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Instant mobile loans are very important for business-minded individuals to run their small businesses and, in some other measure, save themselves from financial difficulties. In Kenya, there are a number of online platforms which offer mobile loans to customers – { Online Mobile Loan Apps In Kenya 2018 }.

Although these mobile loan platforms offer reliable and constant loan services to customers, there are certain requirements which borrowers must fulfill before they can be considered. To assist you in the quest for securing a mobile loan, we’ve carefully provided a list of Kenya’s Mobile Loan Apps within this article. Also, the requirements to qualify for each of the Mobile Loan Apps have been provided in detail.

Online Mobile Loan Apps In Kenya

Online Loan Apps In Kenya 2018


  • #1. Mshwari Loan App

Mshwari loan app is a banking facility designed in conjunction with CBA (the Commercial Bank of Africa). Established in the year 2012, Mshwari operates via Mpesa accounts and since it was established, the loan app has remained vibrant and responsive.

Mshwari loan app has an undisclosed amount of the maximum loan limit. However, the least amount a customer can borrow is Ksh 100. Significantly, customers are encouraged to refund their existing loans before requesting for new loans. Likewise, there are time limits for loans obtained and customers are required to repay their outstanding loans before the stipulated time.

Meanwhile, a customer will not be eligible to obtain a higher loan if he/she fails to refund the outstanding loan at the required time. Also, you need to ensure the fund in your Mshwari account is sufficiently increased in order to boost your eligibility for a higher loan.

When customers apply for Mshwari loans, they are required to comply with the deadline scheduled for loan repayment –this is usually a 30-day limit. At the same time, every Mshwari loan bears a 7.5% interest rate which a customer must be ready to afford. Moreover, Mpesa accounts are the means for disbursing Mshwari loans and the disbursement is usually completed within few minutes.

For a customer to ascertain whether he is eligible for a Mshwari loan via a Mpesa account, he is expected to have met the requirements below:

  • A Mshwari account duly activated
  • A duly registered and activated Mpesa number which has been in use for a six-month period
  • A Mpesa menu with an up-to-date status

Also noteworthy is that when a Mshwari loan is due for repayment and a customer delays the repayment by an extra 30-day period, the loan will carry an extra 7.5% interest rate which the customer must bear. In a situation whereby a customer fails to comply with this regulation, the customer’s loan limit will be decreased and he/she will be denied access to obtaining any loan for a 30-day period.

  • #2. KCB Mpesa Loan App

By means of Safaricom, the KCB Mpesa maintains a collaborative relationship with KCB –the Kenya Commercial Bank. In 2015, KCB Mpesa came into inception and was specified as a savings account. Since it began its operation, the loan platform has remained vibrant and responsive. Quite interestingly, KCB Mpesa allows customers to obtain loans even without having any funds deposited in their accounts. For the loan disbursement, customers are provided with a KCB Mpesa Menu which they can open through their mobile phones.

The loan system comes with the maximum loan disbursement of Ksh 1,000,000 while the least amount of loan a customer can obtain is Ksh 50. For every loan obtained, a customer is required to bear a 1.16% interest rate on a monthly basis.

Like other loan apps, KCB Mpesa requires that customers fulfill some conditions before they can be qualified to obtain loans. For a customer to be eligible, he/she must be actively registered on Safaricom for at least a 6-month period. Meanwhile, customers who have met the stated requirement can attempt the activation process for KCB Mpesa account by dialing the code *844# from their mobile phones. After dialing the stated code, customers are encouraged to comply with the on-screen instructions in order to complete the activation.

Besides, KCB adopts some criteria in evaluating customers’ standards before increasing their loan limits. Before your loan limit can be increased, you must have bagged a good record and fulfilled conditions such as good saving history and reliable repayment behavior. By adopting these criteria, KCB evaluates a particular customer’s ability to save frequently as well as repay loans on time.

  • #3. Tala Mobile Loans

Tala Mobile Loans is the first Kenyan platform specified to provide borrowers with instant mobile loans. Prior to the change of its brand name to Tala, the mobile loan app was previously known as Mkopo Rahisi when it was established.

The conditions which qualify customers for Tala Mobile Loans are very simple and straightforward. And as a customer who is active on Facebook and uses a smartphone, Tala is ready to consider you for its instant mobile loan.

As a Tala customer, your loan limit greatly depends on the details of your various Mpesa transactions and your loan repayment behavior. Therefore, the details of your Mpesa transactions are very essential and you’re strongly encouraged to keep them safe.

To get started with Tala Mobile Loans, you can simply

  • Launch Google Play store on your smartphone
  • Then, download Tala app
  • With the download successful, install the app
  • Then connect your Facebook account with the Tala app
  • To get activated, provide the required answers to some personal questions

Also noteworthy, Tala uses your Mpesa account as a medium for every loan disbursement. Moreover, the loan system sets limits to what you can obtain and this means a sum of Ksh 50,000 is the maximum loan while the minimum loan is Ksh 500. Likewise, for every loan obtained, a customer bears a 15% interest rate.

Briefly speaking, there are regulations which every customer must abide by and one of them requires the repayment of loans using 851900 as the stipulated Mpesa PayBill number. Additionally, every repayment comes in weekly installments scheduled to last for a three-week period. However, any customer who violates the implied regulation will be termed ineligible for future loans.

  • #4. Branch Loan App

Branch International Inc was introduced in Kenya in 2015 and since its inception, the mobile loan app has remained consistent and operative. The company has a subsidiary in Nairobi while its headquarters is located in San Francisco.

As regards the eligibility to apply for its loans, Branch International Inc requires customers to be Facebook users with duly registered Mpesa accounts. Likewise, customers’ Facebook accounts must contain usernames which conform to the ones on their National ID cards.

To get started with Branch app and obtain instant mobile loans, follow the easy steps below;

  • Launch Google Play store on your smartphone
  • Download the Branch app
  • With the download successful, install the app
  • Launch the  app and connect your Facebook account with it
  • You will be required to fill in some personal details including National ID number and your phone number
  • After providing the details, you will receive an SMS containing a link where you’re to verify your phone number
  • After receiving the link, visit it to confirm your phone number

Though the maximum loan limit is not disclosed yet, Branch International Inc sets its minimum loan limit as Ksh 1000. Likewise, customers are required to receive any disbursed loans through their Mpesa accounts. For every disbursed loan, the rate of interest is solely determined by the weekly installments specified for repayment.

Like other mobile loan apps, Branch app imposes various penalties on loan defaulters and the penalties are;

  1. The tendency of being reported to CRB especially when the loan repayment is delayed for a very long time
  2. Reduction in Branch credit score
  3. The tendency to suffer loan denial for one week or more
  4. Restriction from obtaining higher loans
  • #5. Saida Loan App

Saida is another platform for customers to obtain instant mobile loans. Like various other mobile loan providers, Saida expects customers to have met some requirements before applying for any loans. In order to qualify for its mobile loans, Saida ascertains that interested customers have Airtel Money/Mpesa accounts with a valid status. Besides this, the loan platform evaluates customers’ call tasks and their various Mpesa transactions in order to confirm their ability to fulfill loan repayment.

Customers who use smartphones are at liberty of attempting the registration process for Saida mobile loans. In order to achieve this purpose,

  • Go to the Play store on your phone and download the loan app
  • Install the app after successfully downloading it
  • Provide your phone number and exercise little patience for an invitation message authorizing you to obtain loans
  • To get approved for the invitation message, you might have to wait for 3-7 days

After completing the registration process, customers are encouraged to note that they are only eligible to obtain the maximum loan limit of Ksh 25,000 while the minimum loan limit hovers around Ksh 600. Likewise, each loan granted by Saida bears a 10% interest rate.

Like several other loan apps, Saida allows customers to receive its loan disbursement via their Mpesa accounts. And for the repayment of loans, customers are given a 30-day deadline. To ensure they are good standards, customers are encouraged to abide by the stated deadline and repay their loans using 854400 as the Mpesa pay bill number. On a strict note, customers are warned not to default their loan obligations as such could result in being reported to CRB. Consequently, their names could appear on CRB’s blacklist.

  • #6. OKOA Loan App

In 2015, Kenya Power collaborated with Safaricom and established Okoa Stima. Since its establishment, Okoa Stima has remained a responsive and consistent platform for quick mobile loans. Meanwhile, this mobile platform is essential when you find it hard to pay your electricity bill.

For each loan you obtain from Okoa Stima, you will bear a 10% interest rate. Meanwhile, your maximum loan limit is restricted to Ksh 2000 while Ksh 100 is the minimum amount you can obtain a loan. Like several other mobile loan apps, Okoa Stima enables you to receive loan disbursement via your Mpesa account and for every loan obtained, a 7-day period is the time limit for repayment.

  • #7. KOPA CHAPAA Loan App

Kopa Chapaa was founded not too long ago and is specified for interested customers to obtain mobile loans which may be needed to settle immediate business obligations or financial difficulties. Under the auspices of Faulu Kenya, Kopa has been enhanced with the necessary facilities to disburse mobile loans to customers.

Meanwhile, customers cannot be eligible for Kopa’s instant mobile loans until they fulfill requirements which involve being actively connected for a 6-month period as users of Airtel Money.

After meeting the implied standard, customers can obtain mobile loans from Kopa with Ksh 100,000 stipulated as the maximum loan limit. On the other hand, a sum of Ksh 500 is set as the minimum loan limit.

However, unlike various other mobile loan apps, Kopa stipulates a very short deadline of 10 days for the repayment of its loans.

  • #8. Zidisha

Established in 2008, Zidisha is popularly known in Kenya as a vibrant firm that operates internationally. Right from its establishment, Zidisha has progressively offered mobile loans to customers.

Zidisha is considered an online medium specialized for peer-to-peer lending. In this regard, Zidisha carries out its lending services and creates a beneficial avenue for businesses and individuals to borrow money. Significantly, this lending system is made possible through an online medium which directly links borrowers to creditors/lenders.

Apart from its vibrant activities, Zidisha is highly distinguished as a benevolent organization which renders its services without any motive of making a profit. It is also recognized for the ability to link European and North American lenders with Kenyan and other African borrowers.

For customers to be eligible for any Zidisha loans, they must:

  • Have strong desire and show readiness to post regular reviews and updates on –about the advancement of the business and the loan utility –on the Zidisha web portal
  • Be residents of any of the countries Zidisha presently carries out its operations
  • Be active Facebook users with standard social media relationships
  • Be regularly connected to the internet in order to give relevant replies to the products and queries on the Zidisha web portal
  • Have attained excellent records regarding credit score
  • Be upright and they must show good reputation
  • Be associated with valid businesses or employment status

That’s all on the Top Best Online Mobile Loan Apps In Kenya 2018.


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Tags: Top Best Online Mobile Loan Apps In Kenya 2018

The post LOAN APPS IN KENYA 2018 BEST appeared first on NaijaQuest.Com.

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