Where to get Emergency loans in Kenya (Updated 2019)

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Today, I will show you where to get emergency loans in Kenya. I know there comes a time when we are in dire need of quick money, but you can find any.

Well, worry no more as Financial technology has come to save our lives. But first, let me help you understand what the meaning of emergency loans in Kenya is.

Emergency loans are quick or urgent money gotten in a short period meant to satisfy an immediate need. Way before the emerging of financial technology, there were traditional banking systems where one would take days or even weeks to get a loan.

However, that seems to have ended with the introduction of loan apps where you get money on the go.

Where to get emergency loans in Kenya

There are several apps where you can get emergency loans in Kenya in case of an urgent need.

1. Tala App

Tala is one of the first loan apps to be established. It was formerly known as Mkopo Rahisi. The app is available on all Android smartphones, and anyone can apply and get instant loan.

To set up the Tala app go to google play store, download and install the app

How to download Tala

  • Visit Google Play Store this is for all Android smartphones
  • Download the app and wait till it installs on your phone automatically.
  • Once installed, get ready to start using Tala Loan App.

The app has a limit of up to Ksh 30,000

Read More: How to download Tala App

2. KCB M-Pesa

This is a mobile application for M-Pesa users where you can access emergency loans in Kenya. Customers who use M-Pesa services can only access these services.

To get started
  • Go to M-Pesa menu
  • Click on Loans & Savings
  • Select KCB M-PESA
  • Select loan > Request Loan > Enter Amount
  • Enter KCB M-PESA PIN the OK

3. Branch

Just like Tala, Branch is a financial credit service through an app. It gives the user the flexibility to access instant loan anytime, anywhere.

The branch app is available for download on google play store

According to the apps statistics, they have about 3 million users, over 15 million mobile loans issued and over 300 million dollars disbursed.

To download Branch Go to google play>Click on install to download the app.

Once installed, fill in the details required to start using Branch.

Read More: Branch app download and loan application 

4. Mshwari

Mshwari is a product of Commercial Bank of Africa in partnership with Safaricom.

The product allows you to save and borrow money through mobile phone as you earn interest as you saved.

For you to qualify for a Mshwari loan, all you need is to be an M-PESA subscriber for six months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA.

5. MCoop Cash

This is a loan app which enables co-operative bank of Kenya customers to access the bank services, including emergency loans.

It gives access customers account balances, transfer cash from their MCO-op cash account to Mpesa, Airtel.

It also allows the bank costumers to purchase airtime from m-coop cash account among other services.

With MCOOP Cash App, you can apply for up to a maximum of 200,000 shillings of 1.5 times your net salary.

6. Saccos

Saccos come in handy when you need emergency loans in Kenya.

This is Savings and Credit Cooperative Organisations which are managed by a group of individuals with the same purpose. In most cases, they are formed by people who work together, Church members, family or a community with a common goal.

Saccos are best when it comes to savings. They then use the savings to lend to their members.

The savings can also be used for various investments like buying of lands, houses etc.

In Kenya, we have some of the known Saccos including Stima Sacco, Waumini Sacco, Harambee Sacco, Safaricom Sacco, among others.

However, Saccos have their advantages and disadvantages.

Read More: Top 10 Investment SACCOs in Kenya in 2019

Advantages

  • The more you save, the more you get, especially when you require an emergency loan.
  • The money you save never gets lost once you leave the Sacco you given all your money.
  •  Saccos give members chances to own properties
  • Saccos allow members to use their dividends to pay back the loans
  • You earn dividends from your money.
  • You can also use your dividends to increase your shares.

Disadvantages

  • Without members, there is no Sacco
  • Due to limited capital, they may be forced to employ unqualified professionals

7.Shylock

This is an individual money lender or Creditor and in most cases known to be ruthless, cruel with ridiculous interest rates.

Being an individual lender, there are advantages and disadvantages to getting money from them.

Advantages

  • Loans are immediate
  • You can get them at your own convenient time.

Disadvantage

  • High-interest rates
  • There are no regulations put in place
  • Most of these lenders operate illegally with no documentation
  • Loans are on lender terms. The debtor is not given a chance to negotiate.

8. Banks

This is the institution where we all keep and deposit our money. Banks have a higher reputation, especially in most countries.

They carry out lending activities to both individuals and institutions.

For you to get a service from the bank could be a loan or want to deposit, you are required to open a bank account which you will use for all your activities.

Banks have different types of loans including

  • Salary advance loans – for short notice or emergencies
  • fixed asset loans – for buying assets where the asset itself is collateral
  • factoring loans – loans based on money owed to your business by customers
  • hire purchase loans – for long-term purchase of assets such as vehicles or machinery

However, as much as we all run to the bank to borrow loans, we ought to know some pros and cons of borrowing from these institutions

Advantages

  • Banks gives you a flexible way of paying your loan
  • The interest rate is not too high compared with other emergency loans lenders
  • You can always secure your loan with whatever asset you maybe your land, home or even business

Disadvantages

  • Customers may sometimes not pay on time hence causing cashflow problems.
  • In some cases, you put valuable possession as security for the loan borrowed.
  • There may be a charge if you want to repay the loan before the end of the loan term, especially if the interest rate on loan is fixed.

While considering to take emergency loans in Kenya, it is essential to learn about the existing ones and lean their terms and conditions, from there you get to choose which one will favour you most.

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