Last Updated on June 26, 2023
In recent years, Kenya has witnessed a significant rise in the popularity of loan apps. These digital lending platforms have revolutionized the traditional banking sector by providing quick and convenient access to credit.
With the widespread use of smartphones and increasing internet penetration, loan apps have become a lifeline for many Kenyans seeking instant financial support.
In this article, we will explore the 20 best loan apps in Kenya, highlighting their features, benefits, and how they contribute to fostering financial inclusion in the country.
20 Best Loan Apps in Kenya
If you’re looking to borrow money as a Kenyan, here are the top loan apps in Kenya to get a loan right now:
Tala is one of the most renowned loan apps in Kenya, offering instant loans to individuals without requiring collateral.
The app analyzes mobile phone data and financial history to determine creditworthiness. Loans disbursed through Tala range from Ksh 500 to Ksh 50,000.
Branch is another popular loan app in Kenya that provides personalized loan offers based on users’ financial behaviour and mobile phone data.
It offers loans ranging from Ksh 500 to Ksh 300,000, with flexible repayment terms. Interest rates for Branch loans in Kenya are between 17% – 35% with equivalent Monthly Interest of 1.7% – 17.6% and Equivalent APR of 22% – 229%.
Branch loan terms range between 9 – 52 Weeks and there are no late/Rollover Fees for Branch loans.
3. KCB M-Pesa
KCB M-Pesa is a partnership between Kenya Commercial Bank (KCB) and Safaricom’s M-Pesa platform.
It offers instant loans directly to M-Pesa users, with loan limits based on users’ transaction history.
KCB M-pesa offers its loan at a rate of 8.85% and with a one-month repayment period. You can also take out multiple loans from KCB M-Pesa if you are well within your limit.
The minimum amount on a KCB M-Pesa loan is 1000 Ksh.
M-Shwari is a revolutionary mobile banking product offered by Safaricom in collaboration with the Commercial Bank of Africa (CBA).
Kenyans can access quick loans from M-Shwari that is credited to their M-Pesa account with an interest rate of 7.5% p.m and 1.5% excise duty.
However to access an M-Shwari loan you need to be an M-Pesa subscriber for at least 6 months, save on M-Shwari and be an active user of Safaricom services such as voice, data and M-PESA.
M-Shwari loan limits go for as low as 1000 Ksh and as high as 50,000 Ksh
Zenka is one of the best user-friendly loan apps in Kenya for accessing fast loans without collateral.
Zenka offers loans from Ksh 500 to Ksh 50,000 of up to 61 days, with flexible repayment options.
Zenka loans have an interest fee of 9-39%. The loan app also charges a processing fee that ranges from KSh 45 to KSh 5,800 for a one-time charge.
Okash is a loan app operated by Opay that provides instant loans to Kenyan users. With Okash, Kenyans can access loans up to Ksh 500,000 and enjoy competitive interest rates.
However, you should note that Okash has been accused of harassing borrowers who did not repay their loans, yet the loan app continues to be popular among Kenyan consumers.
7. Haraka Loan
Haraka Loan is popular because it is actually a loan app finder and not exactly a lender. So it shows you some of the best loan apps in Kenya suitable for you depending on your eligibility
You can access instant loans ranging from Ksh 1500 to Ksh 500,000, with repayment periods of 7 to 61 days from different lenders using Haraka loans
Timiza is one of the best loan apps in Kenya developed by ABSA Bank of Kenya.
Timiza app offers loans, savings, and insurance products to Kenyans. Timiza also provides financial management tools and utility bill payments.
To access a loan from Timiza you need to be a registered Safaricom Subscriber and Safaricom M-PESA customer.
Timiza loans have an interest rate of 1.29% and a processing fee of 5%. A 20% Excise duty on the processing fee is also charged when you apply for a Timiza loan in Kenya.
Stawi is a mobile banking solution introduced by several Kenyan banks in partnership with the Central Bank of Kenya.
It offers loans to individuals and small businesses, with repayment terms tailored to the borrower’s needs. You can get a loan of Ksh 500,000 on the Stawi app with interest rates as low as 9%.
Saida is a loan app that provides instant loans to Kenyans based on their mobile phone data and financial history.
Loans disbursed through Saida range from Ksh 600 to Ksh 50,000.
11. Berry Loan
Berry Loan is a popular loan app in Kenya that offers instant loans to Kenyan citizens.
It provides loans ranging from Ksh 500 to Ksh 50,000, with flexible repayment terms and competitive interest rates.
iPesa is one of the fast and reliable loan apps in Kenya that offers loans without collateral. This loan app is a product of Risine Credit Limited
It provides loans ranging from Ksh 500 to Ksh 50,000, with flexible repayment options. The loan term for an iPesa loan is 91 days to 180 days with an APR of 36% to 72%.
13. Jijenge Credit
Jijenge credit is a loan app that targets small business owners and individuals seeking quick financial support. It offers loans from Ksh 500 to Ksh 30,000, with affordable interest rates.
The repayment period for loans borrowed on Jijenge is between 3 – 5 months.
14. O pesa
O pesa is a popular loan app in Kenya that provides instant loans to individuals.
It offers loans ranging from Ksh 500 to Ksh 30,000, with flexible repayment periods of 10 to 30 days. interest rates for O pesa loans range from 16% to 29%
Opesa uses a proprietary credit scoring system to assess borrowers’ creditworthiness and disburses funds quickly upon approval.
15. NRS Okolea
NRS Okolea is a mobile app for Kenyans that are SACCO members to access financial services like Loans.
You can get a fast, short-term loan from this app. Users can access loans ranging from Ksh 1,500 to Ksh 100,000, with repayment options ranging from 5 to 30 days.
PesaPata is a P2P platform for borrowing and lending money. It is becoming one of the popular loan apps in Kenya. It targets both individuals and small businesses in Kenya.
PesaPata provides loans from Ksh 500 to Ksh 50,000, with flexible repayment periods.
PesaPata focuses on financial education and offers incentives to borrowers who demonstrate good repayment behaviour.
17. HF Whizz
HF Whizz is regulated as a Non – Operating Holding Company by the Central Bank of Kenya. it’s a finance app that lets you bank, save, and grow your money in Kenya.
HF Whizz provides instant loans, savings accounts, and a variety of financial management tools to Kenyans.
18. Zidisha Plus
Zidisha Plus is one of the top loan platforms in Kenya that offers loans to Kenyan entreprenuers.
Zidisha works by connecting lenders to borrowers. On Zidisha Plus, you can access loans ranging from Ksh 500 to Ksh 100,000, with competitive interest rates. Zidisha Plus rewards borrowers with a good repayment history by increasing their loan limits.
Jazika is a loan app that targets small and medium-sized enterprises (SMEs) in Kenya. They offer quick loans to business owners to help them manage their working capital, expand their operations, and meet their financial needs.
Jazika’s loan amounts vary based on the borrower’s business performance and creditworthiness.
20. Zawadisha Loan
Zawadisha provides loans to rural women in Kenya to help finance their livelihoods.
Zawadisha Loan encourages responsible borrowing and provides rewards for timely repayments.
The expansion of loan apps in Kenya has provided remarkable access to credit for individuals and small businesses.
These digital lending platforms have disrupted the traditional banking sector by leveraging mobile technology and data analysis to offer instant loans without collateral.
The 20 loan apps mentioned above represent some of the best options available to Kenyans, each with its unique features, benefits, and loan limits.
However, borrowers should exercise caution, borrow responsibly, and carefully review the terms and conditions before committing to any loan.
With the continued growth of loan apps, Kenya’s financial landscape is witnessing a significant transformation, empowering individuals and promoting financial inclusion across the nation.