Best Loan Apps in Kenya without Collateral

We have researched and discovered the best loan apps in Kenya that you can use to apply for a loan online without needing collateral or considering CRB status. Based on our findings, below are the best mobile loan applications in Kenya.

Branch

Branch app provides loans based on your M-Pesa transaction history. To apply for a Branch Loan, download the Branch app, fill out the application form, and the funds will be deposited in your account within minutes. By consistently paying the loan on time, you can build your credit rating and qualify for higher and long-term loans. To be eligible for Branch loans, you need to be a registered and active M-Pesa user. Loan amounts range from Ksh 1,000 to Ksh 50,000.

Store Download page: Branch

Tala

Tala, formerly known as Mkopo Rahisi, is one of the most popular loan apps in Kenya that offers instant loans. You can download the Tala Mobile Loan app from the Google Play Store and apply for a loan. Tala scans your M-Pesa transaction messages to determine your creditworthiness. The minimum loan amount is Ksh 2,000, with a maximum of Ksh 50,000. Repayment is done in three weekly installments.

Store Download URL: Tala App

KCB Mpesa

KCB Bank offers loans through their mobile banking app or M-Pesa Menu or Vooma. KCB app loan does not require any guarantors. The conditions for getting a KCB Loan include being at least 18 years old and having a registered and active M-Pesa account for six months. You can borrow a loan ranging from Ksh 50 to Ksh 1 million. You are required to pay the loan within one month, failure to which your details will be forwarded to CRB for blacklisting.

Store Download URL: KCB

Equity Bank

Equity Bank offers quick loans through their Equity Mobile App (formerly Eazzy Loan). Users must have an Equity Mobile Bank Account and the app installed. The credit rating for these loans is based on the user's bank account transactions. Therefore, if you do not have an Equity Bank account, you will not qualify for the loan.

Store Download URL: Equity Mobile

Mshwari

Mshwari, offered by Safaricom, is a reliable and fast way to obtain loans without installing any application or having a bank account. All you need is to transact regularly with M-Pesa. The minimum loan amount is Kenya Shillings 100, with a maximum of Ksh 20,000, and a repayment duration of 30 days. To qualify for Mshwari loans, you must be an active M-Pesa user for at least six months.

Store Download URL: M-PESA

Zenka

Zenka is considered one of the best loan apps in Kenya for unsecured loans because of its flexibility and ease of use. You can download the Zenka App, fill out the application form, apply for a loan, and receive it in your M-Pesa account the same day. It does not matter whether you are employed or unemployed. Zenka offers a 61-day loan repayment period with interest rates starting from 9%. Borrowers can request loans ranging from Ksh. 500 to Ksh. 50,000. The unique thing with Zenka is that you can extend your loan repayment period for a small fee instead of defaulting.

Store Download URL: Zenka

Timiza

Timiza is a mobile loan app managed by Absa Bank. Once you install their app and request a loan, Timiza will look at your credit rating before issuing you a loan. If you have a negative listing on CRB, you are not likely to get a Timiza loan. Timiza loan comes with a one-time facility fee of 5% and a 5% rollover fee if the loan is not paid within the 30-day period.

Store Download URL: Timiza

Factors to consider when applying for a mobile loan app

It is important to consider these factors before applying for a loan:

Interest Rate: Compare interest rates among different lenders and prioritize those with the lowest interest rate.
Penalty: Consider the penalty for delaying loan repayment. Avoid loans that submit your details to CRB or debt collectors shortly after a missed payment.
Repayment Period: Check the repayment period and whether you will be able to repay the loan within the provided period. Also, look at whether the apps offer the option to extend the repayment period if there is a delay in repaying.
Privacy: Review the privacy policy of the lender to understand what information is collected when you apply for loans and how the data is handled. Avoid apps that share your data with third parties.
Customer Service: It is advisable to deal with credit providers with physical offices in Nairobi that are accessible to the public.
Loan Limit: Check the maximum and minimum loan amounts you can apply for and whether they meet your needs.