According to research on Google Trends, most people survive on mobile loans in Kenya. It is now easy to get instant unsecured loans through Loan Apps in Kenya.
Customers who need to borrow a small personal loan for as little as Kes 100, will have instant approval with money deposited directly into their Mpesa accounts through these loan apps.
Mshwari and Fuliza by Safaricom
The minimum loan amount that can you can borrow is Ksh 100, and the maximum loan limit is unknown. To qualify for a higher loan limit; one is required to have repaid the first loaned amount on time, and also increase your saving amount in your account. Mshwari loans usually have a repayment duration of 30 days and attract an interest rate of 7.5%. Loan disbursement is done through Mpesa and processed in less than five minutes.
Dial *234# and Select Fuliza M-PESA to check your limit, balance, mini statement and opt-out option. Every time you transact using Fuliza, you will receive an SMS with the outstanding Fuliza amount.
KCB Mpesa Loan App
The minimum loan limit is Ksh 50 and a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per month, with a one-off negotiation fee of 2.5%. The cost of a months loan is 3.66% with excise duty applicable to payments.
The loans are disbursed through your Mpesa account, and the minimum loan limit is Ksh 500 with a maximum of Ksh 50,000 at an interest rate of 15%. The loan is to be paid back in weekly instalments for three weeks through Mpesa PayBill number 851900. Loan defaulters are restricted from qualifying for future loans.
Branch Loan App
The minimum Loan limit is Ksh 1000, and the maximum loan limit is currently unknown. The loan is disbursed via Mpesa, and the interest rate is dependent on the repayment of the weekly instalments by the due date, which ultimately increases the credit score and decreases the interest rate.
To access Saida, download the app from the Play store. Fill in your mobile number and wait for an invitation to obtain loans; the request could take up to 3 -7 days for approval. Saida offers a Minimum loan limit of Ksh 600 with a maximum of Ksh 25,000 at an interest rate of 10%. This loan is disbursed through Mpesa and is repaid in the same way via Mpesa Paybill number 854400 for 30 Days. Defaulters are handed over to CRB to be blacklisted.
Zenka is among the new loan apps in Kenya. I downloaded the app and immediately qualified for a loan of 2000 Kenyan Shillings. Zenka Finance owns Zenka, and they promise loans in the range of 500 to 20,000 payable in 30 days.
With Loop, you can send money, make payments, invest, save and access loans at the tap of a button. When managing your money is smarter and more accessible, it’s not banking at all. You need to use CBA Loop for at least three months before you qualify for a loan, the best part is their loans have no limit, you can borrow up to 3 million in cash.
iPesa Loan App
This is a recent entry in the mobile loan industry. iPesa claims to be Easy and Fast mobile loan app that sends your credit direct to M-PESA.
iPesa offers loans from as little as 500 Kenya shillings to 50,000 and have an interesting loan term of between 91 days and 180 days. They do charge interest of between 0 to 6% and a variable service fee of 5% to 10%. Need to learn more? Check out iPesa loan app