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List of Best Mobile Loan Apps in Kenya

Online money lending apps have been on the increase in Kenya. If you are looking for an instant personal loan or a business startup loan, you can get it in a few minutes. There are many lending apps and so you can borrow from several apps at the same time. It is important to note that failure to pay these loans will land you into CRB blacklist. Therefore, make sure to borrow responsibly and not default in loan repayment. 

Read more: How to get CRB clearance certificate. 

Best Money Lending Apps in Kenya

The following are some of the best mobile loan apps in Kenya.

1. Tala Loan App

Tala is one of the best loan apps in Kenya. You can download Tala form Google Play store and immediately start accessing quick loans. You must sign in using your details and then verify before you can get a loan. The amount of loan you can obtain depends on your credit history. You can repay your loan using Mpesa Xpress or using Tala paybill number as 851900 and account number as your phone number. 

2. Branch Loan App

Branch is also one of the leading loans apps in Kenya. You can access a loan of up to Ksh 70,000. You can download Branch from Google play store and then register using your details. When you apply for a loan, it takes 24 hours to get processed.

The good thing about it is that there are no hidden fees. Here are no late fees and that is why many people prefer Branch. You can  repay Branch loan using M-pesa paybill number 998608 and your Mpesa number as the account number. 

Read also: How to register a business in Kenya.

3. Zenka Loan App

Zenka is an excellent lending app in Kenya where you get your first credit without any interest for the first credit. You need to pay Zenka loan within 61 days to make use of the interest-free offer.

You can download the Zenka app from the Google Play Store and then fill an application form. Within a few minutes, you will receive the amount you requested.You can pay Zenka loan using paybill number 979988 and your M-pesa number as the account number. 

4. Equity Bank Eazzy Loan

Eazzy Loan is provided by Equitel, a service by Equity Bank for Eazzy banking customers. To get an Equity Eazzy Loan, you must first open a bank account with Equity Bank. You will then be provided with an Equitel SIM card. Using the line, go to your toolkit and locate loans. To get the loan, you must have saved with the Bank. The interest rate for the loan is 2-10% per month.

The minimum amount you can borrow is Ksh 1000 and the maximum repayment duration is 12 months. The Eazzy loan attracts an interest rate of between 2% and 10% per month and additional charges like tax fee and appraise fee of 1%. You can pay Eazzy loan using paybill number 247427 and then enter your account number.  

5. M-Shwari

Mshwari is a lending platform by Safaricom. Apart from borrowing, you can save money through Mshwari and get up to 6.56% interest every year. The amount of credit you can receive depends on your credit history. Mshwari loans are available to all Safaricom M-pesa registered users.

You can pay the loan directly from your M-pesa. The minimum amount you can borrow is Ksh 100 while the maximum mshwari loan limit is Ksh 50,000.However, the maximum amount you can get depends on your M-Shwari credit history.

To repay your M-shwari loan, go to M-pesa menu, select loans and savings and then M-shwari. Select Loan and then Pay loan from the menu. Mshwari loan interest rate is 7.5% per month of the principal amount. To increase Mshwari loan limit, you need to increase your Mshwari savings and M-pesa services usage.  

Read also: How to start Mpesa business in Kenya.

6. KCB Mpesa

KCB Mpesa is a lending platform through Safaricom and KCB Bank partnership. You can use KCB Mpesa o borrow money and also to save. You can access KCB Mpesa loan through your Mpesa menu. You can borrow a loan more than once as long as you don't exceed your limit.

When you request a loan, it will be deposited in your Mpesa. You can repay the loan directly from your Mpesa or via paybill number. To pay KCB M-pesa loan using the paybill number, use 522559 as the business number and your phone number as the account number.  

7. Okash Loan App

Okash is also a great mobile money lending app you can download from the Google play store. Then register using your details to start accessing credit. You can use it to obtain business credit and personal credit. You can get a loan of up to 100,000.

A loan from Okash attracts a 14% interest while the app is the one that determines your limit and your repayment period. You can repay Okash loan through M-pesa using Okash paybill number 612224 and account number as the phone number you used to get the loan. 

8. Kopa Kash Loan App

Kopa Kash is a mobile money app in Kenya you can download from Google Play. You can borrow between Ksh 1,000 to 50,000. The product you choose in the app determines your credit score. The loan repayment period ranges between 91 and 120 days.

When you request a loan, you can receive it through your Mpesa or bank account. You can repay Kopakash loan using paybill number 733555 and your Mpesa number as the account number. 

Read also: How to apply for Mpesa Business Till Number.  

9. mKey

mKey is an online banking service that you can use to chat with your family and friends, save and borrow money. You can also pay your bills using the app. You can download it from the Google Play store. The loan interest rate is usually 9% of the principal amount.

You can borrow between Ksh 300 and Ksh 1 million. Your credit history determines your credit limit. You can repay mKey loan through paybill using 778588 as business number and your M-pesa number as the account number.  

10. Berry

You can download Berry from the Google play store. Then register on the mobile money app using your details. Once you fill in your details, the officials will verify the details you provided. You can only start receiving credit after verification.

The app charges an interest rate of between 9-16%. The loan limit for the first time cannot exceed Ksh 500. The amount can gradually rise to Ksh 50,000 as you build your credit history.

11. Safaricom Fuliza

To start using Safaricom Fuliza service, you need to dial *234#. Your Mpesa usage determines your credit limit. Fuliza helps you to complete Mpesa transactions when you have insufficient balance in your Mpesa balance. The Fuliza balance is deducted immediately after depositing money into your Mpesa or when you receive money through Mpesa.

Read more: How to fuliza Mpesa, charges and repayment.

The following are Fuliza charges.

Amount Charges 
0 -100One-time fee of Ksh 2.4
101-500Ksh 6 per day
501-1000Ksh 12 per day
1001-1500Ksh 24 per day
1501-2500Ksh 30 per day
2501-70000Ksh 36 per day

Summary of Best Mobile Loan Apps in Kenya

We highly discourage people from borrowing money, unless it is an emergency. Many youths in Kenya have been blacklisted in CRB for defaulting in repaying mobile loans. However, if you are in dire need of a loan, you can get one from one of the above mobile loan apps in Kenya. Borrow money from money lending apps only when it is very necessary to do so.

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