Top 10 Cheaper Loan Apps in Kenya for Genuine Instant Loans
Cheaper Loan Apps in Kenya? In Kenya, mobile loan apps have become a popular and convenient option for accessing quick loans. However, interest rates differ widely across providers. Listingster offers a thoroughly researched and trusted list of legitimate loan apps with the lowest interest rates available in Kenya.
Kindly see the below list of Cheaper Loan Apps in Kenya:
1. The Hustler Fund (annual interest rate of 8%, calculated daily at a rate of 0.02%)
The Hustler Fund is a government-backed initiative in Kenya. It aims at providing emergency mobile loans to small-scale entrepreneurs, businesses, and individuals in need of financial support.
2. KCB Mobi Loan, now known as Vooma Loan (5.91% per month)
KCB Mobile Loan, now known as Vooma Loan, is a mobile-based loan service offered by KCB Bank Kenya. However, the KCB Mobi Loan service is only available to KCB customers.
3. Eazzy Loan (6.08% per month)
Eazzy Loan is a mobile-based loan service offered by Equity Bank in Kenya, designed to provide quick, short-term loans to their customers through their mobile phones. 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.
4. SC Juza Loan (7.1% per month)
SC Juza Loan is a mobile loan service offered by Standard Chartered Bank Kenya. The entire loan application process is done through the SC Mobile App. SC Juza mobile loan app is available to both Standard Chartered Bank customers and non-customers.
5. Timiza Loan (7.25% per month)
Timiza Loan is a mobile-based loan service offered by Absa Bank Kenya. It is available to both Absa and non-Absa customers.
6. KCB M-Pesa (8.93% per month)
KCB M-Pesa provides users with short-term mobile loans in Kenya via M-Pesa. It 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.
7. M-Shwari (9% per month)
M-Shwari is one of the best and most popular providers of quick and short-term loans in Kenya. Moreover, it 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.
8. Branch (2% to 18% per month)
Branch offers short-term loans of varied amounts depending on your creditworthiness, and disburses funds typically within minute.
9. Tala (0.3% to 0.6% per day which translates to 9% to 18% per month)
Tala is among the leading online providers of emergency and short-term loans in Kenya. It charges daily interest ranging from 0.3% to 0.6%, with a potential 8% late payment fee if not repaid within 61 days.
10. Berry Loan App (8-15% per month)
The Berry Loan App is a mobile application designed to provide quick and easy access to personal loans. However, the application may offer different loan amounts based on the user’s credit profile or financial history.
In Conclusion, before borrowing, always conduct thorough research to determine the suitable loan apps with lowest interest rates. Also, consider your ability to repay to avoid potential financial challenges.
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