Best mobile loan apps in Kenya
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17 Best Loan Apps in Kenya for Instant Loans [2023]

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There has been an explosion of mobile loan apps in Kenya claiming to offer quick cash to anyone above 18 years and with a valid ID. The best mobile loan apps and services are owned by Banks and some well-known Fintech companies.

They do not request for registration fees or paperwork in order to apply for loans

These apps can offer you loans as low as Ksh. 100 to a limit depending on your transaction history, once you meet their minimum requirements.

This article enlists some of the best mobile loan apps in Kenya that can offer you an unsecured instant loan without registration fees.

Read: USSD Codes for Mobile Loans Apps in Kenya.

17 Best Mobile Loan Apps in Kenya

Some loan apps are owned by banks while others are owned by fintech companies. This list details some of the best mobile apps and services that give instant loans and have low interest rates.

1. KCB Mpesa Loan

KCB bank in conjunction with Safaricom offers very affordable instant loans to active MPesa users. The loan can be accessed through the MPesa menu or by dialing *334# and selecting Loans and Savings.

Upon your first registration, your initial loan limit will be based on your Mpesa usage and transactions.

The loan ranges between KSh. 1,000 to 1M and comes with a one time facility charge of 8.64%. The loan is payable within 30 days.

The loan will not incur any transaction charges when you send it from the KCB Mpesa account to your MPesa wallet.

2. Mshwari Loan

Mshwari is owned by the CBA bank. Mshwari has a feature where you can open an account through your phone and lock your savings to earn interest from 7% p.a.

Mshwari charges an interest rate of 7.5% p.m. on your loan and you can borrow from Ksh. 100 to a maximum depending on your repayment history and saving ability.

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Apply for M-Shwari loan, save money, repay loan and interest rates

3. Timiza Loan App

An app from ABSA Bank that brings mobile banking services into your hands. Timiza attracts a total loan charge of 6.08% per month (interest plus facilitation fee).

You can borrow from Ksh. 50 to Ksh. 100,000 depending on your CRB score and credit history. Your loan limit rises very fast as you borrow and repay the loan in time.

4. Mco-opCash Loan

A product of the Cooperative Bank of Kenya that offers flexible 1 to 3 months instant loans to salaried employees. It also offers up to 6 months business loans to business owners in Kenya.

For salary advance loans, your salary must be passing through Cooperative Bank for you to qualify for the loan.

McoopCash one-off interest rate is 1.083% p.m and an insurance fee of 0.034% p.m. These are deducted immediately from the loan before it is disbursed into your MCoop Cash account.

5. Branch Loan App

You can access up to Ksh. 70,000 on this international mobile loan app. You will not incur late charges or rollover fees with the Branch mobile loan app.

Interest rates for this platform are 14.57% for Ksh. 500, which gets lower with higher loan amounts.

6. Tala Loan App

Tala has a flexible payment period of 21 days to 61 days. Tala interest rates range from 7% to 19% for a 30 day loan, and 5% to 14% for a 21-day loan.

You can easily qualify for an instant loan by answering basic questions about your financial status. Once the loan is approved, it is sent directly to your MPesa account.

7. Zenka Loan App

Zenka allows you to apply for a 61 day instant loan at a one-time processing fee of 9 to 30%.

Zenka has a zero interest offer to first-time users of the app.

Your loan limit can vary from Ksh. 500 to Ksh. 30,000. The Zenka Flexi option allows those with good credit and payment histories an option to repay their loans for up to 12 months.

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Download Zenka loan app, register, apply and repay loan

8. Eazzy Loan

This is an Equity bank product that enables customers to get access to Equity bank mobile loans at interest rates between 2% and 10%.

You can borrow from 100 shillings to 200, 000 shillings for a period of 30 days.

Eazzy Plus gives you access to a maximum of Ksh. 3,000,000 payable up to 12 months.

9. Berry Loan App

Berry loan app charges interest rates between 8% to 15%. You can borrow from Ksh 500 to 50,000 depending on your transaction history and payment records.

It has zero processing fee and you can pay the loan in 91 days or 180 days.

10. Stawika Loan App

Download Stawika loan app and get loan in 5 minutes
Stawika loan app services.

Offers quick emergency loans, to those who qualify, a few minutes after installing the app. Stawika charges an interest rate between 7% to 21% and has no processing fee.

You can borrow from as little as Ksh. 500 up to Ksh. 70,000 on the app.

11. Okash Loan App

Starters can borrow between Ksh 1,500 to Ksh 50,000 with a chance to grow their loan capability up to a maximum limit of Ksh. 500,000 as their credit score grows.

Okash has a maximum loan interest of 24% p.a. The interest rate depends on the loan duration.

A two weeks repayment plan carries an interest of 14% while a duration of 21 days charges 16.8% interest rate.

12. HF Whizz

A product of the Housing Finance Corporation Bank available for both Android and iOS users.

You can borrow from sh 1,000 to 50,000 at a rate of 7.725% payable in 30 days.

13. Haraka Loan App

Loans attract an interest rate of 23.45% with payment periods from 7 to 30 days. You have access to loans ranging from Ksh 500 to Ksh 5,000, but the limit will grow depending on the transaction history.

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14. UbaPesa

Ubapesa is a peer to peer mobile loan app that connects lenders and borrowers. This means you either lend and earn interest or borrow.

With this app, you also get to know your Credit Score Rating which is displayed on the screen. The facilitation fee starts from 8% and 14% which increases depending on the payment period (usually between a day to 30 days).

You can borrow from Ksh 500 up to Ksh 70,000. The money is credited to your Mpesa instantly with the facilitation fee already deducted.

15. iPesa Loan App

You can borrow as low as Ksh 500 to Ksh 50,000 at an interest rate of 15%. When the loan is approved, it is sent immediately into your Mpesa account.

The shortest loan tenure is 91 days, the longest is 180 days.

16. Zidisha

Zidisha is an international peer to peer online microlending community that directly connects lenders and entrepreneurs in need of financial support.

You can access Zidisha loans on their Android app or through their website. The app is open to anyone with a national ID and a source of income to repay the loan as scheduled.

Zidisha charges a service fee of 5% and a credit risk between 5% and 30% which covers the lenders in case of defaults.

You can grow your credit history on Zidisha and borrow up to 10,000 US Dollars.

17. Utunzi Loan App

Gives instant loans between Ksh. 500 up to Ksh. 1 million. The minimum repayment period is 91 days and the maximum loan term is 5 months.

Utunzi charges an interest rate 12% and an account management fee of Ksh 400 payable annually.

Disclaimer: This article is based on opinion and is for information purposes only and should not motivate a final decision when it comes to borrowing. Take due diligence before indulging any lending company.