A time comes when you're stuck financially and need a quick fix but no help is forthcoming, at such a moment you should try accessing a quick online loan.
Unlike banks which tend to be more rigid in their loaning programs, mobile loan apps are accessible to all smart phone users including the marginalized, remotely located and unbanked population.
Here is a list of the best platforms to get quick loans in Kenya in 2018.
If you are a Safaricom user, this is one of the most reliable and fastest way of acquiring a loan in Kenya.
All you require is to set up Mshwari in your M-pesa menu.
Minimum loan amount: Kshs 100
Maximum loan amount: Kshs 20,000
Repayment duration: 30 days
Must an active M-pesa user for not less than six months to be eligible.
[caption caption="Mpesa menu"][/caption]
This is one of the easiest ways to get a loan without having any big worries of guarantors.
Must be 18+ years
Have a registered and active M-pesa account for 6 months
Minimum loan is Ksh 50 and maximum is Ksh 1 million
You can repay your loan in one month, three months or six months depending on your selection criteria but remember the more the number of repayment months the higher the interest.
Dial *844# to get started.
If your Mpesa and KCB first names are different, you might encounter problems in withdrawing your money from the platform. Visit the nearest branch and your problem will be solved.
Branch is one of the best-rated loan apps in the country and you can access loans anywhere and anytime.
All you need is to download the Branch app from Play Store and fill in the application form.
Alternatively, you can download the Branch app online.
The more you use Branch, the more you build your credit by paying back on-time and this also helps you unlock larger and long-term loans.
Must be a registered and active Mpesa user
Must possess an active Facebook account
Link the app to your Facebook account
Minimum loan is Ksh 1,000 and maximum is Ksh 50,000
[caption caption="Branch app"][/caption]
4. Tala (formerly Mkopo Rahisi)
Tala provides credit on your mobile, on demand, instantly.
It is the second best mobile loans provider with more than 100,000 downloads on Google Play store.
All you need is to download the app and M-Pesa to verify your identity and creditworthiness.
Minimum loan amount: Kshs.2000
Maximum loan amount: Kshs.50,000
Repayment time: You can choose to pay at the end of the month or on 3 weekly instalments.
[caption caption="Tala formerly mkopo halisi"][/caption]
5. Saida Loans
To be eligible for this loan, you should be a user of mobile money serves like Mpesa, airtel money who makes and receives calls on a daily basis
Once you are approved you will get your loans instant via the mobile money service you use.
For this loan, the minimum amount you can borrow is Kshs.600 while the maximum is Kshs.100,000
Repayment duration is 30 days.
All you have to do visit their website http://getsaida.com/ or download the app.
Other loan services:
With Zawadi Kenya, you can apply for a loan online and get it the same day at no extra charge, it takes only two hours to get approval.
The loan that you can be awarded is dependent on Zawadi's evaluation of your ability to repay. Instant loans can be returned in a month’s time while school loans can be paid in three months time.
The only condition with Zawadi loans is that you must be employed to qualify for this loan.
Visit the website zawadikenya.co.ke to apply for the loan.
Timiza is a digital banking platform launched by Barclays Bank of Kenya to offer instant online loans.
You can register by dialing *848# on your Safaricom line or download the Timiza application from the Google Play Store.
To qualify, you have to be an M-pesa subscriber for six months and an active user of Safaricom and M-pesa services.
Borrowers can get loans of up to Ksh. 150,000 payable in 30 days with an interest of 6.17 percent.
[caption caption="Barclays Timiza platform"][/caption]
The application is available to Android mobile users but currently, it is only Safaricom subscribers who can use the loan service.
Here, loan limits range from Ksh 500 to Kshs 20,000.
The loans are charged a fixed facilitation fee rate of 15 percent once the amount is approved.
The maximum loan repayment period is 30 days while failure to do so on time attracts a 10 percent rollover fee on top of the amount is owed.
Zidisha refers to a peer to peer lending (P2P) method and a way for people and businesses to acquire small loans online in Kenya.
The service does this by linking money lenders to borrowers in Kenya and across Africa. With Zidisha, the minimum loan limit is Ksh 10,000 with weekly and monthly repayment structures.
Zidisha loans do not attract any interest rates.
[caption caption="Utunzi loans"][/caption]
Utunzi enables clients to apply for loans ranging from ksh500 to ksh100, 000.
Loan approvals depend on a borrower’s credit score considering also the information provided in the sign-up questionnaire.
Haraka loan app offers Kenyan loans ranging between Ksh500 and Ksh 5,000.
To qualify for this, all you need is to sign up using your Facebook account and apply for a loan.
You can borrow from Ksh 250 to Ksh 5,000 from the App and receive the cash via M-pesa from anywhere in Kenya without any securities.
[caption caption="Jazika loan app"][/caption]
This is another app that can save you during emergencies and avoid costly bank overdraft fees and payday loans.
Go ahead and take a small loan and don’t forget that failure to pay leads to you being blacklisted by the CRB
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