We are living in interesting times where you can get everything from the palms of your hands including getting credit. This article will review all the loan apps in Kenya available today. If there is a Loan App missing, kindly suggest in the comments below or send me details and I will review it.
Technology has made it possible to do things that seemed unthinkable about 5 years ago. We all know how bureaucratic getting a loan from a bank was back then. But now with the innovation of loan apps in Kenya, your loan is just a phone away.
History of Loan Apps in Kenya
Loan Apps in Kenya became popular in the last three years with the launch of Branch loan App. Ever since we have so many players coming into the industry. Others have died off while others have grown so big and their clients have increased in numbers.
Kenya is known for mobile money is the hotbed for Mobile Loan Apps, with M-Pesa being the ideal option to receive loans from these Loan Apps in Kenya.
Now banks who have been traditional loan lenders joining in by releasing their own versions of mobile loan Apps.
Mobile Loan Apps in Kenya
The following is a list of popular Mobile Loan Apps in Kenya. The list is not in any order and I try to give more details for each app based on my experience and those of other users.
List of Loan Apps in Kenya:
These are the top 10 loan apps in Kenya:
- Branch App
- Tala Loan App
- Barclays Timiza Loan App
- Stawika Loan App
- Haraka Loan App
- Utunzi App
- Saida Loan App
- Jazika Loan App
Let’s dive into the details of each Mobile Loan App
1. Branch Loan App
The first loan app in Kenya to review is Branch. A well-known app that was introduced to Kenyans in 2015 by Branch International. Branch is not only available in Kenya but can be found in Tanzania and Nigeria.
The mobile loan app gives its users loans up to KES 50,000.
To get started on Branch App, you download the App from Google Play store, use Facebook to signup and log in and automatically you will know if you qualify for a loan or not. If you are approved for a loan, you will receive it through M-Pesa.
For more information about Branch, check out this article on Branch loan App.
Tala was initially known as Mkopo Rahisi and rebranded to Tala. They offer loans up to 30,000 and the loan is disbursed through M-Pesa. They pride themselves in giving loans in less than 5 minutes and you will build your credit up to the maximum amount by repaying your loans in time.
Tala App has more than 1 Million downloads on Google store and considered as one of the most popular loan Apps in Kenya.
To get a loan from Tala, all you have to do is download the App on your Smartphone and create an account. If you are not listed on CRB you will get your first loan which you can choose the payment terms.
Check out the Ultimate Guide to using Tala Loan App
3. Timiza Loan App
Timiza is an App by Barclays bank one of the local banks in Kenya. As mentioned earlier, the loan app craze in Kenya has forced mainstream financial players to innovate.
The best thing about Timiza unlike other Apps from banks is that the App is not limited to the bank’s customers alone but rather available to all Kenyans.
You download the app, register and check if you qualify for a loan.
The Timiza App is not only a Loans app but one of a kind app where you can do more. You can top up any amount and use the money to hail a Taxi for example.
4. Stawika Loan App
Stawika is a rising Loan app in Kenya by Stawika Capital. Once installed on your smartphone, the App will evaluate your data on the phone such as M-Pesa usage and other factors to qualify you for a loan.
I have not personally used the App but will give it a try and update this post or create a new article specifically for Stawika Capital.
The registration process is simple, you download Stawika Loan App from Google, Use your phone number to register and provide a unique 4 digit Pin.
Haraka means fast in Swahili. So anyone within Kenya will know that the App provides quick/fast loans. Haraka Loan is a product of Getbucks, a South African registered lender.
Haraka Loan App is available in other 4 African countries as well, i.e Swaziland, Uganda, Tanzania, and Zimbabwe.
Their loan range is between 500 and 5000 and the loans attract an interest rate of 23.45%.
6. Utunzi Loan App
I had to skip this one after reading the negative reviews on the Google Play store.
Saida is another Loan App that is helping Kenyans secure an instant mobile loan direct to their phones. You can download Saida to your mobile app and they offer loans of up to 25,000.
Their interest rates can go as low as 7.5% and you have up to 3 months to repay your loan.
I have not used to App but will create a post on Saida in few coming weeks.
You can now learn more on Saida Loan App by following the link.
8. Jazika Loans
This is another mobile loan App from Jazika Ventures. With Jazika, you can qualify to a maximum of 100,000 Kenyan shillings and the application process is simple.
The money goes directly to your M-Pesa and repaying the loan is also through M-Pesa.
Read more on Jazika Loan App
9. KCB M-Pesa
I believe, Safaricom set the ball rolling for mobile loan Apps and KCB in partnership with M-Pesa came up with a solution. The KCB M-Pesa solution is tied to your Safaricom sim card and through the Safaricom App.
According to me, they have the cheapest interest rates in the market.
I could not finish this list without mentioning a Safaricom product. All the other Apps work best with M-pesa. So just like KCB M-Pesa Safaricom in partnership with CBA Bank have a solution for mobile loans dubbed Mshwari.
It operates on the principle of saving to access a loan. Your loan limit can be increased depending on how you save on Mshwari and also how you repay your past loans.