Loan apps have stormed the Kenyan industry and every now and again we seem to get a new platform. Here’s a list of some of the most popular loan apps and their interest rates.
Mshwari 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.
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 7.5% per month.
Tala charges a flat service fee for each loan. They offer a 30-day loan with a service fee as low as 7% and up to 19%. They also offer a 21-day loan with a service fee as low as 5% and up to 14%.
Branch Loan App
Customers Can Express A Preference For Loans Of 61 Days. 61-Day Loan Payment Terms Have A One-Time Processing Fee Of 9-29%*. Processing Fee: Range From KSh 45 – KSh 870 For A One-Time Charge. Loan Amount: From KSh 500 To KSh 20,000. For Example, For A 61-Day Loan With A Principal Amount Of KSh 1,000, The Processing Fee Would Be KSh290 And The Total Amount Due Would Be KSh 1,290.
After a lengthy case with Google over their hefty interest rates, they have surrendered to compliance cause. They’ve also declared their interest rate to be 36% per annum which translates to 3% per month. They now say that their “processing” fee is ranges between KES 100 and KES 600 which is a one time charge.