Lendplus vs iPesa: Which Loan App Suits You?

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Lendplus and iPesa are among the best loan apps in Kenya 2024, celebrated for their fast approval times and convenient access to emergency loans through M-Pesa.

However, choosing between them becomes difficult as both offer very user-friendly features. This article compares Lendplus vs iPesa, helping you understand which app might be the better choice for your financial needs.

Loan Amounts and Repayment Terms

If you’re looking for loan apps with flexible repayment periods, Lendplus may catch your attention. It provides loans ranging from Ksh 1,000 to Ksh 50,000 with a repayment window of 61 to 365 days. This makes it suitable for those needing more time to manage repayments.

On the other hand, iPesa offers loans starting at Ksh 500 and going up to Ksh 50,000, with repayment terms between 91 to 180 days. For borrowers seeking mobile loans with shorter repayment periods or options to repay in monthly installments, iPesa stands out as a more flexible choice.

Interest Rates

The cost of borrowing is a major factor when selecting a loan app.

Lendplus daily interest rate: 2.2%. This is ideal for short-term loans but can be costly if repayments extend.

iPesa annual interest rates: 36% to 72%, depending on the loan amount and duration. If you’re comparing daily vs annual interest rates, iPesa’s structure might appeal to those taking loans for longer periods.

Eligibility Criteria

Loan apps for students in Kenya and individuals without formal employment often prioritize accessibility.

Lendplus eligibility: You must be a Kenyan citizen aged 23–60 years, with a stable income.

iPesa eligibility: Available to any Kenyan aged 18 or older, making it one of the most accessible loan apps in Kenya, even for students or informal workers.

Service Fees and Penalties

When considering loan apps with no hidden charges, iPesa shines. It boasts a transparent fee structure with no additional service fees beyond the interest charged.

In contrast, Lendplus may impose late fees, which can be a drawback for borrowers unable to repay on time.

Privacy and Data Use

Borrowers seeking privacy-focused loan apps in Kenya should note these differences:

iPesa privacy: Strong emphasis on data security, with encrypted data that’s not shared with third parties.

Lendplus privacy: Lacks detailed disclosures, which might deter privacy-conscious users.

NOTE: Choose Lendplus if you need long-term loan repayment options and meet its stricter eligibility requirements. Opt for iPesa if you’re looking for a loan app with flexible repayment periods, low eligibility barriers, and no hidden charges.

For a broader comparison, check out our guide on the The Top 10 Loan Apps With the Lowest Interest Rates in Kenya to explore more options.