- Berry
Described as a unique mobile money lending app, Berry offers low-cost instant mobile loans in Kenya with flexible repayment schedules. First, you have to download the app from Google Play Store and then register on Berry. Once the system officials have verified your identity, you can then access their loans. The first loan cannot exceed Ksh. 500 and then the amount gradually rises to Ksh. 50,000. The service fee on Berry loans is charged at 9-16% of the principal amount. The repayment is done through the app and is a self-explanatory process.
2. Tala
Tala is available on Google Play Store, and once you have downloaded the app, you can sign up and start accessing quick mobile loans in Kenya. You must provide your details for your account to be verified.
Tala provides personalised loans based on your digital credit history. Here you can track your credit using My Tala Status and repay the whole amount at once or in partial payments. You can repay your loan using Mpesa Xpress or through the paybill number 851900.
3. Mshwari by Safaricom
Mshwari is one of the most widely used mobile loan services in Kenya. It is not just a lending platform but a paperless banking service that allows users to save in addition to borrowing. Saving money through Mshwari earns you a 6.65% interest per annum. You access loans of a minimum of Ksh. 100 and the limit rises based on your credit history. You can only access Mshwari loans if you have Safaricom line.
4. KCB M-Pesa
This is another mobile money lender affiliated with Safaricom although it is owned the Kenya Commercial Bank. KCB M-Pesa also enables you to save, thus enabling you to borrow. KCB M-Pesa can be accessed through the M-Pesa menu on your phone, so you must have a Safaricom sim card as well. KCB M-Pesa has a special feature called top-up that allows you to request for a loan more than once as long as you have not exceeded your limit.
5. Timiza from Barclays
Banks have not been left behind when it comes to mobile loans apps in Kenya. Timiza is an app by Barclays bank that allows users to do all kinds of banking from their phones. Services that are offered through Timiza include loans, fund transfers, insurance purchases and many more. Timiza app is available on Google Play Store, but for those who can’t access it, they can dial #848 to register.
6. Branch
Branch is one of the most established mobile money lenders in and outside of the country. Through Branch, one can access up to Ksh. 70,000 from their smartphones at any time. All you have to do is download the Branch app on Google Play Store and follow easy steps to register. Loans are approved in less than 24 hours, and there are no hidden fees. The lender does not charge late fees or rollover fees which is why the app is preferred by many people.
7. Shika
Shika is one of the credit apps that stand out by offering more than just loans. It is an SMS app with several cool features that facilitate text messaging. The app also provides the latest news on various topics ranging from politics, sports to entertainment. Shika acts like a portal for several lenders to give credits to their clients. The credits are tailored more towards startups in sectors such as agriculture, asset finance and invoice discounting.
8. iPesa
iPesa loan app offers credits from as low as Ksh. 500 to Ksh. 50,000. The shortest tenor for credits is 91 days while the longest is 180 days so you will have enough time to repay your credit. Their interest rate stands at 12% with no service fee. Once you download the app register with your M-Pesa number and then apply for the exact amount, you need. If you repay your credits on time, your credit limit will be set at Ksh. 50,000.
9. Zenka
If you have not used Zenka app to borrow credits, you will love it. The first credit is interest and service fee-free. It means you only have to pay the amount you borrowed within the stipulated time, which is usually 61 days. You can download Zenka app from their website Zenka and install it on your phone. After filling the application form, you will receive the requested amount in less than five minutes.
10. Zidisha
Zidisha loan app is available in Google Play Store. Download it, register and start using the services. Zidisha functions as a non-profit peer to peer lending platform. It means that your credit will be coming from an independent lender and not the organization itself. The app is a portal where lenders and borrowers meet and transact their business. To qualify for a credit, you have to be employed or running a business, be active on Facebook, have a working Safaricom sim card, provide a national ID and have a good credit history.