Shelmith Mwangi
This is a highly comprehensive guide on the best loan apps in Kenya 2022. If you are looking for the fastest and most credible money lending apps in Kenya, you will find this article very helpful. So, read on.
Mobile money has evolved in Kenya, and now a majority of Kenyans have embraced borrowing money through their phones.
Now, with a smartphone, anyone can download the best loan apps in Kenya and access loans in the comfort of their homes by receiving the money through MPESA services.
Best Loan Apps in Kenya 2022
1. Mshwari Loans
2. KCB MPESA Loans
3. Stawika loans
4. Branch Loans
5. Tala Loans
6. Saida Loans
7. Kopa Chapaa Loans
8. Timiza Loans
9. Okash Loans
10. Haraka Loans
#1 Mshwari Loans in Kenya
Mshwari remains to be one of the best loan Apps in Kenya. However, to access it you must be a Safaricom customer with an activated MPESA account.
You can borrow as low as Ksh 100 from Mshwari. Your loan limit is increased or decreased depending on how often you save with Mshwari and how quickly you repay your outstanding loans.
Mshwari mobile loans in Kenya come with an interest rate of 7.5% which is lower compared to other loan apps. You are expected to repay the loan in a span of one month or risk your loan limit being lowered.
Mshwari Mobile loan Requirements.You must be using Safaricom.Your SIM card should be registered with MPESA and have been actively Saving and using MPESA and Mshwari for not less than 6 months.Your Mshwari account should also be active and make sure to save actively.Have an updated MPESA Menu on your phone.How to apply for a Mshwari loanGo to the MPESA menu.Then click on Loans and Savings.Select M-Shwari.Select Loan.Request Loan.Enter the amount you want to borrowEnter your MPESA PINThe app will send the borrowed amount to your M-PESA Account. The loan to be paid includes a facility fee.How to repay the Mshwari loanGo to MPESA menu.Then click on Loans and Savings.Select M-Shwari.Select Loan.Repay Loan.Enter amount – This is the amount you borrowedEnter MPESA PIN and press OK.
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L.K. Nathans#2 KCB MPESA Loans in Kenya
KCB MPESA Mobile loan App was founded in 2015 which is a partnership between Kenya Commercial Bank (KCB) and MPESA through Safaricom.
KCB MPESA allows Safaricom customers to borrow money without necessarily saving with KCB. They will then send the loaned money to the customer’s MPESA account. KCB MPESA menu is usually integrated on all Safaricom lines.
They offer a minimum loan of Ksh. 50 and a maximum loan limit of Kshs. 1,000,000. The loan has an interest rate of 1.16% per month with a negotiation fee of 2.5% which is one-off.
One month’s loan attracts a 3.66% tax duty applicable fee. To increase KCB MPESA loan limit one has to have active MPESA transactions.
Mshwari and KCB MPESA are both accessible through the MPESA menu on Safaricom registered subscribers’ SIM card, and KCB MPESA is also available on KCB Mobile loan App.
NB: To qualify for KCB MPESA loan one has been a registered and active Safaricom subscriber for six months.
Dial *844# on your Safaricom line and follow the prompts to activate KCB MPESA account.
How to apply for KCB MPESA loanGo to M-PESA menu.Click on Loans and Savings.Select KCB M-PESA.ActivateLoan.Request Loan.Put amount.Enter period (1).Put M-PESA PINThe app will send the loaned money to KCB M-PESA Account minus the interest, and excise duty deducted upfront.To get the loan, select KCB M-PESA menu and Withdraw to M-PESA.How to repay for KCB MPESA loanGo to M-PESA menu.Click on Loans and Savings.Select KCB M-PESA.Loan.Pay Loan.Put amount.Put M-PESA PIN
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#3 Stawika Loan App
Stawika is a Mobile loan App by Stawika Capital Limited. Stawika gives mobile loan to smartphone users within a couple of minutes. This is the new loan App in Kenya and it evaluates data from your mobile phone and other factors to assign a loan.
Stawika charges an interest rate of 15% per month and the loan is repayable using MPESA services.
Stawika also relies on CRB data to ensure that the borrower isn’t blacklisted before applying for a loan.
How to download Stawika Mobile loan App.You must have a smartphone.Go to Play Store and download the App, then install.Fill in your personal details and verify your phone number.You then get an active Stawika Mobile loan App.How to apply for Stawika Mobile loan.Open the Mobile loan App and enter your PIN.Check loan limit and apply.Your loaned money will be send to the MPESA number that’s verified by Stawika.How to repay Stawika Mobile loan.Go to MPESA menu. Then select Lipa Na MPESA.Enter Stawika Pay Bill business number 830685.Enter the amount you want to repay your loan with.Then click OK to send the payment.
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#4 Branch Loan App
Branch International Inc is a Francisco-based company is a micromobile App in Kenya with its headquarters in Nairobi, Kenya which was launched in 2015.
To be eligible for a Branch loan one needs an active MPESA account and also an active genuine Facebook account with your real names matching your National ID card names.
You can download and install the Mobile loan App from Google Play Store online, link it with your Facebook account and fill in the details; like phone number and ID number. Then verify your account by clicking on the link which is send through a text message on your mobile phone number.
The minimum loan limit on Branch is 1,000 Kshs while their maximum loan limit isn’t yet established.
The app will then send the loaned cash directly to your MPESA line in a few minutes. Branch loan interest depends on their weekly repayment plans.
How to apply for Branch mobile loan.Open your Branch App.Login with your phone number.Fill out the application form provided to allow Branch to review your application.Wait for a prompt to apply for your loan.Once you get feedback and your account is validated, the app will take you to the loans section.Select the amount you want to borrow and apply.Wait for feedback.Branch will send the loaned money to your MPESA account.Then withdraw.How to repay Branch mobile loan.Go to MPESA menu. Then select Lipa Na MPESA.Enter Branch Pay Bill business number 998608.Enter your number in the account number section.Enter the amount you want to repay your loan with.Then click OK to send the payment.Branch will then send a confirmation message.
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#5 Tala Loan App
Tala previously known as Mkopo Rahisi is one of the pioneers in the mobile loan lending industry. It was launched in 2014 and it has remained to be amongst the best loan Apps in Kenya.
One is required to download and install the App from the Google Play Store. Then App is then linked to customer’s Facebook account and then one answers some personal queries.
A nice MPESA record is required before one applies for the loan, and, therefore, the customer shouldn’t delete their MPESA messages. The app will then send the borrowed money to the customer’s MPESA number.
The minimum loan limit on Tala is Ksh. 500 and the maximum loan limit is 50,000 Kshs with an interest rate of 15% per month.
Tala loans are paid back on weekly basis instalments for 3 weeks through MPESA Pay Bill number 851900.
How to apply for Tala mobile loan.Open your Tala App after downloading.Click on “I’m new” option. Then create account.Put your Safaricom number and wait for confirmation code.Enter Tala confirmation code.Set your Tala PIN.Confirm your PIN and click on submit.How to repay Tala mobile loan.Go to MPESA menu. Then select Lipa Na MPESA.Enter Tala Pay Bill business number 851900.Enter your number in the account number section.Enter the amount you want to repay your loan with.Then click OK to send the payment.Branch will then send a confirmation message.
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#6 Saida Loan App
Saida is one of the new loan Apps in Kenya. One is required one to be an active MPESA or Airtel money customer. The App monitors its Airtel and MPESA customer’s accounts to see whether they can be able to repay their loan.
To access this micro mobile App in kenya, download the app from Google Play Store, install and fill in your phone number then wait for an invitation to process your loan. The invitation can take 3-7 days to be approved.
The minimum loan limit is Ksh. 600 while the maximum loan limit is 25,000 Ksh with a 10% interest rate.
They then send the loaned to the customers’ MPESA number and loan repayments are also done via MPESA within 30 days of borrowing through Pay Bill number 854400.
#7 Kopa Chapaa Loan App
Kopa Chapaa is the latest loan in Kenya, and it belongs to Faulu Microfinance Bank Limited. For one to qualify for this micromobile app in Kenya, one needs to be active Airtel Money customer for over six months.
Their minimum loan limit is Ksh. 500 while their maximum is Ksh. 100,000 with a repayment grace period of 10 days.
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#8 Timiza Loan App
Timiza Mobile loan App is one of the best loan Apps in Kenya facilitated by Barclays Bank of Kenya. The App is accessible to anyone, and one doesn’t have to be a Barclays Bank customer to access the App.
However, the App is also recommended for savings purposes and one can increase their chances of qualifying for Timiza loan by depositing money to the App through MPESA services.
To access Timiza from any mobile phone just dial *848#.
#9 Okash Loan App
Okash Mobile loan App is owned by OneSpot Technology Investment Limited, and it’s one of the latest loan apps in Kenya. The minimum loan amount is Ksh. 2,500 while the maximum is 50,000 Kshs.
To access the App, download from Google Play Store and install. Then fill in your personal details.
The shortest loan term tenor is 91 days while the longest is 12 months with an interest rate of 24% per month. They also charge different origination fees according to the loan you take and this is used for credit score assessment.
#10 Haraka Loan App
Haraka Mobile loan App is owned by GetBucks Pty Limited. This is a new loan App in Kenya, to access the app, download from Google Play Store and install. The App also connects to your Facebook account.
The minimum loan amount is Ksh. 500 while the maximum loan amount is Ksh. 5,000 with an interest rate of 24.3% per month. The borrowed amount is then received through MPESA and loan repayment is also done through MPESA.
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