18 Best Loan Apps in Kenya for Instant Loans
In the past few years, instant loan apps have become extremely popular in Kenya, with a variety of apps available that offer fast and easy access to loans without the need for collateral. Many Kenyans are also self-employed or work in the informal sector, which can make it difficult to obtain a loan from a bank or other financial institution. These apps have made it possible for anyone with a smartphone to apply for and receive a loan in just a matter of minutes, making it a convenient way to access financial support when needed.
Kenya’s loan app market is dominated by a few key players, with each app offering a range of features and benefits. In this article, we’ll take a look at the 20 best loan apps in Kenya, exploring their key features, pros, and cons to help you choose the right one for your needs. But before proceeding further, first take a look on factors to consider when choosing a loan app
Factors to Consider When Choosing an Instant Loan App
When choosing a loan app, there are several factors to consider, including:
1. Interest rates
Interest rates can vary widely between different loan apps, with some offering very high rates that can make it difficult to repay the loan. It’s important to compare the interest rates of different loan apps and choose one that offers a reasonable rate that you can afford.
2. Loan amount
Loan apps also vary in the amount they offer as a loan, with some offering very small loans and others offering larger amounts. It’s important to choose a loan app that offers the amount you need, without asking for too much.
3. Loan duration
The loan duration is another important factor to consider when choosing a loan app. Some loan apps offer very short loan durations, while others offer longer durations that may be more convenient for borrowers.
4. Approval time
The approval time is another key factor to consider, as some loan apps offer instant approval, while others may take several days to approve your application. If you need a loan quickly, it’s important to choose a loan app that offers fast approval times.
5. Repayment period
The repayment period is another important factor to consider, as it will determine how long you have to repay the loan. It’s important to choose a loan app that offers a repayment period that you can manage and afford.
6. Customer support
Finally, it’s important to consider the level of customer support offered by different loan apps. Some loan apps offer excellent customer support, while others may be more difficult to reach if you have a problem or question.
18 Best loan apps in Kenya for Instant Loans
Here are the 20 best loan apps in Kenya that offer instant loans:
1. Branch
Branch is one of the most popular instant loan apps in Kenya, with more than 10 million downloads from the Google Play Store. It provides instant loans to Kenyans without collateral, with loan amounts ranging from KES 250 to KES 70,000. Branch charges an interest rate of between 10% and 27%, depending on the loan amount and repayment period.
Features:
- No collateral required
- Fast approval and disbursement of loans
- Loan repayment period of between 4 and 68 weeks
- Loan amounts increase with successful repayments
- Automatic loan renewal
- Easy loan application process
- 24/7 customer support
Pros:
- Easy application process
- Fast loan disbursement
- No collateral required
- Loan amounts increase with successful repayments
Cons:
- High-interest rates compared to traditional bank loans
- Loan amounts limited to KES 70,000
- Loan repayment period of up to 68 weeks
2. Tala
Tala is another popular instant loan app in Kenya, with over 5 million downloads from the Google Play Store. It provides instant loans to Kenyans without collateral, with loan amounts ranging from KES 500 to KES 30,000. Tala charges an interest rate of between 7% and 15%, depending on the loan amount and repayment period.
Features:
- No collateral required
- Fast approval and disbursement of loans
- Loan repayment period of between 21 and 30 days
- Loan amounts increase with successful repayments
- Automatic loan renewal
- Easy loan application process
- 24/7 customer support
Pros:
- Easy application process
- Fast loan disbursement
- No collateral required
- Loan amounts increase with successful repayments
- Low-interest rates
Cons:
- Loan repayment period of up to 30 days
- Loan amounts limited to KES 30,000
3. Zenka
Zenka is a relatively new but one of the best instant loan app in Kenya, with more than 1 million downloads from the Google Play Store. It provides instant loans to Kenyans without collateral, with loan amounts ranging from KES 500 to KES 30,000. Zenka charges an interest rate of 11% on all loans, regardless of the loan amount and repayment period.
Features:
- No collateral required
- Fast approval and disbursement of loans
- Loan repayment period of between 7 and 30 days
- Loan amounts increase with successful repayments
- Automatic loan renewal
- Easy loan application process
- 24/7 customer support
Pros:
- Easy application process
- Fast loan disbursement
- No collateral required
- Loan amounts increase with successful repayments
- Low-interest rate of 11%
Cons:
- Short loan repayment period of up to 30 days
- Loan amounts limited to KES 30,000
4. Timiza
Timiza is an instant loan app launched by Barclays Bank of Kenya. It provides instant loans to Kenyans without collateral, with loan amounts ranging from KES 50 to KES 150,000. Timiza charges an interest rate of 6.17% on all loans, regardless of the loan amount and repayment period.
Features:
- No collateral required
- Fast approval and disbursement of loans
- Loan repayment period of between 1 and 36 months
- Loan amounts increase with successful repayments
- Automatic loan renewal
- Easy loan application process
- 24/7 customer support
Pros:
- Easy application process
- Fast loan disbursement
- No collateral required
- High loan amounts of up to KES 150,000
- Low-interest rate of 6.17%
Cons:
- The loan amount limit is relatively low compared to other loan apps in Kenya.
5. Okolea
Okolea is a mobile app that allows users to access instant loans. The app is available on Google Playstore and can be downloaded for free. Okolea offers loans from as low as Ksh 500 to a maximum of Ksh 10,000. The loan repayment period ranges from 7 days to 30 days depending on the loan amount.
Features of Okolea:
- Quick loan processing and disbursement.
- Loan repayment period of up to 30 days.
- Loan amount ranges from Ksh 500 to Ksh 10,000.
- Reasonable interest rates.
- Loan can be disbursed directly to the borrower’s mobile money account.
- No hidden fees.
Pros:
- Simple and user-friendly interface.
- Fast loan processing and disbursement.
- Low-interest rates.
- Flexible repayment period.
Cons:
- The app is only available on Android devices.
- The loan amount limit is relatively low compared to other loan apps in Kenya.
6. iPesa
iPesa is a mobile loan app that offers instant loans to Kenyans. The app is available on Google Playstore and can be downloaded for free. iPesa offers loans from as low as Ksh 500 to a maximum of Ksh 50,000. The loan repayment period ranges from 91 days to 180 days depending on the loan amount.
Features of iPesa:
- Loan amount ranges from Ksh 500 to Ksh 50,000.
- Reasonable interest rates.
- Loan repayment period of up to 180 days.
- Quick loan processing and disbursement.
- Loan can be disbursed directly to the borrower’s mobile money account.
Pros:
- Simple and user-friendly interface.
- Fast loan processing and disbursement.
- High loan amount limit.
- Flexible repayment period.
Cons:
- The app is only available on Android devices.
7. PesaPata
PesaPata is a mobile loan app that offers instant loans to Kenyans. The app is available on Google Playstore and can be downloaded for free. PesaPata offers loans from as low as Ksh 500 to a maximum of Ksh 50,000. The loan repayment period ranges from 91 days to 180 days depending on the loan amount.
Features of PesaPata:
- Loan amount ranges from Ksh 500 to Ksh 50,000.
- Reasonable interest rates.
- Loan repayment period of up to 180 days.
- Quick loan processing and disbursement.
- Loan can be disbursed directly to the borrower’s mobile money account.
Pros:
- Simple and user-friendly interface.
- Fast loan processing and disbursement.
- High loan amount limit.
- Flexible repayment period.
Cons:
- The app is only available on Android devices.
8. PesaZone Loans
PesaZone is a mobile lending app that provides instant loans to Kenyans. The app offers loans starting from KSh 250 up to KSh 50,000, which can be repaid within a period of 91 days. The app charges an interest rate of between 10% and 15%, depending on the amount borrowed and the repayment period.
Features:
- Instant loan approval and disbursement
- Loans starting from KSh 250 up to KSh 50,000
- Repayment period of up to 91 days
- Interest rate of between 10% and 15%
Pros:
- Loans are disbursed directly to M-Pesa account
- Minimal documentation required for loan application
- The app has a simple and user-friendly interface
Cons:
- Late repayment attracts a penalty fee
- The maximum loan amount is relatively low compared to other lending apps
9. Opesa
Opesa is a mobile lending app that provides instant loans to Kenyans. The app offers loans starting from KSh 500 up to KSh 30,000, which can be repaid within a period of 90 days. The app charges an interest rate of 14% and a one-time service fee of 5% on the loan amount.
Features:
- Instant loan approval and disbursement
- Loans starting from KSh 500 up to KSh 30,000
- Repayment period of up to 90 days
- Interest rate of 14%
- One-time service fee of 5% on the loan amount
Pros:
- Loans are disbursed directly to M-Pesa account
- The app has a simple and user-friendly interface
- The maximum loan amount is relatively high compared to other lending apps
Cons:
- Late repayment attracts a penalty fee
- The one-time service fee may be relatively high for some borrowers
10. FairMoney
FairMoney is a mobile lending app that provides instant loans to Kenyans. The app offers loans starting from KSh 2,500 up to KSh 50,000, which can be repaid within a period of 61 to 180 days. The app charges an interest rate of between 10% and 30%, depending on the amount borrowed and the repayment period.
Features:
- Instant loan approval and disbursement
- Loans starting from KSh 2,500 up to KSh 50,000
- Repayment period of 61 to 180 days
- Interest rate of between 10% and 30%
Pros:
- The app has a simple and user-friendly interface
- Loans are disbursed directly to M-Pesa account
- Allows for early loan repayment
Cons:
- Late repayment attracts a penalty fee
- Interest rates may be relatively high for some borrowers
11. HF Whizz
HF Whizz is a loan app offered by Housing Finance Corporation (HFC), a leading mortgage finance provider in Kenya. The app offers instant loans ranging from Ksh. 1,000 to Ksh. 50,000 to be repaid within 30 days.
Features:
- One can borrow a loan amount of between Ksh. 1,000 to Ksh. 50,000.
- The loan repayment period is 30 days.
- The loan interest rates range from 2% to 4% per month.
- The loan application is done through the HF Whizz app.
- The loan approval is done instantly upon verification of the user’s details.
- The loan disbursement is done through M-PESA.
Pros:
- The loan application process is straightforward and can be completed within minutes.
- The interest rates are relatively low compared to other loan apps.
- The loan disbursement is done instantly after approval, making it convenient for those in need of urgent financial assistance.
- The app has a user-friendly interface, making it easy for users to navigate.
Cons:
- The maximum loan amount one can qualify for is Ksh. 50,000, which may be limited for people in need of higher loan amounts.
- The loan repayment period is relatively short, making it challenging for those who need more time to repay the loan.
- The loan approval may be limited to those who meet specific criteria set by the lender.
12. Okash
Okash is a loan app that provides instant loans to Kenyans with low interest rates. The app is owned by Opera, a leading provider of internet services.
Features:
- One can borrow a loan amount ranging from Ksh. 2,500 to Ksh. 50,000.
- The loan repayment period is between 91 days to 365 days.
- The interest rates range from 5% to 14% per month.
- The loan application process is done through the Okash app.
- The loan approval is done instantly upon verification of the user’s details.
- The loan disbursement is done through M-PESA.
Pros:
- The loan application process is quick and straightforward, with no paperwork required.
- The interest rates are relatively low compared to other loan apps.
- The app has a user-friendly interface, making it easy for users to navigate.
- The loan repayment period is flexible, allowing borrowers to choose a repayment period that suits them.
- One can borrow a loan amount of up to Ksh. 50,000, making it suitable for those in need of higher loan amounts.
Cons:
- The loan repayment penalties can be high, especially for late payments.
- The loan approval may be limited to those who meet specific criteria set by the lender.
13. Haraka
Haraka is a mobile app that provides instant loans to Kenyans. The app is owned by GetBucks, a leading digital financial service provider in Kenya.
Features:
- One can borrow a loan amount ranging from Ksh. 500 to Ksh. 5,000.
- The loan repayment period is between 7 days to 30 days.
- The interest rates range from 23% to 33% per month.
- The loan application process is done through the Haraka app.
- The loan approval is done instantly upon verification of the user’s details.
- The loan disbursement is done through M-PESA.
Pros:
- The loan application process is quick and straightforward, with no paperwork required.
- The loan approval is done instantly, making it convenient for those in need of urgent financial assistance.
- The loan repayment period is short, making it suitable for those who need to borrow a small amount for a short period.
- One can borrow a loan amount of up to Ksh. 5,000, making it suitable for those in need of a small amount.
Cons:
- The interest rates are relatively high compared to other loan apps.
- The loan repayment penalties can be high, especially for late payments.
14. Saida
Saida is a loan app that provides instant loans to Kenyans with low-interest rates. The app is owned by Greenlight Planet, a leading provider of solar power products in Africa.
Features:
- One can borrow a loan amount ranging from Ksh. 600 to Ksh. 25,000.
- The loan repayment period is between 30 days to 180 days.
- The interest rates range from 7.5% to 16% per month.
- The loan application process is done through the Saida app.
- The loan approval is done instantly upon verification of the user’s details.
- The loan disbursement is done through M-PESA.
Pros:
- The loan application process is quick and straightforward, with no paperwork required.
- The interest rates are relatively low compared to other loan apps.
- The app has a user-friendly interface, making it easy for users to navigate.
- The loan repayment period is flexible, allowing borrowers to choose a repayment period that suits them.
- One can borrow a loan amount of up to Ksh. 25,000, making it suitable for those in need of higher loan amounts.
Cons:
- The loan approval may be limited.
15. KCB M-Pesa
KCB M-Pesa is a mobile loan app that offers loans to Kenyans with a mobile phone and a registered M-Pesa account. This app is a product of a partnership between KCB Bank and Safaricom, the company behind M-Pesa. KCB M-Pesa offers loans of up to Ksh. 1 million, with a repayment period of up to 3 months. To qualify for a loan, you must be a registered M-Pesa user, have a good credit score, and meet the app’s other eligibility criteria.
Features:
- Easy registration process
- Loans of up to Ksh. 1 million
- Repayment period of up to 3 months
- Low interest rates
- No collateral required
Pros:
- The loan disbursement is fast, usually within minutes
- The app has a good user interface
- The interest rates are lower compared to other loan apps
- You can access other KCB banking services through the app
Cons:
- The loan amounts are limited to M-Pesa limits
- It’s not available to non-M-Pesa users
- It has strict eligibility criteria
16. Stawika
Stawika is a popular mobile loan app in Kenya that offers loans to anyone with a smartphone. The app is owned by Stawika Capital Limited, a microfinance institution licensed by the Central Bank of Kenya. Stawika offers loans of up to Ksh. 30,000, with a repayment period of up to 30 days. To qualify for a loan, you must be a Kenyan citizen, have a good credit score, and meet the app’s other eligibility criteria.
Features:
- Quick registration process
- Loans of up to Ksh. 30,000
- Repayment period of up to 30 days
- Competitive interest rates
- No collateral required
Pros:
- The loan application process is fast and easy
- The app has a good user interface
- The interest rates are lower compared to other loan apps
- The app offers rewards for timely loan repayments
Cons:
- The loan amounts are limited
- The repayment period is short
- It has strict eligibility criteria
17. Zidisha
Zidisha is a unique loan app that connects borrowers in Kenya with lenders from around the world. This app uses a peer-to-peer lending model, where lenders from different parts of the world provide loans to borrowers in Kenya. Zidisha offers loans of up to Ksh. 50,000, with a repayment period of up to 12 months. To qualify for a loan, you must have a good credit score, a reliable source of income, and meet the app’s other eligibility criteria.
Features:
- Loans from global lenders
- Loans of up to Ksh. 50,000
- Repayment period of up to 12 months
- Competitive interest rates
- No collateral required
Pros:
- The loan application process is fast and easy
- The app has a good user interface
- The interest rates are lower compared to other loan apps
- You can borrow large amounts of money
Cons:
- The loan approval process can take longer compared to other loan apps
- The repayment period is relatively long
- You need to have a good credit score and a reliable source of income
18. Fuliza Branch
Fuliza Branch is a product of the Branch International loan app, in partnership with Safaricom. This app offers a unique loan product that allows users to fulfill short-term funding gaps by topping up their M-Pesa accounts to make purchases, pay bills, or withdraw cash. The loan amount is automatically deducted from the user’s M-Pesa account when funds are available.
Features:
- Fuliza Branch offers a loan limit of up to Ksh. 70,000, which is the maximum limit of M-Pesa.
- The app provides real-time processing of loan applications.
- Users can choose to pay back the loan over a period of up to 90 days.
- The app uses an algorithm to determine a user’s loan limit based on their M-Pesa transaction history and credit score.
Pros:
- Fuliza Branch offers a quick and convenient way to access short-term funding.
- The app has a simple and straightforward user interface that is easy to navigate.
- Fuliza Branch offers a lower interest rate compared to other instant loan apps in Kenya.
Cons:
- The app is only available to M-Pesa users, which limits its reach to other mobile money platforms.
- The loan limit is restricted to the maximum limit of M-Pesa, which may not be sufficient for users with larger funding needs.
- The app’s algorithm may limit the loan amount offered to users with a limited transaction history or low credit score.
Final Thoughts:
The emergence of instant loan apps has revolutionized the lending industry in Kenya, making it easier for individuals and small businesses to access quick and convenient financing. The above list highlights the 18 best loan apps in Kenya that you can consider for instant loans. Each app comes with unique features, pros, and cons, and it is essential to conduct due diligence before settling on one that suits your needs.
It is crucial to note that while instant loan apps offer convenience, it is important to borrow responsibly to avoid getting into a debt cycle. Before applying for a loan, ensure that you have a clear repayment plan, and only borrow what you can afford to repay. With that in mind, the best instant loan apps in Kenya can provide a quick and convenient solution to your financial needs.
