Do you live in Kenya? Are you coming to Kenya? Are you interested in obtaining a loan in Kenya as a resident or a visitor? If your answer to these questions is YES, then come with me as I show you the ways to get mobile loan in Kenya easily and what each method entails.
You see, we are fortunate to live in an exciting time when virtually anything can be obtained at the touch of a button, and that includes obtaining credit. Follow this guide to the end to see the best ways to get mobile loan in Kenya quickly in 2022.
Kenya’s Value Proposition for Loans
According to a report compiled by the Communications Authority of Kenya, the country of Kenya had a total of 46.6 million active mobile subscriptions. It has been four years since this report. So, this number should have increased by a considerable margin today.
More people in Kenya, a country with a total population of 51.39 million people, own mobile phones than any other type of electronic device (Computer, TV, radio, etc.). This means that many people have the opportunity to obtain loans on their smartphones which are quicker and more convenient compared to the traditional banking system.
The convenience of mobile loan apps in comparison to more conventional lending options, such as banks and MFIs, is likely to increase the number of Kenyans who subscribe to these services. This article shows the three main ways to get mobile loan in Kenya as well as the pros and cons of each method.
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What is a Mobile Loan?
A Mobile loan is a loan that you can get using an app, website, or shortcode on your mobile phone. When you use your mobile phone to borrow money from a lender to fix your financial situation, then you have taken a mobile loan.
In Kenya, loans obtained through mobile loan applications are by far the most common type; however, as of late, some creditors have begun offering loans via shortcodes (i.e., USSD), which is included among the mobile loan providers.
Ways to Get Mobile Loan in Kenya in 2022: 3 Key Sources
The following is a list, broken down by category, of the top mobile loan providers in Kenya for the year 2022. All these loans are obtained via mobile apps.
(1) Safaricom’s Mobile Loans for customers
These loans are available directly through Safaricom, and you do not require a third-party app to access them. Safaricom is Kenya’s proprietary telecom network. Safaricom loans are as follows:
- KCB M-Pesa (provided in partnership with KCB Bank).
(2) Banks’ Mobile Loan Facilities
Banks are now making a frantic entry into the mobile lending space in Kenya. Many banks in Kenya today have credit facilities that can provide loans to members of the public or their existing customers. Because these, lenders are regulated, the interest rates are competitive, and the loans are extremely secure.
The following are some of the popular and common mobile loans that Kenyan banks offer:
- Timiza – By ABSA Bank
- NCBA Loop — to qualify for a loan, you will need to have some savings with the bank and use the app consistently for some time.
- HF Whizz – To qualify for an HF Whizz loan, you must have used the app for a while and go through the KYC process.
- Eazzy App, developed by Equity bank.
- KCB Vooma – You are eligible for a KCB Vooma Loan if you are a customer of KCB Bank and if you have an active account with the bank.
- PesaPap Wallet Loans facilitated by Family bank.
- MCo-Op Cash, issued and managed by the Co-operative Bank
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(3) FinTech Loan Apps
Besides the telecom networks and the banks, another way to get a mobile loan in Kenya is via the FinTech companies which provide credit facilities. There is a long list of these FinTech-facilitated loan facilities and their mobile loan applications can be found on Google Play (for Android devices) and the App Store (for iOS users).
Although using FinTechs is one of the major ways to get mobile loan in Kenya, a key problem with many of the loan services by FinTechs is that they have very strict in their loan repayment follow-up process. Despite that many of these FinTech loan companies provide loans, some of them engage in questionable practices to the detriment of users. For instance, they can invade your privacy and call everyone on your contact list if you fail to repay your loan on time. Also, they might go as far as publishing your information on the internet thereby defaming your character.
While deferment of loan repayment is inexcusable and unsupported, there are softer avenues loan companies can use to get back their money without deformation of the user’s character and invasion of privacy.
To this end, I have taken the time and effort to select and list only the considerably legitimate loan applications from Kenya in this piece. I compiled a list of the nine most popular loan applications in Kenya in Kenya 2022. See them below:
- Branch Loan App
- HF Whizz Loan
- KCB M-Pesa
- MCo-op cash
- Okash Loan
- Tala Loan
- Timiza Loan
- Zenka Loan
The top 5 Hot Loan Apps that Give Mobile Loans Very Fast in Kenya
In Kenya, the quickest and most convenient place to obtain a loan is right there on your mobile phone. You can begin by signing up for Fuliza, which is a service that enables you to finish your M-PESA transactions even if you do not have enough money in your M-PESA account.
After that, check Mshwari, and if you still need additional funds, head over to KCB Mpesa. Be aware, however, that to qualify for a loan from KCB Mpesa, you will need to have a certain amount of money saved up in your account.
You could try one of the non-regulated mobile loan apps, but Branch or Tala would be a better place to start.
In times past, when someone needed a loan (i.e., a money loan) quickly, the options were limited. One could either go to a bank, which is a slow process or could ask for assistance from family members and/or friends.
These days, you can do almost anything on your smartphone, including getting a quick loan. Hence, we should count ourselves fortunate for this development. Today, if you live in Kenya there are 3 options you can choose from.
You can get a loan transferred to your M-Pesa account in fewer than five minutes if you use one of the many best instant loan apps that are available in Kenya. This loan can come from any of three sources: (1) Banks’ mobile loan facilities (2) Safaricom’s Mobile loans for customers or (3) Fin-tech loan apps. So, we are living in lucky times and the future likely holds the best.
From what you’ve learned, therefore, which of the ways to get mobile loan in Kenya appeal to you most? Let me know in the comment section below.