In today’s fast-paced world, financial challenges can emerge at any time, and the need for quick and accessible solutions is more important than ever. Mobile loan apps have become a game-changer for many Kenyans, providing instant access to cash without the need to go through lengthy banking procedures. These apps are particularly useful for covering unexpected expenses or bridging the gap between paychecks.
However, it’s important to be cautious when choosing a loan app. High interest rates and hidden fees can lead to financial strain if not managed properly. In this detailed guide, we’ll review the top 20+ loan apps in Kenya that are dominating the market in 2024, along with some key considerations to keep in mind before you apply for a loan.
Table of Contents
- Hustler Fund
- Tala Loans
- Branch Loans
- M-Shwari
- KCB M-Pesa
- Zenka Loans
- Timiza Loans
- TiFi Slice
- Eazzy Loans
- Vooma Loans
- iPesa Loans
- LendPlus
- PesaPap Loans
- Zash Loans
- FlashPesa
- TruePesa
- Okash Loan App
- Stawika Loans
- AsapKash Loan App
- Patron Loan App
- AMREF SACCO – Karibu M-Cash Loan
1. Hustler Fund
The Hustler Fund is a government-backed loan product with interest rates significantly lower than many other loan apps. Unlike others that charge monthly rates between 7% and 15%, Hustler Fund’s interest rate is only 8.5% annually. Loan amounts start as low as KSh 500 and increase with consistent repayment.
Key Features:
- Interest rate: 8.5% per year
- Loan amounts: KSh 500 to KSh 50,000
- Repayment: Borrowers need to repay on time to increase their borrowing limits.
2. Tala Loans
Tala is one of Kenya’s most popular loan apps, offering fast and reliable cash disbursement with minimal documentation. Tala users can borrow up to KSh 50,000 with interest rates starting at 0.3% per day. The app is known for its quick loan approval process, making it a favorite among Kenyans.
Key Features:
- Interest rate: 0.3% per day
- Loan amounts: Up to KSh 50,000
- Application process: Easy and paperless, done through the app.
3. Branch Loans
Branch is a versatile digital lender that offers personal loans from KSh 500 to KSh 300,000. With interest rates ranging from 17% to 35% annually, Branch provides a flexible solution for both small and large financial needs. The app also provides a savings feature, making it a comprehensive financial tool.
Key Features:
- Interest rate: 17%-35% annually
- Loan amounts: KSh 500 to KSh 300,000
- Repayment period: 1 to 12 weeks
4. M-Shwari
M-Shwari, a product by Safaricom in partnership with CBA, offers both savings and loan services. It is accessible via the M-Pesa platform and has gained popularity due to its convenience and the ability to increase loan limits based on savings activity.
Key Features:
- Interest rate: 7.5%
- Loan amounts: Based on M-Shwari savings and usage of Safaricom services
- Repayment: 30 days
5. KCB M-Pesa
KCB M-Pesa, a collaboration between KCB Bank and Safaricom, offers loans with a 7.5% interest rate for a 30-day repayment period. This service is ideal for Safaricom users who need fast access to funds.
Key Features:
- Interest rate: 7.5%
- Loan amounts: Up to KSh 50,000
- Repayment period: 30 days
6. Zenka Loans
Zenka is known for its flexible repayment options, allowing customers to pay in two installments over up to 12 months. It offers loan amounts of up to KSh 100,000 with interest rates between 9% and 39%, depending on the risk assessment of the borrower.
Key Features:
- Loan amounts: Up to KSh 100,000
- Repayment period: Up to 61 days
- Interest rate: 9%-39% (risk-based pricing)
7. Timiza Loans
Timiza, operated by Absa Bank, allows both Absa and non-Absa customers to access mobile loans. Users can borrow up to KSh 150,000 with a 5% origination fee and a monthly interest rate of 1.56%.
Key Features:
- Loan amounts: Up to KSh 150,000
- Interest rate: 1.56% monthly
- Repayment period: 30 days
8. TiFi Slice
TiFi Slice offers installment loans with flexible repayment terms ranging from 91 to 365 days. Borrowers can access loans from KSh 3,000 to KSh 100,000, making it ideal for both short-term and medium-term needs.
Key Features:
- Loan amounts: KSh 3,000 to KSh 100,000
- Repayment period: 91 to 365 days
- Interest rate: Varies based on loan terms
9. Eazzy Loans
Eazzy Loans, a product from Equity Bank, allows customers to borrow up to KSh 3 million, with repayment terms of up to 12 months. The interest rate varies depending on the borrower’s profile, but it remains a popular choice for those seeking larger loan amounts.
Key Features:
- Loan amounts: Up to KSh 3 million
- Repayment period: Up to 12 months
- Interest rate: 2% to 10%
10. Vooma Loans
Vooma Loans, a KCB product, allows borrowers to take out loans with flexible repayment options ranging from 1 to 30 days. The interest rates start as low as 0.2%, making it an affordable choice for short-term borrowing.
Key Features:
- Loan amounts: Based on credit limit
- Repayment period: 1 to 30 days
- Interest rate: 0.2% and up
11. iPesa Loans
iPesa offers instant loans to users via the M-Pesa platform. With loan amounts up to KSh 50,000, iPesa has gained popularity for its ease of access and minimal documentation requirements.
Key Features:
- Loan amounts: Up to KSh 50,000
- Interest rate: Competitive daily rates
- Repayment period: Short-term
12. LendPlus
LendPlus, launched by the Aventus Group, offers short-term loans of up to 61 days. The app allows users to quickly apply and receive disbursements via M-Pesa within minutes.
Key Features:
- Loan amounts: Up to KSh 60,000
- Repayment period: Up to 61 days
- Interest rate: 2.2% daily
13. PesaPap Loans
PesaPap, developed by Family Bank, is a digital banking platform that offers a range of financial services, including instant loans. It allows users to borrow money and access various banking features via the app.
Key Features:
- Loan amounts: Based on banking activity
- Interest rate: Varies by borrower profile
- Repayment period: Flexible
14. Zash Loans
Zash Loans provides instant loans for personal use, with flexible repayment options. The app’s simple process makes it a good choice for borrowers who need quick cash.
Key Features:
- Loan amounts: KSh 500 to KSh 50,000
- Repayment period: Up to 180 days
- Interest rate: Varies
15. FlashPesa
FlashPesa offers fast loans of up to KSh 80,000. The app is regulated by the Central Bank of Kenya, ensuring security and trustworthiness.
Key Features:
- Loan amounts: Up to KSh 80,000
- Repayment period: Up to 180 days
- Interest rate: Varies
16. TruePesa
TruePesa provides quick and easy loans through its mobile app, with loan amounts ranging from KSh 500 to KSh 50,000. It is an excellent option for those needing short-term loans.
Key Features:
- Loan amounts: KSh 500 to KSh 50,000
- Repayment period: Flexible
- Interest rate: Varies
17. Okash Loan App
Okash is known for its fast loan approval process, offering loans of up to KSh 50,000 with interest rates ranging from 5% to 18%. The app’s user-friendly interface makes it a popular choice for borrowers.
Key Features:
- Loan amounts: Up to KSh 50,000
- Repayment period: 91 to 365 days
- Interest rate: 5% to 18%
18. Stawika Loans
Stawika is a fast-processing loan app that offers loans in less than 5 minutes. With a data-driven approach, Stawika evaluates your loan limit based on your mobile usage and financial behavior.
Key Features:
- Loan amounts: Up to KSh 50,000
- Repayment period: Flexible
- Interest rate: Varies
19. AsapKash Loan App
AsapKash offers fast loans with interest rates ranging from 0.05% to 13.82% annually. The app caters to users needing quick cash for emergency situations.
Key Features:
- Loan amounts: Up to KSh 50,000
- Repayment period: Flexible
- Interest rate: 0.05%-13.82% annually
20. Patron Loan App
Patron is ideal for small loans, offering amounts between KSh 500 and KSh 7,000 with a 1% daily interest rate. The app allows instant deposits to M-Pesa, making it convenient for urgent financial needs.
Key Features:
- Loan amounts: KSh 500 to KSh 7,000
- Interest rate: 1% daily
- Repayment period: Up to 90 days
21. AMREF SACCO – Karibu M-Cash Loan
AMREF SACCO’s Karibu M-Cash Loan offers loans of up to KSh 50,000 with a maximum repayment period of 60 days. This service is available to members of the AMREF SACCO.
Key Features:
- Loan amounts: Up to KSh 50,000
- Repayment period: 60 days
- Interest rate: Varies
Conclusion
When choosing a loan app in Kenya, it’s important to consider the interest rates, fees, repayment terms, and the app’s reputation. While these apps provide convenient access to funds, responsible borrowing is crucial to avoid getting trapped in debt. Always review the app’s terms and conditions before applying, and ensure that you can meet the repayment obligations.
Whether you’re facing an emergency or planning a purchase, these loan apps can offer a quick financial solution. However, they are not a substitute for long-term financial planning, so always borrow wisely.
