Mobile money transfer and M-banking has greatly revolutionized the financial sector in Kenya. People are constantly in need for finances and thus banks and developers in Kenya have come up with attractive apps that can facilitate individuals such as university students to get loans without any security. Individuals with poor credit scores are also catered for with this apps though the amounts that they can borrow are limited.
Our team did a market research and this are the 5 best apps that will secure you an online
loan in Kenya.
This information is provided so as to know various ways of getting loans to fund your business idea and make yourself financially stable.
ALL THIS APPS CAN BE FOUND ON PLAYSTORE
It’s a product of telecommunication giant company safaricom . Loan processing takes only a few minutes.
Repayment period is 30 days
Intrest rates are 7.5%
Loan limits are determined by how much you usually save through your mshwari savings account.Number of loans that you have repaid within the specified time also matters.Delayed repayments will decrease your next loan limit
One major advantage of branch is that the more you use the service and pay back on time the more the fees reduce and huge loans with flexible terms and conditions are availed to you.
Branch does not rely on your mpesa credit score in order to give out loans. It’s and independent entity on its own.
Loan processing only takes a few hours.
It was formerly called Mkopo rahisi.
The reason why we’ve placed Tala below Branch in our ratings is cause when you install the app it must scan your mpesa messages in order to determine your credit worthiness. It’s not independent.
Loans are approved easily and cash sent instantly through mpesa.
Maximum loan limit is 50000
4.KCB MPESA AND EQUITEL
They are banking institution apps and thus creditworthiness is a priority to them. Getting loan approval from this apps can be a little difficult . Loyal customers however enjoy good customer services and high loan limits.
Loan approval are at a very low as compared to the other apps. Requires you t share you mledger data so that they can determine your creditworthiness. It’s not dependent on it’s own.
ARTICLE AUTHOR: VINCENT (CONTRIBUTOR OF HUSTLE YETU AND BUSINESS MANAGER/ADMINISTRATOR}
THIS ARTICLE SHOULD NOT BE REPRODUCED UNLESS GIVEN PERMISSION BY THE AUTHOR.AGGREGATOR SITES ARE ALLOWED TO USE UPTO 75 WORDS