Instant Mobile Loans in Kenya and Where to Get These Loans

Simon Mwangi

This article aims to provide information on the authentic mobile loan providers currently active in Kenya in 2022. I will discuss their rates and terms to help those seeking loans make informed decisions. It is important to note that the lending industry is full of scams, but I will only list trustworthy providers that many Kenyans use.

So let’s get started.

What is a Mobile Loan?

Mobile loans are loan products offered through mobile phones in Kenya. Everything is done on the phone, from loan application to loan approval and paying the loans.

To get a mobile loan in Kenya, consumers can apply via SMS or mobile app. They are then given an interest rate in seconds and can transfer money directly from the lender to M-Pesa on their phone.

The mobile lending industry has been growing, and currently, According to GeoPoll, there are over 120 digital lenders who offer mobile loans in Kenya. This number excludes traditional banks that joined the mobile loans industry to offer loans to their customers.

List of Instant Mobile Loans in Kenya

Here are the top mobile loan lenders in Kenya:

1. Mshwari Loans by Safaricom

Number one on our list of mobile loans in Kenya is Mshwari. This product is a popular mobile loan service with many customers in Kenya. Mshwari loan was introduced by Safaricom in partnership with the Commercial Bank of Africa (now NCBA) and has since grown its customer base to millions of users.

You need to be an M-PESA user for at least six months, save regularly with the M-Shwari account, and use Safaricom Voice, Data, or M-PESA services to access a loan from Mshwari.

The loan carries a Facilitation Fee of 7.5%, and the term is 30 days. For example, if you borrow Ksh 1,000, you will pay back Ksh 1,075 after 30 days.

2. KCB M-Pesa

Another popular mobile loan lender in Kenya is KCB M-Pesa. As the name suggests, the loan is offered by KCB Bank and M-Pesa. You can access this loan facility through the Safaricom M-Pesa toolkit on your phone or through the KCB App.

The loan term is one month and costs an 8.64% interest rate, including excise duty applicable on fees.

To qualify, you need to have a good credit score and save for a while on the platform.

3. Timiza Mobile Loan in Kenya

Timiza is a mobile app from Barclays Bank of Kenya (Absa Bank) that serves as a digital platform that offers various financial services such as loans and insurance and serves as a bank account.

The loan from Timiza is charged with an interest rate of 1.083% plus a facility charge of 5% on the amount borrowed. Recently, they introduced taxes that are added to the loan interest. The loan repayment period is 30 days, and Timiza collects loan M-Pesa or deducted from your Timiza Account.

4. NCBA Loop Loan

Loop is a product of the NCBA Bank that offers digital banking services. It is a mobile-based app that enables you to make financial transactions and manage your finances through the app.

The loop allows you to access loans of up to Ksh 3 Million and an Overdraft of up to Ksh 100 000 without any paperwork. The money is deposited to your Loop App and can be utilized whenever possible.

5. MCo-op Cash Loan

MCo-op Cash is a mobile banking App from Co-op Bank that offers mobile loans to its customers. The Co-op bank customers can Borrow from Ksh 3,000 to a maximum of Ksh 200,000 and repay within 1 to 3 months.

To get a loan from MCo-op, you need to:

  • Have the Mco-op Cash App
  • Be a customer of Co-op Bank
  • Register on Mobile banking

6. HF Whizz Mobile Loan

HF Whizz is a Mobile App from the HF group, registered as a non–operating holding company and regulated by the Central Bank of Kenya. It allows you to control and access your finances anywhere, anytime.

The HF Whizz app allows you to use the platform and access loans whenever you qualify.

7. Eazzy Loan

Equity Bank offers the Eazzy loan to its clients. You can access the loan through the EazyApp or Equitel line, where you can instantly instantly borrow up to KSh 3 million.

The loan term is from one month to several months, depending on the amount borrowed.

8. Pesapap loan app

The family bank offers mobile loans in Kenya through its PesaPap platform. The platform allows Family Bank customers and non-customers to access affordable instant mobile loans through PesaPap wallet to meet their personal and emergency needs.

The loan attracts a fee of 6.62% and is taken upfront when you borrow the loan.

9. Vooma Loan

Another mobile loan from the KCB Bank is the Vooma Loan, formerly known as KCB.

Vooma is a lending product that enables your mobile phone access to short-term loans. Vooma Loan is available to KCB customers registered on KCB mobile banking at higher limits of up to KES 300,000 for 1- month at a total cost of 5.91%.

You can access the loan through the KCB mobile app or the KCB mobile banking USSD code.

The above are mobile loan providers from Commercial banks in Kenya. There are various other loan providers in Kenya, and I have listed them below.

The digital lenders below are considered unregulated by the Kenyan Government and are run purely on mobile loan apps.

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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.
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