9 Best Mobile Loan Apps for Instant Cash in Kenya
Mobile loan apps are game changers.
They provide a convenient way for individuals to access loans swiftly.
The best part?
They offer competitive interest rates and simplify the borrowing process.
So, if you’ve been looking for the best mobile loan app to secure funds to boost a personal project or for an emergency, I’ve got you covered.
This article explores the 9 best loan apps in Kenya that can help you secure funds instantly in Kenya.
Read on.
1. KCB M-PESA
KCB M-PESA has secured a special place in the hearts of many Kenyans. This mobile banking service is offered by Kenya Commercial Bank in partnership with Safaricom.
KCB M-PESA offers a quick and accessible way for users to secure loans of up to KES 1 million. In addition, it provides flexible repayment terms spanning from one week to twelve months.
What’s more?
With the banking service, You get to access loans with low interest rates which makes them an appealing choice for those seeking cost-effective borrowing options.
2. Tala Loan App
Tala is a popular mobile loan app founded in 2011 that has made waves among youths in Kenya. digital lending. Tala leverages digital data to assess the creditworthiness of an individual.
This innovative approach enables them to provide quick and accessible loans to individuals who may have been overlooked by traditional financial institutions.
The loan app provides loans of up to Ksh.30000. In addition, it allows you to repay the loan within a span of two weeks to six months. The loan app really saves during emergencies.
3. Branch Loan App
The branch loan app was developed by Branch International. The app uses data-driven technology to assess your creditworthiness and offer loans tailored to you.
You dont need to fill out lengthy paperwork to access the loans. Branch looks at your smartphone data to understand your financial behavior. This means more people can access loans, even if they haven’t used credit before.
The loan app offers credit up to Ksh.30000
The best thing is borrowers can select their repayment durations that align with their financial capabilities.
4. Timiza Loan App
Timiza mobile loan app is offered by Barclays Bank Kenya. It has swiftly become a go-to solution for individuals and small businesses seeking rapid access to funds.
Timiza serves as a reliable financial partner, extending quick loans to meet the diverse needs of its users. Borrowers can repay loans within a period of one week to twelve months.
5. M-Shwari
M-Shwari is a mobile banking service through a collaboration between the Commercial Bank of Africa (NCBA) and Safaricom’s M-PESA mobile money platform.
The mobile banking service has transformed banking for Kenyans. It brings both savings and loan solutions directly to customers’ mobile phones.
The loan feature enables borrowing ranging from Ksh 100 to Ksh 70,000, with repayment periods extending up to 30 days.
6. Haraka Loan App
Haraka is a mobile loan app catering to the swift financial needs of Kenyan citizens. The app employs a proprietary credit scoring algorithm to assess creditworthiness. This enables instant loan decisions tailored to individual circumstances.
7. Zenka Loan App
Zenka provides you with the opportunity to secure a 61-day instant loan, all for a singular processing fee ranging from 9 to 30%. What sets Zenka apart is its exclusive zero-interest proposition for first-time app users.
Zenka offers a versatile loan limit, spanning from Ksh. 500 to Ksh. 30,000, accommodating various financial requirements.
The unique Zenka Flexi option is a boost for those with favorable credit and repayment histories, granting them the freedom to extend loan repayment over a generous period of up to 12 months.
8. Stawika Loan App
The Stawika loan app enables individuals to access loans just moments after app installation. It provides an interest rate ranging from 7% to 21%. Also, you don’t have to pay any processing fee to access the loans.
Stawika offers a range of borrowing options from as little as Ksh. 500 to a substantial Ksh. 70,000. This makes it an accessible choice for a variety of financial requirements.
9. Hustler Fund
The Hustler Fund is very popular among the Kenyan youth. The loan app is operated by the Kenyan Government. It offers a range of loans and savings solutions to both individuals and small businesses across Kenya.
Through Hustler Fund, borrowers gain access to loans ranging from Ksh 500 to Ksh 300,000, with flexible repayment windows extending up to 36 months.
How to Appy for Mobile Loans in Kenya
Applying for mobile loans in Kenya is a straightforward process. You have the option to download the loan lender’s mobile apps from either the Google Play Store or the Apple App Store.
Alternatively, you can also access these loans through specific mobile USSD codes provided by the lenders.
Here are the various USSDs you can use to apply for the loans:
- Tala Loan USSD: Only via the App.
- Branch Loan USSD: Only via the official mobile app.
- Okash Loan USSD: *955#
- Timiza Loan USSD: *848#
- Fuliza Loan USSD: *234#
- Haraka Loan USSD: *841#
- Zenka Loan USSD: *483*101#
- Hustler Fund USSD: *254#
- Shika Loan USSD: *281#
- Stawika Loan USSD: *872#
- Mshwari USSD: *334#
- MCo-opCash: *667#
- Pesa Pap: *325#
- KCB Mpesa KCB Bank *844#
Final Thoughts
Now you have an idea of the best mobile loan apps you can use in case you need a quick loan for emergencies or personal development purposes.
Remember that while these apps offer convenient solutions, responsible borrowing is essential. Prioritize understanding the terms, interest rates, and repayment schedules before committing to any loan.
Only borrow what you genuinely need and ensure that you can comfortably meet the repayment obligations.
So, try these mobile loan apps and let me know your experience using them.
Read Also:
5 Reasons to Join a SACCO in Kenya
What is a SACCO? How it Works in Kenya
