Looking for a loan but worried about high interest rates? Worry no more! We’ve compiled a list of the top 10 loan apps in Kenya with the lowest interest rates, making borrowing more accessible and affordable for you.
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Tala Loan App
Tala Loan App is a popular mobile lending platform that offers competitive interest rates. Borrowers can access loans of up to KSh 50,000 with a daily interest rate of 0.3%. The Tala loan repayment period typically ranges from 21 to 61 days, and disbursement is instant upon approval. To qualify for the Tala loan, applicants must have a Kenyan ID, an active M-Pesa account, and be at least 18 years old. The Tala loan app is available for download on the Google Play Store.
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Branch Loan App
Branch Loan App provides flexible loans with interest rates ranging from 2% to 18% per month, depending on the borrower’s creditworthiness. Branch loan amounts range from KSh 500 to KSh 300,000, with a repayment period of 62 days. Disbursement occurs within minutes after approval. Eligibility requirements include a Kenyan ID, an active M-Pesa account, and a consistent source of income. The Branch loan app can be downloaded from both the Google Play Store and the Apple App Store.
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Timiza Loan App
Timiza Loan App, powered by Absa Bank Kenya, offers loans with a monthly interest rate of 7.25%. Borrowers can access loans of up to KSh 250,000, with a repayment period of up to 30 days. Loan disbursement is immediate upon approval. To qualify for the Timiza loan, one must be a Safaricom user and either have an existing Absa account or register through the app. The Timiza Loan App is available for download on the Google Play Store and the Apple App Store.
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Zenka Loan App
Zenka Loan App offers flexible loan options with interest rates ranging from 9% to 39%, depending on the borrower’s credit profile. Zenka users can access loan amounts between KSh 500 and KSh 50,000, with repayment periods spanning from 91 to 365 days. Loan disbursement occurs within minutes of approval. Eligibility criteria include a Kenyan ID, an active M-Pesa account, and a good CRB standing. The Zenka Loan App can be downloaded from the Google Play Store.
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Okash Loan App
Okash Loan App is known for fast loan disbursement and flexible repayment periods. The Okash loan interest rates range from 5% to 18% per month, with loan amounts varying between KSh 2,500 and KSh 50,000. Borrowers can repay their loans within 91 to 365 days, and disbursement is instant after approval. Eligible applicants must have a Kenyan ID, a smartphone, and a good CRB standing. The Okash loan app is available on the Google Play Store.
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iPesa Loan App
iPesa Loan App provides short-term loans with annual interest rates ranging from 18% to 36%. Borrowers can access loans of up to KSh 50,000, with repayment periods ranging from 91 to 180 days. iPesa loan disbursement occurs within minutes of approval. To qualify, applicants need a Kenyan ID, an active M-Pesa or bank account, and a stable income source. The iPesa Loan App is available for download on the Google Play Store.
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M-Shwari
M-Shwari is a widely used mobile loan service offered by Safaricom and NCBA. It provides loans ranging from KSh 1,000 to KSh 1 million at an annual interest rate of 3% to 6%. The repayment period is 30 days, and disbursement happens instantly upon approval. Eligible applicants must be Safaricom M-Pesa users with a good credit history. Unlike other loan apps, M-Shwari is integrated within the M-Pesa platform and does not require a separate download.
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Eazzy Loan
Eazzy Loan, a product of Equity Bank, offers loan amounts of up to KSh 3,000,000 with an annual interest rate of 25.5%. The Eazzy loan repayment period extends up to 12 months, and disbursement occurs within 24 hours. Borrowers must be Equity Bank account holders with a good credit history to qualify. The Eazzy Loan service can be accessed through the Equity Bank app, which is available on the Google Play Store and the Apple App Store.
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AsapKash Loan App
AsapKash Loan App provides loans with affordable interest rates ranging from 0.05% to 13.82% annually. Borrowers can access loan amounts of up to KSh 50,000, with repayment periods between 91 and 365 days. Loan disbursement occurs within minutes of approval. Eligible users must have a Kenyan ID, an active M-Pesa account, and a good CRB standing. The AsapKash app is available for download on the Google Play Store.
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LendPlus Loan App
LendPlus Loan App is a growing mobile lending platform offering flexible repayment options. It charges a daily interest rate of 2.2% and provides loans ranging from KSh 500 to KSh 40,000. Borrowers benefit from a flexible repayment period, with the option to extend the loan term. Loan disbursement happens within 15 minutes after approval. To qualify for the LendPlus loan, applicants need a Kenyan ID and an active M-Pesa account. The LendPlus loan app is available on the Google Play Store.