Unless you are born in what the US President Mr. Donald Trump calls “The Lucky Sperm Club” in the book “The Art of the Deal”, you will agree that we all have days when we need some quick money. This could be for catering for general household expenses, paying rent or school fees, lifting your business, or paying for a quick need. Thankfully, technology has made it possible for Kenyans to easily acquire security free Mobile loans through mobile phone apps and Short messaging services (SMS).
What used to be a hectic process with banks requesting for securities and guarantees has been reduced to an instant transaction. You can now get an unsecured loan of more than Kshs 50,000 in just a few minutes.
This ease of lending has resulted in the entrance of many players looking for a share in the growing market. Companies have developed apps that enable people to get instant loans on their mobile phones based on their credit score.
While this is a good thing, many users have ended up defaulting and being listed with the CRB (Credit Reference Bureaus) for their None Performing Loans (NPL).
If you are in a state where you need some quick cash, below are the top 10 apps and lenders who will offer you unsecured mobile loans in just a few minutes.
Top 10 Unsecured Mobile Loans Apps and Services in Kenya 2019
#1 Branch App
This Application by Branch International Inc. boosts as “The #1 loan in Kenya”. Branch App offers unsecured mobile loans from as low as Kshs 1000. The repayments are done either Weekly or Monthly. The only drawback about them is the interest rate which is a bit high. You, however, get the loan instantly and you don’t incur additional fees for late repayment. Download the Branch app today and get money instantly. Use the referral code 9IBYR9.
Tala (from Inventure Mobile Ltd) is currently the App with the highest number of users. Their loan limits start from Kshs 500 to Kshs 70,000 and you have an option of paying in 21 days or 30 days. Their interest rates are lower than those of Branch International Inc. but if you are late to clear the loan they will charge you extra fees. Just like Branch, you can download the app online and start using it immediately. Use the referral code 1EH7FSU.
Mshwari is a financial service offered by Safaricom PLC and CBA (Commercial Bank of Africa). The service is embedded in the Safaricom app and it’s only available to the Telecommunications giant subscribers. The interest rate for Mshwari is low and you get a 20% refund on the facility fee if you pay within 10 days. This is the best service so far!
Fuliza is a new overdraft facility from Safaricom PLC. Subscribers can be able to pay for goods and services on credit. Unlike in Mshwari where the money is deposited in the user’s Mpesa account, with Fuliza one can only send or made direct payments without withdrawing to Mpesa or from an agent.
#5 KCB Mpesa
In terms of interest rates and the amount offered KCB Mpesa is the next best product after Mshwari. The service is embedded in the Safaricom tool kit where the user can obtain the loan and withdraw it to Mpesa. Repayment is after 30 days.
Other Instant Mobile Loans Apps and Services in Kenya
#6 Okash (by Opay Digital Services Limited)
#7 KCB Bank Kopa Loan (If you have a KCB Account, Dial *522# and follow prompts)
#8 Equitel Eazzy Loan (Accessible through the Equitel Simcard by Finserve Africa Limited – Equity Group Holdings Ltd Company)
#9 Opesa (A product of TK Limited)
#10 KOPA CHAPAA (by Airtel Ltd and Faulu Kenya)
#11 Zidisha (peer to peer service for entrepreneurs)
#12 Timiza Loan App from Barclays
#13 HF Whizz (From Housing Finance)
#14 Pata Mkopo (By Crescent Connection Services)
#15 Saidia (By Greenshoe Capital INC)