Loan apps backed by banks in Kenya are a convenient and affordable way to borrow money.
They are loan apps who's services including loans are provided by CBK regulated commercial banks in Kenya.
In this article I will be taking you through these apps names, interest rates,repayment terms & duration, and the banks involved.
Update: Bamba loan app is a new mobile loan app to join the list of apps backed by banks in Kenya.
Bamba loan app is backed by Choice Microfinance Bank
Read more about Bamba loan app on loans kenya blog
8 Best Loan Apps in Kenya Backed by Banks
These apps provide a safe and affordable way to finance your dreams.
Here are the loan apps and the banks involved;
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| Timiza Loan App Logo |
Timiza loan app
Timiza is backed by Absa Bank Kenya.
The loan interest rate is 7.25% per 30-day loan,
Timiza loan limit is from KES 1,000 - KES 150,000.
The loan tenure is from 7 - 30 days.
KCB M-PESA loan
The loan is provided by KCB.
KCB M-PESA loan Interest rate is 8.75% per month and loan limit ranges from KES 50 - KES 1 million,
Loan repayment duration is from 7 - 30 days.
M-Shwari loan
M-Shwari is backed by NCBA Bank.
The loan interest rate is 7.5% per month and the loan limit is from KES 1,000 - KES 70,000.
M-Shwari loan tenure is 7 - 30 days.
Branch international loan app
App is backed by Branch MFB.
Loan interest rate ranges from Interest rates - Monthly Interest rates from 2% to 18% (based on customer risk profile, repayment history, and cost of lending) APR - APR of 22% – 229%
Branch loan limit is from KES 1,000 - KES 100,000 and the repayment duration is from 7 - 365 days.
Whizz loan app
Loan app is backed by Housing Finance
The loan interest rate is from 11.99% - 36.99% per year and the loan limit is from KES 1,000 - KES 2 million.
HF Whizz Loan tenure is from 7 - 30 days.
Vooma loan app
Vooma is backed by KCB Bank.
The loan interest rate is 12.99% - 36.99% per year while the loan limit ranges from KES 1,000 - KES 2 million
Vooma loan repayment duration is from 7 - 30 days.
SC Juza loan app
Loan app is backed by Standard Chartered Bank.
The loan interest rate is from 13.99% - 36.99% per year and the loan limit: KES 1,000 - KES 2 million.
SC Juza Loan tenure is from 7 - 30 days.
Halal Pesa loan app
Loans are provided by Gulf African Bank.
Halal Pesa fees (Interest rate is zero) ranges from 11.99% - 36.99% per year and loan limit is from KES 1,000 - KES 2 0,000
Halal loan tenure is from 7 - 30 days.
How to Use Bank-Backed Loan Apps to Build Your Credit Score in Kenya
People can use loan apps backed by banks in Kenya to improve their credit score.
This is possible because the interest rates are low.
If you want to build your credit score you can take loans and pay back on time from these bank-backed loan apps.
Paying loans on time makes lenders share your good habits with the Credit reference bureau's - TransUnion,Creditinfo and Metropol CRB.
The Best Bank-Backed Loan Apps for Small Businesses in Kenya
Loan apps backed by banks are also the best for people in small businesses.
Due to affordable interest rates,high loan amounts and long repayment durations, small business owners can get loans make profit out of it and still pay back loans on time.
For small business owners looking for large loan amounts from loan apps, KCBM-PESA,SC Juza,Whizz and Vooma are the best options.
Why Consider Loan Apps Backed by Banks
Loan apps backed by banks are the best in Kenya for a number of reasons and this is why you should consider them;
Safety and security
Loan apps backed by banks are more likely to be safe and secure than other types of loan apps. This is because banks have strict security measures in place to protect their customers' data.
Transparency
Loan apps backed by banks are more transparent than other types of loan apps. This is because banks are required to disclose their interest rates and fees upfront.
Competitive interest rates
Loan apps backed by banks typically offer competitive interest rates compared to other types of loans.
Fast approval
Loan apps backed by banks can typically approve loans within minutes, making them a quick and convenient way to borrow money.
Flexible repayment terms
Loan apps backed by banks offer a variety of repayment terms, so borrowers can choose a repayment schedule that fits their budget.
Improved credit score
Borrowing money from a loan app backed by a bank can help to improve your credit score. This is because banks report your loan payments to credit bureaus.
Access to financial education
Some loan apps backed by banks offer financial education resources to their borrowers. This can help borrowers to make informed financial decisions and manage their debt responsibly.
Support for small businesses
Some loan apps backed by banks offer loans specifically for small businesses. This can help small businesses to grow and expand.
In conclusion
Overall, loan apps backed by banks are a safe, secure, and convenient way to borrow money in Kenya. They offer competitive interest rates, flexible repayment terms, and a variety of benefits to borrowers.
If you are looking for a loan in Kenya, I recommend that you consider using a loan app backed by a bank
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