amounts 

How fast are funds released in any of the online loans platforms in Kenya 

Once your have fallout your application form online, submitted all documents and re-sign, your fund will released within a short while

The only thing needed is for your loan to be approved. If approved, you will have our find within a short while.

Conclusion 

Online loans are convenient because they are straightforward to navigate. You won’t have to spend much time on the application process. In the modern world, nearly all individuals seek to live and prosper through finance.

There are still many ways to get the cash and pay it back at agreed time. In this article, we have saved you the hassle of searching for your online loan in Kenya.

What is more exciting is getting a loan within 24hours or just a few minutes after application without delay, considering the turn of recent events and other policies affected the economy. Loan apps in Kenya have really come in handy.

You can access quick and instant loans through loan apps without security. While there are many disadvantages to loan apps, we advise borrowers not to get defrauded by dubious apps. Aside from this, loan apps are really helpful. It is used to access quick loans in the comfort of your homes.

Kenya has over 25 loan apps. We will run a quick review and examine some of the best loan apps that disburse directly to your M-Pesa account.

Lists of Loan Apps in Kenya

Getting a quick loan through loan apps is now workable and accessible. The lists of the loan apps are:

Tala loan app

It is among the best loan apps and available in Google play store. Once you download it, you can start your application by signing up.

Also, by answering a few personal questions, you get your account verified. In addition, they send your cash directly to your M-Pesa account. Ksh 500 to ksh 50,000 is the minimum and maximum loan limit.

The Interest rate is 15%. Weekly repayment option on the app for three weeks through the paybill number 851900. Loan defaulters are not eligible to access future loans.

Remarkable features of Tala loan app are:

1. Simple design with easy application.
2. No unneeded advert popping up during usage.
3. There is an individual security pin to ensure proper protection.
4. it reads and tracks your credit history with the app’s status.
5. Easy repayment and options to choose repayment terms

CBA loop loan app

We can’t forget the remarkable CBA loop loan app. Use the CBA loop loan app for 3 months to explore other features of the app before you can qualify for a loan.

Download the app from their website at. Use your phone number and a valid ID to create an account. They will send a pin to you to activate your account after the loan application. No minimum amount to access, you can take up to a loan of ksh 3 million on the app.

Features of the app are:

1. Size of the app is 11.46mb in which customers using limited memory phones can still download and use.
2. It is easy to use and navigate
3. A schedule on the app gives you a future repayment date and amount with a clear insight on the principal and the interest charges.
4. A repayment period of 6-36months
5. It offers other products on the app like sending money, making payments, investment and savings.

Branch loan app

To use this beautiful app, you need to be a registered M-Pesa user. You need an official Facebook account with a profile and username matching those on your National ID card. In addition, download the loan app on Google play store. Sign up, link the app to your Facebook account, provide details, and verify your phone number and account.

Finally, the minimum limit of loan on branch app is ksh 250 and maximum is ksh 70,000. Interest rate depends on repayment of weekly installments on time. It increases the credit score and decreases the interest rates.

Features of the app are:

1. It is easy to navigate and run through
2. The app design is simple and eye-catching.
3. For proper identification, you link the app to your Facebook account before usage.

Timiza loan app

Timiza is one of the best loan apps in Kenya. They opened it for everyone with a mobile phone. Deposit money into Timiza app from your M-Pesa mobile money.

It is then you qualify your chances of getting a loan. 1.083% is the interest, and 5% is the facilitation fee. You need to also be an M-Pesa user for 6 months. It is within a term of 30 days.

Features of the app are:

1. Creating an account is straightforward.
2. The app is smooth to be used to access other products. 
3. There is an easy loan application on the app.

Okash loan app

The loan app gives both individual business loans. Just download the app on google play store, install and create an account.

A maximum limit of Ksh. 60,000  loans. The interest rate is slightly higher at 14%. Customers have 15 days to clear loans.

Features of the app are:

1. It is easy to download
2. Scrolling through the app is easy.
3. Through the personal details you provided on the app, it determines your credit limit.

iPesa loan app

It is a loan app that offers loans between a minimum of ksh 500 to ksh 50,000. The repayment period is between 91 days and 180 days.

Interest rate is between 0 to 6%. It has a variable service fee of 5% to 10%. Before you can use the app, you need to be at least 18years.

Features of iPesa loan app are:

1. Loan application is easy.
2. The loan app privacy permission is superb. They encrypt personal data supplied on the loan app.
3. To ensure proper documentation, it uses the data on your phone to verify your identity.

Zenka Loan app

Zenka loan app is accessible and reliable. You can download it on google play store. The first loan in this app is interest free.

Zenka finance promises a loan between a minimum of ksh 500 to a maximum of ksh 30,000. It is payable within 61 days. However, the 61 day repayment terms have a processing fee of 9% to 30%. Processing fee is from ksh 45 to ksh 870.

Features of the loan app:

1. The app is transparent with the fees it charges.
2. It is colorful and easy to operate.
3. It is easy to use.

Mshwari loan app

Mshwari is one of the best loan apps with minimum requirements. They render it through M-Pesa. By increasing your saving amount in your account and repaying your first amount borrowed, you can then be qualified to take a higher loan.

In addition, you must be a Safaricom subscriber before you can use the app. Minimum amount is Ksh 100, and we do not know the maximum. It has an interest rate of 7.5%. Repayment terms are 30 days.

Features of the app include:

1. It is easy to operate, use, and navigate.
2. The functionality of the app is good, as it gathers information from your M-Pesa history. 
3. No unnecessary adverts popping up while using the app.

KCB M-Pesa

In this app, it is easy to borrow without saving. Be active on Safaricom for 6 months. They disburse loans through KCB M-Pesa app Menu on your phone.

Moreso, Ksh 50 and Ksh 1,000,000 are the minimum and maximum. Interest rate is at 1.16% every month. Negotiation fee of 2.5%. 

Berry loan app

It is a unique and flexible mobile money lending app which offers low-cost loans in Kenya. First, download the app from Google Play. Install and register on the loan app.

You need to get verified to access loans. The minimum loan is Ksh. 500 and with time, it rises to Ksh. 50,000. The service fee is 9%-16% of the principal amount. 

Features of the app are:

1. Easy to download, set up and log in.
2. The app has flexible repayment schedules, which are easily accessible. 
3. The repayment procedure is painless.

How to get a loan through a loan app

The above loan apps listed have requirements which allow you to apply for loans.

To access an instant loan in Kenya, meet the following requirements:

1. You must be above 18years to access any loan through an app.
2. To access mobile lending, possess a registered line on your mobile phone.
3. No low credit profile (or blacklisted on CRB). 

Conclusion 

Mobile loan apps are really making headway. You can access an instant loan within a few minutes. Need a loan to clear your debts, go through the lists and make a choice.

You can stay in your comfort zone and apply for an instant loan using your mobile phone. Be smart enough to check out our website for your loan comparisons. Comprehend the information and explore your choice.

Unexpected issues which do not have emergency savings cover could derail your carefully laid spending plans. If you aren’t able to cater for the expense, you will have to resort to loans. Loans come with an interest rate and an agreed repayment date. There are many apps that can loan you money in Kenya. 

Let us take a closer look at these apps and help you stretch your funds farther.

5 Apps that Loan You Money 

Millions of Kenyans live on loans and may need an option when their cash flow is tight. These apps help you solve your short-term liquidity issues. To be able to have money options, let us discuss 5 apps that loan you money. They are:

KCB M-Pesa app that can loan you money

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

1. KCB M-Pesa has more than 1million downloads on play store.
2. It has 36,182 reviews on play store 
3. 4.2 /5 ratings on Google play store 
4. Has 9.1MB Memory capacity 
5. The application is easy to operate 
6. A well-designed view clearly spelling out all functions of its products 
7. Has a unique and catchy colour 

Tala loans

Tala loan was the first mobile application launched as Mkopo Rahisi, but currently known as Tala. It is a trusted loan app that has gained trust over the years. Customers get a minimum of Ksh 500 and a maximum of Ksh 50,000 with an interest rate of 15%. In addition,  to be qualified,  the Tala app needs you to have a smartphone with a good M-Pesa history.

Features of Tala loan app

1. Quick communication to the server for easy operation and dispense of funds
2. Ability to secure data and other personal information 
3. More than 5million downloads on Google play store
4. A star rating of 4.5
5. Has 405,478 review on Google play store
6. Requires android version of 4.03+
7. Nice colour combination that is dim and doesn’t affect the eye.

Branch loan 

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

1. Branch loan app has 321,038 reviews on Google play store
2. The app is easy to operate and navigate through
3. Has more than 10million downloads on play store
4. 4.3 star ratings, which is good.
5. An intuitive design for improved borrowing experience 
6. Showcases loan offer available to its customers 
7. Amazing view and different repayment options you can choose from.

Mshwari loans

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

1. Easy to use and navigate through.
2. Fast in loading 
3. Reads phone data and keeps all data or information collected safe.
4. Displays available loan limit 

Saida app that can loan loan you money

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

1. 3.6 star ratings and 10,184 reviews on play store 
2. 500k downloads on Google play store 
3. 5.9MB memory capacity 
4. Easy to use and loan applications don’t take too long to get to the server.
5. Offer other products, which are also easy to access.

Conclusion 

Apps that loan you money in Kenya are a league of their own. They have proven to be a lifesaver to citizens of Kenya. It allows them to cover urgent expenses. What is greater about some of these apps that loan your money is that you do not have to worry about too much interest rate. Some fees are waived off and duration extended. Hope you found the content interesting?