13 Best Mobile Loan Apps in Kenya 2024

A mobile loan app is a type of digital lending that offers an unsecured personal loan to borrowers who require instant and emergency funding. These mobile loan apps are financial platforms that disburse credit to borrowers who have low creditworthiness. Some of the loan apps in this document do not require checking the CRB to be eligible for a loan. However, legitimate unsecured personal loans, such as Equity Eazzy Loan, Mshwari loan, Fuliza Loan, KCB M-Pesa Loan, Timiza Loan, and MCO-Op Cash, require a borrower to clear their negative CRB listings before the loan is disbursed. Loan apps such as Branch, Zash Loan, Tala, TiFi Slice, Ipesa, and Hustler Fund do not require any CRB checks; a borrower that is blacklisted is able to apply for a loan.

The loan apps discussed below are recommended because of their ease of loan disbursal. The loan apps discussed below have low interest rates compared to other digital lenders on the market. Loan amounts typically range from Ksh. 1000 to Ksh. 50,000, with few lenders offering loan amounts up to Ksh. 3,000,000. When searching for the best loan apps, consider those that offer user-friendly interfaces, transparent terms, quick approval processes, and low interest rates. Always review the terms and conditions carefully and compare multiple options to find the best fit for your financial needs.

Branch loan app

Branch is an online lender that offers a range of products, including large personal loans that you can use for various purposes, such as debt consolidation, home improvement, medical expenses, major purchases, and emergency funds.

Why we like it?

Branch offers loans with interest rates as low as a monthly interest rate of 1.7%, which is one of the lowest minimum interest rates among personal loan lenders. Branch has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Although Branch loan charges rates as low as 1.7%, some borrowers could be offered the maximum rate of 17%–35%, which is high compared to other lenders. The repayment period for the Branch loan is short, ranging from 1 to 12 weeks. which may force the borrower to encounter a late payment penalty fee of 6%.

Who is it best for?

A Branch unsecured personal loan is best for borrowers with bad credit histories or who may have inconsistent income. The Branch is one of the best loan apps that provides financial support to small businesses struggling to maintain a positive cash flow.

M-Shwari

M-Shwari is a mobile lender that offers a range of products such as savings and checking accounts, including small, easy personal loans that you can use for various purposes, such as medical treatments, vehicle expenses especially unexpected car repairs or maintenance costs, unpaid tolls or traffic fines, unexpected towing or roadside assistance and lastly for home maintenance.

Why do we like it?

M-Shwari offers loans with a monthly interest rate of 9%, which is one of the highest interest rates among personal loan lenders. M-Shwari has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

M-Shwari loan charges a facility fee of 7.5% on each loan disbursed and a roll over fee of 7.5% for all loan principal balances those are unpaid on day 31, which is high compared to other lenders. The repayment period for the M-Shwari loan is short, which is 30 days. which may force the borrower to encounter a late payment penalty fee of 7.5% for extending the loan

Who is it best for?

An M-Shwari unsecured personal loan is best for borrowers with an emergency and no collateral. The loan is suitable for students without enough fees.

Equity Eazzy loan

Equity Eazzy is a mobile loan app that offers a range of products, including large personal loans, that you can use for various purposes such as business expenses such as marketing, inventory, and equipment repair. Other purposes include personal expenses; household expenses; and vehicle expenses.

Why we like it?

Equity Eazzy Loan offers loans with interest rates as low as a monthly interest rate of 2% to 10%, which is one of the lowest minimum interest rates among other loan apps disbursing unsecured personal loans. Equity Eazzy Loan has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Although Equity Eazzy Loan charges rates as low as 2%, some borrowers could be offered the maximum rate of 10%, which is high compared to other lenders. The repayment period for the Equity Eazzy Loan is short, ranging from 1 to 24 months. This may force the borrower to encounter a late payment penalty fee of 6%.

Who is it best for?

An Equity Eazzy unsecured personal loan is best for borrowers with no collateral but who would like to expand their business. It is suitable for students without collateral but want school fees or pocket money.

KCB M-Pesa

KCB M-Pesa is a mobile lender that offers a range of products, including large personal loans that you can use for various purposes such as business expenses such as marketing, inventory, and equipment repair. Other purposes include personal expenses; household expenses; and vehicle expenses.

Why we like it?

KCB M-Pesa offers loans with interest rates as low as a monthly interest rate of 2% to 8.93% for a loan term of 30 days, which is one of the lowest minimum interest rates among personal loan lenders. KCB M-Pesa has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

The repayment period for the KCB M-Pesa loan is short, ranging from 30 days to 24 months for a higher loan limit. This may force the borrower to encounter a late payment penalty fee of 10% per year.

Who is it best for?

An KCB M-Pesa unsecured personal loan is best for borrowers with no collateral who would like to expand their business.

Zenka loan app

Zenka is a loan app that offers a range of products, including small personal loans that you can use for various purposes such as business expenses such as marketing, inventory, and equipment repair. Other purposes include personal expenses; household expenses; and vehicle expenses.

Why do we like it?

Zenka offers a quick loan approval process. Zenka has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Zenka loan charge a higher interest rate of 9% to 39%. This means you will have to pay for higher loan amounts.

Who is it best for?

A Zenka unsecured personal loan is best for borrowers with bad credit histories or who may have inconsistent income. Zenka is one of the best loan apps that provides financial support to borrowers with financial emergencies.

Timiza loan app

Timiza is a loan app that offers a range of products, including large personal loans that you can use for various purposes. The purpose of Timiza loan varies depending on individual usage; however, these loan can be used for household expenses such as utility bills, rent or mortgage payments, home repairs and maintenance. Additionally, the loan can be used for business expenses, medical expenses, and personal expenses, such as unexpected funeral expenses, relocation expenses, unexpected legal expenses, such as court fees or attorney fees, and debt consolidation without collateral.

Why we like it?

The Timiza loan app charges 1% to 3% on a daily basis and a 15% monthly interest rate. Timiza has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Timiza loan has a short repayment period of 30 days.

Who is it best for?

A Timiza unsecured personal loan is best for borrowers with bad credit histories or who may have inconsistent income. Timiza is one of the best loan app that provides financial support to small businesses struggling to maintain a positive cash flow.

TiFi Slice

TiFi Slice is a mobile lender that offers easy and fast loans without checking if you’re blacklisted by CRB. This makes it legitimate for borrowers who want quick and easy loans, even if they have a bad credit score. Tifi Slice loan be used for the following purposes;

Medical Expenses

• Unforeseen medical treatments: Unexpected surgeries, procedures, or treatments.
• Prescription medications: High-cost medications not covered by insurance.
• Dental emergencies: Urgent dental procedures or repairs.

Vehicle Expenses

• Repairs and maintenance: Unexpected car repairs or maintenance costs.
• Tolls and fines: Unpaid tolls or traffic fines.
• Emergency towing: Unexpected towing or roadside assistance.

Household Expenses

• Utility bills: Late payments or unexpected increases in utility costs.
• Rent or mortgage payments: Temporary assistance for rent or mortgage payments.
• Home repairs: Urgent repairs to prevent damage or maintain safety.

Personal Expenses

• Debt consolidation: Combining multiple debts into a single loan with a lower interest rate.
• Funeral costs: Unexpected funeral expenses.
• Relocation expenses: Temporary assistance for moving costs.
• Legal fees: Unexpected legal expenses, such as court fees or attorney fees.

Why do we like it?

TiFi Slice offers a loan of up to Ksh. 200, 000

What we don’t like

TiFi Slice loan app contains some hidden fees, which may be bad for borrowers. The main reason we don’t is because of a lack of transparency.

Who is it best for?

A TiFi Slice unsecured personal loan is best for borrowers with bad credit histories or who may have inconsistent income.

Tala loan

Tala is an online lender that offers a range of products, including small personal loans, that you can use for various purposes, such as medical expenses such as unseen medical treatments, prescription medications, and dental emergencies. Other purposes the loan can serve include business expenses such as marketing, inventory, and equipment repair; personal expenses; household expenses; and vehicle expenses.

Why we like it?

Tala offers loans with interest rates as low as a monthly interest rate of 0.3%, 0.6% {daily}, and 15% {monthly}, which is one of the lowest minimum interest rates among personal loan lenders. Tala has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Although Tala loan charges rates as low as 15% {monthly}, some borrowers could be offered the maximum rate of 17%–35%, which is high compared to other lenders. The repayment period for the Tala loan is short, ranging from 61 days. This may force the borrower to encounter a late payment penalty fee of 8%.

Who is it best for?

A Tala unsecured personal loan is best for borrowers with bad credit histories or who may have inconsistent income. Tala is one of the best loan apps that provides financial support to small businesses struggling to maintain a positive cash flow.

Vooma loans

Vooma is a mobile loan app that offers a range of products, including large personal loans that you can use for various purposes such as business expenses such as marketing, inventory, and equipment repair; personal expenses; household expenses; and vehicle expenses. Other purposes the loan can serve include medical expenses such as unseen medical treatments, prescription medications, and dental emergencies; personal expenses; household expenses; and vehicle expenses.

Why we like it?

Vooma offers loans with interest rates as low as a monthly interest rate of 2% to 8.93% for a loan term of 30 days, which is one of the lowest minimum interest rates among personal loan lenders. Vooma has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

The repayment period for the Vooma loan is short, ranging from 30 days to 24 months for a higher loan limit. This may force the borrower to encounter a late payment penalty fee of 10% per year.

Who is it best for?

A Vooma unsecured personal loan is best for borrowers with no collateral who would like to expand their business.

Pesapap Mobile loans

Pesapap is owned and controlled by Family Bank. Pesapap is a mobile lender that offers easy loans, including large personal loans that you can use for various purposes such as medical expenses such as unseen medical treatments, prescription medications, and dental emergencies. Other purposes the loan can serve include business expenses such as marketing, inventory, and equipment repair; personal expenses; household expenses; and vehicle expenses.

Why do we like it?

Pesapap offers loans with interest rates as low as a monthly interest rate of 2%, which is one of the lowest minimum interest rates among personal loan lenders. Pesapap has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Although Pesapap charges rates as low as 2%, its loan products contain more additional fees, which is high compared to other lenders. The repayment period for the Pesapap loan is short, which is 30 days. This may force the borrower to encounter a late payment penalty fee of 6%.

Who is it best for?

A Pesapap unsecured personal loan is best for borrowers with bad credit histories or who may have consistent income. Pesapap is one of the best loan apps that provides financial support to small businesses struggling to maintain a positive cash flow.

Fuliza loans

Fuliza is an overdraft loan disbursed within an M-Pesa transaction. Fuliza loan is a soft unsecured personal loan that can be accessed through an M-Pesa transaction. The loan can be used for household expenses such as utility bills, rent or mortgage payments, home repairs, and maintenance. Other purposes of Fuliza loan include covering personal expenses, such as unexpected funeral expenses, relocation expenses, unexpected legal expenses, such as court fees or attorney fees, and debt consolidation without collateral.

Why we like it?

Fuliza offers loans with interest rates as low as a daily interest rate of 1%, which is one of the lowest minimum interest rates among personal loan lenders. Fuliza has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

The repayment period for the Fuliza loan is only 30 days. This may force the borrower to default on the Fuliza loan.

Who is it best for?

Fuliza personal loans are best for borrowers with bad credit histories or who may have inconsistent income. Fuliza is best for borrowers who need an overdraft loan to complete an M-Pesa transaction.

Hustler Fund loan app

Hustler Fund is a personal loan lender that offers a range of products, including short-term and long-term savings. The purpose of Hustler fund loan varies depending on individual usage; however, these loan can be used for household expenses such as utility bills, rent or mortgage payments, home repairs and maintenance. Additionally, the loan can be used for business expenses, medical expenses, and personal expenses, such as unexpected funeral expenses, relocation expenses, unexpected legal expenses, such as court fees or attorney fees, and debt consolidation without collateral.

Why we like it?

Hustler Fund offers loans with interest rates as low as 8% per year, which is one of the lowest minimum interest rates among personal loan lenders. Hustler Fund has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

Hustler Fund has a short repayment period of 14 days and can be extended to 30 days.

Who is it best for?

The Hustler Fund loan is best for small rural business owners who need a quick and easy loan with a minimal approval process.

MCo-Op Cash loan app

MCo-Op Cash is a loans app that offers a range of products, including large personal loans that you can use for various personal expenses, such as unexpected funeral expenses, relocation expenses, unexpected legal expenses, such as court fees or attorney fees, and debt consolidation without collateral.

Why we like it?

MCo-Op Cash offers loans with interest rates as low as a monthly interest rate of 1.7%, which is one of the lowest minimum interest rates among personal loan lenders. MCo-Op Cash has flexible withdrawals so that you can access your money anytime, anywhere.

What we don’t like

MCo-Op Cash charges a one-off fee of 8% for a term of 1 month, 10% for a loan term of 2 months, and 12% for a loan term of 3 months on the loan amount + 0.034% pm insurance fee (insurance is for all loan types) + excise duty of 20%.

Who is it best for?

MCo-Op Cash personal loan is best for borrowers with good credit histories or who may have a consistent income. MCo-Op Cash is one of the best loan apps that provides financial support to small businesses struggling to maintain a positive cash flow.