Top 10 Loan Services Used in Kenya 2019

5 min

Let’s face it, we all run out of cash sometimes. It just happens out of the blue and you can’t sit yourself down to see how your money went down the drain. Instead, we turn to loans which help us continue with our daily lives and return the money once we get that sweet message confirming that money has been deposited in the bank.

Fortunately for Kenyans, there are several options one can turn to when they run out of cash. These services/apps have proven to be lifesavers at crucial moment. Here are the top 10 loan services you should consider whenever your wallet is empty.

10. Haraka

Registered by GetBucks Pty Limited, Haraka Loan is a mobility loaning service through which you can access credit regardless of time and place. This service is also available in four other countries including Swaziland, Uganda, Tanzania and Zimbabwe.

You can get a quick loan from the service by downloading the app on Google Play Store (not available on iOS). Loan limits will vary based on your credit performance and repayment period varies between one to four weeks. Once you apply for the loan, the money will be sent to your M-PESA account (referred to as wallet number) almost immediately.

One thing you need to know is that Haraka loans charge an interest of 23.45% per month. We would advise you to repay the loan as soon as possible before the service charges high interests on your loan. Repayment of the loans are done by using the Paybill number 817910 and using the number you registered with as your account number.

?9. Okash

Launched by Opera in 2018, Okash is among the fastest growing services in the country. What sets this service apart is that it’s minimum loan limit is Ksh 1,500 and goes up to a maximum of Ksh 500,000. Your specific limit will be determined by the data available on your borrowing behavior. If you repay loans in good time, you’ll get higher limits.

Like Haraka, the service can be accessed on its app available on the Play Store. iPhone users are set to enjoy the service via USSD.

Registration is quite easy; all you need is your M-PESA account and you are good to go. They, however, do require additional information such as your level of money income and level of education, marital status and outstanding loans and get this, referees. I don’t know how my marital status will determine how much I can borrow but okay.

Loan rates are at 1% per day and repayment period is up to 14 days. Users who consistently honor their repayments can apply for a loan of Ksh 500,000. Loans are automatically repaid from the app which is fast and easy.

8. Timiza

Owned by Barclays Bank, the service aims to provide access loans swiftly at any time of the day to every eligible Kenyan. Registration is fairly simple as all they need are your ID and M-PESA number.

This service is available through their app or through USSD code *848#. You can borrow up to Ksh 150,000

7. Utunzi

Considered to be one of the cheap loan services due to it’s low interest rates. Owned by Utunzi Ventures, users are able to apply for loans ranging from Ksh 500 to Ksh 100,000. Loan approvals depend on a borrower’s credit score calculated automatically by the app.

Registration is quite a chore as you are supposed to fill in a questionnaire. Utunzi claims that this helps with determining how much you can apply for after a successful registration. To the average user, it is time consuming. If you are willing to answer the questions, you will be pleased to hear that you will get the loan in a matter of minutes.

Repayment is done through their Paybill Number 800950 and using your phone number as your account number.

6. Stawika

Stawika Capital Limited’s loan service is accessible through its app available on the Play Store where users create an account in minutes. After registration, the app will evaluate your smartphone’s data and assign you a loan limit.

Repayment of the loans is done through Stawika’s Paybill Number 830685 and use your phone number as the account number.

5.? Jazika

Known for its user-friendliness, the service can lend up to Ksh 100,000 to a qualified borrower in minutes. You can access its services through the mobile app available on the play store. Loan repayments are done through their Paybill Number 687035.

4. Fuliza

This product was recently introduced by Safaricom Limited and CBA Bank. The loan service takes an interesting approach as compared to other loan services by acting as an overdraft facility. While other services require you to apply for the loan before getting the cash, you can actually make money transactions via M-PESA even if you don’t have sufficient cash in your account. This is also known as overdraft.

The process is made even simpler given the fact it is Safaricom who own M-PESA making the loan service accessible to any user who has a registered M-PESA account. Registration is done by dialing *234# from your Safaricom line or register via the Safaricom app available on the App Store and Google Play Store. However, users are limited to a certain limit based on how Safaricom sees fit.

Repayment is done by deducting money from your balance once you top up your M-PESA account. What’s amazing is how popular it is right now considering it was launched a couple of months back.

3. M-Shwari

Another product of CBA Bank, the service allows you to borrow money in times of need. Unlike other services, a one-time fee of 7.5% is levied for each loan rather incurring a periodic interest rate. Users can borrow up to a minimum of Ksh 100 and is accessible to all active M-PESA users.

2. Branch

This loan service by Branch International which is known for its simple format for creating an account. All you need is a Facebook login after which you can apply for a loan in seconds. The money will be deposited to your M-PESA account once the loan has been approved.

Minimum loan limits begin at Ksh 250 and can reach up to a maximum of Sh 50,000. Repayment period is usually between 1 to 12 months charged at a flexible interest rate. Loan Repayments are done by using the Paybill number 998608.

1. Tala

Formerly known as? Mkopo Rahisi, it is Kenya’s number one finance app. Tala offers a minimum loan amount of Ksh 500 to first time users and up to a maximum of Ksh 30,000 for subsequent users with good loan repayment history.

It’s registration process is unique as it requires you to link the android app to your Facebook account for you to register as a customer. They also ask for additional information and ask a few questions which determines the initial loan limit the service will give you.

Loans are only repaid through Mpesa Paybill number 851900 and your registered Tala phone number as the account number.

Which is your preferred loan service? Let us know in the comments down below.

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Elvis Mwangi

Just an ordinary human being like you telling you facts that will shock and amaze you. I'm also a lover of music and life.