[UPDATED June 2023] The introduction of mobile loan apps in Kenya has simplified getting personal loans. Initially, you had to borrow money from friends and family in an emergency.
The rising number of loan apps in Kenya has enabled entrepreneurs to grow their businesses. As you know, getting a loan from a bank is an uphill task that requires you to be patient, just like a Job. Furthermore, loans from banks require collateral, unlike loan apps, which require personal information.
Loan Apps in Kenya
However, before taking a loan from any app, first and foremost, conduct your due diligence on the best loan apps in Kenya. This way, you don’t have to worry about sharing your personal information with a third party.
This article will list some of the top loan apps in Kenya and the new mobile apps in 2023. We have tried our best to present you with Kenya’s most trustworthy & genuine loan apps. Note that you are responsible for independently reviewing the loan apps’ reviews and determining which is best for you. Let’s get started.
What are Loan Apps?
Loan Apps are mobile applications that allow you to request a loan from your mobile phone. The interested person doesn’t need to go to the bank or any other office. Loan applications are usually available for Android and iOS platforms, but some are not available on iOS.
Many mobile loan apps in Kenya are listed on the Google play store, while some are not. You must download the apk file and install it manually on your smartphone.
Top 14 Loan Apps in Kenya [June 2023]
The followings are the top and best loan apps in Kenya. All the apps can be downloaded from the Google Play Store for Android users and the App Store for Apple iOS users. Ensure you have your personal details before you begin the registration process.
#1 Tala Loan App
Tala Loan application has more than 6 million clients. The rates are pretty fair at 4%, and you can double your limit up to Ksh 30,000 when you repay your loan on time. Another fantastic feature of the App is that you can request your data to be deleted.
Furthermore, it has a good rating of 4.4 on the Google Play store, and your data is not shared with third parties. To download the App:
- Go to the play store and search for Tala.
- Download it install
- Follow the instructions and fill in all the information required before submitting.
- Request for a loan (Note that your loan might be rejected; it’s never a sure bet you’ll get the loan on the first attempt)
#2 Branch Loan App
With a rating of 4.6 on the Google Play store, Branch allows you to borrow loans of up to KES 70,000. All you have to do is download the Branch app on your smartphone, fill in the required details, and request a loan, and you will get a response within 3 minutes.
#3 Timiza Loan
Timiza loan app is a product of (Amalgamated Banks of South Africa) Absa Bank, a financial service group based in South Africa. The App is impressive because it offers a saving feature where you can transfer funds and request instant loans.
Nevertheless, the App has a medium rating of 3.6 on the play store. If you wish to get a loan, download the Timiza app, follow the steps required, and you’re set to go.
#4 Zenka Loan App
Zenka is another popular mobile loan application in Kenya. It is rated 4.1 in the play store with over 5 Million downloads.
I always recommend my readers to go for apps with high ratings and a higher number of downloads. It usually signifies that app is trustworthy and many people are already using it.
Download the Zenka app and enjoy an easy registration process and increased loan limits of up to Ksh 30,000
M-Shwari is a product of Safaricom in collaboration with NCBA Bank. To get a loan at Mshwari, you’ll have to save money there to build your credit score. Download the M-PESA app from the play store and start saving.
Alternatively, you can use the offline Safaricom toolkit to access Mshwari. You should have used M-PESA for six months to access loan limits of up to Ksh 50,000. To use M-shwari, follow the following steps:
- Access the M-PESA menu.
- Select Loans and Savings.
- Select M-Shwari.
- Select Loan.
- Request Loan.
- Enter amount.
- Input your M-PESA PIN
- The loan will be sent to you if you qualify.
#6 KCB M-Pesa
For Registered M-Pesa subscribers, it’s effortless to get a loan. All you need to do is access KCB – M-PESA on your Sim toolkit, check your limit and then apply for a loan. The loan is offered at 8.64% over a period of one month.
Furthermore, you save amounts of up to Ksh 150,000 and grow your money at interest rates of 6% per annum (p.a)
#7 HF Whizz Loan
With a rating of 2.9 on the play store, the HF Whizz app allows you to verify transactions using OTP and apply for a loan. In addition, you can view your statements on the App. Download the App here
#8 PesaPap Loan App
This fantastic App from Family Bank, with a rating of 4.0, allows you to:
- Open an account
- Pay Bills such as TV subscriptions, NHIF, School fees, Water, and electricity.
- Save Money
- Buy insurance
- Make transfers
- Deposit and withdraw money
- Access mobile money
- Access instant loans
- Manage your cards
- Buy airline tickets
- Manage and track your expenses
The Pesapap App is regulated by the (CBK) Central Bank of Kenya.
#9 KCB VOOMA Loan App
With a medium rating of 3.3 on the play store, the VOOMA app from Kenya Commercial Bank (KCB) offers secure digital payments. Download the VOOMA App here.
Kashway offers instant loans to Kenyans over 18 years of age with a National Identity card (ID) and a source of income. Before you download the Kashway app, the following data is collected from you during registration:
- Your precise location
- Personal information (Email address, name, phone number, residential address, and religious beliefs)
- Financial information (source of income)
- App activity
- Web browsing history
- App information (Crash log and diagnostics report)
- Device information
#11 ipesa Credit Loan
With a maximum loan limit of Ksh 40,000, you just need to download the App here and follow these three steps.
- Provide your personal information (name,address,phone,age)
- Provide your working information (whether employed or an entrepreneur and how much you earn)
- Provide your family information (Next of kin etc.)
#12 Zash Loan
Zash loan has a maximum loan limit of Ksh 50,000, and you can get your loan in the following simple steps.
- Download the Zash loan app from the play store.
- Register your details
- Authenticate your details
- A loan will be disbursed to your M-Pesa
If you don’t qualify at the time, come back again and try.
#13 Berry App
Data collected from your phone is used to make the lending decision during application. Download the Berry Loan app and follow the following steps.
- Register yourself
- Apply for the loan (your M-Pesa statement is required)
- You will receive the money on your M-Pesa line.
FairKash allows you to apply loan amounts from Ksh 2,000 to a maximum limit of Ksh 50,000. Download the App from the Play Store and follow the following steps to get a loan.
- Submit your details (persona, finances etc.)
- Get Approved
- Receive your loan (it’s usually sent to your M-Pesa mobile number)
You should note that your data is encrypted during the transition. Furthermore, your information is never shared with third parties, and your data can be deleted on request.
Loan Apps Removed from Play Store
The Following Apps were removed from Google Play Store Recently:
- Lion cash
CashNow provides financial services in the form of mobile loans to business owners, entrepreneurs or employees that need quick cash. Follow these 3 steps to get a loan from CashNow.
- Download the App here.
- Get approval
- The loan will be disbursed to your M-Pesa within a few minutes.
- Okash Loan
New Mobile Loan Applications
The following loan apps are new in the Kenyan market, feel free to try them, but always remember the golden rule: make your due diligence.
|Fadhili Loan App||Letshego Loan|
|Timiza Loan App||Haraka loan|
|Creditmoja Loan App||KesLoan|
|Myles Loan App||Lendplus|
|Flashes App||Loan Pesa|
Before taking a loan, read the terms and conditions carefully because some loan apps share your details with third parties when you default on your loans. Furthermore, the situation worsens when they call your family members and friends on your phonebook.
Why should I get a loan through apps if banks are there?
Getting loans from banks has become a tedious job. There are hundreds of formalities plus in the end, they can reject your application. So, the trend of loan apps in Kenya is booming.
What is the interest rate on the loan offered by Loan apps?
This varies from app to app. The interest rate is visible on the application page of every provider.
What can I do to increase my loan limit?
As a law-abiding citizen, be ready to play an ethical role by paying the loan back in time. This ensures you get an increased limit the next time you request a loan.
Have you ever taken a loan from any loan apps in Kenya? How was the experience? Was it awesome or dreadful? Please share your loan experience in the comment section.