10 Best Loan Apps in Kenya 2024
Financial emergencies are usually unexpected, but having a backup plan may save you in the long run. Online borrowing has gained momentum in the Kenyan market, fueled by the advancement of technology and emergence of mobile loan apps.
However, finding the best loan app in Kenya can be a daunting task, as one has to consider factors such as funds needed, processing time, interest rates and repayments options.
Here are the best loan apps in Kenya, summarized for you to easily choose the one that best suits your financial situation.
Tala Loan App
For close to 10 years, over 8 million Kenyans have trusted Tala loan app to get them through everyday challenges. Tala loan app offers fast growing cash limits up to Ksh 50,000, with first time loans starting from between Ksh 1000 – 2000.
Low interest starting at 0.3% per day makes Tala loan app one of the mobile loan apps in Kenya with the lowest interest rates. Most importantly, Tala loan app provides a loan decision in minutes. Once approved, you can receive your loan in less than 24 hours.
Branch Loan App
Branch loan app offers loans from Ksh 500 to Ksh 300,000. Branch loan terms range from 1 – 12 weeks. Interest ranges from 17% – 35% per year or an equivalent monthly interest of 1.7% – 17.6%. There is no collateral necessary.
Branch interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.
Timiza Loan App
Timiza from Absa Bank Kenya is one of the best mobile loan apps in Kenya offering instant loans. The Timiza loan attracts an interest charge of 1.083% and a facilitation fee of 5% of the amount borrowed for a term of 30 days.
To be eligible for a Timiza loan, you must be a registered Safaricom subscriber and M-PESA customer with an active M-PESA account/line. You must also hold a Kenyan National Identification Document.
If you meet the requirements, you can open a Timiza account instantly and start enjoying the benefits of Timiza. A unique thing with Timiza is that even without a smartphone, you can still access it by dialing *848#.
Zenka Loan App
Zenka Loan App one of the most flexible and best personal loan apps on the market allowing you to borrow money from Ksh500 to Ksh80,000, after an upward review from Ksh30,000, at a competitive interest rate of 9-39% and a repayment term of up to 61 days.
First-time customers on the Zenka lending platform can access their loan limits interest-free when they repay within five days.
Each discharged loan is subject to a commission of 5% on principal amounts as a processing fee. They offer a simple registration and application process and after positive approval decision, you will receive your loan straight to your M-Pesa account, in just 5 minutes!
Okash Loan App
Okash is a loan app in Kenya that provides personal and business loans of up to Ksh. 60,000. To get an Okash loan, you need to download the app from the Google Play Store, install it, and register.
The Okash loan app determines your loan limit and payment period by analyzing the personal details you provide during registration. The annual interest rate on Okash loans is 14%.
IPESA Loan App
iPesa is a loan app in Kenya that offers quick and easy access to loans for individuals in need of financial assistance. iPesa loan amounts range from Ksh 500 Ksh to Ksh 50,000. The shortest tenor for an iPesa loan term is 91 days, while the longest is 180 days.
The minimum annual percentage rate is 36% while the maximum is 72%. The iPesa loan service fee is 0%. However, you need to be at least 18 years old or above to qualify for the iPesa loan.
M-Shwari Loan App
M-Shwari is a loan app in Kenya that enables M-PESA customers to access loans instantly, credited to your M-PESA account, from a minimum of Kshs 100 up to Kshs 50,000.
Mshwari interest rates are 9%, 7.5% being loan fees and 1.5% excise duty. Excise duty is deducted from the loan amount to be sent to M-PESA.
To qualify for an mshwari loan, you need to be an mpesa subscriber for at least 6 months, save on mshwari and use other safaricom services such as voice, data and mpesa.
One gets to enjoy a one month repayment period, and loan repayment can be made via M-PESA, or from the M-Shwari account.
Eazzy Loan App
Eazzy Loan is an easy loan to get, without the need for guarantors or filled out forms. Eazzy loan provides amounts between Ksh 1,000 and Ksh 3,000,000 instantly on your phone through the Equity Mobile App, your Equitel line or by dialing *247# where you can monitor your loan balance and make repayments.
To qualify for the Eazzy loan you must have an active Equity bank account for the previous 6 months, and an active Equitel Line or EazzyApp.
AsapKash Loan App
Asapkash is a trustworthy loan app in Kenya, where you can easily obtain loans by completing the application in 3 steps, with no need to go out, no mortgage, no prepayment fees, and complete the application online.
Asapkash loan amount ranges from Ksh 1500 – Ksh 12,000. The shortest loan term for an Asapkash loan is 91 days while the longest is 365 days, with both including the renewal time.
The maximum interest rate for an Asapkash loan is 18% per year, translating to 0.05%/day. You must however be over 20 years to qualify for the Asapkash loan.
LendPlus Loan App
Lendplus allows you to get your first loan online within 15 minutes, applying from anywhere you are. Lendplus loans range from Ksh 1,000 to 50,000 with flexible repayment terms between 61 and 90 days with all loan extensions.
The loan limit at LendPlus varies from person to person, and good repayment habits and a high credit score can increase your limit, allowing you to borrow higher amounts.
You must be a Kenyan aged between 23 and 62 years old to qualify for a lendplus loan, and be currently employed or have a stable source of income. LendPlus interest rate is 2,2% per day.
