Top 15 Best Loans Without Security in Kenya For 2024- All To Know

Are you looking for loans without security in Kenya? In this article, we Explore the top 15 loans without security in Kenya, including eligibility, application tips, and best providers for 2024/2025

Mar 11, 2024 - 13:57
Mar 11, 2024 - 18:08
Top 15 Best Loans Without Security in Kenya For 2024- All To Know
Top 15 Best Loans Without Security in Kenya For 2024- All To Know

In Kenya, the need for quick and accessible financial solutions has never been more critical. As the Kenyan economy continues to evolve, so does the need for borrowing. Among the most sought-after financial products are loans without Security—unsecured loans that offer a lifeline to individuals and businesses alike. This type of Loan is especially appealing because it does not require collateral. It makes it accessible to a broader range of borrowers, from entrepreneurs looking to jumpstart their ventures to individuals needing emergency funds.

But why should you consider an unsecured loan, and what makes this option stand out in the crowded financial marketplace of Kenya? The answer lies in the flexibility and speed of these loans' access to funds. Without the need for collateral, lenders can process applications faster, which means you can get the financial support you need without the lengthy wait times associated with traditional secured loans. However, it's not just about earning money quickly; it's about understanding these loans, from the eligibility criteria to the application process, and choosing the right lender for your needs.

With that said here is everything that you need to know about Loans without Security In Kenya in 2024

READ ALSO: Permanent Residence in Kenya: Application Process, Categories, Requirements, and Fees 2024

Overview of Unsecured Loans in Kenya

The concept of unsecured loans in Kenya has been a game-changer in the financial sector, offering a beacon of hope for individuals and businesses needing quick financial solutions. Unlike traditional loans that require you to pledge collateral, unsecured loans free you from this necessity, opening up a world of possibilities. Let's dive into what makes these loans tick, their benefits, and the considerations you should consider.

What Are Unsecured Loans In Kenya?

Unsecured loans are financial instruments that do not require the borrower to provide collateral. This means the lender relies on your creditworthiness and promises to repay rather than securing an asset. These loans are often more accessible but might come with higher interest rates to offset the lender's increased risk.

Key Characteristics:

    • No Collateral Required: Borrowers do not need to secure the Loan with property or other assets.
    • Based on Creditworthiness: Lenders evaluate your credit history, income, and financial stability.
    • Varied Interest Rates: Often higher than secured loans to compensate for the lender's higher risk.

Benefits of Opting for Loans Without Security

Opting for an unsecured loan has many advantages, making it an attractive option for many Kenyans.

  • Accessibility: Ideal for those who do not own assets that can be used as collateral.
  • Quick Processing Times: Less documentation and no need to evaluate collateral means faster loan approval and disbursement.
  • Flexibility: Can be used for various purposes, from business expansion to personal emergencies.

Potential Drawbacks

While unsecured loans offer numerous benefits, there are also potential drawbacks that borrowers should consider.

  • Higher Interest Rates: Lenders may charge higher interest rates on unsecured loans to offset the lack of collateral.
  • Limited Loan Amounts: The amount you can borrow might be lower than secured loans, as lenders perceive a higher risk.
  • Stricter Eligibility Requirements: Lenders may require a good to excellent credit score, stable income, and a solid financial history.

Top 15 Best Loans Without Security in Kenya

Kenya's financial market has options for those seeking loans without Security. Here, we detail the top 15 unsecured loan providers, focusing on their unique features, application requirements, and benefits. 

1. Tala

Tala is a Mobile Money Lending App that offers Kenyans loans, savings, and other financial services. With Tala, You can get fast loans up to KSh 50,000 with low interest starting at 0.3% per day, and no security is required to apply for a loan. You can choose when to repay your Loan, which is usually between 15 and 61 days after you are awarded the Loan. Regarding Loan Repamenys, you can quickly pay back your lOAN USING Tala Paybill number: 851900. With Tala, You can choose your repayment due date between 15 and 61 days after being awarded the Loan.

 2. Branch

Branch is a mobile app that provides instant loans in Kenya. The app is designed to provide financial access to individuals who may not have traditional credit histories or savings, using alternative data and machine learning algorithms to determine loan eligibility. Here are the terms of loans taken from the Branch App:

  • Loan Amounts: Ksh 250 to Ksh 70,000
  • APR: 22% to 240%
  • Monthly interest: 18.0% to 20.0%%
  • Loan duration: 4 – 52 weeks

3. M-Shwari

M-Shwari is a savings and loan service in Kenya that enables M-PESA customers to save and access credit. To save, you can start with as little as KSH 1 and earn interest of up to 6.3% per annum on your savings balance. When it comes to borrowing, you can access loans from KSH 1,000 to KSH 1 million, with a loan fee of 7.5% and an excise duty of 1.5% deducted from the loan amount. M-Shwari Loan limits range from as low as KSH 100 to KSH 50,000, and you have a one-month repayment period. To access M-Shwari, dial *234# on their mobile phones. 

4. KCB M-Pesa

KCB M-Pesa is a financial service offered by KCB Bank Kenya Ltd to Safaricom M-Pesa customers, providing instant mobile loans at 7.35% to 7.5% for a one-month repayment period. The Platform provides loans from as low as KSh. 100 up to KSh. 1 million, with a facility fee of 8.93%. To qualify for a loan, you must be an M-Pesa subscriber for at least six months, actively use other Safaricom services, and save on KCB M-Pesa. Besides Loans the service also offers savings products, including a Fixed Deposit Account and a Target Savings Account, which earn interest at up to 6.3% per annum. 

5. Timiza by Absa Bank Kenya

Timiza is a digital platform offered by Absa Bank Kenya that provides various financial services, including loans, insurance, and savings accounts. Users can access Timiza by dialing *848# or downloading the Timiza app. The Platform offers instant mobile loans for Absa and non-Absa customers, with a facility fee of 5% and loan limits of up to Kshs. 150,000. The interest charged is 6.17%, and the repayment period is 30 days. To qualify for a Timiza account, one must be a registered Safaricom subscriber and M-PESA customer with an active M-PESA account/line. 

6. Safaricom’s Fuliza

You and I know Fuliza can be a lifesaver when you need fast cash during emergencies. To use Fuliza, you requiremust be registered on M-PESA with an active Safaricom M-PESA line and opt into the service. Upon opting in, you will be assigned a limit that defines the maximum amount of overdraft you can access. The limit is allocated based on your line activity. It is refreshed depending on the usage and timely repayment of the facility. When it comes to small charges you will be charged a one-off 1% access fee and a daily maintenance fee, which is applied the next day at midnight or 00.00 hrs. 

7. HF Whizz

HF Whizz is an online loan application developed by the Housing Finance Corporation (HFC). This Kenyan company is listed on the Nairobi Stock Exchange. To get started with HF Whizz Loans in Kenya you must download the HF Whizz App from Google Playstore and Register using your M-Pesa Number where your funds will be deposited. HF Whizz loans offer interest rates of 7.725% and Loan amounts ranging from KES 1,000 to KES 50,000. The loans are payable in 30 days. . The interest rate is calculated monthly, equating to approximately 1.16%. HF Whizz loans can be accessed through the app or via USSD code *618#

8. Zenka

Zenka Loans is another popular mobile loan application in Kenya that provides flexible terms and instant approval for personal loans. With Zenka Loans you can get Loans ranging from KSh 500 to KSh 30,000, with the funds being deposited directly to your Mpesa Account that you provided during registration. Zenka Loans In Kenya Offers interest rates in Kenya ranging from 9% to 39%. In addition the interest rate is calculated based on the loan amount and the repayment period. For example, if you take a 61-day loan with a principal amount of KSh 1,000, the interest rate could be KSh 290, resulting in a total repayment of KSh 1,290. First-time borrowers do not have to pay any interest rate, or a 0% processing fee. You can borrow a minimum loan amount of KSh 500 and a maximum of KSh 30,000. Still, the repayment period for Zenka Loans is 61 days.The app is available for download on the website and the Google Play Store

9. Okoa Stima

Okoa Stima, a service offered by Safaricom, charges a facility fee of 10% of the value of the top-up, which is equivalent to a 10% interest rate on the Loan. So, if you borrow KSh 1,000 worth of tokens, you'll only receive KSh 900 in tokens. The amount you can borrow varies depending on your usage history with Kenya Power. Still, Typically this ranges between KSh 100 and KSh 2,000. However, note that once you are given the Loan, you can be repaid within 7 days. But here is the catch if you do not pay back the Loan within the due date, a penalty of 10% on the advance is charged. To get started with Okoa Stima, dial *885# on your Safaricom line>> Select "Okoa Stima">>Enter the number of tokens you wish to purchase.>>You will receive an SMS confirming your token purchase.

10. Haraka Loans 

Haraka Loans is a mobile loan service offering Kenyans loans Without Security. What Makes Haraka Loans In Kenya stand out is that it is  designed to be quick and convenient, with no need for a bank account or credit history. You can quickly get Haraka Loans ranging from KSH 250 to KSH 5,000, with 7 to 30 days of repayment. The interest rate for Haraka Loans is 23.45%. Before Applying for A Loan from Haraka Remember that the Platform analyses data from your phone, such as mobile wallet transaction messages, call logs, and other phone data, to determine your creditworthiness and affordability. 

11. Shika

Shika Loan App is a mobile lending platform in Kenya that offers Loans without Security in Kenya. The app is designed to provide loans quickly, easily, transparently, and flexibly, with loans being sent to users' M-PESA accounts in less than 180 seconds in some cases and as fast as 30 seconds in others. The Platform offers Loan amounts ranging from KSH 500 to KSH 20,000 with interest rates fixed at 15% for a 30-day loan period, regardless of the loan amount. The maximum repayment period is one month, but borrowers can pay daily or weekly.  Late repayment attracts a 10% rollover fee on top of the amount owed, and delaying to repay for more than 60 days leads to being listed with the Credit Reference Bureau (CRB) as a defaulter.

READ ALSO:Passport Replacement In Kenya 2024/2025: Fees, Process, and Documentation Requirements

 12. Saida Loans 

Saida is another Popular money lending company in Kenya that offers Loans without security through its mobile app. The Loan amounts range from Kshs. 600 to Kshs. 100,000, with a repayment duration of 30 days. The interest rates for Saida loans range between 7.5% and 10%, and the rate is tailored to each customer so that it may vary. The loan disbursement is done via M-Pesa or Airtel Money. To get started the Saida app can be downloaded from the Google Play store, and the loan application process involves providing access to call, SMS, and data history to determine eligibility.


PesaZone a also offers loans in Kenya Without Security. Upon registration, you can get loan amounts ranging from KSh 500 to KSh 50,000 with an interest rate of 12%. The repayment period is usually one week, and the Loan can be repaid through M-Pesa or Airtel Money.

14. Zidisha

Zidisha is an online microlending community connecting backers and entrepreneurs directly without intermediary organizations. Zidisha offers an easy, accessible alternative that allows entrepreneurs to get business expansion funds on flexible terms and at a cost they can afford. Interest rates for borrowers through Zidisha are reasonable, ranging from 5% to 9%, depending on how high the lender sets the interest rate for the borrower. When you apply your details are independently checked by Zidisha or a Zidisha partner, such as a local credit bureau. Suppose the Loan is approved and successfully funded. In that case, first-time borrowers are charged roughly 1000 Kenyan Shillings to cover the cost of processing their application. Zidisha lenders raised $1,313,316 for 7,693 individual loans at an average lender interest rate of 3.8% from June 2014 to May 2015. Zidisha's performance has varied by country, with 81.1% of Kenya's loans being repaid or repaid on time between June 2013 and June 2014.

15.PesaPap by Family Bank

Finally, PesaPap a mob banking service offered by Family Bank in Kenya that also offers without Security. PesaPap loans typically have a monthly interest rate of 1.16% and around 8% of the principal amount. There's usually a one-time processing fee attached to your Loan. This is a percentage of the total amount borrowed. The amount you qualify for with PesaPap depends on your credit score and transaction history with Family Bank. You can start with as low as KES 200 to a maximum of KES 50,000 or higher for customers with excellent credit profiles. You can apply directly Via the App or dial  *325# .

READ ALSO: KCB M-Pesa Loans 2024/2025: Features ,Access , Loan Amounts, Rates- All To Know


What are the interest rates for unsecured loans in Kenya?

  • Interest rates vary significantly among lenders, with banks generally offering 12% to 18% per annum. In contrast, digital lenders and MFIs might charge higher due to the increased risk associated with unsecured lending. Always check the specific rates and terms directly with the lender.

Can I get an unsecured loan with a bad credit score?

  • It's challenging but not impossible. Some lenders specialize in lending to individuals with less-than-perfect credit scores. However, these loans often have higher interest rates and stricter repayment terms.

How long does it take to get loan approval and disbursement?

  • Approval times can range from almost instant for digital loans to a few days for traditional banks. Disbursement usually follows shortly after approval, especially with digital and mobile lenders.

Are there any hidden fees associated with these loans?

  • While not precisely hidden, some loans come with additional charges such as processing fees, late payment penalties, and early repayment fees. Reading the loan agreement thoroughly is crucial to understand all associated costs.
Joseph Richard Joseph Richard is a distinguished contributor to, where he leverages his extensive background in finance, business, and technology to provide insightful guides and analyses. With over a decade of experience in Kenya's dynamic market, Joseph has become a trusted voice in helping individuals navigate complex topics with ease. His work, recognized for its clarity and reliability, spans critical reviews, educational content, and comprehensive guides on making informed decisions in finance and business. Joseph's commitment to empowering Kenyans through accessible information underscores his reputation as a dependable and authoritative figure in the industry