A loan is when money is given to a person in exchange for repayment of the loan principal amount plus interest. In Kenya there are a number of loan apps that give short term mobile loans immediately after application. Even though, not all are suitable some request registration fees while some charges high interest
The following is a list of best loan apps in Kenya 2021.
Bayes offers instant, flexible and affordable mobile loans with no hidden charges. They charge no registration fees. They only look at mobile data and request a six months Mpesa statement. They offer loans from Kshs 1,000- 50,000 and charge 30% of the principal amount.
Okash loan app has a rating of 4.2 on the Google Play Store. They offer loans from Kshs 2,500- 50,000, with interest rates of 14% to 16.8% dependent on the repayment period. The repayment period is between 14-21 days.
Timiza is a reliable loan platform offered by Absa Bank. It offers loans from as low as Kshs 50 up to Kshs 150,000, with interest rates at 6.08%. The repayment period is 30 days.
LionCash provides timely and affordable loans from Kshs 500 up to Kshs 70, 000. They are transparent and ensure that your changing needs are met with flexible loan solutions to better your economic situation. Interest rates are as low as 16%.
Tala offers the most accessible consumer credit product instantly, all through a smartphone app. Their loans range from Kshs 100- 50,000. Anyone with an Android smartphone can apply for a loan and receive an instant decision regardless of their credit history. Their interest rates are 11% and 15% for repayments of 21 and 30 days respectively. The loan app has a rating of 4.4 on Playstore.
6. Credit Hela
Credit Hela is a reliable loan app that offers flexible loans from Kshs 1,500- 80,000. They don’t charge a registration fee when applying for a loan. They charge a one-time service fee that ranges from Kshs 100 to 600.
Opesa uses data from your phone including your handset details and financial transactions messages to determine the loan offer suitable for you. They offer loan limits between Kshs 2,000- 10,000 at a 16.8% fee, repayable after 14 days.
Zenka is one of the best mobile loan app in Kenya that provides financial services responsibly and immediately without the need for collateral. The app has a rating of 4.0 on Playstore. They offer loans from Kshs 500 to 30,000 and charge a processing fee of 9-39% of the principal amount
Kashway offers loans from Ksh 500 to Kshs 50,000 at low-interest rates in the most convenient and secure way. The application process is digital and hassle-free and can be completed via your smartphone anywhere. They charge a service fee of 22%, an interest rate of between 30%-72% APR.
10. Branch Branch offers loans by accessing people’s credit based on smartphone data. Their approval process is quick and gives people an opportunity to build credit regardless of their banking history. The app can be downloaded from the Google Play store. Loan terms are from 4-52 weeks with an interest range of 17%- 35%.