Learn how to trade:
Share this
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.
Calculate your binary options profits here
Trade History
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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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.
Compare brokers here:
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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
- 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?
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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:
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
1. Branch
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 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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
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! 😊
Share this
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Recent Posts
You Will Become Rich Quickly if You Live in One of These 6 Countries.
Where in the world is it easiest to become rich? While so many people think that to become rich you’ve got to live, work, and do business in Iceland, Sweden, ….
You Can Make $274 if you Invest $100 Ten Times With a Winning Rate of 70%
Quite so often we receive WhatsApp texts or even telegram messages of traders asking, “how much will I make if I invest $100 in Olymp Trade?” While it is easy ….
XM Seminars for 2020 | Register a Real Trading Account to Book Seat
XM Global Ltd operating under the business trading name XM is a securities service provider licensee regulated and authorized by the International Financial service commission (IFSC) in Belize under the ….
XM MT4 | How to Make Money Trading Forex on Your Smartphone
Did you just register for a Forex trading account – which by the way, you hope to use to make so much money online but are still stuck wondering what ….
XM Global vs Olymp Trade | Which Broker to Join?
XM Global vs Olymp Trade, which broker should you sign up for? The real question should be, between Forex trading and Fixed Time Trading, what’s best for a beginner? Tell ….
XM Global No Deposit Bonus Forex! XM Forex $30 Bonus
COLWMA (City of London Wealth Management Awards) winner of Best FX Service Provider 2023, XM Forex is one of the best Forex brokers with a no deposit bonus globally. The ….
XM Forex: How Does Forex Trading Work?
To understand how Forex trading works, we must first understand what Forex is. And what is Forex you ask? Forex, also known as foreign exchange or FX, is the global ….
XM Forex Bonus $30 – How to Start Forex Trading Without Money
One of the reasons why most new traders fail to go past the demo account is the fear of losing money trading on a real account. But what if I ….
XM Forex 10th Anniversary Promo | Up to $1,000,000 to be Won in Prizes
Hey there,Do you want to raise so much money so fast for Christmas? How much do you wish to raise?Ksh. 50,000, €1,000, ₽2,000, ₹4,000,… or $10,000?Well, if your budget falls ….
XM Broker: Why is Forex Trading Popular?
There are so many reasons why people trade Forex. Some of these reasons also double up as the advantages or benefits of Forex trading. And what are these benefits you ….
Broker Comparison
Top 5 Binary Options Brokers With $10,000 Demo Account
Binary options trading is fast becoming popular in the world and with this popularity the urge and to find the best broker to trade with. But when we talk of ….
Tips to Becoming a Forex Millionaire in Kenya
Most people in Kenya have turned to forex trading to earn an extra coin. To start trading forex though, you need to have an account that will hold your money ….
SabioTrade: Get Funded and Withdraw up to 80% Profits
Are you looking for a way to trade Forex with a funded account and withdraw up to 80% of your profits? If so, you might be interested in SabioTrade, a ….
Quotex vs Olymp Trade. Which Broker to Sign up With?
Quotex vs Olymp Trade which broker should you sign up with? This is a common question that we get all the time, especially from newbie traders who want to sign ….
Quotex Broker Regulation Vs Olymp Trade Regulation
Quotex Broker is a binary options broker that offers access to its trading platform globally to traders who’d like to make money trading in shorter time frames. Just like Quotex, ….
Nigeria Forex Millionaires And Their Forex Strategies
Forex trading has spread to several parts of the world and is legal in Nigeria, and Africa. However, it operates within a gray area. Subsequently, the Central Bank of Nigeria ….
Is Qx Broker Among The Best Binary Options Brokers
Binary trading is one of the easiest and safest ways to trade online. It is also the fastest-growing form of investing. Binary trading is one of the easiest ways to ….
IQCent Broker Review With User Opinion, Legit or Scam?
Do you want to start trading with IQcent and don’t know if to trust them or not? Welcome to our comprehensive review of IQCent, the online trading platform that has ….
IQ Mining Review Plus Users Opinion. Legit or Scam?
IQ Mining is a dual-purpose platform, serving as both a cloud mining hub for cryptocurrencies and a broker for Forex and binary options trading. Its efficient utilization of smart contracts ….
Forex Millionaires in South Africa and How they Make Money
Last week, we started a new series of listicles on this blog. Our objective? To explore, discuss, and reveal the faces of forex millionaires in the countries where forex is ….
Business Ideas
What is the Best Business to Start in Kenya?
Kenya is a great place to start a business. The best type of business may be different for you, depending on your skill set and what you are looking for ….
What Business Ideas Make The Most Money
Are you an aspiring business entrepreneur? Check out our list of the most popular business ideas in 2024. People venture into the business world for different reasons. Some because they ….
What Business Can I Start With 2k In Kenya In 2024?
Kenya is a great place to start a business. The economy is growing, the population is young and there is a lot of opportunity for entrepreneurs. However, starting a business ….
Top Business Ideas that Will Make 375 SAR Daily in Saudi Arabia in 2024.
It is common knowledge that Saudi Arabia is the world’s greatest oil producer. Around 25% of the world’s petroleum reserves are processed in the country. According to statistics, Saudi Arabia’s ….
Top 50 Online Shopping Sites in India.
You must have found yourself ordering a thing or two from an online store and they delivered to your preferred address, right? Now that is the new fashion of doing ….
Top 50 Most Profitable Businesses in Kenya
Ain’t it not easy to say I want to start a business in 2024? Of course not. You have to do your due diligence: come up with a business idea, ….
Top 50 business ideas for All Ages {Online and Offline Ideas}
Many people desire to venture into entrepreneurship for different reasons. For sure, being your own boss, working from your home, garage, or office, offers total control and satisfaction. You can ….
Top 5 Instagram Businesses to Start
Instagram is an amazing photo and video sharing app that we use to connect to friends and family online. Interestingly, Instagram is as much a great place to start your ….
Top 30 Best Businesses to Start in Eldoret Town
Would you like to start a small business in Eldoret town? Which business do you have in mind? Do you have data to back up its profitability and to maybe ….
Top 20 Small Businesses For University Students In Kenya
Are you a university student in Kenya and looking for small business ideas to start? You are in the right place. In this article, I will show you the #20 ….
Make Money
Works at Home: 30 Ways to Make Money Fast (Online And Offline)
No matter what your situation is, there’s a side gig for you. Whether it’s to make a little extra cash or help solve an emergency issue, having a backup plan ….
Will Shiba Inu Coin Keep Making Investors Rich in 2024?
The Shiba Inu Coin has been one of the most popular crypto success stories since 2018. This meme-based cryptocurrency moved to its highest in just a few years making it ….
Which TikTok Star Will Have the Most Followers in 2024?
TikTok is a social media app that has taken the world by storm. It is a platform where users can share short videos of themselves. The app has been downloaded ….
Which Freelancing Site Should I Visit To Make Money Coding?
Freelancing is the best way to make money because it allows you to work on your own time and set your own schedule. You can take jobs that are local ….
Where to Get FREE NFTs: 11 Easy Ways to Do It
Non-fungible tokens (NFTs) are all the rage right now. These unique digital assets are quickly becoming a staple in the world of blockchain gaming and collectibles. The best part about ….
What’s The Best Business to Start in Kenya in 2024?
There are many businesses that you can start in Kenya in 2024. However, not all of them will be successful. It is important to do your research and find a ….
What No One Says About Olymp Trade! Put Together in a Video.
Could this be you? You opened an Olymp Trade account. Made a deposit. Traded on a live account for the first time. The outcome? You lost your first $10 deposit. ….
What is the Easiest Way to Make Money Online in Kenya in 2024?
There are thousands of ways you can make money in Kenya. Some of them require no skill or experience whatsoever, others? You’d need skill and experience to do with success. ….
What is The Easiest Way to Make $100 Today?
If you’re already making money online, skip this post. If you’re not already making any money online keep reading. Because the methods that I’m about to show you in this ….
What is The Easiest (Non-Scammy) Way to Make Money Online?
Making money online can seem like a daunting task. There are so many scams and get-rich-quick schemes out there that it’s hard to know what is legitimate and what isn’t. ….
Quotex Tutorials
What is Quotex? Quotex Trading Course for Beginners
Quotex is a cutting-edge digital options trading platform known for its user-friendly interface and numerous tradable assets, including OTC pairs, traded 24/7. The Quotex trading platform accommodates traders of all ….
Try This Quotex 1 Minute Strategy for Fixed Time Trades
While binary options trading is easy and only requires traders to choose between two different outcomes, it isn’t always profitable without a strategy. My honest truth, You can lose so ….
Top Traders on Quotex ++ Earnings And Strategies
Quotex, the most popular trading platform in 2024, has seen a surge in popularity in recent years. With more and more people looking to make a quick buck, it’s no ….
Risk Management: Trading Course for Beginning Quotex Traders
Risk management is an important discipline that traders must understand and implement if they want to protect their capital and improve their potential for profits. In other words, without risk ….
Qx Broker: How to Register with Quotex, Quotex.io in 2024
In order to start trading on the Quotex broker platform, either on the demo or live account, you must create an account. If you are doing this for the first ….
Qx Broker : How to Fund Quotex With Instant EFT in SA
Are you a South African trader looking for a reliable and efficient platform to deposit money and start trading with? Look no further than Quotex! With the addition of the ….
Quotex, Qx Broker 80% Weekend Bonus Promo Code
Welcome to the exciting world of trading! If you’re looking for a reliable and user-friendly trading platform, then look no further than Quotex.io. Qx broker is today giving out trading ….
Quotex Withdrawal Problem? Use This Other Method
Are you looking for a reliable and profitable binary options trading platform? Do you want to join thousands of traders who are making money online with Quotex? If yes, then ….
Quotex Weekly Tournament: Up to $10,000 in Prize Money
Every other month, the Quotex trading platform allows its users to participate in trading contests and earn more money. One such contest or tournament is the Quotex weekly tournament with ….
Quotex Trading Course for Beginners: Market analysis
Once you create a demo account in Quotex to start trading, you will notice that the platform has some type of chart. Generally, trading platforms have 4 different chart types ….
XM Tutorials
How XM Trading Works in Kenya
If you went to Google and searched, “how XM trading works” then chances are, you have never traded before, you don’t have a trading account and most importantly, you want ….
How To Trade With XM Forex.
So, you have just created a trading account in XM Forex and completed the account opening process successfully and now you are wondering, what next? How does Xm trading work? ….
How to Trade on XM Even on Weekends
Trading the financial markets via a broker like XM means getting access to real-time pricing of the financial assets when you want to trade. But, as we all know, the ….
How to Open a Trading Account With XM in Kenya.
If you are reading this post then chances are, you are convinced that Xm is the best broker for retail Forex, both locally and globally. And the truth is, XM ….
Tagged With : Best loan apps in Kenya • get loan with mpesa statement • instakopa loan • instant mobile loans in kenya • instant mpesa loans • kopakash ussd code • loan apps • loan apps download • loan apps in kenya • loan apps kenya • loan apps that ask for mpesa statement • loan apps that require mpesa statement • loan pesa app apk • loans in kenya • loans in kenya without registration fee • mobile loans kenya • mpesa loan • mpesa loan app apk download • mpesa loans • Online Loans in Kenya • online mpesa loans in kenya • opesa loan app • opesa loan app download apk • payday loans in kenya • quick online mpesa loans • saida loan app download apk • [email protected] • tala loan app • unsecured loans in kenya • unsecured personal loans in kenya • uwezo mobile loan ussd • zanka loan app
thanks for the update