Yes, Indeed the world has evolved from the manual loan services to the online mobile loans which once you apply, it only takes at most 5 minutes you get the money in your mobile account such as M-pesa. As the world applauds the evolution of Online Mobile Loans, Kenya stands at the forefront in the whole world Mobile money. In fact, with the introduction of mpesa, the potential untapped mobile loans got a platform to serve the world.
God forbid, sometimes we are caught in the middle of the night or unawares of sickness and we are required to foot the hospital bill or pay for the ambulance or pay for the car hire service for the patient. You can imagine the endless needs of taking care of a patient in the middle of the month. This is where one thinks of the loans. Unfortunately accessing the bank loans requires process and time to verify documents. How about using your mobile phone, download an app, enter your details (sign up) on the mobile loan application interface, answer all the questions asked with utmost honest and boom! there you are with your SUCCESS MESSAGE. YOUR LOAN HAS BEEN APPROVED.
Among the online mobile loans apps in kenya that you can use to access loans during an emergency such as medical emergency include:
Let’s go and explore the Loan Apps one by one. However, it is important to point out that KCB Mpesa and Mshwari are not open to everyone unless you are a client of either KCB Bank or Safaricom LLC.
Mshwari is a Mobile banking service offered through M-Pesa in partnership with the Commercial Bank of Africa (CBA). Mshwari was found in 2012 and has been active ever since.
The minimum loan amount that can be borrowed is Ksh 100, and the maximum loan limit is unknown. To qualify for a higher loan limit, one is required to have repaid the first loaned amount on time, and also increase your saving amount in your Mshwari account.
Mshwari loans usually have a repayment duration of 30 days and attract an interest rate of 7.5%. Loan disbursement is done through Mpesa and is processed in less than five minutes.
It is important to note that Mshwari is one of the best mobile loan solutions that are easy to get with minimum requirements.
To qualify for a loan from Mshwari loan, you must meet the following criteria:
Safaricom has introduced Fuliza product which is challenging Mshwari at the moment. Fuliza is a type of a loan well known as an overdraft loan where you spend more than what is in your account then repay just like okoa jahazi where any money sent into your mpesa wallet will be deducted first.
This is the second largest mobile kit loan after Mshwari. This mobile loan is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom.
The loan platform started in 2015 as a saving account and has been active ever since. It is possible to borrow without saving, and the loan is disbursed through KCB Mpesa Menu on your phone.
The minimum loan limit is Ksh 50 and a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per month with a one-off negotiation fee of 2.5%. The cost of a months loan is 3.66% with excise duty applicable to payments.
You must be an active registered safaricom mpesa customer for a period not less than 6 months. After the 6th month you automatically qualify for the KCB MPESA loan. Dial *844# and follow user prompts to activate our KCB-Mpesa account.
You might not be aware but this mobile-based loan lending platforms do background checks such as KCB Mpesa assess your loan repayment behaviour, saving history and monitors your Mpesa transactions activity to determine the amount of loan limit for you.
NOTE: KCB M-Pesa and Mshwari are accessible through Mpesa Menu on your phone or the Safaricom App. KCB Mpesa is also available through the KCB App.
Tala was the first instant mobile loan app launched as Mkopo Rahisi in 2014 and later rebranded to Tala. Tala App requires one to have a smartphone and a good Mpesa Track record to access their loans.
Join millions of satisfied Tala customers who have grown their businesses, paid for school fees, and managed expenses with peace of mind.
To determine your loan limit, The App depends on your loan repayment behaviour and on reading your Mpesa transaction activities. You shouldn’t delete your Mpesa messages.
The loan is disbursed through your Mpesa account, and the minimum loan limit is Ksh 500 with a maximum of Ksh 50,000 at an interest rate of 15%.
The loan is to be paid back in weekly instalments for three weeks through Mpesa PayBill number 851900. Loan defaulters are restricted from qualifying for future loans.
Learn More about Tala Loan App
Branch International Inc loan is a San Fransico based company with a branch in Nairobi. It was launched in Kenya in 2015 and has been active mobile loan issuer ever since.
To qualify for a loan using this app, you need to be a registered Mpesa user and have a genuine active Facebook account with usernames matching those in your National ID card.
Download and install Branch app from the Google Play store, link the app to your Facebook account, provide the required details like Phone number, National ID number etc. Verify your Phone number by clicking on the link sent to your phone via SMS
Link the app to your Facebook account. Fill in the required details. Mpesa number, National ID etc. Verify your account by clicking on the link that is sent to your phone via SMS.
The minimum Loan limit is Ksh 1000, and the maximum loan limit is currently unknown. The loan is disbursed via Mpesa, and the interest rate is dependent on the repayment of the weekly instalments by the due date which ultimately increases the credit score and decreases the interest rate.
Saida is also using a mobile app to grant loans just like Tala and branch. To be eligible for a Saida Loan, your Mpesa/Airtel Money accounts must be very active. The app reads and monitors your transaction and calls activities to determine if you can be able to repay their loan.
To access Saida, download the app from the Play store. Fill in your mobile number and wait for an invitation to obtain loans; the request could take up to 3 -7 days for approval. Saida offers a Minimum loan limit of Ksh 600 with a maximum of Ksh 25,000 at an interest rate of 10%.
This loan is disbursed through Mpesa and is repaid in the same way via Mpesa Paybill number 854400 for 30 Days. Defaulters are handed over to CRB to be blacklisted.
Okoa Stima was founded by Kenya Power in partnership with Safaricom in 2015 and is currently active. It comes in handy when you don’t have enough fund to pay for electricity.
The minimum loan amount is Ksh 100 and a maximum of Ksh 2000 at an interest rate of 10%. The loan is disbursed and repaid through Mpesa and has a duration of 7 Days.
Follow the steps shown here to get the OKOA Stima Loan.
Kopa Chapaa was established at the time as and is facilitated by Faulu Kenya. You need to be an active airtel money for six months user to qualify for a loan.
The minimum loan limit is Ksh 500, and the maximum limit is Ksh 100,000. The loan has a short payment duration of 10 Days.
Zidisha an international firm which was found in 2008 and has been active ever since. It is a peer to peer lending platform which means that it is a platform for lending money to individual or business organisations via an online platform that matches creditors directly to borrowers.
Zidisha is a non-profit organisation which connects borrowers from Kenya and across Africa, with creditors from North America and Europe. To qualify for a loan with Zidisha, you need to;
Stawika Capital owns Stawika. The app automatically evaluates mobile phone data as well as other factors to assign loans. The app also uses information from CRB so make sure you are not listed on CRB before applying for a loan.
Stawika charges an interest rate of 15% and the loan is repayable through Mpesa.
One of the recently launched Loan Apps in Kenya is a beautiful loan product from Barclays Kenya. The best thing about Timiza is that it is open to anybody with a mobile phone. Most importantly because you don’t need a Barclays account to use the Timiza App.
It is also good for saving, and you increase your chances of getting a loan by depositing money into the App through M-Pesa.
If you are not using a Smartphone, you still can access the loan services from Timiza by dialling *848# on your mobile phone.
mKey represents the new revolution in customer-centric financial services. This is a new App from Finserve Africa that is gaining popularity fast. With mKey Loan App, you get a keyboard with yetumojis.
The app allows you to send money to several mobile wallets including Mpesa, Equitel money, & Airtel money.
You can also buy airtime for either Safaricom, Equitel, Airtel, Telkom or Faiba. The app also allows you to goods or pay bills. You can do more like reading news get loans among other services.
You can get the mKey loan apps on the Google Play store
I cannot end the list without mentioning the HF Whizz App from HF Group. I love it because the first time I qualified for a loan of 22,000.
The group is a credible entity in Kenya and be sure you will be served when you try them out.
The app allows you to borrow up to a maximum limit of 50,000 and it similar to Timiza App by Barclays. Apart from loans, you can also pay bills and send money to other people.
To get started with HF Whizz App, head over to Google Play Store and download the app. The process of registration is straight forward, and you will get a loan.
It’s always good to check if you had been wrongfully blacklisted by the Credit Reference Bureau (CRB). It only takes seconds to Check your credit score with CRB to qualify for a higher loan limit.