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
Berry
Tala
Branch
HF Whiz
Shika
iPesa
Zenka
Zidisha
Okash
Utunzi
Zash
Saida
Haraka
Apesa
KashPlus
Table Summary: 25 Best Mobile Loan Apps in Kenya
| Loan | Limit | Interest Rate | Payment Period |
| Branch | Ksh 250 – Ksh 100,000 | 17-35% of the loan amount | 4-52 weeks |
| Tala | Ksh 2,000 – Ksh 30,000 | 11-15% of the loan amount | 21-30 days |
| KCB MPESA | Ksh 1,000 minimum | 8.64% of the loan amount | 30 days |
| Stawika | Ksh 200 – Ksh 30,000 | 15% the loan amount | 30 days |
| Timiza | Ksh 50 – Ksh 150,000 | 1.17% the loan amount | 30 days |
| Mshwari | Ksh 100 – Ksh 50,000 | 7.5-9% the loan amount | 30 days |
| Zenka | Ksh 500 – Ksh 30,000 | 70.7-224.89% APR | 61 days |
| Utunzi | Ksh 500 Ksh 50,000 | 12% of the loan amount | 21 days |
| Haraka | Ksh 500 – Ksh 5,000 | 23.45% | 7-31 days |
| Zidisha | Up to Ksh 1 million | 0% interest (only Ksh 1000 membership fee) | Unspecified |
| iPesa | Ksh 500 – Ksh 5,000 | 12% APR | 91-180 days |
| Opesa | Ksh 1,500 – Ksh 50,000 | 16% maximum APR | 91-365 days |
| Saida | Ksh 600 – Ksh 100,000 | 0-21% monthly | 2.5-6 months |
| Okash | Ksh 500 – Ksh 50,000 | 36% maximum APR | 91-365 days |
| Okolea | Ksh 500 – Ksh 500,000 | 0.5% Daily | 2-28 days |
| Eazy | Ksh 100 – Ksh 200,000 | 2-10% of the loan amount | 30 days |
| Berry | Ksh 1,000 – Ksh 50,000 | 9.25% monthly | 65-120 days |
| Mokash | Ksh 2,000 – Ksh 10,000 | 20% the loan amount | 14 days |
| Credit Hela | Ksh 1,500 – Ksh 80,000 | 36% maximum APR | 91-365 days |
| Zash | Ksh 500 – Ksh 50,000 | 25% maximum APR | 91-365 days |
| Kashway | Ksh 3,000 – Ksh 50,000 | 5-16% APR | 100-270 days |
| Lion Cash | Ksh 2,000 – Ksh 70,000 | 16% APR | 91-365 days |
| KashPlus | Ksh 2,000 – Ksh 50,000 | 16% APR | 91-365 days |
| AsapKash | Ksh 500 – Ksh 8,000 | 18% APR | 91-365 days |
| Apesa | Ksh 500 – Ksh 8,000 | 18% APR | 91-365 days |