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Top 5 Mobile Loans in Kenya

Photo via loans.or.ke

Nowadays, it is easier to access mobile loans in Kenya than secure a bank loan. Mobile loans don’t require security or collateral and are instant. Most of them take under 5-minutes to apply and process but not longer than 24 hours. The number of mobile loans subscribers has increased tremendously over the last 3 years. Mobile loans offer micro-loans but with a good credit score and repayment history, you can apply for a loan of over 100, 000. If you default on any Mobile loan in Kenya, you will be adversely listed with the Credit Reference Bureau (CRB).This will make every lender deny you loans for a period of 5 years.  Below is a list of top 5 mobile loans in Kenya.

1.     Mshwari

Mshwari is an Mpesa   loan service which started in 2012. You automatically qualify for Mshwari if you have been an active Mpesa user for at least 6 months. You can borrow as little as Sh. 100 to Sh. 20,000 depending on your loan limit. The repayment duration for an Mshwari loan is 30 days with a 7.5 % interest rate applied. The maximum loan amount for an Mshwari loan is Sh. 1,000,000. You can access the Mshwari menu by following the steps below on the Safaricom tab;

  • Safaricom
  • Mpesa
  • Loans and Savings
  • Mshwari
  • Loan
  • Request Loan
  • Enter amount
  • Enter Mpesa PIN

2.     KCB Mpesa

KCB Mpesa is a loan service offered by KCB Bank to Mpesa users. You just need an active Mpesa account to qualify. The minimum KCB Mpesa loan amount is Sh. 50 but the maximum is Sh. 1,000,000 with a good credit score and loan repayment history. Their loan limit increases much faster than Mshwari. The loan repayment period is between 1 to 3 months at a monthly interest rate of 3.66%. You can access the KCB Mpesa menu by following the steps below on the Mpesa tab;

  • Mpesa
  • Loans and Savings
  • KCB Mpesa
  • Loan
  • Request Loan
  • Enter amount
  • Enter repayment period (between 1 to 3 months)
  • Enter Mpesa PIN
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3.     Branch Loan App

Branch is a Mobile Loan App for android phone users only.  The app works by gaining access to your Mpesa messages and transactions in order to determine your loan eligibility.  Branch might start your first loan at Sh. 1000 and increase the loan limit after every successful repayment. It is currently the best mobile loan app with the lowest interest rate. You need to download the Branch app on Google Play store and make sure you have an active Mpesa and Facebook accounts.  Remember to save your Mpesa transactions messages (SMS) because they will be used to determine your loan limit. With a good credit score, you can apply for loans over Sh. 20, 000 in a few months time. Branch has 3 equal weekly installments repayment duration.

 

4.     Saida Mobile Loan App

Saida is a mobile loan app similar to Branch and Tala, but a little bit strict in their loan application. For you to be eligible for a loan, you need to make mobile money transactions every two days. Also they need your number to be super active with many calls and texts on a daily basis. Your loan limit is determined by your proof of income. Saida need to know if you are able to pay your loan.  Download the Saida Mobile Loan App from Google Play Store. The loan repayment period is 30 days with an interest rate of 10%

 

5.     Tala Mobile Loan App (formerly Mkopo Rahisi)

Tala was first launched in 2014 as Mkopo Rahisi. You can start applying for Tala loans by Downloading the Tala Mobile Loan App. After installing the app, run it and link it with your active Facebook account. Tala will ask you a couple of questions in order to determine your loan eligibility. The app also reads your Mpesa transaction messages to determine your credit score.  You can start with as little as Sh. 500 up to Sh. 50, 000 depending on your credit score. Loans are repayable in 3 weekly installments at an interest rate of 15%

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