Top 5 Loan Apps in Kenya That Will Help You Get Quick Financing

Introduction

With the rise of digital platforms, getting a loan in Kenya has become easy and convenient. Thanks to loan apps, borrowers can access credit facilities from the comfort of their smartphones. Loan apps have simplified the traditional lending process by eliminating the need to visit a bank branch or fill in tedious paperwork. This article explores the top 5 loan apps in Kenya that will help you get quick financing.

M-Shwari

M-Shwari is a mobile lending service offered by Safaricom and Commercial Bank of Africa (CBA). The app offers instant loans ranging from Ksh. 100 to Ksh. 50,000 to M-Pesa users. Users can also save money and earn interest on their savings. M-Shwari has a low interest rate of 7.5%, making it an affordable option for borrowers. The repayment period is 30 days, and failure to repay on time attracts a penal interest rate of 7.5%.

Tala

Tala is another popular loan app in Kenya, offering quick loans ranging from Ksh. 500 to Ksh. 50,000. The app uses a credit scoring system that analyzes user’s mobile data to determine their creditworthiness. Tala has an interest rate of between 11% and 15%, and the repayment period is between 21 and 30 days. Successful repayment of loans increases the user’s credit limit, making it easier to access larger loans in the future.

Branch

Branch is a mobile lending platform that allows users to access loans ranging from Ksh. 250 to Ksh. 50,000. The app uses machine learning algorithms to analyze user’s data and determine their creditworthiness. Branch offers competitive interest rates of between 10% and 14%, and the repayment period ranges between 14 and 90 days. Users can also refer a friend to the app and earn a commission when their friend borrows and repays their loan.

Fuliza

Fuliza is a service offered by Safaricom that allows M-Pesa users to access instant overdrafts to complete transactions. Users can borrow up to Ksh. 70,000 and repay over a period of 30 days. The interest rate for Fuliza is 1.083% per day, making it an affordable option for users who need emergency funds. Fuliza is ideal for users who need to make urgent payments and don’t have enough funds in their M-Pesa account.

KCB M-Pesa

KCB M-Pesa is a mobile banking service from Safaricom and Kenya Commercial Bank (KCB). The app allows users to access loans ranging from Ksh. 50 to Ksh. 1,000,000. The app uses a credit scoring system that analyzes user’s M-Pesa transaction history to determine their creditworthiness. KCB M-Pesa offers competitive interest rates of between 1.16% and 1.96%, depending on the loan amount and repayment period. M-Pesa users can access the app by dialing *844#.

Conclusion

Getting quick financing in Kenya has never been easier, thanks to loan apps. The top 5 loan apps in Kenya offer competitive interest rates, flexible repayment periods, and easy access to credit facilities. Whether you need emergency funds, want to invest in your business, or need to pay bills, loan apps are a convenient and affordable option. Choose the loan app that best suits your needs and start accessing quick financing today!