Mobile apps have transformed Kenya’s lending process. Increasingly, citizens are using mobile apps instead of banks, SACCOs, and cooperatives. Kenya has increasingly become used to instant loans, which can be obtained through mobile apps. Let us discuss apps that give you loans immediately in Kenya.
About apps that give you loan immediately in Kenya
Mobile loans apps are giving other other loan platforms a run for their money. They are accessed immediately when compared with bank loans. Bank loans are also gotten through tedious processes and then wait before the money is given.
Loan apps are easy to process. It removes the question of guarantors and security. The only thing you need is a good credit score. Within a few minutes your loan drops in your account.
Apps that give you loan immediately in Kenya
Numerous applications exist in Kenya. Most of them give you a loan immediately without delay. Let us discuss some of the apps.
KCB M-Pesa loan
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 at before approving your loan on this app. You can get an amount ranging from 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
Branch app is 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
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.
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. Has an interest rate of 23%. The owner of the app is 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. Tenspot Kenya Limited built Opesa loans app.
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 is Ksh.500 to Ksh.20000 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%. Has a minimum range of Ksh.600 to a maximum of Ksh.100000 with a repayment period of 30days.
How to apply for loans using mobile loan applications
The procedure below states how to apply for loans using a mobile loan application:
- Download the loan app from Google play store
- Register on the application
- Submit all details and documents
- Apply for the loan based on your loan limit
- Wait for loan approval. Once approved, get your loan.
During our research, we found out that there is a considerable potential for loan apps in Kenya. It caters for loans immediately and on the spot.
New loan apps come out almost every year. This is to solve the instant needs of the people by giving them funds immediately. The listed applications in this article are just but a few, we have numerous of them online. Be wise and choose the best.