Mobile Loan Apps in Kenya 2023: The Ultimate Guide

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Are you looking for a quick and easy way to access credit in Kenya? Do you want to know which are the best mobile loan apps in Kenya 2023 that can offer you instant loans without collateral or security? If yes, then you are in the right place.

In this article, I will give you a comprehensive guide on the best mobile loan apps in Kenya 2023 that you can use to get loans anytime, anywhere.

I will also compare their features, interest rates, loan limits, repayment periods, and customer reviews to help you make an informed decision.

But before we dive into the details, let me first explain what mobile loan apps are and why they are so popular in Kenya.

What are Mobile Loan Apps?

Mobile loan apps are applications that you can download on your smartphone and use to apply for loans online. They are also known as digital lenders or fintech lenders because they use technology to provide financial services.

Mobile loan apps have revolutionized the lending industry in Kenya by offering quick and convenient access to credit.

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Unlike traditional banks, mobile loan apps do not require you to fill out lengthy forms, provide collateral, or have a good credit history. All you need is a registered mobile money account such as M-Pesa or Airtel Money and a valid national ID.

a). What loan apps in Kenya consider before they lend you money

Mobile loan apps use various data sources such as your phone usage, social media activity, credit reference bureau (CRB) reports, and other third-party sources to assess your creditworthiness and determine your loan limit and interest rate.

The more you borrow and repay on time, the higher your loan limit and the lower your interest rate.

b). How mobile loan apps disburse loans in Kenya.

Mobile loan apps disburse loans directly to your mobile money account within minutes of approval.

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You can then use the money for any purpose such as paying bills, buying groceries, starting a business, or dealing with emergencies.

You can also repay the loan using your mobile money account before the due date to avoid penalties and improve your credit score.

Why are Mobile Loan Apps Popular in Kenya?

Mobile loan apps have become very popular in Kenya for several reasons. Some of them are:

  • They are easy to access.

Yes, you can download and install a mobile loan app on your smartphone within minutes and start applying for loans anytime, anywhere.

You do not need to visit a physical branch, queue for hours, or wait for days to get approved.

  • They are flexible.

borrowers can choose from a variety of mobile loan apps that offer different loan amounts, interest rates, repayment periods, and terms and conditions.

You can also compare different offers and select the one that suits your needs and preferences.

  • They are affordable.

Most mobile loan apps charge lower interest rates than traditional banks and other informal lenders such as shylocks or Chamas.

Some even offer zero-interest loans or discounts for loyal customers. You also do not have to pay any application fees, processing fees, or hidden charges.

  • They are transparent.

Mobile loan apps disclose all the information about their loans such as the total cost of credit, the annual percentage rate (APR), the late payment fees, and the rollover fees before you accept the offer.

You can also access your loan history, balance, and repayment schedule on the app anytime.

  • They are secure.

Mobile loan apps use encryption and other security measures to protect your personal and financial data from unauthorized access or misuse.

They also comply with the Central Bank of Kenya (CBK) regulations and the Data Protection Act 2019 to ensure that your rights as a borrower are respected.

How to Choose the Best Mobile Loan App in Kenya 2023

With so many mobile loan apps available in Kenya in 2023, how do you choose the best one for you? Here are some factors that you should consider before applying for a mobile loan:

  • The loan amount.

How much money do you need?

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Different mobile loan apps have different minimum and maximum loan limits depending on their criteria and policies.

You should choose a mobile loan app that can offer you enough money to meet your needs without borrowing too much or too little.

  • The interest rate. How much will you pay for the loan?

Again, different mobile loan apps have different interest rates depending on their risk assessment and market conditions.

Consider choosing a mobile loan app that charges a reasonable interest rate that you can afford to repay without straining your budget.

  • The repayment period.

How long will it take to repay the loan?

Mobile loan apps have different repayment periods ranging from a few days to several months depending on their terms and conditions.

My advice, choose a mobile loan app that gives you enough time to repay the loan without extending it too much or too little.

  • The customer reviews. What do other borrowers say about the mobile loan app?

You should read the customer reviews of different mobile loan apps on Google Play Store, App Store, social media platforms, blogs, forums, and other online sources.

You should choose a mobile loan app that has positive feedback from satisfied customers who praise its service quality, reliability, and professionalism.

The Best Mobile Loan Apps in Kenya 2023

Based on the above factors, I have compiled a list of the best mobile loan apps in Kenya in 2023 that you can use to get instant loans without collateral or security. Here they are:

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1. Branch

Branch loan (Digital Money lender)

Branch is one of the most popular and trusted mobile loan apps in Kenya in 2023.

It offers loans ranging from Ksh 250 to Ksh 300,000 with ranging interest rates depending on the loan amount and the period you choose for repayment.

The repayment period is 4-52 weeks depending on the loan amount and frequency. You can also earn bonuses and discounts for referring friends, repaying on time, and taking multiple loans.

The branch loan app is easy to use and fast to approve.

You can download the app from the Google Play Store or App Store and sign up with your phone number and national ID.

You can then apply for a loan and get it within minutes if approved.

When the repayment time comes, use M-Pesa Paybill number 998608 to make your loan repayments.

So far Branch has over 10 million downloads and a 4.5-star rating on Google Play Store.

It has also received positive reviews from customers who appreciate its convenience, flexibility, and customer service.

2. Tala

Tala Unsecured Loans

Tala is another leading mobile loan app in Kenya 2023 that offers loans ranging from Ksh 2,000 to Ksh 30,000 with interest rates of 11-15% of the loan amount.

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The repayment period is 21-30 days depending on the loan amount and frequency. You can also earn bonuses and discounts for referring friends, repaying on time, and taking multiple loans.

Tala is simple to use and quick on loan approvals.

You can download the app from the Google Play Store or App Store and sign up with your phone number and national ID.

For Tala loan repayments use M-Pesa Paybill number 851900.

Tala has over 5 million downloads and a 4.6-star rating on Google Play Store.

3. Timiza

Timiza is a mobile loan app from Absa Bank Kenya Plc that offers loans ranging from Ksh 50 to Ksh 150,000 with an interest rate of 1.17% of the loan amount per month.

The repayment period is 30 days regardless of the loan amount and frequency.

With the Timiza loan app, you can also access other banking services such as savings, bill payments, airtime purchases, insurance, and investments.

Being a loan app by an existing bank, Timiza approves loans fast.

Download the Timiza app from the Google Play Store or App Store and sign up with your phone number and national ID.

Timiza M-Pesa Paybill number 300067 and it has over 1 million downloads and a 4-star rating on Google Play Store.

4. M-Shwari

M-Shwari is a mobile loan app from Safaricom Plc that offers loans ranging from Ksh 100 to Ksh 50,000 with interest rates of 7.5-9% of the loan amount per month.

Like most loan apps in this list, the repayment period for Mshwari is 30 days regardless of the loan amount and frequency.

With the Mshwari loan app, you can also access other services such as savings, overdrafts, lock savings accounts, and fixed deposit accounts.

M-Shwari is simple to use and quick to approve loans.

You can access the app through your M-Pesa menu on your phone by selecting Loans and Savings option.

Check your Mshwari loan limit, apply for a loan, and get it within minutes if approved.

5. Zenka

Zenka is a mobile loan app that offers loans ranging from Ksh 500 to Ksh 30,000 with an annual percentage rate (APR)of  9 – 39%, depending on the loan size.

The repayment period is 61 days depending on the loan amount and frequency. You also have the advantage of bonuses and discounts for referring friends, repaying on time, and taking multiple loans.

Download the app from the Google Play Store or App Store and sign up with your phone number and national ID.

6. Pesa Plus

Pesa plus is a mobile app that offers fast and convenient loans to Kenyans.

You can borrow up to Ksh 50,000 with a repayment period of up to 180 days.

You need to have an active M-Pesa account and a valid ID to apply. The interest rate ranges from 12% to 36% per year depending on your loan amount and duration.

7. Berry Loan App

Berry-Simple Swift Loan is a micro-savings and micro-credit app that offers low-cost loans with flexible repayment schedules.

You can borrow from Ksh 500 to Ksh 50,000 with a repayment period of up to 365 days.

You need to have an Android phone, an M-Pesa account, and a good credit history to apply.

8). Saida Loan App

Saida Mobile Loan App is an app that helps people get approved for short-term loans based on their activity on their phones.

You can borrow from Ksh 600 to Ksh 25,000 with a repayment period of up to 90 days.

Either use an Android phone or a USSD code to access the loan.

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You will also be required to have an M-Pesa account, and a good credit score to apply.

The interest rate ranges from 7.5% to 22% per month depending on your loan amount and duration.

9. Opalquick Loan

Opalquick Loan is a quick and reliable way to access credit advances from your mobile app anytime.

You can borrow from Ksh 1,500 to Ksh 40,000 with a repayment period of up to 180 days.

Conclusion

These are some of the best mobile loan apps in Kenya 2023 that you can use to get instant loans without collateral or security.

However, you should always be careful when borrowing money online and only use reputable and licensed mobile loan apps that comply with the CBK regulations and the Consumer Protection Act 2019.

You should also borrow responsibly and only take what you need and can afford to repay on time. Otherwise, you may end up in a debt trap or damage your credit score.

I hope this article has been helpful to you. If you have any questions or comments, please feel free to share them with me. Thank you for reading and happy borrowing! 😊

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