While some loan applications are controlled by banks, others are by fintech firms. This list includes some of the top mobile services and apps that provide quick loans at cheap interest rates.
- KCB Mpesa Loan
Active MPesa subscribers can apply for very low fast loans through KCB bank and Safaricom. You can obtain the loan by choosing Loans and Savings from the MPesa menu or by phoning *334#. Your first loan limit will be determined by your Mpesa usage and transactions at the time of your initial registration. The loan has a one-time facility charge of 8.64% and has a KSh 1,000 to 1M range. The loan must be repaid in 30 days.
2. Mshwari Loan
Mshwari is owned by the CBA bank. Through a feature on Mshwari, you can open an account and lock your money to earn interest at a rate of 7% per year. Your loan from Mshwari has an interest rate of 7.5% each month, and the amount you can borrow depends on your ability to save money and your history of loan payback.
- Timiza Loan App
An app from ABSA Bank that brings mobile banking services into your hands. Timiza attracts a total loan charge of 6.08% per month (interest plus facilitation fee). You can borrow from Ksh. 50 to Ksh. 100,000 depending on your CRB score and credit history. Your loan limit rises very fast as you borrow and repay the loan in time.
    4. Mco-opCash Loan
A product of the Cooperative Bank of Kenya that offers flexible 1 to 3 months instant loans to salaried employees. It also offers up to 6 months business loans to business owners in Kenya. For salary advance loans, your salary must be passing through Cooperative Bank for you to qualify for the loan.
- Branch Loan App
You can access up to Ksh. 70,000 on this international mobile loan app. You will not incur late charges or rollover fees with the Branch mobile loan app. Interest rates for this platform are 14.57% for Ksh. 500, which gets lower with higher loan amounts.
- Tala Loan App
Tala has a flexible payment period of 21 days to 61 days. Tala interest rates range from 7% to 19% for a 30 day loan, and 5% to 14% for a 21-day loan. You can easily qualify for an instant loan by answering basic questions about your financial status. Once the loan is approved, it is sent directly to your MPesa account.
7. Zenka Loan App
Zenka allows you to apply for a 61 day instant loan at a one-time processing fee of 9 to 30%. Zenka has a zero interest offer to first-time users of the app. Your loan limit can vary from Ksh. 500 to Ksh. 30,000. The Zenka Flexi option allows those with good credit and payment histories an option to repay their loans for up to 12 months.
