What are M-Pesa loan apps? These apps are found within the Safaricom M-PESA app and offer a variety of features, including fast approval, flexible repayment terms, and competitive interest rates.
M-PESA Loan Apps: How to Apply and Get Approved
Here are the best M-PESA loan apps in Kenya and how to apply.
Fuliza
Fuliza is a mobile overdraft service that allows M-PESA customers to overdraw their accounts if they have insufficient funds. Fuliza is a convenient way to borrow money for small expenses, such as buying airtime or paying for a taxi.
Fuliza loan features include;
Interest rate: 1% per day
Loan limits: KES 100 - KES 500,000
How to get approved by Fuliza
- You must have been using M-Pesa for over 6 months to qualify.
- You must not have been blacklisted by CRBs
- Must be an active M-Pesa user.
Faraja
Faraja is a loan app that offers M-PESA customers loans of up to KES 100,000. Faraja loans are typically used for buying goods and services via Lipa Na M-Pesa from approved merchants for example Naivas Supermarket.
Faraja loan interest rates and loan limits are;
Interest rate: Zero (0)%
Loan limits: KES 20 - KES 100,000
How to get approved by Faraja
- Your M-Pesa line needs to be more than 6 months old.
- You should have been using M-Pesa frequently.
- You must not be a CRB blacklisted person.
KCB M-PESA
KCB M-PESA is a loan app that offers M-PESA customers loans of up to KES 1 million. KCB M-PESA loans are typically used for a variety of purposes, such as starting a business, paying for school fees, or renovating a home.
KCB M-Pesa loan interest rates and loan limits are;
Interest rate: 8.75% per month
Loan limits: KES 50 - KES 1 million
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| KCB M-Pesa logo |
How to get approved by KCBM-Pesa
- To be easily approved by KCB M-Pesa you must be an active M-Pesa user.
- Your M-Pesa account must be six months old or above.
- You should not be blacklisted by CRBs.
- You can save with KCBM-PESA but it's optional
M-Shwari
M-Shwari is a savings and loan service that is offered by Safaricom and NCBA Bank.
M-Shwari loan interest rates and loan limits are;
Interest rate: 7.5% per month
Loan limits: KES 1,000 - KES 150,000
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| M-Shwari logo |
How to get approved by M-Shwari
- You should be a frequent M-Pesa user.
- You must be in good standing with other lender - not blacklisted
- Your M-Pesa number must be six months old or more.
- You can save with M-Shwari but it's optional.
Halal Pesa
Halal Pesa is a loan app that offers M-PESA customers loans of up to KES 20,000. Halal Pesa loans are Sharia-compliant, which means that they do not charge interest.
Halal Pesa loan interest rates and loan limits are;
Interest rate: 0%
Loan limits: KES 1,000 - KES 20,000
How to get approved by Halal Pesa
- To get halal pesa loans you must abide by the Shari'a laws.
- You must be an active M-Pesa user.
- Must not be a blacklisted person.
- Having an account with Gulf African Bank is an added advantage.
Hustler Fund
Hustler Fund is a government-backed loan app that offers M-PESA customers loans of up to KES 50,000. Hustler Fund loans are typically used for small businesses or start-ups.
Hustler Fund loan interest rates and loan limits are;
Interest rate: 8% per month
Personal loan limits: KES 1,000 - KES 50,000
Group loan limits: KES 20,000 - KES 1 million
SME loan limits: up to KES 2.5 million
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| Hustler fund logo |
How to get approved by Hustler Fund
- Must be a Kenyan citizen aged 18 years or above
- Must be an active M-Pesa user.
- Even blacklisted can apply but must pay loans on time.
How to choose the best M-PESA loan app
When choosing an M-PESA loan app, you should consider the following factors:
Interest rate
The interest rate is the amount of money that you will pay to borrow the money. You should compare the interest rates offered by different lenders before choosing a loan.
Loan limits
The loan limit is the maximum amount of money that you can borrow. You should choose a loan app that offers a loan limit that meets your needs.
Repayment terms
The repayment terms are the length of time that you have to repay the loan and the amount of each repayment. You should choose a loan app that offers repayment terms that you can afford.
Tips for using M-PESA loan apps responsibly
Here are some tips for using M-PESA loan apps responsibly:
- Only borrow money that you need and can afford to repay.
- Make your repayments on time to avoid late fees and interest charges.
- Be careful not to overborrow, as this can lead to financial problems.
In Conclusion
M-PESA loan apps can be a great way to borrow money for small or large expenses. However, it is important to use them responsibly to avoid financial problems.
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