Kenya’s mobile loan app market has grown rapidly, offering a convenient way for individuals to access credit. These apps provide instant loans directly to your mobile phone, making them highly popular among Kenyans. Here’s an updated list of the top 10 mobile loan apps in Kenya for 2024.
1. Tala
Tala is one of Kenya’s most popular mobile loan apps, offering loans from Ksh 500 to Ksh 30,000. Tala evaluates your creditworthiness using smartphone data and offers flexible repayment options. The app is known for its user-friendly interface and fast disbursement process.
- Loan Amount: Ksh 500 to Ksh 30,000
- Interest Rate: 7% to 19% depending on the loan term
- Repayment Period: 21 to 30 days
- Website: Tala
2. Branch
Branch provides quick, unsecured loans through its app, with loan amounts ranging from Ksh 250 to Ksh 70,000. The app uses smartphone data to assess your eligibility and offers flexible repayment periods, making it a favorite for many users.
- Loan Amount: Ksh 250 to Ksh 70,000
- Interest Rate: 13% to 29% APR
- Repayment Period: 4 to 16 weeks
- Website: Branch
3. M-Shwari
M-Shwari, a collaboration between Safaricom’s M-Pesa and NCBA Bank, offers a unique savings and loan service. Loans range from Ksh 100 to Ksh 50,000, and the funds are available instantly upon approval. M-Shwari is fully integrated into the M-Pesa platform, making it extremely convenient.
- Loan Amount: Ksh 100 to Ksh 50,000
- Interest Rate: 7.5% per month
- Repayment Period: 30 days
- Website: M-Shwari
4. KCB M-Pesa
KCB M-Pesa, offered in partnership between KCB Bank and Safaricom, provides loans to M-Pesa users ranging from Ksh 50 to Ksh 1 million. The app offers flexible repayment periods and a straightforward loan application process.
- Loan Amount: Ksh 50 to Ksh 1 million
- Interest Rate: 7.5% per month
- Repayment Period: 1 to 6 months
- Website: KCB M-Pesa
5. Zenka
Zenka is popular for offering flexible loan amounts and repayment terms. It also provides a no-interest first loan for new customers. Zenka’s user-friendly app makes it easy to apply for loans and manage repayments.
- Loan Amount: Ksh 500 to Ksh 30,000
- Interest Rate: 9% to 29% depending on the loan term
- Repayment Period: 61 to 180 days
- Website: Zenka
6. Timiza
Timiza by Absa Bank is more than just a loan app; it also provides banking services such as bill payments and insurance. The app allows users to borrow amounts from Ksh 50 to Ksh 150,000, with competitive interest rates.
- Loan Amount: Ksh 50 to Ksh 150,000
- Interest Rate: 6.08% monthly
- Repayment Period: 30 days
- Website: Timiza
7. Stawi
Stawi is a digital lending product backed by major banks like KCB and NCBA, targeting small and medium enterprises (SMEs). It offers loans ranging from Ksh 30,000 to Ksh 250,000, with an extended repayment period of up to 12 months.
- Loan Amount: Ksh 30,000 to Ksh 250,000
- Interest Rate: 9% to 12% per annum
- Repayment Period: Up to 12 months
- Website: Stawi
8. Haraka
Haraka, which means “speed” in Swahili, is designed for fast, short-term loans. It’s ideal for individuals needing small amounts of money urgently, with a very quick approval process.
- Loan Amount: Ksh 500 to Ksh 5,000
- Interest Rate: 23% to 25% monthly
- Repayment Period: 7 to 30 days
- Website: Haraka
9. Mokash
Mokash, offered by Equitel and Airtel, provides loans integrated with mobile money services. This app is suitable for users who prefer seamless integration with their mobile wallets for easy loan access and repayments.
- Loan Amount: Ksh 100 to Ksh 100,000
- Interest Rate: 9% per month
- Repayment Period: 30 days
- Website: Mokash
10. IPesa
IPesa is a relatively new player in the market but has quickly gained popularity due to its high loan limits and flexible repayment terms. The app offers loans from Ksh 500 to Ksh 50,000 with a fast approval process.
- Loan Amount: Ksh 500 to Ksh 50,000
- Interest Rate: 12% to 33% depending on the loan term
- Repayment Period: 14 to 90 days
- Website: IPesa
Conclusion
The mobile loan apps listed above are among the best in Kenya, offering a range of options to suit different financial needs. Whether you’re looking for a small emergency loan or a larger amount to fund your business, these apps provide fast and convenient solutions. Always ensure you understand the interest rates and repayment terms before taking out a loan to avoid financial strain. For more details, visit the respective app’s website directly through the provided links.
