Unsecured Loans in Kenya

Instant Loans on your Mobile without Security in Kenya

Have you ever found yourself in a situation where you require urgent money? You will agree with me that this is a very disturbing moment. Your family and friends may not always be in a position to help you out. Getting a loan from the bank is a long and demanding process. You require an instant loan to solve the problem right then. Nowadays, there is a reliable solution to all those instant financial problems through the various financial mobile apps.

These apps offers you instant loans ranging from Ksh.100 and even up to Ksh.50000 for your emergencies. Unlike the banks, loans from these mobile applications will attract no collaterals. Funds will just be deposited directly into your M-Pesa account. This article will focus on 5 most common mobile  apps offering instant loans in Kenya.

KCB M-Pesa

Loans from KCB M-Pesa are only available to customers who are M-Pesa registered. It is a mobile banking account which allows you to borrow a loan ranging from as low as Ksh.50 up to Ksh.1 million. The amount of money you can borrow is dependent on how you pay your loans. Paying on time increases your loan limit. The interest rate of this loan is 3.6% per month. Accessing KCB M-Pesa is easy as it is already installed in your sim toolkit. Withdrawing and depositing money between the KCB M-Pesa and your M-Pesa account is free of charge.

M-shwari

This is a product of Safaricom in partnership with CBA. It not only allows you to borrow money but also allows you to save. The amount of money you save will determine your loan limit. M-shwari, just like the KCB M-Pesa, is only accessible to M-Pesa-registered users only. The M-Pesa account should have been active for a minimum period of 6 months. You can borrow from as low as Ksh.100 up to Ksh.50000. The interest rate for these loans is 7.5% per month. The loan is deposited directly into your M-Pesa account. During repayment, you will pay from your M-pesa account but the money can also be deducted from your M-shwari account. A delay in repaying the money will attract a penalty according to the outstanding amount of debt.

Tala loan

Tala is one of the oldest and best money lending apps in Kenya with a huge number of users. It was launched in 2014 and was formally known as Mkopo Rahisi. It offers loans ranging from Ksh.500 up to a maximum of Ksh.30000. The interest will depend on how long you stay with the loan, with options of either 7 or 30 days. To repay the money, you just use the M-Pesa pay bill 851900.You can download the app from Google Play store and as long as you are not listed in the CRB, you are qualified to access a loan.

Timiza loan

Timiza is another loan app, a product of the Barclays bank of Kenya. This digital platform was started to offer unsecured loans to Kenyans. It also offers insurance services. The amount of loan you will receive from the Timiza loan app is dependent on your M-Pesa transactions, with those that are more active and who transact more money attracting bigger loans. This app can offer a loan of up to Ksh.150000, with an interest rate of 6.17% per month. The loan should be repaid within 30 days. You can get Timiza app from Google Play store. Make sure you register using your Safaricom number. A PIN will be sent to that number which will activate the app.

Opesa loan

This is another app that offers instant loans via M-Pesa. Opesa is a product of Tenspot Kenya Limited. It offers loans ranging from as low as Ksh.500 up to a maximum amount of Ksh.30000. Their interest rates vary according to the amount of loan and the time taken to repay the loan. The app is accessible from Google Play store. Once you have installed the app, make sure you register using your Safaricom M-Pesa registered number. After you apply for the loan, it will be immediately deposited into your M-Pesa account upon approval. To repay the loan, use Lipan na M-Pesa pay bill number 606280.

M-Pesa has saved most Kenyans in times of financial emergencies due to these instant loan apps. You can choose from the many apps the one that suits you best with the amount you need, the interest they charge and the time for repayment of the loan.