15 Best Mobile Loan Apps in Kenya

What is a Mobile Loan App?

A mobile loan app is a platform or application that lends money to its users. They offer an alternative to traditional banking, which requires a lot of paper work. Mobile loan apps provide a fast (sometimes instant) and convenient way to access credit to individuals and small businesses.

Understanding the Mobile Loan Landscape in Kenya

Mobile lending has played a pivotal role in driving financial inclusion in Kenya. With the likes of M-Shwari, Tala, and Branch leading the charge, the regulatory environment has adapted to safeguard borrowers. This evolution has not only improved access to credit but has also positively impacted the nation’s economic development.

Criteria for Evaluation

Our evaluation is based on critical factors such as interest rates, repayment terms, loan limits, and customer service. These aspects are crucial in determining the overall value and user experience offered by each mobile loan app.

Below are the top 15 licensed mobile loan apps in Kenya:

1. Hustler Fund

Hustler Fund (operated by the Kenyan Government) tops the list due to the low interest rates charged to borrowers. Hustler fund provides both loans and savings services to individuals and small businesses in Kenya. Dial *254# to register and access Hustler fund.

2. M-Shwari

M-Shwari is a savings and loan service offered by the Commercial Bank of Africa (NCBA) in partnership with Safaricom’s M-PESA mobile money app in Kenya. Loan amount ranges from KES 100 to KES 70,000 with a repayment period of up to 30 days.

3. KCB M-PESA

KCB M-PESA is a savings and loan service offered by the Kenya Commercial Bank (KCB) in partnership with Safaricom’s M-PESA mobile money app in Kenya. Loan amount ranges from KES 100 to KES 100,000,000 with a flexible repayment period from one week to twelve months.

4. KCB Mobi Loan

KCB mobi loan is a mobile loan facility offered by the Kenya Commercial Bank (KCB) in Kenya to its customers. For one to qualify for a loan, you must have an active account with KCB and linked the account with mobile banking.

5. Timiza Loan App

Timiza is a mobile loan app offered by ABSA (formerly Barclays Bank Kenya). Timiza provides quick loans to individuals and small businesses in Kenya at a low interest rate. Its repayment period ranges from one week to twelve months.

6. Fuliza Loan

Fuliza is a loan service offered by the Commercial Bank of Africa (NCBA) in partnership with Safaricom’s M-PESA mobile money app in Kenya. The loan is accessed when making payments. Fuliza’s interest rates are charged on a daily basis though the repayment period is 30 days.

7. Tala Loan App

Tala is a mobile-based lending platform by Inventure Mobile Limited that provides instant digital loans to customers in Kenya. Tala has friendly customer service, and offers mobile loans to small businesses and individuals up to KES 50,000 with a repayment period of 2 to 8 weeks. To register or access the loan, download Tala app on Google play store.

8. Branch Loan App

Branch is a mobile-based lending platform by Branch International and one of the leading mobile loan app in Kenya. Branch offers mobile loans to small businesses and individuals up to KES 30,000 with a repayment period of 2 to 8 weeks. To register or access the loan, download Branch app on Google play store.

9. Zenka Loan App

Zenka is a mobile-based lending platform by Zenka Digital and one of the popular loan apps in Kenya. Zenka provides quick and convenient loans to individuals in Kenyan. Individuals can borrow up to KES 50,000 with a repayment period of up to 12 months.

10. PesaZone Loan App

PesaZone is a mobile-based loan app PesaPro Ltd that provides instant mobile loans to small businesses and individuals in Kenya. Users can borrow up to KES 30,000 with repayment period of up 30 days.

11. Kashway Loan App

Kashway is a mobile-based by Kashway Tech Ltd in Kenya. It provides quick and convenient mobile loan to individuals and small businesses in Kenya. With Kashway, one can borrow up to KES 30,000 with repayment period of up to six months.

12. Okash App

Okash is a mobile-based loan app by Blue Ridge Microfinance Bank Limited. Okash provides quick loans to individuals and small businesses in Kenya. It offers loans of up to KES 50,000 with repayment terms ranging from one week to six months.

13. HF Whizz

Housing Finance’s mobile app, HF Whizz, not only facilitates loans but also integrates with various financial services. Its association with a reputable financial institution assures users of reliability. Despite facing competition, HF Whizz stands out for its versatility and commitment to customer satisfaction.

14. Stawika

Stawika’s approach to mobile lending is characterized by simplicity and accessibility. With competitive interest rates and reasonable loan limits, Stawika caters to a wide audience. User feedback applauds the app’s efficiency and transparency in loan processing.

15. Saida

Saida’s personalized lending solutions set it apart in the mobile lending space. By analyzing mobile data, Saida determines creditworthiness, ensuring tailored loan offerings. Positive testimonials underscore Saida’s commitment to understanding and meeting the financial needs of its users.

Tips for Responsible Borrowing

As you explore these mobile loan apps, it’s crucial to adopt responsible borrowing habits:

Understand the terms and conditions of each loan app.
Borrow only what you need and can comfortably repay.
Prioritize loan repayments to avoid penalties and negative credit history.
Diversify your financial activities to reduce reliance on mobile loans.

Conclusion

In the ever-evolving landscape of mobile lending in Kenya, these 12 apps stand out for their unique features and contributions to financial inclusion. Empowered with this knowledge, you can now make informed decisions about your financial future. Remember, financial literacy and responsible use of mobile loans are key to unlocking true financial freedom.