Getting a loan in Kenya today has got easy with the increase in the number of online money lenders. This post looks into how you can borrow a loan in Kenya and receive it instantly.
Mobile Money Loan Lenders
There are a number of mobile applications that lend unsecured loans in Kenya. It is just more like Safaricom’s Mshwari. Some of those mobile apps have been analyzed here.
All you need to get a loan with all those mobile money lenders is download the app and fill your personal details. You will be approved instantly and received your loan the same day.
Disadvantage of Mobile loans money lenders
- The amount of loan that you receive is too little
- Loan payment time is short. If you don’t pay within that short time then you will get into credit reference bureau-CRB list.
Benefits of Mobile loans money lenders
- You will receive your loan within a very short time via mpesa
- You do not need any security
Bank Money Lenders
This has been the traditional way of getting loans in Kenya. The only disadvantage of bank money lenders is that you must have security.
Most of the bank lenders will also need one to be working as your payslip will determine the loans you will get.
Advantages of bank money lenders
- The loan you get is more than that of mobile loan lenders
- The payment period is long
Disadvantages of bank money lenders
- You need security to get the loan
- It takes time to receive a loan
- The interest rate is high
Do you need an instant mobile loan in Kenya? Check here.
Do not miss our update of the list of banks that lend money in Kenya at a low interests.