Loans Without Security in Kenya

Simon Mwangi

This article will look at a list of places to secure loans in Kenya without security.

The world is going through challenging financial times, and Kenya, as a country, has not been left out of this economic crisis.

As a result, there is a need to know the top places to assess loans quickly and without security. Join me in this article as we discuss where you can access loans without security and what is required to secure that loan.

List of Loans in Kenya without Security

Here is a list of places to access loans without security in Kenya today:

1. Safaricom Fuliza

The first place you can get a loan in Kenya without security is through the Safaricom Fuliza platform. Although it is an overdraft facility, Fuliza has been used by many Kenyans as a loan since it was first launched in January 2019.

This service enables one to pay via M-PESA even with insufficient funds. To use this service, please dial *234# to register, and you can pay your bills anytime, anywhere.

2. M-Shwari

M-shwari is a service Safaricom and CBA Bank provide for savings and instant unsecured loans. This service is one of the best places to secure quick loans in Kenya without security wherever you are.

One needs to have a Safaricom Line that has been used for more than six months to access a loan from M-shwari.

The minimum amount that one can borrow is KES 100 and a maximum of 50,000. However, to borrow the maximum amount, they must borrow, save, and repay several times with M-shwari.

M-shwari charges an interest rate of 7.5% on its loan for 30 days.

3. Tala Loan

Tala App is a very famous application for borrowing unsecured loans in Kenya. One can download this app from the Google Play Store and then install it.

However, one needs to be an active user of Facebook to be given the first loan. This application requires you to integrate your Facebook account to check your activity.

Tala charges an interest rate of 15%; the lowest amount one can borrow is KES 500. To grow the amount you can borrow, make sure you repay as many times as possible.

4. Timiza Loan

Timiza loan App is an application provided by the ABSA Group Bank Kenya. The Timiza app is more than a money lending App as it offers other services like paying bills, buying airtime, and insurance forex.

Most notably, the Timiza app offers unsecured loans to customers to be paid within 30 days.

All you need to do to access a loan from Timiza is download this application from the Google Play store and install it.

Once installed, you are ready and set to borrow from as little as KES 500.

5. KCB M-Pesa Loan

KCB M-PESA is an additional service offered to Safaricom M-PESA users by KCB Bank. Just like M-Shwari, a customer can save money as well as borrow.

KCB M-PESA charges its borrowers an interest rate of 7.5% for 30 days.

Eligibility criteria are that one should have a Safaricom line active for at least six months. If you are an M-PESA user, it does not necessarily mean you can borrow from KCB M-PESA.

One must activate KCB M-PESA on their Simcard to access business loans in Kenya without security.

7. Zenka Loan

Zenka is the newest application to get a loan without security in Kenya. Over the past few months, this application has spent crazy amounts of cash to get local Celebrity endorsements.

It is worth noting that the Zenka App works just like Tala. All one needs to do is download, install, and use the application.

Moreover, It has the shortest turnaround time in that it only takes 5 minutes to get your loan in your M-PESA. We can loosely translate this time that if you are in a supermarket queue waiting to pay, you will have your money by the time you get to the counter.

You can only borrow KES 500 to a maximum of KES 30,000.

The more you borrow and repay, the more your chances of borrowing KES 30,000.

Moreover, one can be charged an interest rate between 9% – 29%.

8. iPesa Loan

iPesa is another mobile lending application that offers loans without security to Kenyans.

All loans are paid through M-PESA. Therefore one has to have a registered M-PESA account to access their loans.

iPesa app interest rate is only 12%, slightly cheaper than others.

9. Branch Loan

Branch is another mobile, online lending application in Kenya. This application offers unsecured loans to Kenyans wherever they may be as long as they have a registered M-PESA line.

To be eligible for a loan from the Branch, one must be active on Social Media platforms, Facebook, Twitter, or even Instagram.

To access Branch Loans, download the Branch app from the Google Play Store, install it, and you will be on your financial security.

10. HF Whizz

HF Whizz is one of Kenya’s best applications for borrowing money without security. It is also a good platform as it does not lend you money based on social media activities.

If CRB has not yet blocked you, you can get a loan from HF Whizz without depositing anything.

One only has to download this app from Google Playstore or IOS and install it and Kaboom; you are all set to borrow.

Which loans are granted without security?

In summary, all the loans listed in this article are granted without security. It is worth noting that all these are short-term loans and will require you to pay them back within a month or less.
There are also NCBA Loop Loans which I have not mentioned but can give you a loan of up to a Year. It is worth checking out. However, they will not provide you instantly after becoming their customer but after three months.
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As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way.