Top 12 Mobile Loans Apps in Kenya for Instant Loan
Hustler FundAre you in need of emergency mobile loans in Kenya? Here are some of the best providers of unsecured emergency and quick short-term mobile loans in Kenya, in no particular order:
1. Branch Loan App:
Branch offers emergency mobile loans in Kenya ranging from Ksh 500 to Ksh 300,000, depending on your creditworthiness, and disburses funds typically within minutes. Branch’s loan amounts and interest rates are determined based on your mobile phone’s financial history. Branch is a great option for those needing fast, unsecured loans. Moreover, Branch offers loans with monthly interest rates ranging from 2% to 18% depending on your risk profile.
2. Tala Loan App:
Tala is among the leading online providers of emergency and short-term loans ranging from KSh 1,000 to KSh 50,000. Moreover, the application process is quick and entirely mobile, with funds disbursed within minutes after approval. Also, Tala uses your phone’s financial history to determine eligibility. Essentially, they offer quick loans in Kenya without security. Tala charges daily interest ranging from 0.3% to 0.6%, with a potential 8% late payment fee if not repaid within 61 days.
3. M-Shwari
M-Shwari is one of the best and most popular providers of quick and short-term loans in Kenya, offered via M-Pesa in partnership with NCBA Bank. It allows users to borrow amounts ranging from KSh 1,000 to KSh 1 Million. M-Shwari is ideal for those in need of fast, unsecured loans with flexible repayment terms. Additionally, M-Shwari offers loans charged at 9%, being Loan Fees of 7.5% and 1.5% Excise Duty. Excise duty is deducted from the loan amount to be sent to M-PESA. Moreover, the loan is usually payable within 30 days.
4. KCB M-Pesa:
KCB M-Pesa is a partnership between Kenya Commercial Bank and Safaricom, providing users with short-term mobile loans in Kenya via M-Pesa. Moreover, Loan amounts can range from KSh 1,000 to KSh 1 Million depending on your M-Pesa transaction history. This service offers a fast application process and quick disbursement, making it a reliable option for those needing emergency cash. Moreover, KCB M-Pesa charges a facility fee of 8.93% for a one-month loan. KCB M-PESA is available to both KCB and non-KCB customers, as it’s a loan and savings product offered by KCB Bank Kenya Ltd to all Safaricom M-PESA customers.
5. Mco-op Cash:
Mco-op Cash is a mobile loan service provided to Cooperative Bank Members through the Mco-op Cash app. You can access MCo-op Cash by dialing *667# or through the MCo-op Cash app, available on the Google Play Store or Apple App Store. Their loan amount provided range from a minimum of Ksh 1,000 up to a maximum of Ksh 500,000. The interest rate is 4% per month of the loan amount applied. MCo-op Cash is designed to be accessible to everyone, regardless of whether they are a Co-operative Bank customer or not.
6. KCB Mobi Loan, now known as Vooma Loan
KCB Mobile Loan, now known as Vooma Loan, is a mobile-based loan service offered by KCB Bank Kenya. Additionally, you can access the KCB Mobile Loan (Vooma Loan) through the KCB Mobile App available on the Google Play Store or Apple App Store or by dialing 522#. The loan range for 1 month is between Ksh 1,000 to Ksh 300,000. The loan amount is deposited directly into your KCB bank account. The total cost of the loan is 5.91% for a 1-month loan. Important to note, the KCB Mobi Loan service is primarily available to KCB customers and not non-KCB customers.
7. Eazzy Loan
Eazzy Loan is a mobile-based loan service offered by Equity Bank in Kenya. It is designed to provide quick, short-term loans to their customers through their mobile phones. To access an Eazzy Loan, you can either dial *247# on your phone. Alternatively, you can utilize the Equity Mobile App available on the Google Play Store or Apple App Store. The Eazzy Loan interest rate is 13% per annum, which translates to approximately 1.08% per month, and a 5% processing fee. Loan amounts range between KSh 100 and KSh 3,000,000. Funds from the facility are instantly available into your Equity account. In summary, they are one of the best providers of emergency loans in Kenya. The Eazzy Loan appears to be exclusively for Equity Bank customers, requiring an active Equity Bank account or Equitel line for at least 6 months.
8. Timiza Loan
Timiza Loan is a mobile-based loan service offered by Absa Bank Kenya. Additionally, it’s designed to provide unsecured short-term personal loans to individuals through their mobile phones to both Absa and non-Absa customers. To access a Timiza loan, you can either dial *848# on your phone or download the Timiza app available on the Google Play Store or Apple App Store. Timiza Loan has a monthly interest rate of 7.25%. Moreover, Timiza offers loans starting from KSh 1,000 up to KSh 250,000, depending on the customer’s credit profile. Timiza, is available to both Absa and non-Absa customers.
9. SC Juza Loan
SC Juza Loan is a mobile loan service offered by Standard Chartered Bank Kenya (SCB). It is a convenient, quick-access loan product that allows the bank’s customers to apply for short-term loans directly via their mobile phones. Moreover, their loans are designed to cater to personal financial needs, and the entire application process is done through the SC Mobile App. To access the SC Juza loan, download the SC Juza mobile app from the Google Play Store or Apple App Store. In addition, the loan amounts range from KES 1,000 up to KES 100,000. In conclusion, their interest rates is 1.60% per month with an additional processing fee of 5.50%. SC Juza mobile loan app from Standard Chartered Bank is available to both Standard Chartered Bank customers and non-customers.
10. The Hustler Fund
The Hustler Fund is a government-backed initiative in Kenya. It aims to provide emergency mobile loans to small-scale entrepreneurs, businesses, and individuals in need of financial support. It offers loans ranging from KSh 500 to KSh 50,000. Their interest rate is set at an annual rate of 8%, typically payable after 14 to 30 days. In addition, to access the Hustler Fund, eligible customers can dial \*254# or through the Hustler Fund mini-app within their mobile money app.
11. Berry Loan App
The Berry Loan App is a mobile application designed to provide quick and easy access to personal loans. Their credit facilities range from Ksh 1,000 to Ksh 50,000. The application may offer different loan amounts based on the user’s credit profile or financial history.. If you repay Berry loans on time, you boost your chances to access a higher loan limit at lower interest rates. Though Berry loan app interest rates are not clearly stated, they are approximately about 8-15% per month of the loan amount.
12. Bayes Loan App
The Bayes Loan App in Kenya is a mobile-based lending application that offers quick and accessible microloans to individuals. By analyzing users’ financial data, transaction history, and other relevant factors, the app determines loan eligibility and interest rates, aiming to provide more personalized and accurate loan offers. Their credit facilities range from Ksh 1,000 to Ksh 50,000. Loan charge is 30% of the principal amount.
In Conclusion, each of the above providers offers unsecured, quick, short-term emergency mobile loans in Kenya, tailored to various financial situations. When choosing a provider, consider factors like loan amounts, interest rates, repayment terms, and ease of access to ensure the best fit for your needs.
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