10 Best Loan Apps to Consider for Christmas Expenses
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The Christmas season is here, and with it comes an increase in expenses. Whether you’re planning a grand celebration, travelling, shopping or simply need a little extra cash to cover unexpected costs, a quick loan can be a lifesaver. However, with countless loan apps vying for your attention, choosing the right one can be overwhelming.
Here is a list of the top 10 loan apps in Kenya, carefully selected to help you manage this christmas season with ease.
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Tala loan app
The Tala loan app boasts the lowest advertised rate among similar apps. With Tala, you can enjoy interest rates as low as 0.3% per day. Tala allows users to borrow amounts ranging from KSh 1,000 to KSh 50,000, with a quick and easy application process.
Upon approval, Tala disburses funds directly to your Mpesa account within minutes, making Tala one of the fastest options available.
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CreditMoja loan app
CreditMoja loan app offers competitive interest rates, with a minimum APR of 12% and a maximum of 50%. CreditMoja provides loan amounts ranging from KSh 2,500 to KSh 120,000, along with repayment periods between 91 and 365 days.
CreditMoja also has a 0% service fee, adding to the appeal of CreditMoja as an affordable choice for borrowers.
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Hela Pesa loan app
With Hela Pesa, interest rates vary depending on your credit profile, ranging from 2% to 15% APR. The Hela Pesa loan app allows you to borrow between KSh 500 and KSh 200,000, with repayment periods from 3 months up to 2 years.
Additionally, Hela Pesa does not charge any processing or onboarding fees.
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Timiza loan app
The Timiza loan app, affiliated with Safaricom, applies a one-time interest rate of 1.083% along with a 5% facilitation fee for a 30-day loan. Funds disbursed through Timiza go to your Timiza account, which can then be transferred to Mpesa.
With Timiza, you benefit from streamlined access to credit directly from your phone.
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KashWay loan app
The KashWay loan app provides a straightforward structure with interest rates ranging from 30% to 72% APR. With KashWay, users can borrow amounts between KSh 1,000 and KSh 300,000.
The KashWay app offers repayment periods between 91 and 180 days, making KashWay suitable for short- to medium-term borrowing needs.
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iPesa loan app
Similar to KashWay, the iPesa loan app features interest rates that range from 30% to 72% APR. iPesa allows borrowers to access loan amounts from KSh 1,000 to KSh 300,000, with repayment periods also ranging between 91 and 180 days.
The iPesa app is ideal for users who need short- to medium-term loans with a simple application process.
Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
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LendPlus loan app
The LendPlus loan app charges a flat interest rate of 2.2% per day. LendPlus offers loan amounts from KSh 500 to KSh 50,000, with a minimum repayment period of 61 days, which can be extended up to 365 days.
LendPlus provides a simple loan structure, with quick access to funds.
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Branch loan app
Branch offers transparent interest rates, with a range of 20% to 211% APR. Loan amounts from the Branch loan app go as high as KSh 300,000, with repayment periods between 62 days and 1 year.
Branch is a highly popular choice for users needing larger loans.
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Zenka loan app
Zenka offers a one-time interest fee ranging from 9% to 30% based on risk for a 61-day loan. The Zenka loan app allows users to borrow between KSh 500 and KSh 30,000, with repayment periods extendable up to 180 days.
With an APR as high as 224.89%, Zenka provides a quick solution for those needing fast funds through a convenient app.
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Zash loan app
Zash Loan advertises a low maximum APR of 25%, with funds disbursed within 1 minute of approval. With the Zash Loan app, borrowers can access amounts between KSh 500 and KSh 200,000, with repayment periods ranging from 91 to 365 days.
Zash Loan is ideal for users seeking quick and efficient loans.
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