The Top 5 Instant Loan Apps in Kenya

What do you do when you need quick cash? Kenyans no longer queue at the bank or call friends to borrow a small amount. Mobile solution developers in Kenya and beyond have created instant loan apps, which are a relief to many borrowers. You can get a quick loan on your phone within seconds as long as you have good credit.

The convenience comes at a cost depending on the instant loan app that you use. In addition, the terms and conditions including the interest rates vary across apps. You can increase your loan limit by repaying on time but the repayment period remains the same.

Most people turn to instant loan apps when faced with an emergency. While you may be pressed to get money fast, you need to understand the terms and conditions first. You do not want surprise penalties or reminders of pending repayments when you have no money to pay.

We have made it easy for you. This article reviews the top apps that you can download and access a quick loan in Kenya. Here is the list of the top instant loan apps.

Top Instant Loan Apps

1. Tala

Tala (formerly Mkopo Rahisi) is an Android App that serves customers in real time. The owners of the Tala Company refer to themselves as data scientists, customer experience designers, and finance wizard. The engineers use alternative data to assess the credibility of billions of people who are financially underserved.

Tala is not only a leading instant loan app in Kenya but also in Tanzania, Philippines, and Mexico. According to the data on the company’s official website, 85% of the customers get an approval in less than 10 minutes. Customers do not require any collateral to get a loan. This feature attracts thousands of Kenyans who do not qualify for bank loans for lack of collateral.

One feature that makes the app stand out from other instant loan apps is that it has no rollovers or penalties. Once you apply for a loan, you are notified of the amount you will repay and the repayment period. No hidden charges or penalties are charged on the amount. Hence, you can always calculate the outstanding amount at any given time.

For the Kenyan clients, Tala sends the approved amount to their Mpesa account within seconds. You can build your credit limit up to 50,000 Ksh by repaying every loan on time. The repayment schedule is flexible to accommodate different needs and earning periods.

2. Branch

The app works the same way as Tala and other instant loan apps. Customers can apply and get loans within seconds. However, the application process is slightly different. Other apps require you to download the app, register for the service, and apply for a loan on the app. Branch requires you to log in through your Facebook account.

Kenyan clients get funds on Mpesa while those in Tanzania get it via Tigo Pesa and Vodacom Mpesa. Nigerian clients get cash through their bank accounts. The app does not charge late fees and rollover fees, which a relief to many borrowers.

Customers can increase their limit through timely repayments. The current limit is 50,000 Ksh. It is easy to view your loan limit and calculate the interest rates charged on the app.  The customer is always in control of the finances. You can spend the loaned amount on anything as long as you repay on time.

3. Saida

Mobile solution developers in Kenya give clients more than one option of getting quick credit. Saida uses alternative such your phone calls, SMS, mobile data, and Mpesa account to determine if you are eligible for a loan. When you download and install the app, you will be required to answer a couple of questions.

After submitting your answers, the app assesses your data and sends a message with the amount you can apply for immediately. The unique feature about Saida is that it gives you reasons why you did not qualify for a loan. The app also gives you a guide on what to do to qualify for a loan in the future.

If your application is successful, Saida sends the amount to your Mpesa immediately. It also explains the repayment terms. The downside of using this app is that it takes up to an hour to give feedback on whether you can qualify for a loan or not. Other instant loan apps take minutes to give feedback.

Some clients complain of waiting for days and sometimes weeks to get feedback on their application. Others complain of poor customer service because the app lacks a phone number and social media platforms. However, the majority of customer reviews shows that the app is useful.

4. Haraka

Haraka, as the name suggests, offers a quick way and convenient way to apply for a loan on the go. The app requires you to register with your Facebook account. You will immediately view your loan amount, apply, and get cash on your mobile wallet.

The app uses data on your phone including SMS transaction history. It also evaluates your public Facebook profile. The data helps the owners to verify your identify and determine your affordability and credit scoring. Hence, you may want to maintain a clean record on Facebook to qualify for a higher amount on the app.

Haraka is available in several countries including Kenya, Swaziland, Uganda, Tanzania, and Zimbabwe. While the app has spread its wings to other countries, some Kenyans are complaining of the high interest rates. Other complaints include non-reflecting repayments that lead to penalties and annoying reminders. The customer care is also below average based on comments from customers who were dissatisfied with the app.

5. Utunzi

Utunzi is among the most downloaded apps in Kenya for quick loans. Like other instant loan apps, the owners promise a quick decision on your application. The app sends money to your Mpesa account when your application is approved. Quick repayments translate to a higher loan limit.

The loan amount ranges from hundreds to thousands of Kenyan shillings. Unfortunately, many clients have had a bad experience when using the app. In addition to the high interest rates, the loan amount does not grow as expected. The loan limit has remained the same for some clients who repaid on time.

We have reviewed the most downloaded instant loan apps in Kenya. The review should help you make an informed decision when looking for a quick loan. Remember to check the repayment terms and interest rates before confirming your application. Most apps give you only four weeks to repay the full amount. If you want to make a difference in this field, mobile solution developers in Kenya can help you develop an alternative loan app.

 

 

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