Where can I get Small Loans in Kenya?

Have you been wondering where you can secure small loans in Kenya from?

We have done some research on the best places to secure small loans in Kenya. Here is a list of the best places that we found out.

List of places to secure Small Loans in Kenya

A small loan is that loan that can be paid back within a month or two. 99.8% of the time, most small loans do not require one to provide security in order to access them.

In addition to this, the application rules applied are also not stringent. Hence, one can just access a small loan in Kenya at the comfort of their homes or workplaces.

We are going to subdivide the places where one can secure a small loan into 3:

  1. Peer to Peer lending
  2. Mobile Applications
  3. USSD loans

Let’s now discuss each category in details:

  1. Peer to Peer Lending

Peer to peer lending is simply when one is able to request for loans out of banks from individuals who have pooled funds together to help other people. Before the advent of technology, this would simply happen through Merry-go-rounds.

However, with the advent of technology, there are organizations with platforms that exist to connect borrowers to pools of investors to further their dreams. Some of these platforms include:

  • UbaPesa

UbaPesa is a mobile application peer to peer lending system that is homegrown. All that one needs to do is to download and install the application and then update all the information required and you are ready to borrow.

All the funds requested are paid through your MPESA account and therefore there is no involvement with the bank anywhere.

UbaPesa is among the first Peer to Peer lending platforms in Kenya where one can access small loans from in Kenya.

  • Zidisha

Zidisha is also another platform offering direct lending to borrowers. In order to be eligible for a small loan from Zidisha, prospective members are required to pay KES 1,000 non-refundable fee.

Moreover, if you are approved to borrow, you have access to funds of over KES 1,000,000 for an interest rate ranging from 15% to 35% inclusive of all costs.

Zidisha is a platform that is well known and common to individual business owners and jua cali operators. Why not try it out the next time you need to be bailed out?

  • WayHoty Capital

WayHoty capital is another top platform to borrow small loans from. This Peer to Peer lending platform requires that you be either a salaried employee or a business owner and provide proof for it in order to access a loan from them.

It is a secure and simplified way to borrow funds.

2. Mobile Applications

Currently, Kenyan’s are spoilt for choice as there are so many mobile money lending platforms. Moreover, we have also discussed in detail many of these mobile money lending platforms in other articles. We will, therefore, list them below:

  • Branch Loan App
  • Zenka Loan App
  • Nic Now App
  • Tala Loan App
  • PesaPap App

Read also: Instant Mobile lending Apps

3. USSD Loans

USSD loans are loans that can be accessed by simply dialing a few digits on your phone. It’s worth noting that USSD loans do not require you to download and install an App in order to access the loan. ┬áThese loans include:

  • KCB M-PESA

KCB M-PESA small loans can be accessed by simply dialing *844#. You will then be prompted to input your KCB M-PESA pin and then the loan amount you would like to borrow. If successful, the loan will be directly into your M-PESA account.

All loans by KCB M-PESA attract an interest rate of 7.5% which is way cheaper when compared to other lending applications.

  • HF Whizz

In addition to KCB M-PESA, HF Whizz also offers USSD loans to its customers. Therefore if you were wondering where to secure a small loan from in Kenya, HF Whizz might be just the right place.

Simply dial *618# and you will be halfway to securing that small loan that your business really needs.

Conclusion on Small Loans in Kenya

The places listed above are in no way exhaustive of all the places that you can access a small loan from. However, they are good places to start off your own research.

 

 

 

 

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