17 Best Loan Apps in Kenya for Instant Loans in 2023

Mobile loan apps in Kenya are a go-to for quick emergency funds for any Kenyan above 18 years and with a registered SIM card. Unlike bank loans which are unreachable to many people, the best mobile loan apps in Kenya offer instant MPesa loans with low interest rates and flexible repayment plans. In addition, they will not interfere with your privacy or rush to blacklist you on CRB.

With some loan apps, you can borrow as little as 100 shillings up to a limit depending on your transaction history and creditworthiness. Some even have the option of borrowing through their USSD codes, even without an internet connection.

Here are 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 8.85% 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.

What’s more, you can keep on topping up your KCB M-Pesa loan so long as you are still within your loan limit.

2. M-Shwari Loan

Mshwari is owned by the NCBA 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 a one-time 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.

You can improve your Mswari limit by transacting more on MPesa, saving in your MShwari account, and repaying your loans on time.

3. Timiza Loan App

Timiza is owned by ABSA Bank and is one of the top mobile loan apps in Kenya. Timiza has a one-time total charge of 7.283% per month (1.083% interest plus 5% facilitation fee and 20% excise duty). The charge is not deducted beforehand but it is repaid together with your loan.

This means if you apply for Ksh. 4,000, you will get exactly that in your Timiza wallet.

With Timiza 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

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

For salary advance loans, your salary should pass through Cooperative Bank in order to qualify for the loan.

McoopCash’s one-off interest rate of 8% for one, 10% for two months, 12% for 3 months, and an insurance fee of 0.034% p.m. These are deducted immediately from the loan before it is disbursed into your MCoop Cash mobile account.

5. Branch Loan App

Branch loan app is among the best mobile loan apps in Kenya and gives you access up to Ksh. 70,000 instant loan. You will not incur late charges or rollover fees with the Branch mobile loan app.

Their interest rate is 14.57% for Ksh. 500, and the good thing is that the more you borrow, the lower the interest rate charged..

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 is one of the best mobile loan apps in Kenya that 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 the bank’s customers to get access to 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.

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

10. Stawika Loan App

Stawika 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-week repayment plan carries an interest of 14% while a duration of 21 days charges a 16.8% interest rate.

12. HF Whizz

This is 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. KCB Mobile Loan

This is different from KCB MPesa loans in that it is available to KCB customers. To qualify for a KCB MPesa loan, you should have a KCB account active in the last 6 months and registered for mobile banking. The account should also have at least 4 deposits within this period.

14. UbaPesa Loan App

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. Hela Pesa

Hela Pesa gives you access to emergency personal loans from Ksh. 500 up to Ksh. 200,000. The loan is repayable within 3 to 24 months. The amount borrowed attracts an interest rate ranging from 2% to 15% depending on the risk profile of the customer.

Hela Pesa also offers salary advance loans to salaried individuals. Your loan limit on Hela Pesa depends on your credit history and ability to repay the loan.

16. Zidisha Loan App

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 of 12% and an account management fee of Ksh. 400 payable annually. The loan is repayable within 30 days and attracts a total charge of 7.13%.

Other top mobile loan apps that are reliable for instant loans in Kenya include NCBA Loop, Letshego, Hustler Fund, and PesaPap from Family Bank.

Disclaimer: This article is for information purposes only and should not be taken as the final decision in your financial journeys. Serious care should be taken to ensure that you borrow healthy when needed and what you can repay.