Top 5 Best Kenya Loan Apps to Borrow From
Are you in need of quick cash to boost your business or sort out an emergency? Do you find traditional loan application processes too overwhelming? Worry not! Kenya’s loan app industry is booming and offers viable solutions for those seeking quick loans.
Below are five of the best loan apps in Kenya you can borrow from:
Tala loan app
Tala, formerly known as Mkopo Rahisi, is among the most popular loan apps in Kenya. The app offers instant loans ranging from Kshs. 1,000 to Kshs. 30,000, with a repayment period of between 21 to 30 days. To qualify for a loan, one needs to be a Kenyan resident with a valid national identity card and an active M-Pesa account.
Branch loan app
Branch loan app is another popular app with over 10 million downloads globally. It offers instant loans of between Kshs. 250 and Kshs. 70,000, with a repayment period of between one to twelve months. One needs to download the app, register with their M-Pesa number, and authorize Branch to access their credit score to qualify for a loan.
Fuliza loan app
Fuliza is a micro-loan service offered by Safaricom, allowing customers to finish transactions when they have insufficient M-Pesa funds. If you lack enough funds to complete a transaction, Fuliza will top-up the required amount to allow its completion. The app charges an interest rate of 1.083% per day for the outstanding Fuliza balance.
Okash loan app
Okash is an innovative loan app that uses advanced artificial intelligence algorithms to calculate credit scores. It offers instant loans of between Kshs. 2,500 to Kshs. 50,000, with a repayment period of between 91 to 365 days, making it particularly appealing to those looking for long-term credit. One needs to download the app, create an account, and apply for a loan using their M-Pesa balance.
Saida loan app
Saida is an app tailored specifically for small businesses and micro-entrepreneurs seeking quick loans. It offers instant loans of between Kshs. 600 to Kshs. 25,000, with a repayment period of between 4 to 12 weeks. To qualify for a Saida loan, one needs to provide proof of income and submit personal details essential for identity verification.
In conclusion, Kenya’s loan app industry offers an efficient alternative to traditional loan application processes. The above apps have made it easy to access fast and convenient loans that can help you address your immediate financial needs. However, it’s essential to use the loans responsibly and avoid taking on more debt than you can comfortably repay on time.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)
Speech tips:
Please note that any statements involving politics will not be approved.