Best Loan Apps in Kenya: A Comprehensive Review
The increase in the use of smartphones in Kenya has led to the evolution of the financial sector, with mobile money making cash transactions easier and more accessible to the unbanked population. Lending services have also followed suit, and there are now various loan apps in Kenya giving individuals access to quick and convenient loans.
However, with the many loan apps available, it can be challenging to settle for the best one suited for your needs. In this article, we review the best loan apps in Kenya.
1. Tala
Tala is one of the oldest and most trusted loan apps in Kenya. It offers unsecured loans with a repayment period of between 21 to 30 days, with the interest rates ranging between 7% to 15%. The loan limit depends on your credit rating on the app, with some individuals receiving loans of up to Kshs 30,000. You can access the loan services through the Tala app on your smartphone and submit your application with the app review criteria.
2. Branch
Branch is another popular loan app in Kenya that offers fast and convenient loans without any security. The minimum amount you can borrow on the Branch app is Kshs 250, with the maximum limit being Kshs 70,000; depending on your credit score on the app. The repayment period ranges between 4 to 68 weeks, with interest rates ranging between 10% to 28%.
3. Zenka
Zenka offers a paperless and straightforward loan application process via the app, and it is one of the few loan apps in Kenya that offer flexible repayment options. You can repay the loans in installments or, alternatively, in one lump sum. The loan amount ranges between Kshs 500 and Kshs 30,000, while the repayment period ranges between one to 30 days. The interest rates start at 9.3%, with a one-time service fee of between 9% to 29%.
4. Okolea
Okolea is a loan app that requires you to pay a membership fee for you to access the loans. After paying the membership fee, you access loans that range between Kshs 500 to Kshs 100,000, with a repayment period of between one to six months. The app uses artificial intelligence to determine the interest rates and the amount of credit score to allocate to you.
5. KCB MPESA
KCB MPESA is a loan platform that utilizes the M-PESA wallet to offer quick and affordable loans to its users. The loan amount ranges between Kshs 50 to Kshs 1 million, depending on your creditworthiness. You can access the loans through your mobile phone, with the interest rates ranging between 2% to 8%. The repayment period ranges between one to six months.
In conclusion, loan apps have made it possible for many Kenyans to access fast and affordable loans. However, to ensure that you are getting the best loan deal, evaluate your financial needs and conduct thorough research on the loan app providers before settling on any particular one.
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