Kenya is blessed with several micro-lending facilities many of which are accessible through mobile phones via the use of mobile apps. In 2022, it is important to identify the top loan apps in Kenya, their strength, weaknesses, and potential to help the prospective borrower make the right decision.
So, in this article, I give a list of top loan apps in Kenya and I hope this piece helps you in making an informed decision regarding the choice of a loan app to meet your financial need.
Criteria for Inclusion
For a loan app to be regarded as a top loan app in Kenya, it must meet the following criteria:
- Easy to use
- Charges low-interest rate
- Gives a good (fairly long) repayment time
- Has quality customer care
- Uses sane repayment follow-up system
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A Rundown of the Top Loan Apps in Kenya in 2022
Below are the top loan apps in Kenya in 2022 that you should know of:
- Branch Loan App
- Tala Loan
- Timiza Loan
- MCo-op cash
- KCB M-Pesa
- HF Whizz Loan
- Okash Loan
- Zenka Loan
1. Branch Loan
I start with the Branch Loan app because in Kenya today, the Branch loan app is arguably the second most used and second oldest loan app besides Tala, Kenya’s first mobile loan app. This popularity alone qualifies Branch as one of the top loan apps in Kenya in 2022. The Branch Loan app is owned, managed, and facilitated by Branch International Company which began operation in Kenya in the year 2015.
The Branch loan app is available for download/installation on mobile devices in Kenya, as well as in Tanzania and Nigeria. For now, the Branch loan app is only available to android devices via Google Playstore. iOS devices like iPhone, iWatch and iPad are not yet supported. With the Branch app, you can borrow up to 70,000 Kenyan Shillings.
After downloading the Branch loan App from Google Playstore, what follows is to create your profile which takes a moment. Then, you log in to the app and request a loan. The app will determine whether you are eligible for a loan or not and let you know immediately (or within a short time). If your loan request is approved you will be granted the loan and the sum will be transferred to your M-Pesa account.
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2. Tala Loan
Tala Loan app is adjudged the best loan app in Kenya followed by Branch and, of course, qualifies as one of the top loan apps in Kenya in 2022. The Tala App is one of the most popular mobile money lending applications in Kenya. Before now, the name of the app was Mkopo Rahisi but later renamed Tala. The Tala Loan app is one of the most reputable and well-established mobile loan apps with wide use in Kenya.
Throughout its existence in Kenya, Tala has developed into the most reliable provider of mobile loans and has become one of the most successful instant loan apps in the country.
Tala offers users loans of up to 30,000 dollars to users, and M-Pesa is how the loans are distributed. What makes Tala popular is that they approve loans quickly (i.e., in less than five minutes). Also, if you repay your loans on time or when due, you can raise the maximum amount of available credit on your credit report thus increasing your chances of getting bigger loan sums.
Tala has more than 5 million downloads & installations on the Google Play store. To qualify for a loan from Tala, all you need to do is to download and install the application on your smartphone and set up an account on it. If they do not list you on CRB, you will be eligible for your first loan and you may be allowed to choose the terms of your repayment.
3. Timiza Loan
Absa Group, which was formerly known as Barclays Bank Kenya and is now one of the local banks in Kenya, is the company behind the mobile money app known as Timiza. It is important to note that the popularity of mobile lending apps in Kenya has forced traditional financial players (banks, mortgage institutions, etc.) to go into the micro-lending business big time.
The best thing about Timiza, in contrast to other banking apps, is that it is not restricted to the bank’s customers only, but rather is open to all Kenyans. This is in contrast to other banking apps and bank loan apps.
In addition to providing loans, the Timiza app also functions as a bank account that users can use to manage their finances.
A mobile loan can be accessed through the Timiza app in the following ways:
- First, search for the Timiza loan app on the Google Play store and install it on your device.
- Second, enter the M-Pesa number that is registered to your account.
- Then, activate your application by entering the pin that was given to you.
- Finally, request for Timiza loan within the loan app.
You can borrow up to KES 150,000 with a Timiza loan, and the repayment period is thirty (30) days. The wideness of the Timiza loan app’s coverage, ease of installation and use, and longer repayment period qualify the Timiza loan app as one of the best and top loan apps in Kenya in 2022.
4. MCo-op Cash Loan
Customers of the Co-operative Bank of Kenya now have access to all of the bank’s services, including emergency loans, thanks to this mobile app for loans, MCo-op. With the MCo-op Cash loan app, customers can check their account balances and have money transferred from their MCo-op cash account to Mpesa or Airtel accounts using this service.
In addition to a variety of other services, the app enables customers of the bank to purchase airtime using the MCo-op cash account. You have the opportunity to apply for up to 200,000 Ksh through the MCo-oP Cash App., which is equivalent to 1.5 times a worker’s net salary. On this basis, the MCo-op Cash loan app doubtless qualifies as one of the top loan apps in Kenya in 2022.
5. KCB M-Pesa
Safaricom was arguably the first company to introduce the concept of mobile lenders, and KCB, in collaboration with M-Pesa, expanded on it. You are eligible to use KCB M-Pesa if you are a registered user of the M-Pesa service. You do not need to go through the hassle of downloading and setting up the application because it is already on your mobile phone.
To obtain a loan, simply visit the KCB Mpesa website, navigate to the loans and savings tab, and then select a loan that you need. There is no need to register or provide any additional information.
They will send the loan amount to your Mpesa once they determine that the amount you have requested is within your maximum allowable loan amount. Due to its ease of operation, KCB M-Pesa is included in this list of the best online M-Pesa loans available in Kenya at this time and wins a spot as one of the top loan apps in Kenya in 2022.
Mshwari is a product of the Safaricom, M-Pesa, and NCBA Bank and is one of the top loan apps in Kenya that is too good to ignore. This loan app is very similar to KCB’s offering just discussed. The way it works is based on the concept of putting money away to get a loan. They may raise your limit if you continue to use Mshwari responsibly and pay back any previous loans you’ve taken with the app.
To be eligible for a Mshwari loan, all you need to do is have an M-PESA account that has been active for at least six months, have an M-Shwari savings account, and make regular use of other Safaricom services like voice, data, and M-PESA.
7. HF Whizz Loan
The HF Whizz app is much more than a simple lending platform; in fact, you can complete the vast majority of your digital transactions without ever leaving the app. You can do things like pay for things directly from your HF account, transfer money, save money on the app, buy airtime, and apply for a loan. The steps to getting an HF Whizz Loan are outlined here. Why HF Whizz loan is counted among the top loan apps in Kenya is that it offers a plethora of other functions which help the user besides giving a loan.
8. Okash Loan
To capitalize on the expanding market for online money lending, Tech Company, Opera developed Okash as a mobile lending platform for Kenya, Nigeria, and other markets. The app began with the goal of giving loans to at least one hundred thousand people in Kenya as an initial starting point. At the moment, the Okash loan app is one of the most well-liked lending applications in Kenya and wins a favorable spot as one of the top loan apps in Kenya in 2022.
9. Zenka Loan
Zenka is one of the best loan companies operating presently in Kenya and without a doubt one of the top loan apps in Kenya. The best thing about Zenka loans is that your first loan is free of charge (zero interest). When you apply for 2,000 dollars, you must repay 2,000 dollars. Loans from Zenka can range anywhere from Ksh 500 up to 20,000. If you repay your loan on time, the Zenka loan will charge an interest fee of 11 percent after the first loan that is provided at no cost to you.
According to the feedback provided by the vast majority of Zenka’s mobile loan app users, the company does not charge any additional or hidden fees to its clients.
When you apply for the loan, you will be informed of all fees that you may be required to pay to access the funds from the loan. As a consequence of this, they work hard to keep the overall cost of your loan within reasonable bounds.
To apply for an M-Pesa loan through the Zenka app, follow these steps:
- Download and install the Zenka app from the Google Play store or the Zenka website.
- Register an account with Zenka and fill out the online application form with the amounts you need to borrow.
- After you have provided them with your application, they will look it over, and if it is accepted, they will deposit the funds into your M-Pesa account.
- You can get the money by visiting an M-Pesa agent that is located close to you.
- If you are late with your loan payments, the sum of money you can borrow will be reduced.
What are the Best Loan Apps in Kenya in 2022?
From the brief analysis given in this article, I think that the best loan apps in Kenya in 2022 are the Tala loan app, Branch Loan app, Zenka, and, Timiza app, and KCB M-Pesa.
The basis is:
- Large loan sum (Tala loan app, Branch Loan app)
- Ease of access to loans (KCB M-Pesa)
- Longer repayment time (Timiza loan app)
- Low-interest-rate (Zenka).
I like a loan app or company that charges a lesser interest rate. So, for me it will be Zenka loan followed by Timiza loan because they offers a longer repayment tenure of 1 month.
Of course, this is my take. Yours could be different based on your needs. What is yours? Of all the top loan apps in Kenya in 2022 discussed in this piece, which of the loan apps would be best for you and why? Let me know in the comments box below.