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Best loan apps in Kenya 2019

For a small business owner, the mobile loan is a great boost in cases of emergency and the need for working capital. Here are some of the most reliable mobile loans.

M-shwari

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 you can borrow 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 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.

Loan application requirement on Mshwari

To qualify for a loan from Mshwari loan, you must meet the following criteria:

  • Be a Safaricom subscriber and have Mpesa enabled for your line.
  • A registered and active Mpesa line used for six (6) Months
  • Active Mshwari account
  • An updated Mpesa menu

KCB M-pesa

KCB Mpesa 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 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.

Conditions for Loan eligibility on KCB Mpesa

Being an active registered Safaricom Mpesa customer for six months is enough to qualify for a loan. Dial *844# and follow user prompts to activate our KCB-Mpesa account.

How to increase your KCB Mpesa Loan Limit

KCB Mpesa assess your loan repayment behavior, saving history and monitors your Mpesa transactions activity to determine the amount of loan limit for you.

Tala

Tala loan App requires one to have a smartphone and a good Mpesa Track record to access their loans.

How does Tala work?

To determine your loan limit, The App depends on your loan repayment behavior and on reading your Mpesa transaction activities. You shouldn’t delete your Mpesa messages.

  • Download & install the Tala App from the Google Play store
  • Link app to your Facebook account
  • Answer a few personal questions

The loans are 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%.

Branch

Branch International Inc is a San Fransico based company with a branch in Nairobi. It was launched in Kenya in 2015 and has been active ever since.

To qualify for a loan using this app, you need to be a registered Mpesa user and have an official 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 installments by the due date which ultimately increases the credit score and decreases the interest rate.

Zenka

Zenka is among the new loan apps in Kenya. I downloaded the app and immediately qualified for a loan of 2000 Kenyan Shillings. Zenka Finance owns Zenka, and they promise loans in the range of 500 to 20,000 payable in 30 days.

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