Since 2015 the number of these lenders kept increasing and today,we have over 50 operational Digital Credit Providers already licensed by the CBK.
But, among all these loan apps,some are taking lead in proving to be the best.
In this article, I will be sharing information about the best loan app in Kenya 2024.
The Criteria
My approach to arriving at the best loan apps involved looking at the apps interest rates,loan limits and repayment durations.
The list therefore consists of mobile loan apps performing best in large loan amounts,lower interest rates and longer loan repayment durations.
To keep my promise,here are the best loan apps so far in 2024 based on interest rates,loan amounts and repayment periods;
Best Loan Apps In Kenya with Low Interest Rates
Faraja Loan: Overall Best in Lower Interest Rates
Faraja loan has the lowest interest rate at 0% (nil interest rate). This means,when you take a loan with faraja, you'll not be charged anything.
For example if a customer takes a loan of Ksh5,000 he will be required to pay back Ksh5,000 in 30 days.
The maximum loan limit for faraja loans is Ksh100,000.
To get faraja loans, you can dial USSD Code *799# on your Safaricom line or use the M-Pesa App which is available both on Google play store and Apple Appstore.
Hustler Fund
Hustler Fund qualifies to be one of the best in providing affordable loans in Kenya.
The interest rate is 8% per year , equivalent to 0.96% per month which is way better than what most loan apps charge.
Hustler Fund loan facility's downside however is the repayment duration at 14 days, which is too short for a Ksh50,000 loan, which is the maximum personal loan limit.
You can dial USSD Code *254# or use M-Pesa App to get Hustler Fund loans.
Tala
Being the oldest,Tala loan app wasn't going to miss this list by all means.
The lender's interest rate is from 0.9% to 1.8% per month which is considered affordable.
At maximum loan limit of Ksh50000 ,I think Tala needs to pull up the socks here. Today a majority of the popular apps give up to 1 million as the maximum loan amount.
You can download Tala loan app from Google play store and give it a try.
Best Loan Apps in Kenya Giving Large Loans
Eazzy Loan: Overall Best in Large Loan Amounts
Provided by the Equity Bank, Eazzy loan facility takes overall position in loan apps providing the largest loan amounts at Ksh3,000,000.
At an interest rate of 2% to 10% per month,still Eazzy loan can be considered quite affordable.
The downside of Eazzy loan however, is on loan repayment duration and eligibility.
The loan repayment duration is 30 days which is much shorter for a ksh3m loan.
The requirement which keeps a majority of Kenyans out is; you must be having an account with Equity Bank to be eligible.
To get loans,you can use Eazzy loan ussd code*247# or equitel STK or Equity Mobile Banking App.
Vooma Loan
Another loan app which gives large loan limits is Vooma, a product of the KCB Bank.
With Vooma, a customer can get up to Ksh1,000,000 instantly. This makes the app to qualify as best among the best in Kenya in providing large loans.
To apply for the loans, you can dial Vooma Ussd code *844# or download Vooma app from Google play store or Apple appstore.
KCBM-Pesa
The maximum loan limit for a KCBM-PESA loan is Ksh1m, making the facility among the best in providing large loans in Kenya.
It's easy to access KCBM-Pesa loans. You can get the loans via KCB Banking App, M-Pesa App, Safaricom STK, ussd code *844# or *334# .
KCBM-PESA loan downside however,is the short repayment duration at only 30 days.
Timiza
Ksh150,000 ,the maximum Timiza loan limit ,is not a small amount to a majority of Kenyans.
And for this reason, am confidently adding Timiza loan app as one among the best in providing large loans in Kenya.
A customer will be charged an interest rate is 1.083% and a facility fee of 5% and 20% excise duty on the interest in 30 days.
To get loans, you can download Timiza loan app from Google play store or Apple appstore
SC Juza
I couldn't close the list of the best loan apps giving large loan amounts without mentioning SC Juza.
Providing a maximum loan amount of ksh100000 , SC Juza loan app qualifies to join the best in this category.
To get loans you can dial SC Juza Ussd code*772# or download SC Juza loan app from Google play store.
Best Loan Apps in Kenya with Longer Repayment Durations
KCB Mobile Loan: Overall Best in Long Loan Repayment Periods
With a maximum loan tenure of 1 year, KCB Mobile Loan takes home the overall best loan app in long repayment durations in Kenya.
KCB Mobile loan maximum limit is ksh300,000 which is quite a good loan amount when you're allowed to pay in a year.
The cons; you must be a KCB bank customer can with an active account.
To get started, download KCB Banking App or dial USSD Code *522#.
Branch
Branch international loan app now a Neobank licensed as Branch MFB by the CBK also tops the list of apps with the longest loan repayment durations just like KCB Mobile Loan.
With branch, a customer can pay back loans after 1 year which is the maximum repayment duration set by Branch MFB.
Branch provides a maximum of ksh300,000 as loan to be paid back after 12 months.
You can download branch loan app from Google play store and apply for loans today.
Zenka
Zenka joins the list of best loan apps with longer repayment durations in Kenya.
The maximum Zenka loan repayment duration is 6 months which is long enough to be classified as longer loan repayment duration.
Zenka provides a maximum loan amount of ksh100,000 at an interest rate between 9% to 30% per month which is quite expensive.
You can apply for loans if you download Zenka loan app from Google play store or dial USSD Code *841# right away.
MCo-opCash
A product of the Cooperative Bank of Kenya, MCo-opCash has also made it to this list of the best loan apps with the longest repayment durations.
MCo-opCash Loan maximum repayment duration is 3 months which is long enough to talked about here.
The maximum loan amount a customer can get via MCo-opCash is ksh500,000 which is very reasonable if the payment period is 3 months.
You can download MCo-opCash 5.0 app from Google play store or dial USSD Code *667# to get started.
MCo-opCash however,has a downside which is; you must be a Cooperative Bank of Kenya customer with an account.
Conclusion
The best loan apps in Kenya have brought really convenience for customers when it comes to choosing loan apps.
As a customer you can now choose a loan app which best suits your needs.
For example if you need to cover a bigg project,go for loan apps with large loan amounts while to get affordable loans,go for loan apps with low interest rates.
But if you're that person who needs to pay loans in small amounts,then go for loan apps best in longer repayment durations.