Loan Apps in Kenya; Top 5 Best Loan apps in Kenya.
Thinking of starting a business but you have no capital to start your business or you intend to expand your business and you have inadequate cash?. This loan apps could help.
The path to start up is never easy but with the loans apps, you are sorted. Are you urgently in need of cash to run your day to day activities? Are you hit by an emergency and you need cash? Do not worry, we have got you covered. We will show you how you can get cash fast.
How the Loans Apps works
The loans apps and processes are designed to fit the borrowers’ needs and help them grow
There is no paper work simply download the Loans App sand get approval from the relevant lender in under 24 hours.
As a borrower, you can view all available loan products by downloading the mobile loan apps you wish to borrow from, in Google Play Store.
Below is a step by step process of getting your loan
- Download the app loan from Google Play Store
- Create your account. Fill in the form provided and submit for a quick review
- Apply for the loan that meets your needs.
- Receive the loan into your account.
There are a under of mobile apps in Kenya due to increased demand for the product. Due to hard economic affairs, people are forced to borrow money to make ends meet.
The loans app gives instant loans depending on the customers limit straight to their MPESA accounts.
The loan apps enables you to know your repayment schedule and interest rate right from the beginning. Failure to pay the loans, the result is you will owe more money as penalties, fees and interest charges build up in your account, thereby affecting your credit score negatively.
4 Leading Mobile Loan Apps in Kenya
The Branch Loan App
Procedure of downloading the Branch loan app from play store
- Download the Branch Loan App from Google Play Store
- Fill in the required details about yourself
- Finish by activating your account.
Procedure of acquiring the loan with Branch Loan App
- Log in to Branch APP
- The amount limit of the loan you can procure will be displayed.
- Choose “my loans”
- Select “request loan”
- Then enter the amount of money you desire to be issued with (don’t exceed the loan limit)
Tala Mobile Loan App
The Tala Mobile Loan App is one of the most popular apps in Kenya. Many people, though, do not know how they can access loans on Tala.
The loan ranges from 500 to 30000.
How to register on Tala Loan App
- Once the app is downloaded, open the app and you will be asked to link your mobile number
- The number will be verified and will register you automatically.
- Tala will check for information about you on your phone. This information is from your SMS to see how you transact MPESA, income and other information.it also uses your CRB status to determine your credit score
- You registered and now have a Tala loan account.
Timiza Mobile Loan App
Launched by Barclays of Kenya.
How to apply and pay on the Timiza Loan App
- Download the app from play store
- Once installed, open the app
- Allow Timiza Mobile Loan App to make calls, manage calls /read messages
- Once done set the pin for logging the app
Mshwari Mobile Loan App
Mshwari was found in 2012, a partnership project between Safaricom and Commercial Bank of Africa (CBA). The minimum amount that you can borrow is Ksh 100.
You can qualify for a higher loan by repaying on time and by increasing your savings in your Mshwari account.
The repayment period lasts for 30 days with an interest rate of 7.5%. To qualify you need; first be a Safaricom subscriber, active MPESA account for a period of 6 months and an Mshwari account. Your loan will be processed in less than five minutes.
KCB MPESA is a partnership project between Safaricom and Kenya Commercial Bank (KCB) launched in 2015. The minimum amount you can borrow is Ksh 50 all the way up to Ksh 1,000,000.
The loan interest rate is 1.16% per month with a one-off negotiation fee of 2.5%. The cost of a one-month loan is 3.66% with excise duty applicable to fees. The loan is disbursed KCB MPESA menu on your phone. KCB MPESA is also available through the KCB App.
To qualify you need to have an active MPESA account for at least 6 months. KCB MPESA assesses your loan repayment behavior, saving history and monitors your MPESA transactions activity to determine the amount of loan limit for you.