Mobile Loans Providers in Kenya: How To Apply For A Loan
Mobile loans have revolutionized the financial sector in Kenya, offering quick and accessible credit to individuals and businesses. With the advent of digital technology, Kenyans now have the convenience of applying for and receiving loans through their mobile phones, without the need to visit a physical bank.
In this guide, we will discuss the best mobile loan providers in Kenya, the different types of mobile loans available, the eligibility criteria, the application process, and the benefits of mobile loans in Kenya.
Best Mobile Loan Providers in Kenya
Are you looking for a convenient and quick way to access loans in Kenya?
If YES… Don’t worry!
There are numerous mobile loan providers in Kenya, each offering different interest rates, repayment terms, and loan amounts. Some of the best mobile loan providers in Kenya include:
1. Branch
Branch is a leading mobile loan provider in Kenya, offering loans of up to KES 50,000 with repayment terms of up to 12 months.
2. Tala
Tala is another popular mobile loan provider in Kenya, offering loans of up to KES 50,000 with flexible repayment terms.
3. Okolea
Okolea is a Kenyan-based mobile loan provider that offers loans of up to KES 200,000 with flexible repayment terms. They also provide emergency loans for unexpected expenses.
4. Okash
Okash is a mobile-based loan app that provides quick and easy loans to individuals in Kenya. They offer loans starting from KES 1,000 up to KES 50,000 with repayment periods of up to 31 days. To apply for a loan on Okash, you need to have an active M-Pesa account, a valid national ID, and a smartphone.
5. Timiza by Barclays
Timiza by Barclays is a loan app that provides quick and easy loans to individuals in Kenya. They offer loans starting from KES 1,000 up to KES 150,000 with repayment periods of up to 31 days. To apply for a loan on Timiza, you need to have an active M-Pesa account, a valid national ID, and a smartphone.
6. KCB M-Pesa
KCB M-Pesa is a joint venture between Kenya Commercial Bank and M-Pesa that offers loans of up to KES 1 million with flexible repayment terms.
7. M-Shwari
M-Shwari is a mobile banking service offered by Commercial Bank of Africa and M-Pesa, providing loans of up to KES 200,000 with flexible repayment terms.
Note: It is crucial to compare the interest rates, repayment terms, and loan amounts offered by different mobile loan providers before applying for a loan. Additionally, it is also important to ensure that the loan provider is licensed and regulated by the Central Bank of Kenya.
Types of Mobile Loans
There are various types of mobile loans available in Kenya, including:
i. Payday Loans
Payday loans are short-term loans that are taken to cover unexpected expenses until the next payday.
ii. Personal Loans
Personal loans are unsecured loans that can be used for various purposes, including home improvement, medical expenses, or debt consolidation.
iii. Business Loans
Business loans are designed to meet the financial needs of small businesses, providing the capital required for growth and expansion.
Eligibility Criteria for Mobile Loans i
To be eligible for a mobile loan in Kenya, you must:
i. Be a Kenyan citizen or resident.
ii. Be 18 years or older.
iii. Have a valid ID, either a national ID or passport-size photo.
iv. Have a stable source of income.
v. Have a functional mobile phone.
The Application Process for Mobile Loans
The application process for mobile loans in Kenya is straightforward and can be completed within minutes. The steps involved in the process include:
i. Choose a mobile loan provider
Choose a mobile loan provider that suits your needs and offers competitive interest rates and repayment terms.
ii. Download the mobile app
Download the mobile app of the selected loan provider and create an account.
iii. Submit your application
Submit your loan application through the mobile app, providing all the necessary information, including your details, employment information, and loan amount.
iv. Receive approval
If your loan application is approved, the loan amount will be disbursed to your mobile money account or bank account.
v. Repay the loan
Repay the loan as per the repayment schedule, making timely and full payments.
Benefits of Mobile Loans
Mobile loans in Kenya offer numerous benefits, including:
i. Convenience
Mobile loans can be applied for and received through a mobile phone, eliminating the need to visit a physical bank.
ii. Quick Disbursal
The loan application process is quick and straightforward, with the disbursal of funds happening within 24 hours.
iii. No Collateral
Most mobile loans do not require any collateral, making them accessible to individuals and businesses without significant assets.
iv. Flexibility
Mobile loans can be used for various purposes, including personal expenses, business capital, and emergencies.
v. Easy Repayment
Repayment of mobile loans can be done through mobile money, bank transfers, or automatic deductions from your salary.
Conclusion
In conclusion, mobile loan providers have become popular way to access quick and convenient loans in Kenya. Whether you need a small loan or a large loan, these loan apps offer a variety of options to suit your financial needs. When choosing a loan provider, be sure to consider factors such as loan amounts, interest rates, repayment periods, and eligibility requirements.
With the right loan app, you can get the financial assistance you need to overcome financial difficulties and achieve your financial goals.