MOBILE APP LOANS IN KENYA

We live in exciting times when we can almost get everything we need in the comfort of just dialling stuff from our phones. We can agree at some point we’ve needed cash So badly but didn’t have a person you can call to loan you can that amount of money at the time you needed it most. Then mobile loan apps happened, and the SPM BUZZ team is here to enlighten you on loan apps you can trust and think of using when in need of urgent cash.

Here are some of those applications.

1. Branch Loan app

This loan app is available in Kenya and can also be found in Tanzania and in Nigeria. It was introduced in Kenya in 2015.

The app gives the users loans of up to sh 70,000. To get started, you download the app from the Google Play Store, use Facebook to log in and sign up, and you automatically know if you qualify for loans or not. You receive the money through Mpesa.

2. Tala loans

It is among the eldest Mobile loan app in Kenya. They offer loans of up to sh 30,000 and send through Mpesa. All you need to download the app from the Google Play Store and create an account. The loan should be repaid in 30 days.

3.Timiza loans

It’s an online mobile money app by ABSA. Apart from offering loans, the app also serves as a bank account to manage your account. Timiza loans have a repayment period of 30 days and one can borrow up to sh150,000. You download the app from Google Play Store, fill in your registered mpesa number, and activate your application by using the pin.

4. Mco-op cash

This loan app is specifically for customers of the cooperative banks to access the bank services. It gives customers opportunities to purchase airtime, and you can apply for up tosh 200,000.The loans should be repaid 1-3 months after borrowing.

5.KCB Mpesa

This loan app is accessible for any registered mpesa user. You do not need to download the app you only click on the KCB Mpesa,tap under loans and select a loan you need. Once the amount you have requested is within your loan limit,they send the loan amount to mpesa .

6. Mshwari

Thie ie also a safaricom product and like KCB Mpesa you only need to be a mpesa subscriber for 6 months, save on mshwari and actively use other Safaricom services. The loans are repaid within three months of borrowing.

7. Zenka Loans

Zenka is considered the best because the first loan is repaid with no interest. Zenka loans start at sh 500 and go up to sh20,000. Download the zenka app from Google Play Store, register your account and fill in the application form with the amount you need to borrow. Zenka loans are repaid within three months of borrowing.

8. Okash Loan

The application started with a target of providing loans to at least sh 100,000 Kenyans. It is a reliable mobile lending app. The Loans are repaid 15-21 days after borrowing.

9. HF Whizz loans

It offers so much more since you can do most of your digital transactions on the app. It is not popular but one can download it from their website or from Google Play store. The repayment is done within 30 days.

10. Fuliza

This is not necessarily a mobile loan app, but can be accessed by any active user of Safaricom products.

How to access Fuliza

-Be a registered mpesa customer

– Have an active safaricom line for the last 6 months

– Dial *234# and select mpesa to opt-in .

Unfortunately on Fuliza,any amount that gets to your line is deducted to repay your debt.

It’s important to have a mobile app but some people will also disagree with this.

What are the advantages of having a mobile loan app.

1. It is always with you. It makes it easy for you to borrow money anytime you need it. It acts as a backup in times when you need financial assistance.

2. It has extra security, meaning that you don’t face any potential risk of losing your money.

3. It is fast and convenient. You need no in-person appointments to apply for the loans, you can almost get the money as instantly as you could need it.

Every coin has a flip side, and as good and helping as borrowing has been, it can be very addictive, thereby making people to run into debt.

Here are some of the disadvantages

1. You have to pay a higher amount due to the interest gained.

2. It is addictive. You always have an easy way to get money and hence can become a habit that you have to keep borrowing.

3. You lose some amount of charges.

Calculating the amount of money one has to pay as interest, you realize that you pay a lot more at the end of the day.

If you have to borrow, borrow when it’s necessary.

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