mpesa loans in kenya

11 ways to apply for Mpesa loans in kenya

Are you looking to apply for mpesa online loans in Kenya? Then you have come to the right place. Here we will highlight all the options available to you to apply for quick online mpesa loans.

mpesa loans in kenya





We all get into a situation where we need cash quickly to sort out an emergency. One of the ways you can get money quickly is by applying for mpesa online loans. The Kenyan market for loans distributed through safaricoms mpesa service has grown in the last few years. The most popular lending service to apply for online mpesa loans is mshwari which is offerd by NCBA in partnership with safaricom.





There is also another popular player KCB mpesa which offers online loans. However, these are not the only mpesa loan lenders in Kenya. Below find a list of the most popular ones. These include loan services that offer mpesa loans through ussd, loan apps and directly from the mpesa application.

11 Popular mpesa online loans you can apply for in Kenya

Mshwari:

mshwari mpesa loan app

One of the quickest and most popular ways to get an m-pesa loan directly on your phone is through m-shwari. It is a paperless banking service offered through the m-pesa menu.

Mpesa loans taken on mshwari attract an interest rate, which is referred to as a one-time fee, of 7.5% on each loan you borrow. This is a very attractive interest rate compared to other mobile loan lending platforms.

How much can on qualify to borrow on mshwari? Mshwari loan limits start from a minimum of ksh 100 up to a maximum of ksh 50,000.

Mshwari has a quick registration process that enables users to be able to open an account and start applying for a loan immediately. Not only does mshwari offer loans but it also a hastle free banking product that allows users to deposit and save cash through mpesa in their accounts.




KCB mpesa:

kcb mpesa mpesa loan app

KCB mpesa banking service is a savings and loan service partnership between KCB and safaricoms mpesa that avails users with mpesa loans, savings and other services.

But we are here to learn about the money lent by the service offered by KCB. The loans offered are credited directly to your mpesa account.

How much can on qualify to borrow on KCB mpesa? KCB mpesa loan limits start from a minimum of ksh 100 up to a maximum of ksh 50, 000. The loan repayment period is 30 days from the time you receive your money on mpesa.

Mpesa loans taken on KCB mpesa attract an interest rate, which is referred to as a facility fee, of 7.5% on each loan you borrow. This is a very attractive interest rate compared to other mobile loan lending platforms.

Here is how you can quickly apply for a KCB mpesa loan.




Branch app:

branch mpesa loan app

There are two major ways you can get mpesa loans, directly from the mpesa menu or by downloading a mobile loan app. Branch is a major mobile loan app that offers loans via mpesa.

How much can on qualify to borrow on Branch app? Branch loan limits start from a minimum of ksh 250 up to a maximum of ksh 70, 000. The loan repayment period is 61 days from the time you receive your money on your mpesa account.

This mobile loan app developed by branch international is one of the most popular in Kenya. The reason for this is how easy and convenient it easy to apply for a loan on the app.

Mpesa loans applied for on the branch app attract an interest rate, ranges from 10% to 27% on each loan you borrow. This interest rate is reasonable compared to other mpesa loan lending sources. Interest rate depends on the amount of money you borrow.

Here is how you can apply for an mpesa loan from a branch fast by clicking here.




Tala app:

tala mpesa loan app

With over 5 million downloads on the google playstore, tala loan app is one of the most popular mpesa lending apps in Kenya. Formerly known as mkopo rahisi, tala changed its name in 2016 so as to better serve the Kenyan instant loan market.

How much can on qualify to borrow on Tala app? Tala loan limits start from a minimum of ksh 250 up to a maximum of ksh 30, 000. The loan repayment period is either 21 and 30 days from the time you receive your money on your mpesa account.

Tala, a mobile mpesa loan lending app is developed by tala international. One of the popular mobile lending apps, the reason for this is how easy and convenient it easy to apply for a loan on the app. Not only that, loans are dispersed within 5 minutes directly to your phone.

Mpesa loans applied for on the tala app attract an interest rate, ranges from 7% to 19% on each loan you borrow. This fee charged is known as a flat service fee. Compared to other mpesa loan lending platforms, it is on the lower end. Interest rate depends on the amount of money you borrow.

How much can on qualify to borrow on Tala app? Tala loan limits start from a minimum of ksh 250 up to a maximum of ksh 30, 000. The loan repayment period is either 21 and 30 days from the time you receive your money on your mpesa account.

Check this link on how to apply for an mpesa loan using tala.

Fuliza:

fuliza mpesa loan app

Fuliza is a continuous overdraft service offered by Safaricom through m-pesa. It allows you to complete m-pesa transactions when you do not have enough money in your m pesa account.

So, Fuliza M-PESA is not a loan product.

However it does allow users to access emergency cash in form of overdraft. The money can not be withdrawn directly but can be used to pay for goods and services. Check out this complete fuliza guide that details everything you need to know about Fuliza by safaricom.

Timiza banking app:

timiza banking mpesa loan app

Timiza is a mobile banking app offered by ABSA group. ABSA, formerly trading as Barclays bank in Kenya, offers a complete suite of services on the timiza app such as saving account, makng deposits, money transfer and mobile loans through mpesa.

Timiza allows you to qualify for loan amounts ranging from a minimum of ksh 50 to a maximum of ksh 1 M. All you need to access this money is download Timiza app on your phone and begin the loan application process.

Mpesa loans applied for on Timiza are charged an interest rate of 1.083% and a facilitation fee of 5%. Compared to other mpesa loan lending platforms, it is one of the lowest interest rates charged by an mpesa loan lender. Interest rate depends on the amount of money you borrow.

Ready to apply for an mpesa loan on timiza, then see this guide on how to apply for a timiza loan.

Check out this link to apply for an mpesa loan on timiza.

Okash app:

okash app mpesa loan app

With over 1 million downloads on the google playstore, okash app is one of the most popular mpesa lending apps in Kenya, second only to Tala and branch. The app is developed by opera and is designed to offer short term loans to Kenyan users.

How much can on qualify to borrow on okash app? Okash loan limits start from a minimum of ksh 1,500 up to a maximum of ksh 70, 000. The loan repayment period ranges from 14 days upto 365 days from the time you receive your money in your mpesa account. To start applying for an okash loan, you need to download and install the app on your phone and you can do that here.

Mpesa loans applied for on the okash app attract an interest rate 8.7% on each loan you borrow. On top of that, an origination fee of between Ksh 100 – 600 is also charged depending on the amount you have borrowed. Compared to other mpesa loan lending platforms, it is on the higher end. Interest rate depends on the amount of money you borrow.

Check out this link to apply for an mpesa loan on okash.

Zenka app:

zenka app mpesa loan app

This mobile loan app developed by zenka finance is one of the new mpesa loan apps in Kenya. It offers loans directly to you mpesa account quickly and conveniently and has become very popular to offer instant mobile loans.

How much can you qualify to borrow on zenka app? Zenka loan limits start from a minimum of ksh 500 up to a maximum of ksh 30, 000. The loan repayment period is 61 days from the time you receive your money on your mpesa account.

Mpesa loans applied for on the zenka app attract an interest rate, ranges from 9% to 30% on each loan you borrow. In addition to the interest rate, zenka charges a processing fee of between ksh 45 – ksh 870 as a one time fee. This interest rate is one of the high ones when you compare to other mpesa loan lending sources. Interest rate depends on the amount of money you borrow.

Check this step by step guide on how to apply for an mpesa online loan on zenka

Opesa app:

opesa app mpesa loan app

This mobile loan app developed by Tenspot Kenya Limited and is one of the new mpesa loan apps in Kenya. So far, it has been downloaded over 1 million times on the google playstore by users looking for quick short term loans.

How much can on qualify to borrow on Opesa app? Opesa loan limits start from a minimum of ksh 1,500 up to a maximum of ksh 50, 000. The loan repayment period is 15 days up to 91 days from the time you receive your money on your mpesa account.

Mpesa loans applied for on the opesa app attract an interest rate of 8.5% on each loan you borrow. In addition to this you will be charged a service of between ksh 100 to ksh 600. This interest rate is high compared to other mpesa loan lending sources like Timiza. Interest rate depends on the amount of money you borrow.

Ipesa app:

ipesa app mpesa loan app

An mpesa loan lending app developed by XGO CREDIT KENYA LIMITED and is one of the new loan apps in Kenya. So far, it has been downloaded over 1 million times on the google playstore by users looking for quick short term loans. You can also download this app and apply for a quick mpesa loan.

How much can on qualify to borrow on ipesa app? Ipesa loan limits start from a minimum of ksh 500 up to a maximum of ksh 50, 000. The loan repayment period is 15 days up to 180 days from the time you receive your money on your mpesa account. Here is how you apply for an instant loan in Kenya on the ipesa app.

Mpesa loans applied for on the ipesa app attract an interest rate of 12% on each loan you borrow. This interest rate is high compared to other mpesa loan lending sources like Branch. Interest rate depends on the amount of money you borrow.

Follow this link to see step by step how you can apply for an online mpesa loan on ipesa.

Stawika app:

stawika mpesa loan app

An android based mpesa loan lending app developed by STAWIKA CAPITAL LTD and it’s a popular loan apps in Kenya. So far, it has been downloaded over 500,000 times on the google playstore by users looking for quick short term loans. You can also download this app and apply for a quick mpesa loan.

How much can on qualify to borrow on stawika app? Stawika loan limits start from a minimum of ksh 1,000 up to a maximum of ksh 30, 000. The loan repayment period is 15 days up to 180 days. This is from the time you receive your money on your mpesa account. Here is how you apply for an instant loan in Kenya on the ipesa app.

Mpesa loans applied for on the stawika app attract an interest rate of 12% on each loan you borrow. This interest rate is high compared to other mpesa loan lending sources like Branch. Interest rate depends on the amount of money you borrow.

Conclusion:

We sometimes need unsecured loans quickly and instantly on our mobile phones. And what better way to receive the loan than via mpesa. Above we have covered in detail 11 ways in which you can apply for an mpesa loan. You can apply for this loans either directly from the mpesa menu, using an app on your smartphone or by dialing a ussd code on your phone.

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