Top 10 Apps For Quick Mobile Loans In Kenya.
I was shocked by a one-KNBS-stat that revealed the extent of digital borrowing. That, about 6.5 million Kenyans borrow using the now famous mobile loan apps in Kenya.
Mobile loan applications have become reliable loan platforms. And as long as you have a smartphone – android-enabled, you can install an app of choice and start enjoying timely financial solutions during cagey emergency situations.
The loan apps have therefore gained immense popularity in the country. As at June 2019, the number of these apps hit 49 and counting.
Without further ado, what are the best loan apps in Kenya because not all may be true to the task. Below, I dissect into the top 10 apps that you may want to try out in case you find yourself in a financial crisis.
1. Branch Loans App
Although Branch loan app came after the emergence of many others, it seems to be one of the unprecedented leaders in the mobile micro-lending industry at the moment.
Branch loans app is simple to install from Google Play Store. It occupies only about 4 megabytes of your Android space meaning its easy and cheap to download.
On to top of that, it’s one of the apps that disburses their loans amazingly quick. That’s if you happen to qualify and get approved.
The money is directly disbursed on your Mpesa account within a few minutes, sometimes just less than a minute!
Once you have the app on your smartphone, creating an account is a breeze. Ensure that you have an active Facebook account that you’ll be required to log in and the rest is easy.
Branch loan offers range between a minimum of Kshs.500 and a maxi of Kshs.50,000. the interest rates or what they call service fee is anything between 10% – 27% of the loan you’re given.
Branch requires that you pay their loans in one month – but in weekly installments. Paying on time helps build a good rapport with the lender.
Which means that your loan limit will be pushed up so quickly. However, failure to repay on time attracts penalties; and affects credit score which can be damaging eventually.
2. Tala Loan App
The next household name in the Kenya Quick loans sector is Tala. By the way, Tala is one of the oldest apps in the country having been on this scene for now about 6 years.
It operates under Inventure Access company that offers quick mobile loans in Kenya. Tala was formerly known as Mkopo Rahisi before it switched names.
After downloading the app, creating an account is such a quick process. Once that’s done, apply for a loan and if you are approved, the loan will be disbursed to your Mpesa account in a matter of seconds.
Tala uses your transaction history as reflected by the Mpesa to determine your creditworthiness. This is used to decide which amount will be offered to you or in other cases, no offers.
The minimum amount you can receive from them is Ksh.1,000, the maximum is Ksh.30,000. But when one repays on time, the loan amount increases quite fast.
Tala offers two options when it comes to repayment; a 30-day repayment period or a 21-day repayment. If you choose to go with the former, the service fee is obviously higher than a loan repaid within 21 days.
Tala loan interests range between 11 – 15 percent. This largely depends on the repayment period option one chooses to go with.
Downloading the Tala app doesn’t take a lot of time and your Android space. It’s therefore definitely one heck of an app to have.