List Of Genuine Loan Apps In kenya: Every App That You Need to Know
In this article, we will be discussing everything you need to know about Genuine Loan Apps In kenya
s a borrower, getting access to credit facilities can be daunting, especially when you don't have collateral or a good credit score. Fortunately, loan apps have revolutionized the lending industry, making it easy for Kenyans to access quick loans from their mobile phones.
In this article, we will discuss everything you need to know about licensed loan apps in Kenya.
What have licensed loan apps in Kenya?
Licensed loan apps are mobile applications authorized by the Central Bank of Kenya to offer loans to the public. These apps operate under the regulatory framework put in place by the government to protect borrowers from exploitation by unscrupulous lenders. By using licensed loan apps, borrowers can access loans at affordable interest rates and repayment terms that are favorable to them.
How do licensed loan apps work?
Licensed loan apps use sophisticated algorithms and machine learning models to determine a borrower's creditworthiness. They collect data on the borrower's credit history, social media activity, and other relevant information to decide whether to approve or reject a loan application. Once a loan application is approved, the funds are disbursed to the borrower's mobile money wallet, and the borrower can use the money for any purpose.
22 Best Licensed Loan Apps in Kenya
- Ceres Tech LTC
- Getcash Capital
- Giando Africa LTD (Flasg Credit Africa)
- Jijenge Credit
- Kweli Smart Solutions
- Inventure Mobile Ltd (Tala)
- Jumo Kenya LTD
- Letshego Kenya LTD
- MFS Technologies LTD
- M-KOPA Loan Kenya LTD
- Mwanzo Credit LTD
- Mycredit Ltd
- MyWagepay LTD
- Natal Tech Company LTD
- Ngao Credit LTD
- Pezesha Africa LTD
- Rewot Ciro LTD
- Sevi Innovation LTD
- Sokohela LTD
- Tenakata Enteprises LTD
- Umoja Fanisi LTD
- Zanifu LTD
READ ALSO: Best Bank Loans in Kenya: A Comprehensive Guide
Overall, these companies offer a range of loans to individuals and small businesses in Kenya, with a particular emphasis on providing credit to underserved communities and sectors. They use technology and alternative data to make loan processing faster and more efficient, and some of them have a specific focus on women entrepreneurs or the agriculture sector.
