7 Places You Can Get Quick Loans in Kenya

We all get into tough situations where we need quick loans to solve one or two financial issues. Asking for soft loans from your friends and family might be an option but what if they aren’t able to lend you?

There are various loan providers in Kenya that offer quick loans without requiring you to provide collateral. These institutions have mobile apps that can access your M-Pesa transaction history to determine your eligibility and the amount of money they can lend you.

Here are 7 places you can get quick loans in Kenya:

1. Tala

Tala is a mobile app that offers fast, easy, and secure quick loans to M-Pesa users in Kenya. It lets you apply for loans, track your loan status, and make repayments using your mobile phone. 

To apply for their loans, download their app on Google Play Store or Apple App Store and register for an account. The app will automatically ascertain the amount you qualify for and display it on the screen. 

When you apply and qualify for a Tala loan it will be disbursed to your M-Pesa account immediately.

2. Branch

Branch is a mobile loan application that offers users with quick solutions to their financial needs. The app enables people to access loans from as low as Kshs 250 to as high as Ksh 50,000. The repayment periods range from 2 weeks to 1 month with an interest rate of 6% to 16%.

3. M-Shwari

M-Shwari is a mobile banking service that provides quick loans to Safaricom subscribers with registered M-Pesa accounts in Kenya. It was launched by Safaricom in conjunction with the Commercial Bank of Africa (CBA) in 2012. 

The service is accessible through the M-Pesa menu and allows users to save money, borrow quick loans, and access other financial services. M-Shwari allows people to borrow money ranging from Kshs100–20,000. Repayment is made within 30 days with an interest rate of 7.5%.

4. KCB M-Pesa

KCB M-Pesa is a mobile money lending platform that offers quick loans to Kenyans. Just like M-Sshwari,  KCB M-Pesa is only available to Safaricom subscribers. The platform allows you to borrow from as low as Sh.1000 to as high as Sh.1 million, charging 7.35% in interest.

5. Safaricom Fuliza

Fuliza is Safaricom’s overdraft service that allows you to send money even if you have zero balance in your M-Pesa account. Depending on how much you qualify for, you can get a quick loan ranging from Kshs 1-70,000.

6. Haraka

Haraka is a micro-loan service that you can access by downloading the mobile app. Loans range from between Kshs 500–5,000 with an interest rate of 23.45%.

7. Okash

Okash is a mobile lending app that offers quick loans at low-interest rates. To access Okash loans, you have to download the app, register, and apply for the loan. You are eligible for loans between Kshs 500–100,000.