Sunday, June 16, 2024

List of best loan apps in Kenya for genuine instant loans in 2023

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Nyongesa Sande
Nyongesa Sande
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

List of best loan apps in Kenya for genuine instant loans in 2023. In finance, a loan is the transfer of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.

The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent.

Acting as a provider of loans is one of the main activities of financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

A decade ago, Kenya had barely any mobile loan apps,  but the situation has changed tremendously in recent years, Although many of the lenders would be charging deadly interest rates, Kenyans are still happy that they would at least get cash in their hands during emergencies that many commercial banks would not be able to do. 

Additionally, these mobile loan apps have boosted the confidence of emerging entrepreneurs, who would have otherwise had no option to make their dreams come true.  These instant loan apps in Kenya have successfully provided access to credit for individuals and small business owners who would have been in great trouble if it were not for the mobile loan apps in Kenya. 

Mobile loans apps offered by Safaricom

  • M-pesa app
  • KCB M-Pesa

Mobile lending apps provided by banks

  • MCo-op Cash app from the Co-operative Bank of Kenya
  • Timiza app from Absa Bank Kenya Plc
  • KCB app from the KCB Bank Kenya Limited
  • Eazzy app from the Equity Bank Kenya Limited

Mobile loans apps from the Google Play store




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Table Summary: 25 Best Mobile Loan Apps in Kenya

LoanLimitInterest RatePayment Period
BranchKsh 250 – Ksh 100,00017-35% of the loan amount4-52 weeks
TalaKsh 2,000 – Ksh 30,00011-15% of the loan amount21-30 days
KCB MPESAKsh 1,000 minimum8.64% of the loan amount30 days
StawikaKsh 200 – Ksh 30,00015% the loan amount30 days
TimizaKsh 50 – Ksh 150,0001.17% the loan amount30 days
MshwariKsh 100 – Ksh 50,0007.5-9% the loan amount30 days
ZenkaKsh 500 – Ksh 30,00070.7-224.89% APR61 days
UtunziKsh 500 Ksh 50,00012% of the loan amount21 days
HarakaKsh 500 – Ksh 5,00023.45%7-31 days
ZidishaUp to Ksh 1 million0% interest (only Ksh 1000 membership fee)Unspecified
iPesaKsh 500 – Ksh 5,00012% APR91-180 days
OpesaKsh 1,500 – Ksh 50,00016% maximum APR91-365 days
SaidaKsh 600 – Ksh 100,0000-21% monthly2.5-6 months
OkashKsh 500 – Ksh 50,00036% maximum APR91-365 days
OkoleaKsh 500 – Ksh 500,0000.5% Daily2-28 days
EazyKsh 100 – Ksh 200,0002-10% of the loan amount30 days
BerryKsh 1,000 – Ksh 50,0009.25% monthly65-120 days
MokashKsh 2,000 – Ksh 10,00020% the loan amount14 days
Credit HelaKsh 1,500 – Ksh 80,00036% maximum APR91-365 days
ZashKsh 500 – Ksh 50,00025% maximum APR91-365 days
KashwayKsh 3,000 – Ksh 50,0005-16% APR100-270 days
Lion CashKsh 2,000 – Ksh 70,00016% APR91-365 days
KashPlusKsh 2,000 – Ksh 50,00016% APR91-365 days
AsapKashKsh 500 – Ksh 8,00018% APR91-365 days
ApesaKsh 500 – Ksh 8,00018% APR91-365 days
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