Are you in need of quick and convenient access to credit in Kenya? Look no further than these top mobile loan apps in Kenya for 2024. This article provides valuable insights into the best loan apps based on loan limits, interest rates, processing times, and repayment terms.
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Whether you’re an individual or a small business, these apps offer a range of financial solutions to meet your needs.
Table of Contents
1 Tala Loan App: Instant Digital Loans
Tala, a product of Inventure Mobile Limited, offers digital loans of up to Ksh 30,000 with repayment periods spanning from two weeks to six months. Using advanced technology for credit assessment, Tala is a go-to option for quick financial assistance.
2 Branch Loan App: Fast Loans with Flexible Terms
Branch International’s mobile loan app provides loans of up to KES 30,000 with flexible repayment terms ranging from one week to six months. Their advanced credit assessment technology ensures quick loan disbursement.
3 Okash App: Quick Loans for Individuals and Businesses
Okash is your solution for loans of up to KES 50,000. Repayment terms vary from one week to six months, making it suitable for both individuals and small businesses.
4 KCB M-PESA: Low-Interest Mobile Banking
KCB M-PESA, in partnership with Safaricom, offers loans of up to KES 1 million with repayment options from one week to twelve months. Known for its low-interest rates, it’s a preferred choice for many Kenyans.
5 Timiza Loan App: Barclays Bank’s Mobile Loan Solution
Timiza, provided by Barclays Bank Kenya, offers quick loans with repayment periods ranging from one week to twelve months. It’s an accessible option for individuals and small businesses.
6 Shika Loan App: Fast Loans up to Ksh 30,000
Shika Loan is a mobile-based app offering loans of up to Ksh 30,000 with repayment terms of up to six months, catering to the financial needs of individuals and small businesses.
7 M-Shwari: Mobile Banking and Savings
Commercial Bank of Africa (NCBA) and Safaricom’s M-PESA jointly provide M-Shwari, offering loans from Ksh 100 to Ksh 70,000 with repayment periods of up to 30 days, along with savings services.
8 Fuliza Loan: Borrow Airtime or Money
Fuliza Loan, a collaboration between M-PESA and Commercial Bank of Africa (NCBA), allows M-PESA users to borrow airtime or funds for payments.
9 Haraka Loan App: Quick, Flexible, Affordable Loans
Haraka offers quick, flexible, and affordable loans to Kenyan citizens, using a proprietary credit scoring algorithm to make real-time loan decisions.
10 Zenka Loan App: Quick and Convenient Loans
Zenka provides convenient loans of up to Ksh 50,000 to Kenyan citizens, utilizing a proprietary credit scoring algorithm for instant loan decisions. Borrowers can repay within 30 days.
11 Hustler Fund: Government-Backed Financial Services
Hustler Fund, a financial service provider backed by the Kenyan Government, offers loans and savings services. Borrowers can access loans ranging from Ksh 500 to Ksh 300,000 with repayment terms of up to 36 months, featuring a quick and easy application process.
How to Apply for Mobile Loans in Kenya 2024
To apply for digital loans, download the lender’s mobile app from Google Play Store or Apple App Store. Alternatively, access loans through mobile USSD codes for specific lenders.
Licensed Mobile Loans Lenders in Kenya 2024
As of January 2023, the Central Bank of Kenya has licensed 22 digital lenders to provide mobile loans in Kenya. These lenders include well-known names like Inventure Mobile Limited (Tala) and Jumo Kenya Limited, among others.
Conclusion: Best Mobile Loan Apps in Kenya
These mobile loan apps offer an alternative to traditional banking, granting individuals and small businesses quick and convenient access to credit. Remember to compare loan amounts, repayment terms, and interest rates to choose the app that best suits your financial needs and requirements.
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Frequently Asked Questions (FAQs) related to mobile loan apps in Kenya:
- How do I apply for a loan using these mobile apps?
- To apply for a loan using these apps, you can download the lender’s mobile app from Google Play Store or Apple App Store, or you can use the specific USSD code provided for each app. Simply follow the on-screen instructions or enter the required information to complete the loan application process.
- What are the interest rates charged by these loan apps?
- Interest rates can vary between these loan apps. It’s essential to check the specific interest rates offered by each app before applying for a loan. Some apps may offer lower interest rates than others, so compare them to find the best option for your financial situation.
- How long does it take to receive a loan after applying?
- The processing time for loan approval and disbursement can vary depending on the lender and the app. Some apps may provide instant loans, while others might take a few hours or days. It’s advisable to check the loan processing times for each app to understand when you can expect to receive the funds.
- What are the eligibility criteria for getting a loan from these apps?
- Eligibility criteria may differ between loan apps, but they typically include factors like age, employment status, credit history, and the information provided during the application process. Be sure to review the specific eligibility requirements for each app to determine if you qualify for a loan.
- Are these mobile loan apps safe and regulated?
- As of January 2023, the Central Bank of Kenya had licensed several digital lenders to provide mobile loans in Kenya. These licensed lenders are subject to regulatory oversight, which helps ensure some level of safety and consumer protection. However, it’s crucial to use caution and only borrow from reputable and licensed lenders to avoid falling victim to fraudulent loan apps or scams. Always verify the legitimacy of the lender before applying for a loan.
