Top best mobile loan apps in kenya
Last updated on June 9th, 2023 at 08:19 pm
This article is about the top best mobile loan apps in Kenya. We all know that it is not easy to qualify for a loan in Kenya, especially from a bank.
Mobile credit has been revolutionized since the launch of the pioneer M Shwari in November 2012, a partnership between Safaricom and the Business Association of Africa (CBA).
Almost anyone on the Safaricom network with an active MPESA account has access to the service as no pre-installation of any kind is required.
Fast forward to 2022 and different service providers have invaded the industry, all competing for the growing need for short-term and short-term cell phone rentals.
Despite having a large number of such providers, satisfactory service is still at risk in the sector that offers high interest rates, low repayment periods, debt integration, poor application development, and more.
TOP MOBILE LOAN APPS IN KENYA
Below is a list of the best mobile loan apps based on ratings, reviews and downloads available on Google Playstore. The things that are used are:
- Rating of 3.9+
- – 6K+ reviews
- 100K+ downloads
Therefore, for a borrower to qualify for the list, they must do all of the things mentioned above.
This is the most popular loan service launched on March 16, 2014 by Tala Mobile. It currently has a 4.7 star rating with over 346,000 views and over 5 million downloads. They offer loans ranging from KES 500 to KES 30,000 with variable interest rates depending on the repayment period. The interest charge for 21 days is 11% while for 30 days it is 15%. The application can be downloaded from https://tinyurl.com/o2qlgsp
International Branch released on March 19, 2015. It currently has a 4.7 star rating with over 186,000 reviews and over 5 million downloads. Their loans range from KES 250 to KES 70,000 with interest rates between 13% and 29%. They also offer refund periods of 21 days and 30 days.
The application is available at https://tinyurl.com/y2bwbzt2
The Timiza financial service is provided by Barclays and launched on March 15, 2018. It has a 4.2 star rating and over 10,000 reviews and over 1 million downloads. It offers loans ranging from as little as KES 50 to as much as KES 150,000. Their interest rate is as low as 6.08% and the repayment period is usually 30 days. You can download the app from https://tinyurl.com/y8w3veeh
Zenka is a new project but managed to climb to number 4. It is powered by Zenka Finance and released on November 13, 2018. It holds a 4.2 star rating with over 10,000 reviews and 500,000 downloads. It offers loans from KES 500 to KES 20,000. It has an interest rate of 29% repayable after 30 days. The application can be downloaded from https://bit.ly/2UXDSf2
Okash was released on February 1, 2018 by OneSpot Technology Ltd. Since then, it has received a 4.1 star rating with 45,000 reviews and more than 1 million downloads. The interest rate depends on the repayment period, the interest rate is 14% for 14 days) and 16.8% for 21 days. Applications are available via https://bit.ly/2XBjDks
Opesa was released on December 6, 2018 by TK Ltd. It currently sits at a 4.1 star rating with 14,000 reviews and over 1 million downloads. They offer loans between KES 2,000 and KES 10,000 at 16.8% interest and a repayment period of 14 days. This application can be downloaded from https://tinyurl.com/yyokep3c
This is a loan service provided by Okolea International on March 22, 2017. It has a 3.9 star rating with over 6,000 reviews and over 100,000 downloads. The loan amount is between KES 500 and KES 50,000 with variable interest depending on the repayment period. That is, the interest rate is 5% (2 days), 8% (7 days), 11% (14 days), 13% (21 days) and 15% (30 days)
It can be downloaded from https://tinyurl.com/y65ectzl