Instant access to financing is now at your fingertips with the rise of loan apps in Kenya. For individuals and business owners alike, these digital lending platforms provide a convenient way to secure quick funds on demand. But with so many loan apps now on the market, how do you choose the right one for your needs?
This comprehensive guide explores the top loan app contenders—from market leaders to promising newcomers.
We’ll break down their pros and cons, interest rates, approval times, and other key details. Whether you need emergency cash before payday or working capital to grow your enterprise, this review will empower you to make an informed decision and find the loan app that best fits your financial situation. Read on to discover which mobile lending solution can put you on the fast track to accessing essential shillings.
Tala Loan App
Tala is a mobile-based lending platform in Kenya that provides microloans to individuals in emerging markets.
| Access Application | Google Playstore/ Apple Store |
| Playstore Rating | 4.4/5.0 |
| USSD Code | None |
| Alternative Application Method | SMS Number: 21991 |
| Registration fee | N/A |
| Loan limit (KES) | 50,000 |
| Interest rate | 0.3%-34% |
| Repayment window | Up to 61 days |
| Additional charges | 5% defaulters’ penalty. |
| Age Limit | 18 Years |
| Requirements | National ID only |
Pros
- Get KES500 off the next time you borrow.
- The loan arrives instantly.
- Easy to use, fast and reliable.
- Tala do not call your contacts in case of default.
Cons
- Several users complain they received penalties even when they paid up on time.
- Users have reported being unable to reapply for a loan due to an app instruction to wait 30 more days, despite no penalty.
KeCredit Loan App
This mobile-based lending platform was first released in Kenya on 17th of August 2022. With over 100,000 downloads, the majority of its users have characterized the loan application as fast and reliable. Below are more specific details.
| Access Application | Google Playstore/ Apple Store |
| Playstore Rating | 4.4/5.0 |
| USSD Code | None |
| Alternative Application Method | N/A |
| Registration fee | N/A |
| Loan limit (KES) | 2,000-50,000 |
| Interest rate | 16% to 30% |
| Repayment window | 91-365 days |
| Additional charges | Service fee: 3%-8% |
| Age Limit | 18 Years |
| Requirements | National ID |
Pros
- No CRB credit report required
- Fast lending
- Reasonable interest rates
- You may request additional time if you aren’t able to pay your debt on time
Cons
- Users complain of being warned by the organization even before the due dates. Messages requesting repayment of loans come in CAPITAL LETTERS, which is displeasing to many borrowers.
Kashway Loan App
Kashway is a lending platform that operates in Kenya, offering its services since 7th January 2020. Below are more details about the mobile-based lending platform.
| Access Application | Google Playstore/ Apple Store |
| Playstore Rating | 4.6/5.0 |
| USSD Code | None |
| Alternative Application Method | N/A |
| Registration fee | N/A |
| Loan limit (KES) | 500-50,000 |
| Interest rate | 30% to 72% |
| Repayment window | 91-180 days |
| Additional charges | Defaulter’s penalty: 2% per day |
| Age Limit | 18 Years |
| Requirements | National ID |
Pros
- Flexible loan limit
- Easy to apply for a loan
Cons
- Short repayment period (180 days)
Also, read about saving money and evading loans here.
iPesa Loan App
With over a million downloads on Google Playstore, the iPesa money lending platform is on the rise to be among the most used loaning apps. The platform features fast lending, straight to your Mpesa and other features as described below.
| Access Application | Google Playstore/ Apple Store |
| Playstore Rating | 4.7/5.0 |
| USSD Code | None |
| Alternative Application Method | N/A |
| Registration fee | N/A |
| Loan limit (KES) | 500-50,000 |
| Interest rate | 36%-72% |
| Repayment window | 91-180 days |
| Additional charges | N/A |
| Age Limit | 18 Years |
| Requirements | National ID |
Pros
- The loan is processed quickly and sent to Mpesa fast
- Good customer support
- Easy to use, especially for inexperienced users
Cons
- High-interest rate
- Short repayment window
- The app accesses your CRB credit report before approving your loan application.
Creditmoja Loan App
Founded and released on 27th December 2022, the Creditmoja lending platform aimed at providing better financial solutions to the long and tedious process of getting a loan from banks. Having more than 1 million application downloads and a star rating of 4.6 is a sure sign that the platform satisfies its users.
| Access Application | Google Playstore/ Apple Store |
| Playstore Rating | 4.6/5.0 |
| USSD Code | None |
| Alternative Application Method | N/A |
| Registration fee | N/A |
| Loan limit (KES) | 2,500-25,000 |
| Interest rate | 12%-50% |
| Repayment window | 91-365 days |
| Additional charges | N/A |
| Age Limit | 20-55 Years |
| Requirements | National ID |
Pros
- 0% service fee
Cons
- Delays in approval of loan applications
- Poor customer support
Other mobile-based loaning platforms in Kenya include:
- Bayes (4.5/5.0)
- NCBA Loop (4.6/5.0)
- TiFi Slice (4.7/5.0)
- Haki Money (4.5/5.0)
- HELA PESA (4.5/5.0)
Conclusion
Above are the top-ranking loan apps in Kenya, their characteristics, pros and cons. The information provided here is not financial advice. Do more research before choosing a mobile-based lending platform.
If you have issues with your credit score, learn how to fix it here.
