How to restock your shop through a quick loan and boost your business in Kenya

How to restock your shop through a quick loan in Kenya

Need to restock your business with a quick loan? When running a small business in Kenya, having money to finance the buying of stock and keep the business operating is important. So how does a business like yours get a quick loan to help in restocking?

There are different ways in which you can achieve this. Here at saidia we will give you 5 ways which you can get a loan to boost your business. Check out the options we have highlighted below if you need a quick and instant money mkopo for your biashara.

Need a loan to boost your business; here is how you can get one.

1. Apply for an instant loan from loan apps in Kenya:

Recently in Kenya, there has been an increase in the number of loan apps available in the market. There are popular ones like Tala Kenya and branch loan app. These two apps are currently the market leaders in the mobile app loan market. Each of them have millions of downloads and have assisted many Kenyans access instant loan facilities to finance their business from their mobile phones.

Whether it is to restock your business or increase money for float, you can easily download, install and apply one of these mobile loan apps and apply for a loan.

These loan apps offer from 250 Ksh to 100,000 Ksh instant loans when you qualify. Make sure you check them out when looking for a quick way to get a mkopo for your biashara.

2. Get a loan from a local bank:

Another way which you could finance your business with a loan is through taking a loan from the bank. With the increase in uptake of technology, some banks even offer loan facilities digitally with no need for a loan application form. One of these facilities is Timiza loan app which is offered by Barclays bank Kenya.

There are many banks in Kenya which offer loan facilities to business or even individuals. You can check out this guide on the banks that are licensed to run in Kenya and the different services they offer.

3. Apply for a mobile phone loan:

In addition to the above ways of getting a quick loan for your business in Kenya, there is yet another way which you could apply. You could do this by getting a mobile phone loan. The most popular of these mobile phone loans is mshwari by CBA facilitated by Safaricom Kenya.

What makes these loans different is that you don’t have to install an app from the Google play store in order to access them. All you need is a Safaricom m-pesa account and you will be able to access these loan services. Other mobile loan services you can get are KCB mpesa and Fuliza.

4. Borrow from friends and family:

Yes, this should be the first step to take when looking for a quick loan for your business. It comes out as the most obvious way even before you explore other options to qualify for a quick loan in Kenya.

5. Get a loan from private loan lenders:

This is the type of loans you get from private lenders. We do not endorse these types of loans, however, if you are in a position to guarantee to pay back in good time, then you can apply.

Here is a list of alternative loan sources from the exposeke website. Check out this piece, best places to get quick Emergency Loans in Kenya-2019 that details 11 alternative quick loan sources in Kenya.