Top 5 Loan Apps in Kenya You Need to Know
Are you in Kenya and in need of a quick loan? Worry not! With the advancement of technology, you can now access loans from the comfort of your home. In this article, we shall be discussing the top 5 loan apps in Kenya you need to know.
M-Shwari
M-Shwari is a mobile loan service that is offered exclusively on the Safaricom network. It was launched in 2012 as a partnership between Safaricom and the Commercial Bank of Africa (CBA). With M-Shwari, you can get a loan of up to Kshs. 20,000 with interest rates of 7.5% and a facility fee of 4%.
Tala
Tala is a mobile loan service that offers unsecured loans of up to Kshs. 30,000 to Kenyans. The loan repayment period is from 21 days to 6 months with an interest rate of between 7% and 15%. Tala uses a smartphone app to determine creditworthiness and can disburse loans in less than 5 minutes.
Branch
Branch is a mobile loan platform that provides unsecured personal loans to Kenyans. The app uses data from your phone to determine your creditworthiness. You can borrow up to Kshs. 70,000 with an interest rate of between 10% and 27%. The repayment period is between 4 to 68 weeks.
Fuliza
Fuliza is a product by Safaricom in partnership with KCB that allows M-Pesa users to complete transactions even when they have insufficient funds in their account. It’s not exactly a loan app, but it comes in handy when you run out of money and need to complete a transaction. It attracts a 1% facilitation fee per day on the outstanding balance.
KCB M-Pesa
This is a mobile loan service offered exclusively on the Safaricom network. It is a partnership between Safaricom and Kenya Commercial Bank (KCB). With KCB M-Pesa, you can get a loan of up to Kshs. 1,000,000 with interest rates of 1.16% per month and a one-time negotiation fee of between 2.5% and 8% of the loan amount.
Conclusion
In conclusion, Kenya has a wide range of loan apps for individuals in need of quick loans. However, it’s essential to borrow responsibly and assess your ability to repay the loan before applying for it. With these top 5 loan apps, you can access quick loans to solve your financial emergencies without the hassle of going to the bank.
