10 Kenyan mobile loan apps that work

The Kenyan micro-credit finance industry has experienced an exponential boom in the last decade. Mobile money platforms, being led by m-pesa, have made money transfer a breeze. They have revolutionized the banking industry, changing how Kenyans access money when in need. You no-longer have to follow long procedures because you need a small loan. If you have a smartphone and an internet connection, then you're set for loan application, from wherever you are. It won't take a week for the loan to be approved, only seconds.

Dozens of loan apps are available in Google Playstore. Some of the apps give loans but it is almost impossible to secure a loan in others. The apps listed below had the best response time and actually gave loans. They are not ranked according to any specific criteria, they are listed simply because they fulfilled their purpose.

Tala

Platform: Android
Google Playstore rating: 4.6 (386K+ reviews)
Interest rate: 5% - 33%
Other charges: none
Loan limit: Ksh. 30,000
Repayment period: 21 - 90 days
Download link

Tala is an international money-lender serving India, Kenya, Mexico and Philippines. To qualify for a loan using the app, you are required to have a sizeable m-pesa message log, and a good credit history with Tala. After downloading the app for the first time, you can borrow up to Ksh. 1,000. The more you borrow and pay loans on time, the higher your loan limit gets. Tala is popular because it is reliable and disburses loaned funds instantly.

Branch

Platform: Android
Google Playstore rating: 4.6 (261K+ reviews)
Interest rate: 2% - 16%
Other charges: none
Loan limit: Ksh. 250 - Ksh. 70,000
Repayment period: 4 - 48 weeks
Download link

Branch is a renowned lender operating in India, Kenya, Mexico, Nigeria and Tanzania. Like most lenders in this list, Branch does not fully rely on CRB ratings to make lending decisions. The app analyzes smartphone data including handset details, SMS logs, repayment history, GPS data and contact lists, to determine loan eligibility. To apply for a loan you will be required to log in through your Facebook account. Branch is preferred by many because it does not charge any penalties or rollover fees for late payment.

Stawi

Platform: Android
Google Playstore rating: 3.0 (500+ reviews)
Interest rate: 9% per annum
Other charges: 4% facility fee, 0.7% insurance charge, 0.8% excise duty
Loan limit: Ksh. 30,000 - Ksh. 250,000
Repayment period: 1 year
Download link

Stawi is a product by the Central Bank of Kenya in partnership with 5 local banks. Its aim is to assist entrepreneurs to grow their businesses. For you to be eligible for a Stawi loan, you must be an owner of a government-registered business, which has run for at least 6 months. To apply for a loan you need to download the app and fill in a lengthy form, which will ask you to submit scanned personal and business documents. Once your data is analyzed and verified, an activation code - to be used when applying for a loan - is sent via email or SMS. After repaying 80% of the loaned amount, you are allowed to take a second loan. Repayments for Stawi loans can be done through the app or m-pesa paybill.

Zenka

Platforms: Android, USSD
Google Playstore rating: 4.6 (386K+ reviews)
Interest rate: 5% - 33% (0% charged on first loan)
Other charges: none
Loan limit: Ksh. 20,000
Repayment period: 61 days
Download link

Zenka is a Kenya-based lender best known for its no-interest charge on first loans. To apply for a loan you are required to provide your name, ID number and choose a security question. You are also required to enter a 4-digit PIN for added security. Eligibility for loans is determined based on loan repayments history and data from Credit Reference Bureaus. The Zenka app will also analyze phone data including; SMS logs, call logs, airtime credit and phone type among other things to determine eligibility. Loans are repaid through USSD or the Zenka app.

Timiza

Platforms: Android, USSD
Google Playstore rating: 4.0 (13K+ reviews)
Interest rate: 4%
Other charges: 5% Rollover fee, 5% loan processing fee
Loan limit: Ksh. 1,000,000
Repayment period: Chosen by loanee, should be over a month
Download link

Timiza is a product of Barclays bank (now ABSA), that was designed for the Kenyan market. To qualify for a loan on Timiza you must open a Barclays Timiza Account. The loan limit of your account is determined by the size of transactions done by your account. On successfully applying for a loan, the amount is disbursed to your Timiza account, from where you can withdraw directly or to your m-pesa account. Timiza loans can be repaid through m-pesa, Timiza bank account or direct deposit at any Barclays branch.

Senti

Platform: Android
Google Playstore rating: 4.3 (6K+ reviews)
Interest rate: 10% - 15%
Other charges: none
Loan limit: Ksh. 1,500 - Ksh. 40,000
Repayment period: 90 days
Download link

Senti is a light and easy-to-use app by Roamtech solutions, a Kenyan micro-credit finance company. When applying for a loan through Senti, the app scrutinizes your phone's data, then uses machine learning algorithms to determine if you are eligible for a loan or not. The minimum amount you can borrow from Senti is 1,500. The loaned amount is deposited to your m-pesa account instantly. Repayments are made through the Senti app or m-pesa paybill.

Berry

Platform: Android
Google Playstore rating: 4.1 (4K+ reviews)
Interest rate: 9% - 15%
Other charges: 15% late payment fee
Loan limit: Ksh. 500 - Ksh. 50,000
Repayment period: 3 - 30 days
Download link

The Berry loan app was introduced in 2018 and has since served many Kenyans. To qualify for a loan from Berry you will need a smartphone, National ID and a Safaricom line. To ascertain eligibility for a loan, the app will seek your permission to analyze your phone's data. Like many other lending apps, Berry uses Machine Learning and algorithms to analyze your data and determine if you qualify for a loan. The verification time for a loan varies, it is usually done under five minutes. Loan disbursements and repayments are done though the m-pesa registered number you provide during registration.

Loanbee

Platform: Android
Google Playstore rating: 4.2 (4K+ reviews)
Interest rate: 16.7% - 18.8%
Other charges: specific to loanee
Loan limit: Ksh. 100 - Ksh. 40,000
Repayment period: 21 - 30 days
Download link

2019 saw the emergence of numerous loan lending apps, Loanbee being one of them. The app determines loan qualification based on your phone's data including; SMS and call logs, phone type, GPS data, phone operating system, Facebook data and email. You will also need to ensure that your credit rating is good to score a chance with Loanbee. The app takes at least 24 hours to process a loan application. Loan amounts are disbursed and repaid through m-pesa. Repayment of Loanbee loans on time enables users to qualify for higher loan amounts.

Okash

Platform: Android
Google Playstore rating: 4.1 (65K+ reviews)
Interest rate: 24% per annum
Other charges: none
Loan limit: Ksh. 2,500 - Ksh. 500,000
Repayment period: 3 - 12 months
Download link

Okash is a product of Opera Software - the maker of Opera Mini browser - designed to ease the access to loans by the Kenyan populace. After downloading the app, you are required to create an account. All your personal data should be submitted as required on the application form. The provided information will be used to determine your loan limit. Loaned amounts are disbursed directly to your m-pesa account. To repay your loan, just open the app and press the "make a payment" button. Timely repayments make loanees eligible for higher loan limits.

Stawika

Platform: Android
Google Playstore rating: 4.1 (15K+ reviews)
Interest rate: Undisclosed
Other charges: Undisclosed
Loan limit: Undisclosed
Repayment period: Undisclosed
Download link

Stawika is a Kenya-based mobile lending platform. Loan applications are done in four steps; download the app, submit your account statements, request loan limit then finally you can apply for a loan if qualified. To qualify for a loan you are required to have a good Credit Reference Bureau rating among other factors. One caveat concerning the Stawika app is lack of an automated method for determining loan eligibility of users. Disbursement and repayment of loans are done through m-pesa.