Which app gives loans immediately in Kenya? Read on to the end to get to know them.

So, which app gives loans immediately in Kenya?

This article provides an overview of the best loan apps to consider if you ever find yourself in a financial crisis and require a quick loan.

But first, it’s important to understand the requirements for applying for a loan on any mobile loan app.

These are some examples:

• A valid national ID is required.
• Must possess a registered phone number.
• You must have an active Mpesa account.
• Have an Android Smartphone.

With that in mind, let us now proceed to: Which app gives loans immediately in Kenya?

 

Which app gives loans immediately in Kenya?

So, if you’ve been wondering “Which app gives loans immediately in Kenya?” Look no further.  Here is the answer.

In general, all legit loan apps in Kenya provide loans immediately, based on your eligibility and credit score.

The following are the most popular loan apps in Kenya that provide instant loans:

1.     Tala loan app

First, we have Tala, which is one of Kenya’s most trusted mobile loan providers and one of the best instant loan apps in the country.

Depending on your credit score and loan limit, they offer loans ranging from Kshs. 1,000 to Kshs. 50,000.

The interest rates differ depending on the loan you apply for and the period of repayment.

The interest rates for a 21-day loan range from 5% to 14%, while the interest rates for a 30-day loan range from 7% to 19%.

In order to increase your loan limit, you must consistently repay your loans before the due date, and your limit will increase over time.

To apply for a Tala loan, first download the app and then apply within it. To download, go to this link.

It’s worth noting that failing to repay your loan on time will result in an 8% late fee on your outstanding loan.

 

2.     Branch loan app

Branch is a popular app launched by Branch International in 2015 that allows you to borrow as little as Kshs. 250 and as much as Kshs. 70,000.

The good news is that Branch will not check your CRB status, and registration is completely free.

Loans are also approved within 24 hours and have no hidden fees.

Furthermore, Branch does not charge late or rollover fees.

To get started with Branch, download the app from the Google Play Store, sign up, log in, and you will be notified automatically if you qualify for a loan.

If everything goes well and they approve you for a loan, you will receive it via Mpesa.

Not to mention, interest rates range from 13% to 29%, depending on the amount borrowed and the repayment period.

 

Which app gives loans immediately in Kenya?

3.     Zenka loan app

Many people like Zenka because of its unique and friendly feature of getting your first loan for free.

Your first Zenka loan is completely free! There are no interest rates or service fees… You are only required to repay the amount borrowed within the time frame specified, which is usually 61 days (though in two installments).

Zenka loans range from Kshs. 500 to Kshs. 20,000.

After you repay the first loan on time, Zenka will charge you an 11% interest fee on subsequent loans.

Zenka also has a unique feature that allows customers to top up their loans if they require additional funds, as long as the amount is within their loan limit.

However, the eligibility requirements are quite strict, with applicants required to have a good credit score and an impeccable repayment history.

Additionally, Zenka has a referral program that rewards customers with discounts on loan fees and interest rates.

You can download the app to your phone from here, and once approved, you’ll have your loan in less than five minutes.

Furthermore, you can apply for a loan from Zenka by dialing a USSD code.

To complete your loan application, dial *841# on your phone and follow the system command prompt to access the loan menu.

However, the maximum loan limit is Kshs. 10,000 if you apply through the USSD code.

 

4.     Okash loan app

Okash offers personal and business loans ranging from Kshs. 1,500 to Kshs. 50,000, with a maximum limit of Kshs. 500,000 as your credit score improves (as long as you are 20–55 years old).

To get an instant loan, simply download the app from the Google Play Store, install it, and register.

Okash calculates your loan limit and repayment period based on the personal information you provide during registration.

It’s good to know that Okash loans have a 5% interest rate and a 14-day repayment period.

Failure to repay the Okash loan on time, on the other hand, results in a 2% rollover fee for each day defaulted.

 

Which app gives loans immediately in Kenya ?

5.     Stawika loan app

Stawika assigns loans automatically based on mobile phone data and other factors, and you can get your loan in less than 5 minutes.

It allows you to borrow as little as Kshs. 500 and as much as Kshs. 70,000 with a minimum repayment period of 21 days.

Their interest rate ranges from 7% to 21%, depending on the amount borrowed and the duration of the repayment period.

Just like the other loan apps, download Stawika app from Google Play Store, register, and apply for a loan.

You can also apply for a Stawika loan by dialing *872# and following the on-screen instructions.

6.     iPesa loan app

You can get an Mpesa loan through iPesa without having to go through the hassle of visiting a bank. iPesa is quick, simple, and safe.

Furthermore, the loan application process is simple and straightforward. Simply download from the Google Play Store, register, and apply for a loan.

Their loans start at Kshs. 500 to Kenyan shillings. 50,000.

It’s worth noting that the loan repayment period for your first iPesa loan is 14 days, and the loan repayment period for subsequent loans ranges from 91 to 180 days.

iPesa charges a 15% interest rate on loans due within 14 days and a standard 12% APR on loans due within 91 to 180 days.

However, failure to pay your loan on time incurs an additional fee of 2% per day of the loan amount. For example, if you borrowed Kshs. 1000, you would pay Kshs. 20 per day in addition to the principal and interest.

A great advantage of iPesa is that they occasionally provide coupons to loyal customers (those who promptly pay their loans after borrowing).

 

Which app gives loans immediately in Kenya?

7.     M-fanisi loan app

M-fanisi is a mobile-based bank account (managed by Maisha Microfinance Bank) that is only available to Mpesa customers.

You can borrow as little as Kshs. 100 and increase your limit to over Kshs. 25,000 if you meet M-fanisi loan requirements, which include being 18 years of age or older, among other things.

The app charges a 10% interest rate, exclusive of excise duty, and the loan is repayable within 30 days of disbursement.

To borrow money from the M-fanisi Loan app, either download the app by clicking here or dial *281# and follow the prompts.

 

8.     Berry loan app

Berry is a one-of-a-kind mobile money lending app that provides low-cost instant mobile loans in Kenya with flexible repayment plans.

To get started, you must first download the app from the Google Play Store and register.

After the system verifies your information, you will be able to apply for loans with a minimum loan amount of Kshs. 500. However, the limit gradually increases to Kshs. 50,000 as you use the app and repay your outstanding loans on time.

Depending on the amount borrowed, Berry Loan app charges interest rates ranging from 8% to 15%.

Berry also charges a one-time processing fee of 9-15% of the account’s principal.

The good news is that Berry gives a 7-day extension after the due date.

However, after the grace period expires, a one-time late payment fee of 15% on the processing fee plus the principal amount is charged.

 

Which app gives loans immediately in Kenya?

9.     Timiza loan app

Timiza is an online mobile money app developed by Absa Group, formerly known as Barclays Bank of Kenya.

The best thing about Timiza, as opposed to other bank apps in Kenya, is that it is available to all Kenyans rather than just bank customers.

Timiza loans have a 30-day repayment period and can range from Kshs. 500 to Kshs. 100,000, depending on your transaction history and payment records.

To apply for a loan, you must either download the app or dial *848# and follow the prompts. Both iPhone and Android users can use the loan app.

Timiza charges a 1.083% interest rate plus a 5% processing fee on the amount borrowed.

Note that, failure to repay your loan within the stimulated 30 days will result in a rollover fee of 5% of the outstanding loan amount.

Remember that repaying your loan on time increases your chances of receiving higher limits.

 

Which App Gives Loans Immediately in Kenya – Wrap up

So, that’s all there is on which app gives loans immediately in Kenya.

But before winding up, it’s worth noting that you can also apply for a loan from the Hustler Fund. Their loan is available immediately as long as you have not previously defaulted.

Hustler Fund loans range from Kshs. 500 to Kshs. 50,000, with interest rates as low as 0.02 per day (8% p.a.) and repayment terms of 14 days.

To borrow money from the Hustler Fund, dial *254# and follow the prompts.

Now, the applications listed above are just a few examples; there are many more that we have not mentioned.

But, if you do need an emergency loan, you now know where to look.

So, be wise and choose the best.

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