Best Loan Apps in Kenya – Instant Unsecured Mobile Phone Loan Apps
Traditional credit models are gradually being overtaken by mobile loan apps. These apps have revolutionized financial services in Kenya since their conception. Kenyans can now access instant mobile loans at the touch of a button. Various apps can be downloaded from the play store; hence, you have several options to choose from.
The best news about most of these apps is that anyone can access loans in Kenya without security.
If you wish to access instant online loans in Kenya, download any of the following apps:
1. Tala (Formerly Mkopo Rahisi)
This app allows you to access a loan of up to Ksh. 50,000. The loan is accessed via M-Pesa. With latest updates to the app, new features allow you to check credit limit and see success stories from loan beneficiaries. The process of getting the loan starts with downloading and installing the Tala app from the play store.
Next, the app is linked to your Facebook account. Finally, you are expected to answer a few personal questions after which you can access loans.
First-time applicants can only access Ksh. 2,000 but their credit limit increases as they continue to build their profiles. Tala loans are issued with a one-off processing fee of between 5% and 15% depending on the users’ profile and loan size.
The loan must be repaid within six months. Those who fail to repay their loans on time are blacklisted. The loan is repaid via M-Pesa pay bill number 851900. Tala is one of the best solutions for instant mobile loans in Kenya.
With Branch, you can access a maximum of Ksh. 50,000 and a minimum of Ksh. 250. This app is also linked to Facebook and it allows you to repay microloans via M-Pesa. The interest rates range from 1% to 14% p.m. As you continue to build your credit history, fees decrease and you are able to access bigger loans under flexible terms.
This service does not charge lateness or rollover fees. Looking to access small loans in Kenya? Branch should be a good alternative.
Saida gives you access to loans via M-Pesa. The M-Pesa pay bill is 854400. Your account number is your phone number. Unlike most services, you are expected to have saved some money before requesting for a loan. You can access a loan amount of up to Ksh. 25,000. The repayment period is up to 90 days and interest rates start at 7.5%.
The rate you get is tailor made for you and this means that different customers get different rates. Your loan limit may be small when you are starting but it increases as you improve your profile through repaying on time.
Zidisha is a microlending app that connects entrepreneurs with lenders. What this means is that the platform enables microlending transactions between web users and low-income entrepreneurs in developing countries. The loans are interest-free but to be eligible, you have to meet certain qualifications.
After creating a profile, the loan applicant is expected to describe his or her business, desired loan amount, and preferred repayment period. The details are then checked by Zidisha staff or partner and if the application is approved, first-time applicants are expected to pay Ksh. 1000 processing fees.
Accessing loans in Kenya has been made fast and efficient of course if you are eligible. In the past, accessing loans was a hustle. You had to go through a lot of screening and sometimes you would end up with nothing.
Today, if you wish to access unsecured mobile loans in Kenya, download your preferred app to get started. The good news keeps coming since you can now access personal loans in Kenya via mobile apps anytime, anywhere.