The landscape of financial transactions in Kenya has evolved significantly with the rise of mobile money transfer and digital lending. Digital lending has risen, providing instant loans that are easily accessible and offered at competitive rates with flexible repayment terms. Mobile loan apps have seen many Kenyans registering to secure this loan. In this article, we will take you through the top loan apps in Kenya, including their unique features, eligibility requirements, competitive interest rates, flexible repayment options, and user reviews, all under the regulation of the Central Bank of Kenya.
Now, let’s explore these top mobile loan apps in Kenya to understand their offerings better
Comparative Analysis of Kenya’s Loan Apps
| App Name | Description | Loan Amount Range | Interest Rate Range | Repayment Period | Eligibility Criteria | Application Process |
|---|---|---|---|---|---|---|
| 1. Tala Loan App | Download the Zenka app or use USSD code *841# register and apply for a loan. | Kshs 500 – 50,000 | 0.3% – 15% (5% with good credit) | Up to 61 days or installments | ID and personal info, M-PESA account | Download the Branch app, sign up, provide personal information, and apply. |
| 2. Branch Loan App | Offers loans from Kshs 500 to 30,000, using credit scores instead of CRB listings. | Kshs 500 – 30,000 | 1.7% – 17.6% | 9-52 weeks | Facebook, mobile number, or email | Use USSD code *848# or download the Timiza app, register, and apply for a loan. |
| 3. Timiza Loan | ABSA Bank’s product with loans from Kshs 1,000 to 150,000 at 1.29% interest for 30 days. | Kshs 1,000 – 150,000 | 1.29% + 20% excise + 5% processing | 30 days | Mobile number and USSD code | A digital lending app offers loans from Kshs 500 to 500,000 at interest rates of 18% – 36%. |
| 4. Zenka Loan | Offers first-time borrowers interest-free loans, ranging from Kshs 500 to 30,000. | Kshs 500 – 30,000 | Interest-free first loan, then Kshs 45 – 470 | 61-180 days | 18+, Safaricom subscriber, ID | 5. MCo-op Cash Salary Loan App |
| Download the MCo-op Cash app or use USSD code *667# to register and apply for a loan. | ABSA Bank’s product with loans from Kshs 1,000 to 150,000 at 1.29% interest for 30 days. | Up to 2x net salary | 1.083% + 3% appraisal fee | 1-3 months | Cooperative Bank account | Download the Zenka app or use USSD code *841# to register and apply for a loan. |
| 6. Okash Loan App | Cooperative Bank’s service for salaried customers, offering loans up to 2x their net salary. | Kshs 1,500 – 500,000 | 14% – 16.8% + penalty fees | 14-21 days | Valid national ID and Safaricom | A mobile lending app offers loans from Kshs 500 to 50,000 with an interest rate of 16.8%. |
| 7. iPesa Loan App | Opt in through USSD code *334# and select Fuliza. | Kshs 500 – 500,000 | 18% – 36% | 15 days for first-time applicants | Download iPesa app, sign up, provide personal info, and apply for a loan. | |
| 8. KCB M-Pesa loan | Mobile-based service providing loans from Kshs 1,000 to 1,000,000 with an interest rate of 8.85%. | Kshs 1,000 – 1,000,000 | 8.85% | Within 30 days | Build loan limit through savings, then apply. | |
| 9. M-Shwari loan | Micro-finance service offering loans from Kshs 1,000 to 50,000 with an interest rate of 7.5%. | Kshs 1,000 – 50,000 | 7.5% + 1.5% excise duty | Within 30 days | M-Pesa subscriber for six months | Access through M-Shwari, save, and actively use other Safaricom services. |
| 10. Fuliza Loan | Overdraft service in partnership with M-Pesa and NCBA Bank, allowing transactions exceeding account funds. | Up to Kshs 70,000 | 1% access fee + daily fee | No specific period | Registered M-Pesa user, opt-in to Fuliza service | Download the Tala app, fill in your data, and apply. |
| 11. Opesa Loan App | Download the Opesa app, sign up, provide permissions, and apply for a loan. | Kshs 500 – 50,000 | 16.8% + service fee | 65-91 days | Personal info and app permissions | Download the Berry app, register, provide permissions, and apply for a loan. |
| 12. Berry Loan | Mobile lending facility with loans from Kshs 500 to 50,000 at interest rates of 8%-15%. | Kshs 500 – 50,000 | 8% – 15% | Varies | Transaction history, repayment records, CRB credit score | Download the Creditmoja Cash app, sign up, provide personal info, and apply. |
| 13. Creditmoja Cash Loan | Provides loans from Kshs 2,500 to 250,000 with interest rates between 12%-50% for 91-365 days. | Kshs 2,500 – 250,000 | 12% – 50% | 91-365 days | Minimum deposit of Kshs 200 on the HFC Whizz app. | |
| 14. HFC Whizz Loan | HFC Whizz offers loans from Kshs 1,000 to 50,000 with an interest rate of 7.7% for up to six months. | Kshs 1,000 – 50,000 | 7.7% | Up to six months | Instant loans from Kshs 800 to 50,000 at a 25% interest rate for seven days to 3 months. | |
| 15. Eazzy Loans | Blue Ridge Microfinance Bank’s micro-lending app with loans from Kshs 1,500 to 500,000. | Kshs 1,000 – 3,000,000 | 18% | Up to 24 months | Active Equity Bank account, EazzyApp, Equitel Line, and income source | Access through Equity Mobile App, Equitel Line, or USSD code *247#. |
| 16. Zash Loan | Download the Zash Loan app, sign up, provide personal info, and apply for a loan. | Kshs 800 – 50,000 | 25% | 7 days – 3 months | Kenyan citizen, 18-60 years, source of income | Download the Okash app, register with your mobile number, and apply for a loan. |
| 17. Utunzi loan | Download the Utunzi Loan app, register, and apply for a loan. | Kshs 500 – 100,000 | 12% | 3-36 months | Credit score, transaction history, and repayment records | Micro-lenders offer loans from Kshs 500 to 100,000 at a 12% interest rate with flexible repayment. |
| 18. Hustler Fund Loan | Government initiative for personal, SME, and group loans with minimum and maximum limits. | Kshs 500 – 1,000,000 | 8% | 14-30 days | Kenyan citizen, 18+ years, registered mobile number | Loans are available based on savings balance, credit score, and transaction history on the Loop app. |
| 19. NCBA Loop Loan | A non-profit lending platform connecting lenders to borrowers for loans from various lenders. | Varies based on eligibility | Varies | Varies | Loop app registration, savings account | Register on Loop, build savings, and apply for a loan. |
| 20. Zidisha | Varies based on the lender | Varies based on lender | Varies | Varies | Employed or business owner, active Facebook, ID, Safaricom sim, credit history | Meet lender requirements, apply for loans directly from l |
Top 20 Loan Apps In Kenya
1. Tala Loan App
Tala Loan app is a digital financial mobile application that offers seamless loans to its registered users. It is considered one of the most trusted mobile loan applications, offering flexible, instant loans. Tala offers fast-growing cash limits of up to Kshs 50,000 at a daily interest rate of 0.3% and a one-time fee per loan of 15%, which reduces to as low as 5% as you build your credit score through timely repayment, which is disbursed through M-PESA.
The lending app allows flexible repayment terms, either a one-term repayment period after 61 days or a partial repayment with periodic installments. To secure a Tala loan, download the Tala loan app from the Play Store and register by filling in the required personal data, including your name, identification number, and place of residence.
2) Branch Loan App
The Branch Loan App is another trusted digital lending app offering fast loans to customers, ranging from as low as Kshs 500 to Kshs 30,000, with a monthly interest rate of 1.7%-17.6% for 9-52 weeks.
The app does not consider CRB listing to determine individual eligibility for the loan; instead, it uses other credit scores to assess loan limits. The app does not penalize for late repayment by incurring a rollover fee. To apply for a loan, download a Branch Loan app from the Google Play Store, use Facebook to sign up, or create an account using your mobile number or email address and provide the required personal information.
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3) Timiza Loan
The Timiza loan, a financial product of ABSA Bank, provides fast loans to customers. The loan is accessible to everyone, not necessarily ABSA customers, as long as one meets the eligibility requirements. The app allows one to borrow a loan for a minimum of Kshs 1000 to Ksh 150,000 with an interest rate of 1.29%, an excise duty of 20%, and a processing fee of 5% for 30 days before loan repayment.
In addition to loans, the app enables users to access other phone banking services, such as money transfers and insurance purchases. Also, one can access the loan through a USSD code *848# to register and apply for mobile loans.
4) Zenka Loan
Zenka loan app has gained popularity among Kenyans as a digital mobile lender that offers a fast loan interest-free for first-time borrowers and a one-time processing fee of Kshs 45kshs 470. The financial institution offers a minimum loan limit of Kshs 500 to a maximum of Kshs 30,000 for a repayment period between 61-180 days, which must be paid after it expires.
Zenka loan is available to users 18 years and above with a valid national ID and registered Safaricom subscribers, which will further use your phone data to determine the user’s eligibility.
You can apply for the loan by downloading the Zenka app from the Google Play Store and signing up or registering by filling in your name, address, mobile number, and ID number. After that, choose the loan amount you want to apply, and the loan will be disbursed to your M-PESA account immediately.
Also, you can use the USSD code *841# and follow the prompts to complete the application process.
5) MCo-op Cash Salary Loan App
MCo-op Cash Salary loan is a financial product of the Cooperative Bank of Kenya. It allows its salaried customers to access bank services, including cash transfers and emergency loans from mobile phones, with no collateral required. You can apply up to two times your net salary.
The digital lender allows its users to apply for a loan from a minimum amount of Kshs 1000 up to Kshs 500,000 with a flexible repayment period of 1 to 3 months at an interest rate of 1.083% and a 3% appraisal fee. The total repayable loan depends on the repayment period one chooses.
To apply for a loan, one has to download the M Co-op Cash from the Google Play store or App Store and sign up or register using your phone number or use USSD code *667# and follow the prompts to register and apply for the loan limit you qualify. After application, the loan is deposited into the customer’s MCo-op account less the fee of 8% for a 1-month loan, 10% for a 2-month loan, and 12% for three months.
6) Okash Loan App
Okash is a micro-lending product provided by Blue Ridge Microfinance Bank, which offers personal and business loans ranging between Kshs 1500 -and Kshs 50,000 with an increased loan limit of up to 500,000 depending on an individual credit score and timely repayment.
The loan interest rate depends on the repayment period of 14 days, with an interest rate of 14% and 16.8% for 21 days, which are charged at the time of loan application; therefore, the loan amount disbursed into your account is less the interest fee.
Late repayment after the grazing period has elapsed attracts a daily penalty fee of 2%, and failed compensation can build a bad credit score, and one can be subjected to CRB listing.
To apply for the loan, download the Okash app from the Google Play Store and sign up by registering with your mobile number. Once qualified, the loan amount will be immediately disbursed into your M-PESA account
7) iPesa Loan App
iPesa is a digital lending app that offers fast and instant loans to their customers ranging from Kshs 500 to 500,000 at an interest rate of 18%-36%, repayable in 15 days for first-time and subsequent applicants; the repayment period is 91 days.
Download the Zenka app from the Google Play Store to apply for the loan, sign up using your email and phone number, and fill in the required personal data. The app uses the applicant’s transaction history and repayment to determine the loan limit one is eligible to apply; once your loan limit has been chosen, apply it, and it will be disbursed into your M- PESA accounts in less than 5 minutes. You can build your credit score by timely repayment to increase your loan limit.
To repay your loan, use the iPesa loan app by clicking on the ‘pay loan’ tab, and the M-Pesa menu will pop up, prompting you to complete the transaction or pay via M-Pesa pay bill number 192010 and account number using your mobile number.
8) KCB M-Pesa loan
KCB M-PESA loan is a mobile-based banking service for M-PESA customers that offers fast loans to M-Pesa registered users in collaboration between M-Pesa and KCB Bank.
You do not need to install an Android app to activate KCB M-PESA, but you can use a sim tool kit or USSD code *334# and follow the prompts.
- On the M-PESA menu, select loan and savings
- Select KCB M-PESA
- Click on activate, and from there; all is set to save and borrow with KCB M-PESA.
To apply for a first-time loan, you need to build your loan limit by continuously saving in KCB M-Pesa, and with time, your loan limit qualification will grow. Check the loan limit you are eligible for before applying, and once the application is approved, the amount will be disbursed into your M-Pesa account.
The lender facility offers loans as low as Ksh 1000 to Ksh 1000,000, making it the highest digital lending facility offering high loan limits to customers. The loan is repayable within 30 days at an interest rate of 8.85%. Subsequent loan applications are subject to the customer’s credit score, determined by timely loan repayment and free from CRB listing from other digital lending facilities.
9) M-Shwari loan
M-Shwari loan is a micro-finance digital saving and loan service offered by CBA Bank in partnership with Safaricom M-Pesa that enables M-Pesa users to save as little as Kshs 1 which attracts an annual interest rate of 6.3% and access credit loan from as minimum as Kshs 1,000 to a maximum of Kshs 50,000 at an interest rate of 7.5% and additional 1.5% excise duty which is deduct from the loan before being credited into the applicant M-Pesa repayable within 30 days.
To qualify for the M-Shwari loan, one has
- To be an M-Pesa subscriber for at least six months
- Save on M-Shwari
- Actively use other Safaricom services such as voices, data, and M-Pesa
The savings account also allows M-Pesa users to save under a Lock Savings Account over a specified period until the maturity date, determined by the owner upon opening the account, and ranges between 1-12 months.
10) Fuliza Loan
The Fuliza loan is a continuous overdraft service, a partnership between M-Pesa and NCBA Bank. It allows M-Pesa users to complete any transaction that exceeds the available funds in their account, depending on the overdraft limit one is eligible for.
To access this overdraft service, a customer should be a registered M-Pesa user with an active Safaricom sim card for at least six months and opt into the Fuliza service to enjoy the service.
To be eligible for the overdraft loan, the M-Pesa customer should register using a valid national ID/Kenyan Passport or military ID, but this does not guarantee one is eligible for a Fuliza limit upon activation. To opt into Fuliza :
- Use the USSD Code *334#
- Select Loans and Savings and then choose fuliza
- Select OPT to allow the overdraft services.
Fuliza has no minimum amount of access. Still, the maximum amount is capped at Ksh70,000 with a 1% access fee charged on every overdraft amount transacted amount and a daily maintenance fee of Ksh 0-25 for any overdraft transaction exceeding Ksh 100.
11) Opesa Loan App
The Opesa loan, a mobile lending app from Tenspot Kenya Limited, offers fast loans to its registered users between Ksh 500 -50,000 at an interest rate of 16.8% with a one-time service fee between Ksh100-600 depending on the loan limit one applied for at a repayment period of 65-91 days which is immediately credit to your M-Pesa account once the application is complete and approved.
To register, download and install the Opesa app from the Google Play Store and sign up using your personal email or phone number. Once you have registered the OPesa app, gain access to Device and app history, Identity, Contacts, Location, SMS, Call logs, Photos/Media/Files, and Device ID. The app determines eligibility based on their transaction history and repayment records with a good credit score from CRB.
If the applicant fails to repay their loan within the stipulated payment period, they will be subject to a rollover fee of 2.4% per day, and if the applicant defaults on their loan, they are forwarded for CRB listing.
12) Berry Loan
Berry Loan, a mobile lending financial facility, offers fast, low-interest loans to its registered users with flexible repayment terms. To apply for a loan, you need to download and install the Berry app from the Google Play Store and sign up using your personal email or mobile phone. Once the registration is complete, the app requests access to your device. The app history, location, contacts, call logs, SMS, transaction history, repayment records, and CRB credit score will be used to determine the loan limit you are eligible for.
First-time applicants qualify for a maximum loan limit of Ksh 500, which is subjected to increment over time based on the loanee’s timely repayment and CRB credit scoring, and subsequent applicants can qualify for up to Kshs 50,000 at an interest rate of 8%-15% depending on the time repayment period.
13) Creditmoja Cash Loan
The Creditmoja Cash Loan App, a free mobile finance application from Creditmoja Limited, provides loans to its registered users. The lending facility boasts many registered users because of its quick registration process with minimal and no collateral requirements.
The app offers a minimum loan of Kshs 2500- Kshs 25,0000 with an interest rate between 12%-50% depending on how one plans to repay what one owes within 91-365 days. To apply for a loan, you must download and install a Creditmoja Cash App, sign up with your email or phone number, fill in the required personal information, and give the app access to your device information. Once the registration is complete, this does not automatically guarantee approval; instead, the app evaluates other financial information, including transaction history, repayment information, and CRB credit scoring with other finance lending institutions.
14) HFC Whizz Loan
HFC Whizz is a digital financial product provided by Housing Finance Corporation. It gives you access and control over your finances anytime, allowing its users to deposit money, make bank transfers, open saving accounts, pay bills, and get instant loans.
HFC Whizz offers credit facilities to their customers as low as Ksh 1000 to a maximum of Ksh 50,000 at an interest rate of 7.7% with a repayment period of 30 days; however, it may vary depending on the loan limit but exceeding six months.
To apply for an HF Whizz loan, sign up and register through the HF Whizz app and make a minimum deposit of Ksh 200 to assess your credibility. Once the application has been received and approved, the loan will be disbursed into your HFW Whizz account, which you can transfer to your M-Pesa account.
Timely repayment helps to build a good credit score and increase loan limits.
15) Eazzy Loans
EazzyLoan, a financial product from Equity Bank, offers fast loans to its customers without requiring applications, guarantors, or collateral.
Eazzyloan is offered as low as Ksh 1000 to Ksh 3,000,000 at an interest rate of 18% with a flexible repayment period of up to twenty-four months. To apply for this loan, access it through the Equity Mobile App, Equitel line on the phone sim toolkit, or use the USSD code *247# on the Equitel line, where you can monitor your loan application status once the application has been successful and approved the loan is disbursed into your equity bank account where you can transfer to M-Pesa account.
To qualify for this loan, here are the conditions:
- One must have an active Equity bank account for at least six months
- Has an active EazzyApp and Equitel Line
- Has an ideal source of income through which the payment is channeled through the bank account
To apply for EazzyLoan from your Equitel line, follow the following:
- Go to Equitel menu
- Select My Money
- Select Loans
- Select Get Loan
- Select Loan Type
- Select Account
- Enter Amount
- Confirm Details
- Enter PIN
To apply for EazzyLoan from the Equity Mobile App,
- Link your Equity account (if not yet registered)
- Select “Borrow”
- Select “Get a loan.”
- Select loan type
- Enter amount.
16) Zash Loan
Zash Loan is a credit facility that offers instant loans to registered users who need to grow businesses or fund emergencies. It provides a loan with a loan limit as low as Kshs 800 to Kshs 50,000 at an interest rate of 25% Per Annum for seven days to 3 months, depending on the secure loan limit.
To be eligible for a Zash loan, one has to meet the following conditions:
- Be a Kenyan Citizen
- Be 18-60 years of age
- Have a source of income
To apply for the loan, You need to:
- Download and install the Zash loan app from the Google Play Store
- Register with your mobile number or personal email and set a unique password
- Enter Your personal information and submit
- Provide your emergency contact information
Once you fill in all the information required, the app will need access to the Device and app history, Identity, Contacts, Location, SMS, Call logs, Photos/Media/Files, and Device ID. After that, the app determines what loan limit you qualify for, which will be displayed on the screen.
Late repayments attract a 2% daily fee for the first 15 days, then increase to 3% daily for the next 15 days after the repayment period has elapsed.
17) Utunzi loan
Utunzi Loan is a micro-lender that offers affordable and fast loans using an Android mobile application called the Utunzi loan app. The Micro lender offers its users loans as low as Kshs 500 to a maximum of Kshs 100,000 at an interest rate of 12% with a repayment period of 3-36 months, depending on the loan one owes.
Loan approvals depend on the borrower’s credit score, which is determined by the app by giving it access to your transaction history, repayment records, and credit scores from other lending financial institutions. Once the loan has been approved, the amount is disbursed to the applicant’s M-Pesa account within minutes.
18) Hustler Fund Loan
Hustler Fund Loan is a government-owned digital financial inclusion initiative to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs) in Kenya.
The credit initiative gives individual Kenyans a loan as minimum as Kshs 500 up to Ksh 50,000, business start-ups and SMEs have access to first-time loans of up to Kshs 50,000, and registered groups have access to up to Kshs 1 million from the credit facility.
To apply for this loan, you have to meet these conditions:
- Be a Kenyan Citizen living 18 years and above of age
- Have a registered Mobile number under your line
After successful application and approval, the loan is disbursed into your M-Pesa account with less than a 5% deduction and is remitted into your savings. The loan charges an annual interest rate of 8%, repayable within 14 days. Upon elapse of the 14-day repayment period, the interest rate is increased to 9.5%, and the repayment period is extended up to 30 days.
19) NCBA Loop Loan
NCBA Loop loan is a financial product from NCBA Bank that allows its users to access financial credit on their phones from the Loop app. Also, the app offers its users access to other things, such as sending money, paying bills, and transferring money.
Applying for a loan on the NCBA Loop app is easy; you must sign up and register by filling in your details and awaiting approval. The loan limit depends on your available savings balance, credit score, and transaction history.
To access Loop loan is quite simple, you need to:
- Complete your registration on Loop.
- Make Loop your primary account, channel your salary or income from your business, and transact for at least three months.
20) Zidisha
Zidisha stands out as a non-profit lending platform in Kenya. It connects lenders to borrowers, allowing individuals to provide credit to others. To qualify for Zidisha credit, you must be employed or running a business, have an active Facebook account, a national ID, a registered Safaricom sim card, and a good credit history.
The credit you receive comes directly from independent lenders, not the organization itself.
Conclusion
In conclusion, loan apps in Kenya provide convenient access to instant loans for individuals and businesses to many Kenyans during hard financial times. They offer competitive interest rates and flexible repayment terms. Whether you need emergency funds to boost your business, these loan apps can be a reliable source of financing.
Remember to choose the app that best suits your needs and financial situation. With the convenience of mobile money, getting instant loans in Kenya has always been challenging.
FAQS
Which loan app gives financial credit in Kenya?
All registered loan apps in Kenya give financial credit to all registered users, depending on your eligibility and credit score; such apps include the Branch app, Tala, Zenka M-Shwari, and KCB M-Pesa, which offer loans to their customers.
Which is the leading loan app in Kenya?
Tala is a leading online loan app that offers personal loans of up to KES 50,000 with competitive interest and a flexible repayment period. Also, the app has quick approval of loans and immediate disbursement once the loan application is successful.
Which are the reliable loan apps in Kenya?
Every loan app is a reliable source of emergency credit; if the applicant is eligible, they will secure a loan from these apps, including Branch, Tala, and M-Shwari, KCB M-Pesa. These apps offer secure and efficient loans with fast approval and flexible repayment options.
Which loan apps give loan limits of up to Kshs 50,000?
Most loan apps have loan limits from as low as Kshs 500 up to Ksh 50,000. However, the Maximum loan limits vary depending on the individual credibility and repayment behavior. For instance, the Branch app, Tala, Zenka, HF Whizz, EazzyLoan, and KCB M-Pesa offer up to Kshs 50,000 for their eligible customers.
How can I get an instant loan?
Most popular loan apps give instant loans within 5 minutes, where you get instant approval if you meet the eligibility criteria set by these apps. For instance, Tala and M-Shwari provide fast access to funds with simple application processes and secure online platforms.
Which loan apps are licensed in Kenya?
This is a complete list of Licensed Loan apps allowed to offer financial credit to Kenyans, including.
- M-KOPA Loan Kenya LTD
- Mwanzo Credit LTD
- My Credit Ltd
- Ceres Tech LTC
- Get cash Capital
- Giando Africa LTD (Flasg Credit Africa)
- Jijenge Credit
- Kweli Smart Solutions
- Inventure Mobile Ltd (Tala)
- Jumo Kenya LTD
- Letshego Kenya LTD
- MFS Technologies LTD
