5 Best Loan Apps in Kenya 2023

In Kenya, getting access to quick loans has become easier thanks to the rise of mobile loan apps. These apps offer a range of loan products that cater to the needs of different borrowers. In this blog post, we will explore the 5 best loan apps in Kenya.

5 Best Loan Apps in Kenya 2023

Tala

Tala is a popular mobile loan app in Kenya that offers unsecured loans to borrowers. The app uses a proprietary credit scoring system to determine the creditworthiness of borrowers. Tala offers loans of up to Ksh. 30,000 with a repayment period of between 21 and 30 days. The interest rates charged by Tala range from 5% to 15%.

Branch

Branch is another popular mobile loan app in Kenya that offers unsecured loans to borrowers. The app uses data from the borrower’s mobile phone to determine their creditworthiness. Branch offers loans of up to Ksh. 70,000 with a repayment period of between 4 and 68 weeks. The interest rates charged by Branch range from 10% to 27%.

Zenka

Zenka is a mobile loan app in Kenya that offers unsecured loans to borrowers. The app uses a proprietary credit scoring system to determine the creditworthiness of borrowers. Zenka offers loans of up to Ksh. 30,000 with a repayment period of between 1 and 30 days. The interest rates charged by Zenka range from 9.9% to 29.5%.

Okash

Okash is a mobile loan app in Kenya that offers unsecured loans to borrowers. The app uses a proprietary credit scoring system to determine the creditworthiness of borrowers. Okash offers loans of up to Ksh. 50,000 with a repayment period of between 14 and 30 days. The interest rates charged by Okash range from 5% to 15%.

KCB M-Pesa

KCB M-Pesa is a mobile loan app in Kenya that offers secured loans to borrowers. The app is a partnership between KCB Bank and Safaricom, the largest mobile network operator in Kenya. KCB M-Pesa offers loans of up to Ksh. 1 million with a repayment period of between 1 and 12 months. The interest rates charged by KCB M-Pesa range from 1.16% to 1.83% per month.

Benefits of using loan apps in Kenya

1. Convenience: Mobile loan apps offer a convenient way to access loans. Borrowers can apply for loans from the comfort of their homes using their mobile phones.
2. Speed: Loan apps are known for their quick loan processing times. Borrowers can receive their funds within minutes of applying for a loan.
3. Accessibility: Mobile loan apps are accessible to all Kenyans who have a mobile phone and an internet connection.
4. Flexibility: Loan apps offer a range of loan products that cater to the needs of different borrowers. Borrowers can choose the loan product that best suits their needs.

Conclusion

Getting access to quick loans in Kenya has become easier thanks to the rise of mobile loan apps. Tala, Branch, Zenka, Okash, and KCB M-Pesa are some of the best loan apps in Kenya. These apps offer a range of loan products that cater to the needs of different borrowers. If you are in need of a quick loan, you should consider using a mobile loan app in Kenya.