Money lending apps refers to the apps which provide loans via mobile phone in Kenya. These apps are popularly known as loan apps or mobile loan apps.
Loan apps have been around since 2014. The oldest money lending apps in Kenya are Tala and Branch loan apps.
Since then, a lot more money lending apps came into the market both good and bad - loan app scams.
Considering the large number of money lending apps now, we can comfortably group them into various categories which you can find below;
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| Money lending apps |
1. Popular money lending apps in Kenya
There are several loan apps available in Kenya, but some of the best ones are Tala, Branch, and Zenka. Here are some details about them;
You can download Tala from Google Play Store and register with your phone number. The app will verify your details before depositing the loan to your M-pesa account.
You can repay the loan once or in instalments (using Mpesa Xpress or Paybill number 851900).
Branch: Branch offers loans of up to Ksh 100,000 with flexible repayment terms of up to 68 weeks. You can also earn free credit by inviting your friends to use Branch.
Branch: Branch offers loans of up to Ksh 100,000 with flexible repayment terms of up to 68 weeks. You can also earn free credit by inviting your friends to use Branch.
You can download Branch from Google Play Store and sign up with your phone number and or Facebook account.
The app will assess your creditworthiness and give you a loan limit. You can request a loan and receive it in your M-pesa account within minutes.
You can repay the loan using M-pesa (Paybill number 998608).
Zenka: The app offers loans of up to Ksh 30,000 without registration fees and charges interest rates between 9.7% and 29%.
Zenka: The app offers loans of up to Ksh 30,000 without registration fees and charges interest rates between 9.7% and 29%.
You can also get your first loan for free if you repay it within 61 days.
You can download Zenka from Google Play Store or App Store and register with your phone number. The app will check your credit score and give you a loan limit. You can apply for a loan and receive it in your M-pesa account within minutes.
You can repay the loan using M-pesa (Paybill number 979988)
2. Best money lending apps
There are many loan apps in Kenya that offer instant loans to customers but some of the best loan apps include;
Berry: This app offers low-cost loans with flexible repayment schedules. You can borrow from Ksh. 500 to Ksh. 50,000 with a service fee of 8-15%
Tala: This app is one of the most popular and trusted loan apps in Kenya. You can borrow from Ksh. 500 to Ksh. 30,000 with an interest rate of 11-15%. You can repay the loan in one or several instalments.
M-Pesa App: This app is the most widely used mobile money service in Kenya. It offers several loan products such as Mshwari, KCB M-Pesa, Hustler Fund and Fuliza. You can borrow from Ksh. 50 to Ksh. 250,000 with varying interest rates and terms depending on the product.
Timiza: This app is provided by Absa Bank Kenya and offers loans up to Ksh. 150,000 with an interest rate of 6.17% per month. You can also access other banking services such as savings, insurance, and bill payments.
Branch: This app offers loans from Ksh. 250 to Ksh. 100,000 with an interest rate of 13-29% per month. You can repay the loan in weekly or monthly instalments.
3. Licensed money lending apps
There are now 32 companies licensed by the Central Bank of Kenya (CBK) to manage and run loan apps in Kenya.
Some of the money lending apps we can confirm are licensed include;
Tala: Tala is registered and licensed as Inventure Mobile Limited to provide digital lending services in Kenya.
Branch: This app is licensed as Branch Microfinance Bank.
Zenka: The app is registered and licensed as Zenka Digital Limited
Lets Go: This money lending app is licensed as Letshego Kenya LTD
Little Pesa: the money lending app is registered as Little Pesa Limited
4. Money lending apps without CRB
There are some loan apps which will never check a client's CRB status before making a lending decision.
This is the largest group among the money lending apps in Kenya and they include;
- Kashway
- Kashbean
- Knight loan
- Meta loan
- Zash
- Fair Kash
- Chapaa
- TruePesa
- Lioncash
- Okash
- Tifi Slice
- Apesa
- Haki money
- LendPlus
- FlashPesa
- iPesa
- Easykash
5. Fake loan apps
Fake loan apps refers to those apps pretending to be providing loans but in reality there's nothing like loans there's giving.
These apps are known to collect fees from customers before even making a loan application.
6. Scavenging loan apps
Scavenging money lending apps are those loan apps which charges extremely high interest rates and other fees for extremely short term loans.
Here the interest rate amount or the total fees becomes higher than the loan principal amount borrowed.
7. Money lending apps owned by Banks
These are loan apps which are directly owned by licensed commercial banks in Kenya and they include;
- Timiza loan app owned by Absa Bank
- Vooma owned by KCB
- PesaPap owned by Family Bank
- Hf Whizz owned by Housing Finance Corporation (HFC)
- Juza owned by Standard Chartered Bank
- Eazzy App owned by Equity Bank
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