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Best loan apps in Kenya for getting faster cash

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Sometimes you may need some quick cash to sort out emergency financial needs. This might happen at a time one has no means of getting money and no savings either. Therefore one only remains with one option of getting a quick loan. Due to this, many organizations and financial institutions have come out to offer quick loans to customers. In Kenya, there are several online loan apps ranked as follows in terms of service delivery and loan terms,

1. Tala loan app

This app by Inventure Mobile Limited is a mobile based platform that provides instant loans to customers. They offer loans with limits up to ksh. 30,000 payable within between 2 weeks to 6 months.

Many believe it is the best due to their friendly terms and customer service. They do not also harass those who default the payment period.
Their interest rate ranges between 15% and 5% depending on a customer’s credit score.
2. Branch loan app

The Branch loan app is owned  by Branch International. It also works almost in a similar way as Tala and the two started at a roughly same time.

3. Okash loan app

This is also another mobile-based loan app providing quick loans to both individuals and small businesses. Their loans ranges from ksh. 500 up to KES 50,000 with repayment terms as from one week to six months.

4. KCB M-Pesa loan

This is not an app based platform but rather a mobile banking service by KCB in partnership with Safaricom. They give customers loans of up to 1 million Kenyan shillings. A borrower can repay between one week to twelve months. KCB M-PESA loans have low-interest.

5. Timiza loan app

Timiza loans are offered by Barclays Bank of Kenya which is under ABSA group. A number of people who have used it rate it as one of their best due to low interest rate.

6. Shika loan app

Shika Loan is a mobile-based loan app that provides fast loans to individuals and small businesses in Kenya. It offers mobile loans of up to Ksh 30,000 with repayment terms of up to six months.

7. Mshwari

This is also a mobile banking service by the Commercial Bank of Africa (NCBA) through Safaricom’s M-PESA mobile money platform in Kenya. One can do savings and get loan services through mobile phone. The loan service allows customers to borrow from Ksh 100 to Ksh 70,000, with repayment terms of up to 30 days.

8. Fuliza

Fuliza is a product of Safaricom in collaboration with Commercial Bank of Africa. It allows a customer to complete a transaction even if they have insufficient funds in their MLesa accounts. One can even purchase airtime using Fuliza and interest rate depends on the amount taken. Payment is within 30 days and it is automatic whereby whenever a customer receives funds in his mpesa account, it will be deducted to repay the debt.

9. Haraka loan app

It is mobile based and is available on google playstore for android users. It is quick and can be paid up to a period of 6 months.

10. Zenka loan app

It works just like other loan apps which determine loan limit to a customer based on their credit score. Zenka loan app borrowers can get up to Ksh 50,000 and repay the loan within 30 days.

11. Hustler fund

Hustler Fund was a campaign tool use by the Kenya Kwanza coalition to ride into power. It is a financial service which offers loans to individuals and is offered by the Kenyan Government.

It is also a savings scheme as part of the loan a customer acquires is retained in their savings account. One can borrow from Ksh 500 to Ksh 300,000 and repay the loan within up to 36 months depending on the amount.

However, lately there have been numerous complains that the loan is no longer accessible.

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