Today, we will look at 11 best places to get Online Loans in Kenya 2020. Sometimes, we fall short of cash. Most of these times, our friends might also lack money to lend us.
It is at those times that Online loans come in handy. These loans are easy to access, easy to apply, as well as easy to get. Most of the interest rates charged by online loan applications are often lower than what most banks offer—therefore implying that they are also affordable.
List of Online Loans in Kenya
Let’s discuss in detail these top online loans in Kenya.
1. Zenka App
Zenka App ranks number 1 out of 11 online loans in Kenya in 2020. This Application is the latest addition to the Kenyan online loans family. This app has shaken some of its competitions out of their high places. This online loan App in Kenya promises to transact the amount borrowed in just 5 minutes.
This means you can start the process of borrowing an online loan from them while in a supermarket queue, and by the time you get to the counter, you will have the cash ready to pay.
The lowest amount you can borrow using Zenka is Ksh 500, while the highest is Ksh 30,000. Moreover, there is no minimum number of days in which one can pay up their loan. However, for you to access another loan from them, you need to have paid the initial loan amount.
Moreover, Zenka charges a one-time loan processing fee between 9% – 29%.
Here is how to download and install Zenka App.
2. Zidisha Loan
Zidisha Loan is the first online microlending platform for entrepreneurs. At the moment, this top online site in Kenya has over 389,806 members. It is, therefore, one of the most legitimate online borrowing platforms.
This online platform connects lenders to entrepreneurs without involving no middle man. Payments are made weekly and deposited to the lender’s account. First-time applicants are issued a small loan to test how creditworthy they are. Upon proving this, they can borrow up to 1,014,790 KES
It may take between a day to 2 weeks to be able to access the borrowed amount. One is charged a service fee of 10% and may also be charged a credit risk charge of between 5% to 25%.
AfricaLoan is another top online loan in Kenya in 2020. This loan is entirely online, and one has just to download and install the AfricaLoan Application. After installing the app, fill the online application form, and in less than an hour, you will have your loan.
One can borrow up to KES 50,000 using the AfricaLoan Application. This platform is very secure. Please try it out next time.
GetBucks Kenya is an online platform in Kenya than offers online loans to Kenyans. This platform provides secured loans based on the needs of the customers.
From this online platform, one can borrow up to KES 200,000 to be repaid over 26 days. You can access GetBucks Loans 24/7 any day and within a short period.
5. Umati Capital
Umati Capital is an online loans platform in Kenya. However, this platform only lends to Jumia and Pigiame vendors. Just like all the other applications, the vendor will receive their loans either in their Mpesa or their bank accounts.
The application process will only take around 15 minutes, and it takes approximately 48 hours for your loan to be approved. As a result, its approval process is faster than that of Zidisha but longer than GetBucks.
Moreover, Umati capital charges an interest rate of just 6%, which is very affordable as it does not charge legal fees.
6. Okash Loan
Okash Mobile lending application is another top online loan in Kenya. One can borrow between KES 1,000 to KES 500,000 with this online platform. This platform, as at today as over 1,000,000 installations meaning that it is genuine and affordable.
Okash charges an interest rate of 14% for the online loans borrowed. Therefore, Okash is the best platform to borrow from. Please try it out.
PesaZone is the cheapest online loan in Kenya. This Application does not charge any interest rate to its customers. Instead, it costs a flat processing fee of KES 500.
For instance, say I need to borrow KES 10,000 to be paid within the next seven days. The total amount to repay at the end of the seven days will be KES 10,500. It is worth noting that this loan can be repaid for a maximum of 90 days.
Moreover, the maximum amount of loan that one can borrow from PesaZone is KES 50,000. Isn’t it amazing that there is a platform one can borrow from without incurring a high cost?
8. Haraka Loan App
In addition to all the online loans mentioned above. Haraka Loan app is another affordable online loan in Kenya. This mobile Application offers cheap affordable loans to customers within a short period.
It is important to note that the Haraka Loan App is provided by GetBucks the South African online loans platform. They are spreading their eggs to minimize losses.
9. Okolea Loan
Okolea Loan is another online loan provider in Kenya in 2020. This loan provider, like most discussed above, disburse funds using mobile wallets.
Moreover, Okolea Loan is quite affordable as it charges interest rates between 2% – 20% for loans between KES 100 – KES 100,000.
At the moment, Okolea has over 8,500 installations from google play store. It is, therefore, quite popular among individuals in Kenya.
All that one needs to have is an android phone, some data bundles as well as a hundred shillings which you must send as an account opening fee.
10. Branch International
Branch international tops the list of the most popular online loan in Kenya. Most of us know what this Application is and even might have used it many times.
Branch offers Kenyans an opportunity to borrow over KES 70,000 online. All that one has to do is to make sure that they are consistent in borrowing and making payments. Moreover, as eligibility criteria to qualify for the first loan, one has to be very active on Facebook.
The interest rate charges are between 7% and 21%.
Tala is as popular as Branch and probably its biggest competitor. Tala loans give you access to online loans in Kenya, where one can borrow up to KES 30,000. Fees charged by this platform can be as low as 5%, but this is mainly dependent on the loan amount.
Tala App on google app store has over KES 1,000,000 downloads. Join these happy subscribers the next time you need to bail yourself out.
Conclusion online loans in Kenya
As I conclude, always remember that what is borrowed has to be repaid. There is a need to, therefore, borrow as much as you can repay to avoid being blacklisted.