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.
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.
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.
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.