There are a number of mobile loan apps in Kenya that offer instant cash to individuals who meet the minimum requirements, like being over 18 years old and having a valid ID. The best mobile loan apps are owned by banks and established fintech companies and offer loans with quick approval and flexible repayment plans.
These apps will not interfere with your privacy or rush to blacklist you on CRB unless you are too adamant to pay after several reminders.
You can borrow as little as 100 shillings to a limit depending on your transaction history and creditworthiness. You can access some of these loan apps on any phone through USSD codes.
Best Mobile Loan Apps in Kenya
This article lists some of the best mobile loan apps in Kenya that offer unsecured instant loans without registration fees.
1. KCB M-Pesa 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 does 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.
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 to qualify for the loan.
McoopCash’s 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.
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
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 a 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.
Other mobile loan apps that are reliable for instant loans include KCB Vooma, NCBA Loop, Letshego, and PesaPap from Family bank.