Instant Online Loans Same Day In Kenya – Where and How To Apply For Quick Mobile Loans
Getting loans has never been as easy and quick as it is today. You can actually get loans in a matter of minutes and at any time and anywhere you are in the country. Whether you need money for a luxury or emergency, Online loans have you covered. What is actually good about these online loans is that they are actually open to almost everyone, which is why we decided to work on this article on ” Instant Online Loans Same Day In Kenya – Where and How To Apply For Quick Mobile Loans in Kenya “. They have very little requirements that I believe you are probably qualified to apply for one. Note we have not compiled this list as a rank to determine the best online loan providers in Kenya. These loan providers are arranged in no particular order. You can go through them one after the other and determine the ones that best suit your needs.
While it generally feels safe to take loans, you are encouraged to pay your loans before or on the day of maturity to avoid getting bad credit ratings which may disqualify you from future loans.
Towards the end of this article, we have also given the advantages and disadvantages of getting loans through these online loan platforms.
Where To Get Instant Online Loans Same Day In Kenya – How To Apply For Quick Mobile Loans In Kenya
Formerly known as Mkopo Rahisi, Tala gives you the quickest and best online loan in Kenya. It provides credit at your mobile, on demand, instantly. It is the best mobile loans provider.
About Tala loans
- The minimum amount you can get a loan from Tala is Ksh2,000 and the maximum amount is ksh4000.
- The loan is repaid in 3 weeks installment.
How to apply for Tala loans
To apply for Tala loans, you will need to download the Tala app from play store [link to app https://play.google.com/store/apps/details?id=com.inventureaccess.safarirahisi&hl=en ]
After installing the app give grant it accesses to read your phone. After opening the app, You’ll need to connect it with your Facebook account. It will ask you to some personal questions to determine the amount you can borrow. But in essence, it determines your credit score through your Mpesa account transaction history.
Branch probably is the best online loan available to Kenyans. With Branch loans, you can borrow up to Ksh50,000
About branch loans
- The minimum loan from the branch is Ksh1,000 and the maximum amount is Ksh50,000.
- The more you use Branch loans, the more you can borrow. You build your credit by paying back on-time and this also helps you unlock larger and long-term loans.
Requirements for branch loans
- Be a Registered and active Mpesa user.
- Facebook account.
- Accumulation of more SMS and Mpesa transaction messages on phone.
Procedures for getting branch loans
- To get a loan from the branch you must use their mobile app. You can Download the branch mobile app from Google play store [link for the app https://play.google.com/store/apps/details?id=com.branch_international.branch.branch_demo_android ]
- After installing the app on your phone, grant it accesses and it will read your text messages from Mpesa and your transaction history on Facebook. This will help it determine the amount you can borrow. Those who are not on Facebook do not have a digital identity and so can only borrow small amounts of money.
- To increase the amount you can borrow, you will have to pay your previous loans consistently before it matures then your credit rating will be increased.
#3. Kcb Mpesa
Kcb instant loan is one of the easiest and most popular ways of getting quick loans online in Kenya.
The minimum amount you can borrow is Ksh50 and the maximum amount is Ksh1 million.
The loan can be repaid in a month, three months or six months depending on the criteria you selected during your application. Note that as your repayment period increases, the more you will have to pay when you are repaying the loan. The loan interest rate is 1.16% per month with a one-off negotiation fee of 2.5%. The interest rate for the one month loan is 3.66% with excise duty applicable on fees.
Requirements for loans
- You must be 18 years old and above.
- You must have registered with Mpesa and have an account that has been active for more than 6months
Procedures for getting loans
- If you have met the above requirements then to get your loan simply dial *844# on your mobile.
Note: If your Mpesa and KCB first names are different you might encounter problems in withdrawing your money from KCB to Mpesa. Visit the nearest branch and your problem will be solved.
#4. Mshwari Loans
This is one of the most common and well-abused microloans in Kenya. MShwari loans are the fastest and most reliable means of getting quick loans in Kenya. To set up MShwari account simply visit your Mpesa menu.
About MShwari loans:
- The minimum amount you can borrow is ksh100 and the maximum amount is ksh20,000.
- The loan interest rate is 7.5%
- The loan matures in one month. So you have 30 days to repay back.
To qualify for MShwari loans you must have been an active Mpesa user for not less than six months to be eligible for Mshwari loans
Still on Where To Get Instant Online Loans Same Day In Kenya and How To Apply For Quick Mobile Loans . . .
#5. Pesa Data
The Pesa Pata loan service is supported by Paddy Micro-investments. Although Pesa loans are not very popular, it’s a very still highly efficient provider of micro-loans in Kenya. Pesa Pata has been active since 2012.
About Pesa Pata Loans:
- The loan interest rate is one of the highest at 30% while you are expected to make weekly repayments via Mpesa.
Requirements For Pesa Pata loan:
- In order to qualify for this loan service, you must be an active Mpesa user, along with an active Facebook account.
- You will be required to make a payment of Ksh.100 processing fee before your loan is either approved or declined.
- You can make weekly installment payments through your Mpesa account.
How to access Pesa Pata loan:
- To use Pesa Pata, simply download and install the App from Google Play store, [link to app https://play.google.com/store/apps/details?id=com.paddymicro.pesapata.scope&hl=en ] and
- Send in your loan application through the App.
#6. Eazzy Loan
The Eazzy loan is a loaning platform provided by Equitel and powered by Equity.
About Eazzy loans:
- The minimum loan amount that you can get from the Eazzy loan is ksh1000.
- The interest rate on loans is around 2% to 10%.
Requirements for Eazzy Loans:
To qualify for Eazzy loans you must have an account with Equity Bank. After opening an account with Equity bank you will be given an Equitel Simcard. After getting the sim card just go to sim toolkit, then select money and thereafter loan. Follow the instructions to get a loan.
#7. Zawadi Loan
Zawadi Kenya provides one of the most convenient ways to get quick loans in Kenya. No queues no extra charges all you need to do is fill out an online application. Usually, after you submit your application it takes two hours for it to be approved.
The amount you can get a loan is dependent on Zawadi’s evaluation of your ability to pay back.
Personal loans will be required back in a month while student loans are required to be repaid in three months.
The only pitfall of Zawadi loans is that you must be employed to qualify for it. If you are not employed you cannot get loans from Zawadi.
To apply for Zawadi loans, visit the Zawadi official website and complete the online loan application form. [link to Zawadi http://www.zawadikenya.co.ke/ ]
#8. Saida Loans
Saida Financial services give you an access to quick loans in Kenya through Mpesa.
About Saida Loans:
- The minimum loan amount you can get from Saida loans is Ksh.600 while the maximum loan amount is Ksh.100,000.
- The interest rate for Saida loans is 10%
- Saida loans mature in 30days.
Requirements for Saida Loans:
- To qualify for Saida loans, you need to be very active on Mpesa or Airtel Money and make transactions every two days
- Make and receive calls/SMS daily
- Provide proof of income that is enough to allow you to pay back the loan
How to access Saida Loans:
- To access Saida loans, simply download the app from Google play store [link to app https://play.google.com/store/apps/details?id=greenshoe.com.fulani&hl=en ] and fill in your mobile phone number and then wait for an invitation to access loan.
#9. Zidisha Loans
Zidisha is a peer-to-peer loan platform. Usually abbreviated as p2p, the peer-to-peer loan platform matches lenders and borrowers with the same amount needs almost immediately. Zidisha operates in Kenya and other African countries with lenders from North America and Europe.
About Zidisha loans:
- The minimum amount of money you can borrow from Zidisha loans platform is $100
- While the maximum loan amount is $10,000.
- You can decide to repay your loan in weekly or monthly installment.
- There’s no interest on Zidisha loans.
Zidisha is a non-profit organization. You can visit its website to join and borrow money easily. [link to website http://www.zidisha.org/ ]
#10. Kopa Chapaa
Kopa Chapaa is a very quick way to acquire loans effortlessly in Kenya. Kopa Chapaa was launched by Airtel in 2012.
About Kopa Chapaa Loans:
- The minimum amount you can get from the Kopa Chapaa platform is Sh.500 while the maximum amount is Sh.100,000.
- The loan has a very short maturity period. You are expected to repay the loan in 10 days.
Requirements for Kopa Chapaa Loans
- To qualify for the loan, you must have been an Airtel money user for at least 6 months.
- There are many other online loan providers in Kenya which you can easily get loans from.
If you are not satisfied with the services from any of the above soft loan providers then feel free to check out other soft loan providers which are not listed here.
Continuation on How To Apply For Quick Mobile Loans and Where To Get Instant Online Loans Same Day In Kenya
Benefits of Mobile Loans
There are many benefits of mobile loans to us
- Money when you need it: online loans helps to make money available when you need it most. Whether for emergencies or for travel you can easily get your money easily within minutes of application.
- Easy Application process: Most of these loans providers unlike the banks have stripped the loan application process to the bare bone so that you can easily get your loans without following any undue or stressful process like those from the banks.
- No collateral is required for loans: Online loans, unlike bank loans, do not need any collateral for it to be issued. You do not need to submit any asset documents. All you’ll probably need is your mobile phone number, your Facebook account, and your Mpesa account and you are ready to apply for loans. Very easy.
Disadvantages Of Online Loans
While online loans may seem very attractive, however, they have some disadvantages.
- You can only borrow little amounts of money: since online loans are unsecured, you won’t be able to get very large amounts of money. This is because there’s no way of-of guaranteeing that you can pay off your loans except by observing your Mpesa account’s transaction history. To be able to get large amounts of money as a loan you will need tangible collateral. This is to serve as security for the loan. The collateral can be exchanged for the value of your loan when you default to repay your loan.
- Another disadvantage of online loans is that it encourages wasteful spending: since getting these loans is very easy, it encourages people to easily spend their income without saving. People often view these soft loans as easy money which it is not. While it may be a good idea to get this loans for emergencies, it is not advisable to get them simply to satisfy one’s passing wants.
- Whether you noticed it or not, the interest rate on these loans is actually high. And they keep compounding if you cannot repay them when they mature.
- The Loan payment time for online loans is short and If you don’t pay back the loan within that short time period, you will get into credit reference bureau-CRB list.
So there you have it. ” How To Apply For Quick Mobile Loans and Instant Online Loans Same Day In Kenya “.We hope we have been able to help you with this post. Let us know your thoughts as well as questions through the comments section.
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