Mobile loan apps have emerged as go-to resources for many Kenyans, offering a speedy way to tackle unexpected expenses and financial hurdles without burdening borrowers with high interest charges.
Here, we’ll take a closer look at the top 16 loan apps in Kenya that offer some of the lowest interest rates in the market.
These apps are designed to provide fast and dependable assistance when it comes to managing finances, whether it’s for urgent needs or planned investments.
Important considerations before choosing any loan app:
Interest rates: Compare interest rates carefully. High interest rates can lead to a cycle of debt.
Fees: Look for hidden fees or additional charges. Be aware of processing fees, late payment penalties, and rollover costs.
Repayment terms: Choose an app with repayment terms that align well with your financial capacity.
Data privacy: Review the app’s privacy policy to understand how your data will be collected, used, and shared.
1) Hustler Fund
Hustler Fund is the best loan app with interest rates below CBK’s standards. While many apps charge 7-15% interest per month, Husler Fund only charges $8.5 per year.
Divide that 12, and you get why it's recommended.
Approval limits are usually low, with most users starting off with loans as low as KES 500, and 900. You also need to borrow frequently and repay on time to get higher limits.
Seems like the government doesn’t trust us enough…
2) Tala Loans.
Tala is a digital financial services company that offers loans to customers in Kenya.
The company is trusted by millions and offers fast growing cash limits up to KSh 50,000 with low interest starting at 0.3% per day.
3) Branch.
The Branch loan app in Kenya offers personal loans ranging from Ksh 500 to Ksh 300,000.
The interest rates for these loans vary from 17% – 35% annually (equivalents of 1.7% – 22% monthly rates), depending on your loan option, repayment history, and the cost of lending.
Limits: KES 500 – 300,000
Loan terms: 1 -12 weeks
Collateral: none
Branch has transitioned into a neobank (microfinance bank), offering additional services like business loans and savings, aiming to cater to a broader range of financial needs for its customers in Kenya and beyond.
4) M-Shwari.
M-Shwari is A Safaricom product offered in conjunction with banks, providing a convenient savings and loans platform.
Fee: 7.5%
To qualify, you need to:
Be an active M-Pesa user for atleast 6 months
Save money on M-Shwari
Not listed on CRB
