The following is a list of new loan apps in Kenya that are still giving out loans. As you all know, the government of Kenya banned these unregulated loan apps through the Central Bank.
This means that you cannot be blacklisted on CRB if you happen to default on their loan. See the list of loan apps that are denied access to CRB.
Despite the ban, a new 2021 Amendment Bill in Parliament seeks to license and regulates Digital money lenders.
Also, read; List of Loan apps in Kenya.
Top 10 New Loan Apps in Kenya
The following is a list of loan app that still give out loans in Kenya. We have tried to categorize the loan apps in terms of the interest rate offered.
Some loan apps have adopted the characteristics of a common shylock. It is good to note that, despite the high interest rates offered by these predatory loan apps. Expect the following;
- You don’t call poor customer service, but they call and SMS you several times a day with threats and fake promises you often.
- Expensive interest loan rates 400%
- Short loan repayment periods (7 days).
- Privacy invasion. They will contact your contacts(Friends and Family) in case you are late in loan repayments.
Also, note that we are not affiliated with any of the below loan apps. We are just here to provide insights.
Last but not least, it is always good to read the customer reviews and experiences in the Google play store before downloading the app.
Finally, always read and understand TERMS AND CONDITIONS before accepting any loans.
Despite all of the above, you still need that money. I will share with you tips on how to eat their money in the next post. They won’t take you anywhere.
High-Interest rates Digital Lenders in Kenya
High-Interest Rate Apps
- NCBA Loop
- Zenka loan app
- Mshawri and Fuliza Mpesa
- KCB Mpesa