Loan apps to get you out of that fix
Getting personal and business loans through mobile money apps is now easier than getting a traditional bank loan. As an entrepreneur, sometimes you might be short on cash and in need of a quick fix. The following are the most popular loan platforms in Kenya that you can take advantage of.
This loan platform by Barclays bank is available to everyone with a smartphone and you need not have a bank account with Barclays to qualify for the loan services. You do, however, need to have a good credit score with the Credit Reference Bureau (CRB) and not have defaulted on any of the previous Timiza loans. You can get loans of up to Sh150,000 depending on your M-Pesa transaction history. The loan amount attracts an interest of 6.17 per cent.The loan repayment period is 30 days and is delivered to you through M-Pesa.
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To qualify for an M-Shwari loan, you need to have been a Safaricom subscriber for at least six months. You will also need to have paid any previous loan on time to qualify for a subsequent one. The money is availed to you through M-Pesa and is repayable within 30 days of borrowing with an interest of 7.5 per cent. The loan is processed within five minutes. In the event you don’t repay within 30 days, your loan repayment period is increased further by 30 days and an additional 7.5 per cent fee.
KCB M-Pesa loan
You can borrow a minimum of Sh50 and a maximum of Sh1 million. The loans are availed through M-Pesa and attract a monthly interest rate of 1.16 per cent and an additional one-off negotiation fee of 2.5 per cent. To request the loan dial *844# on your Safaricom line and follow the prompts.
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It was initially launched as Kopo Rahisi before rebranding to Tala. To qualify you need to have a good M-Pesa track record. The loan is disbursed through M-Pesa and is repayable in weekly installments depending on the loan requested. The loan attracts a monthly interest rate of between 11 per cent and 15 per cent depending on the amount borrowed. One can borrow a minimum of Sh500 and a maximum of Sh50,000. The loans are repayable through the paybill number 851900. Defaulters are restricted from accessing future loans.
Branch loan app is a subsidiary of an international corporation, Branch International Inc based in San Francisco. To get a loan, download the Branch mobile app and register an account with them with your official names, national identity number, and a valid Facebook account. The loans are disbursed through M-Pesa and are repayable depending on the repayment options you choose. The interest also depends on the amount of money borrowed and the repayment schedule chosen.
Zidisha loans is a peer to peer loans platforms that connects creditors to borrowers both locally and internationally. To qualify for a Zidisha loan, you need to have an active business or be employed, have verifiable credit scores, be of good conduct and reputation, reside in the countries where Zidisha currently operates, that includes Kenya, have an active Facebook account and be able to post regular reviews and experiences regarding the loan services on their website.
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This is a service from Stawika capital. The app automatically reviews mobile phone data and uses the CRB reports to verify your credit behaviour before availing a loan to you. The loan attracts an interest rate of 15 per cent per month.
Saida loan app
This app reviews your transaction history to determine your eligibility of the loans. The loans are disbursed through M-Pesa and Airtel money. The minimum amount to be borrowed is Sh600 and a maximum of Sh25,000 with a monthly interest rate of 10 per cent. The loans are repayable within 30 days.
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Faulu bank manages the Kopa chapaa app. To qualify, you need to have an active Airtel mobile money. The platform has a repayment period of 10 days and has a loan limit of Sh100,000 and a minimum of Sh500.
This loan solution by KPLC enables you to get a loan for your electricity bill. You can borrow a minimum of Sh100 and a maximum of Sh2,000. The loan is repayable within 7 days with an interest rate of 10 per cent.
Okash provides loans to individuals between the age of 20 and 55 years. Personal details which include your date of birth, educational level, marital status and monthly income are required. The app avails loans from Sh500 with a fixed interest rate of 14 per cent repayable within 14 days. The app is optimised to determine the maximum amount you can borrow based on the personal details that you fill in as you sign up.
M-ShwariKCB M-Pesa loanBranch