This is an updated list of the best instant Top 10 List of Best Mobile Loan Apps In Kenya 2024.
Discover the Top 10 List of Best Mobile Loan Apps In Kenya 2024 that provide quick and convenient loans right from your smartphone. These apps offer instant loans ranging from Ksh 500 to Ksh 250,000, with competitive interest rates and flexible repayment terms. Whether you need a loan for an emergency or to boost your business, these mobile loan apps in Kenya have got you covered. Borrow responsibly and choose the best mobile loan app that suits your financial needs.
Mobile loan apps have revolutionized the lending industry in Kenya, making it easier for individuals to access quick and convenient loans right from their smartphones. With the increasing popularity of these apps, it can be challenging to determine which ones are the best.
Below is a ranked list of the best mobile lending apps based on ratings, reviews, and downloads available on the Google Play Store.
The parameters used are:
– Ratings of 3.9+
– Reviews of 6K+
– Downloads of 100K+
So in order for a lender to qualify for the list, they should meet ALL the above-mentioned parameters.
To help you make an informed decision, we have compiled a list of the top 10 best mobile loan apps in Kenya.
M-Pesa
When it comes to mobile money services, M-Pesa is undoubtedly the most popular and widely used in Kenya. While it is primarily known for its money transfer services, M-Pesa also offers mobile loans to its users. With a simple application process and quick approval, M-Pesa loans are a convenient option for many Kenyans.
Tala
Tala is one of the leading mobile loan apps in Kenya, offering instant loans to individuals who meet their eligibility criteria. With Tala, you can access loans ranging from Ksh 500 to Ksh 50,000, depending on your creditworthiness. The app uses alternative data sources to determine your creditworthiness, making it accessible to individuals with no formal credit history.
- This is the most popular loan service released on Mar 16, 2014 provided by Tala Mobile.
- 👉 TALA KEY FEATURES ✔ Only 1 ID needed
- It currently has a 4.7 star rating with 346K+ reviews and 5M+ downloads.
- They offer loan amounts ranging from KES 500 to KES 50,000 with flexible interest rates depending on the repayment duration.
- The interest rate fee charged for 21 days is 11% while for 30 days is 15%.
- The app can be downloaded via https://tinyurl.com/o2qlgsp
How to Apply for Loan on Tala
To apply for a Tala loan, you must first download the app.
- Download the app here.
- After downloading the app, fill out a short application on the Tala app. The application should take at most 15-20 minutes.
- Wait for loan approval
Tala loans has more than 1 million installs and is ranked among the top loan apps in Africa.
Pros
- Your contacts and other information are always private and protected. Tala is registered with the ODPC as a data controller.
- Convenient and affordable interest as low as 0.3 per day%
Cons
- The repayment period is a bit short, between 21 and 30 days.
Branch
Branch is another popular mobile loan app in Kenya that provides instant loans to users. With Branch, you can access loans ranging from Ksh 250 to Ksh 70,000, depending on your creditworthiness. The app also offers a unique feature called “Branch Pay,” which allows users to make payments directly from their loan balance.
- Branch was released on Mar 19, 2015 by Branch International.
- It currently has a 4.7 star rating with 186K+ reviews and 5M+ downloads.
- Their loan amounts range is from KES 250 to KES 70,000 at interest rates of between 13% to 29%.
- They also offer a repayment period of 21 days and 30 days.
- The app is available at https://tinyurl.com/y2bwbzt2
KCB M-Pesa
KCB M-PESA is a savings and loan service that enables M-PESA customers to save as little as KSh. 1, and access credit from KSh. 100 payable within a month
Borrow a one month KCB M-PESA loan at a rate of 7.5% and sort out your financial needs. This will help you to grow your business.
- KCB M-Pesa is a collaboration between Kenya Commercial Bank (KCB) and Safaricom’s M-Pesa.
- The app offers mobile loans to M-Pesa users, with loan limits based on the user’s M-Pesa transaction history and creditworthiness.
- KCB M-Pesa loans are known for their competitive interest rates and flexible repayment terms.
Okash
Okash is a mobile loan app that provides instant loans to individuals in Kenya. With Okash, you can access loans ranging from Ksh 1,500 to Ksh 50,000, depending on your creditworthiness. The app uses a unique credit scoring system to determine loan eligibility, making it accessible to individuals with no formal credit history.
- Okash was released on Feb 1, 2018 by OneSpot Technology Ltd.
- Since then it has garnered a 4.1 star rating with 45K review and 1M+ downloads.
- The least amount one can borrow is KES 2,500 while the highest is KES 50,000.
- It’s interest rates are dependent on the repayment period whereby the interest rate is 14% for 14 days ) and 16.8% for 21 days.
- The app is available through https://bit.ly/2XBjDks
Zenka
Zenka is a mobile loan app that offers instant loans to individuals in Kenya. With Zenka, you can access loans ranging from Ksh 500 to Ksh 30,000, depending on your creditworthiness. The app prides itself on its fast loan disbursement process, with loans being disbursed within minutes of approval.
- Zenka is a fairly new service but has managed to make it at number 4.
- It is offered by Zenka Finance and was released on Nov 13, 2018.
- It holds a 4.2 star rating with 10K+ reviews and 500K+ downloads.
- It offers loan amounts ranging from KES 500 to KES 30,000.
- It has an interest rate fee of 29% repayable after 30 days.
- The app can be downloaded via https://bit.ly/2UXDSf2
Opesa
- Opesa was officially released on Dec 6, 2018 by TK Ltd.
- It currently sits on a 4.1 star rating with 14K reviews and 1M+ downloads.
- They offer loan amounts of between KES 2,000 to KES 10,000 at 16.8% fee with a repayable period is 14 days.
- The app is downloadable at https://tinyurl.com/yyoqep3c
Stawi
Stawi is a group loan for start-ups, running group projects/business expansion, special business projects that generate money periodically or during pre-determinable irregular periods & acquisition of group business assets
Stawi is a mobile loan app that targets small and medium-sized enterprises (SMEs) in Kenya.
You can borrow from KES 50,000 to KES 250,000 depending on your loan limit. Loan repayment period from 1 to 12 months.
Stawi also provides additional financial services such as savings and insurance products.
Stawi members enjoy lower interest rates on loans, at 9% per annum. You can easily open and operate a Stawi account through your mobile phone, without visiting any branch to fill out account opening forms. Easily move money in and out of your Stawi account through M-PESA.
Timiza
Timiza loans have terms of 30 days and fees and interest totalling 6.17 percent. Depending on the user’s credit history, the loan size may vary from KES 50 (USD 0.50) to KES 1 million (USD 10,000). Those not deemed eligible for a loan may become eligible over time by using the other features of Timiza
- Timiza loan service is offered by Barclays and was released on Mar 15, 2018.
- It has a 4.2 star rating with 10K+ reviews with 1M+ downloads.
- It offers loan amounts from as little as KES 50 to a maximum of KES 150,000.
- Their interest rates are capped at 6.08% and repayment duration is usually 30 days.
- Download the app via Timiza – Apps on Google Play
PesaPap
PesaPap is a mobile loan app offered by Family Bank of Kenya. The app provides instant loans to individuals and also offers additional financial services such as savings and insurance products. PesaPap loans are known for their competitive interest rates and flexible repayment terms.
This is Family bank’s mobile banking service that allows customers to access their bank via their mobile phones. It’s available through the Pesa App or a USSD code (*325#). With Pesa Pap a customer can access their account services such as: Money withdrawals and deposits,balance inquiries, Mini-statement request.
PesaPap enables you to bank easily, conveniently and securely. The app is modern, vibrant, refreshing and interactive. Built with you the user in mind
How do I apply for a mobile loan on my PesaPap Wallet?
- From PesaPap Wallet menu, Select My Loans, Select request loan,
- Enter amount required and submit.
- Enter MPIN to confirm details.
- The details of the loan (amount, facility fees and due date) will be displayed and an SMS confirmation sent to you.
HF Whizz
HF Whizz is a mobile loan app offered by Housing Finance Company of Kenya. The app provides instant loans to individuals and also offers additional financial services such as savings and insurance products. HF Whizz loans are known for their competitive interest rates and flexible repayment terms.
. HF Whizz is a new banking experience that gives you control and access over your finances anywhere anytime. Enjoy the freedom to manage your account, transfer cash, pay bills, buy airtime, track your expenses and do so much more on the go.
Okolea
- It is a loan service offered by Okolea International released on Mar 22, 2017.
- It has a 3.9 star rating with 6K+ reviews and 100K+ downloads.
- Its loan range is between KES 500 to KES 50,000 at flexible interest rates dependent on repayment duration.
- I.e Interest rate is 5% ( 2 days ) , 8% ( 7 days ) , 11% ( 14 days ) , 13% ( 21 days ) and 15% ( 30 days )
- It can be downloaded at KB Okolea – Apps on Google Play
These are the top 10 best mobile loan apps in Kenya. Whether you need a quick loan for an emergency or to boost your business, these apps provide convenient and accessible solutions for all your financial needs. Remember to borrow responsibly and only take out loans that you can comfortably repay.
