We’ve all been there. An emergency comes along and you don’t have any money. All your cash is tied up somewhere or you’re waiting for that next paycheck. And what do you do? You turn to your Play Store or Apple Store to borrow from an app, only to find yourself drowning in a sea of hundreds of options.
Some apps offer transparent and fair terms, while others may hide predatory practices and interests behind flashy interfaces.
Also Read: Why is my Fuliza loan not increasing?
Also Read: Why is my KCB Loan not growing?
Emergency loans in kenya via mpesa: Top 7 Loan Apps in Kenya for Quick Money
In this guide, we’ll cut through the noise and explore some of the best loan apps available in Kenya with reasonable interest rates.
We’ll consider factors such as reliability, user ratings, interest rates, loan limits, and customer service to help you make an informed decision.
Let’s check them out.
Best Loan Apps in Kenya Infographic
1. Tala
Download Tala on Google Play Store
Tala has become a household name in Kenya’s digital lending space. Launched in 2014, it has quickly grown to be one of the most popular loan apps in the country.
Tala uses alternative data to create a credit score for users, allowing it to serve people who might not have access to traditional banking services.
Advantages of Using Tala Loan Service:
– Quick approval process, often within minutes
– No collateral required
– Flexible loan amounts based on user creditworthiness
– Loyalty program with better rates for repeat borrowers
Disadvantages of using Tala Loan Service:
– Relatively high interest rates for first-time borrowers
– Short repayment periods which can be challenging for some users
– Late payments can significantly impact future borrowing capacity
– Some users report issues with customer service responsiveness
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 500 – KES 50,000 |
| Interest Rate | 11% – 15% per month (varies based on user profile) |
| Duration | 21 – 61 days |
2. Branch
Download Branch on Google Play Store
Branch entered the Kenyan market in 2015 and has since established itself as a major player in mobile lending.
The app prides itself on using machine learning to deliver personalized loan options. Branch aims to provide financial services to the underserved, offering not just loans but also investment opportunities.
Advantages of Using Branch Loan Service::
– Offers both personal and business loans
– Transparent fee structure with no hidden charges
– Increases loan limits over time for reliable borrowers
– Provides free financial advice and credit score information
– User-friendly app interface
Disadvantages of Using Branch Loan Service::
– Initial loan amounts for new users can be quite low
– Requires access to user’s phone data, which some may find invasive
– Interest rates can be high for short-term loans
– Some users report occasional app glitches
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 500 – KES 70,000 |
| Interest Rate | 7% – 14% per month (depends on loan term and user history) |
| Duration | 4 weeks – 12 months |
3. Zenka
Download Zenka on Google Play Store
Zenka is a relatively newer entrant to Kenya’s digital lending scene, having launched in late 2018. Despite its youth, Zenka has quickly gained popularity, particularly due to its attractive offer for first-time borrowers.
The app focuses on providing a seamless user experience and claims to use advanced technology to assess creditworthiness.
Advantages of Using Zenka Loan Service:
– Offers a 0% interest rate for first-time borrowers
– Fast application and disbursement process
– Provides a variety of loan products including salary advances
– Flexible repayment options
– Regular promotions and discounts for loyal customers
Disadvantages of Using Zenka Loan Service:
– Interest rates can be high after the initial 0% loan
– Some users report aggressive debt collection practices
– Loan limits may be lower compared to other apps for new users
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 500 – KES 30,000 |
| Interest Rate | 0% for first loan, then 10% – 15% per month |
| Duration | 61 days (with options for early repayment) |
4. KCB MPesa
Just like Safaricom’s Faraja Loan, KCB MPesa is a collaborative product between Kenya Commercial Bank (KCB) and Safaricom’s M-Pesa. It offers a mobile-based savings and loan product, leveraging the wide reach of M-Pesa and the banking expertise of KCB.
Advantages of Using KCB MPESA Loan Service:
– Seamless integration with M-Pesa
– Competitive interest rates
– Larger loan limits compared to many digital lenders
– Option to save and earn interest
– Backed by a reputable bank
Disadvantages of Using KCB MPESA Branch Loan Service:
– Requires an active M-Pesa account
– Loan eligibility is tied to savings and M-Pesa usage
– May have stricter requirements than purely digital lenders
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 100 – KES 1,000,000 |
| Interest Rate | 7.5% per annum |
| Duration | 1 month – 6 months |
5. Timiza
Timiza is a digital banking platform offered by Absa Bank Kenya. It provides a range of financial services including loans, savings, and bill payments, all accessible through a mobile app.
Advantages of Using Timiza Loan Service:
– Offers both loans and savings options
– No account opening or maintenance fees
– Quick loan disbursement
– Increases loan limits over time for good borrowers
– Backed by a major bank
Disadvantages of Using Timiza Loan Service:
– Initial loan limits may be low for new users
– Requires Absa bank account for some features
– Interest rates can be high for short-term loans
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 500 – KES 150,000 |
| Interest Rate | 5% – 12% per month |
| Duration | 30 days – 12 months |
6. OKash
Download OKash app on Google Play Store
OKash is a digital lending platform operated by Opera, the company behind the Opera web browser. It offers short-term loans to Kenyans, promising quick approvals and disbursements.
Advantages of Using OKash Service::
– Very fast loan approval and disbursement
– Available 24/7
– No collateral required
– Increases loan limits for reliable borrowers
Disadvantages of Using OKash Loan Service:
– High interest rates
– Very short repayment periods
– Strict penalties for late repayments
– Some users report aggressive debt collection practices
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 500 – KES 50,000 |
| Interest Rate | Up to 1% per day |
| Duration | 14 – 61 days |
7. Eazzy Loans
Eazzy Loans is a digital lending product offered by Equity Bank through its Eazzy Banking App. It provides quick loans to Equity Bank customers, leveraging their banking history for credit decisions.
Advantages of Using Eazzy Loan Service:
– Competitive interest rates
– Higher loan limits for Equity Bank customers
– Quick approval and disbursement
– Flexible repayment terms
– Backed by a major bank
Disadvantages of Using Fuliza Loan Service:
– Requires an Equity Bank account
– May have stricter eligibility criteria than pure digital lenders
– App may be more complex due to full banking features
Loan Details:
| Attribute | Details |
|---|---|
| Amount | KES 100 – KES 3,000,000 |
| Interest Rate | From 13% per annum |
| Duration | 1 month – 12 months |
Pick the Best!
Choosing the right loan app can make a big difference in your financial journey. Each app we’ve explored offers unique features, advantages, and drawbacks. From the widely popular M-Pesa integrated services like KCB M-Pesa to standalone apps like Branch, Tala, and OKash, there’s a diverse range of options to suit various needs and circumstances.
The key is to carefully assess your financial situation, understand the terms of each loan product, and choose the one that aligns best with your needs and ability to repay.
