The Top 5 Kenya Loan Apps for Quick Cash
One of the biggest challenges facing many Kenyans is accessing quick cash whenever they need it, especially when faced with an emergency. In the past, people had to rely on traditional banks, microfinance, and savings and credit cooperative organizations (SACCOs) to access loans. However, with the advancement of technology, people can now access loans from their mobile phones through loan apps.
In this article, we will highlight the top 5 loan apps in Kenya for quick access to cash.
1. Tala
Tala is a popular loan app that has been in operation in Kenya since 2014. It’s available on both Android and iOS platforms and has been downloaded over 5 million times. Tala’s loan sizes range between Ksh 1,000 and Ksh 50,000. They offer a flexible repayment period of between 21 and 30 days, and their interest rates range between 5% and 15%.
2. Branch
Branch is another popular loan app that has been operating in Kenya since 2015. It offers loans ranging between Ksh 1,000 and Ksh 70,000 with a repayment period of between 4 and 68 weeks. Branch’s interest rates range between 10% and 14%, and they have a fast approval process, which takes less than 24 hours.
3. Zenka
Zenka is a Kenyan loan app that has been in operation since 2018. It offers loans ranging between Ksh 500 and Ksh 30,000, with a repayment period of between 1 and 30 days. Zenka’s interest rates range between 14% and 30%, and they have a user-friendly interface that makes the loan application process quick and easy.
4. Okash
Okash is a popular loan app by Opera that has been in operation in Kenya since 2018. Okash offers loans ranging between Ksh 2,500 and Ksh 50,000, with a repayment period of between 14 and 30 days. Their interest rates range between 5% and 15%, and they have a fast application process that takes less than 5 minutes.
5. KCB M-Pesa
KCB M-Pesa is a partnership between KCB Bank and Safaricom, aimed at providing Kenyans with a convenient way of accessing loans. KCB M-Pesa offers loans ranging between Ksh 50 and Ksh 1,000,000, with a repayment period of between 1 and 3 months. KCB M-Pesa’s interest rates range between 1.16% and 1.98%. The loans can be accessed by dialing *844# on your Safaricom line.
In conclusion, mobile loan apps have made it convenient for Kenyans to access quick cash in times of need. However, it’s important to ensure that you borrow responsibly and only borrow what you can afford to repay. If you’re looking to access quick cash, consider using any of the top 5 loan apps highlighted in this article.
