2024 Guide:Top 63 Numbers to Dial to get a Loan in Kenya- Top Picks!

Getting a loan in Kenya has never been more accessible and convenient, thanks to the innovative use of USSD (Unstructured Supplementary Service Data) codes. Picture this: you're in a pinch, needing quick funds for an urgent need – boosting your business inventory or covering an unexpected expense. In such scenarios, the traditional loan process – with its lengthy paperwork and waiting times – is far from ideal. Enter the world of USSD loans, a game-changer in the Kenyan financial landscape.

Unlike typical banking services, USSD loans offer a lifeline just a few dials away on your mobile phone. This method has swiftly risen in popularity among Kenyans, primarily due to its simplicity and speed. Whether you're a small business owner, a student, or just someone needing quick cash, USSD loans cater to a wide array of needs with minimal fuss and maximum efficiency.

In the following sections, we'll dive deep into the intricacies of USSD loans in Kenya. We'll explore how they work, what options are available, and how you can access them. Our journey will take us through a comprehensive list of USSD codes for various financial institutions, a step-by-step guide to accessing these loans, and valuable tips to navigate this convenient yet complex world of mobile lending.

Ready to unlock the power of USSD loans? Let's get started!

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Understanding USSD Loans in Kenya

Definition and Functionality of USSD Codes 

Unstructured Supplementary Service Data, or USSD, is a communication protocol used by GSM cellular telephones to communicate with the service provider's computers. In layman's terms, it's like a shortcut to directly access various services, including banking and loans, from your phone. You don't need an internet connection; dial a specific code, and you're connected to your service provider's menu. This technology has revolutionized how Kenyans interact with financial services, making it a cornerstone in mobile banking and loans.

The Role of USSD in Facilitating Loans 

USSD codes have become a crucial tool in facilitating quick and easy access to loans in Kenya. By simply dialling a specific code, users can apply for loans, check balances, and make repayments, all within minutes. This system particularly benefits those needing easy access to traditional banking facilities or the Internet. USSD loans stand out for their immediacy and inclusivity, opening up financial opportunities to a broader population segment, including those in rural areas or those who rely on basic mobile phones.

Advantages of USSD Loans

• Accessibility without the Internet: One of the biggest advantages of USSD loans is their accessibility. They don't require an internet connection, making them available to anyone with a basic mobile phone.
• No Collateral Required: Unlike traditional loans, USSD loans often don't require collateral, making them more accessible to individuals without substantial assets.
• Quick Processing Times: USSD loans are known for their speed. You can apply for a loan and receive funds in your account in minutes, a crucial feature in emergencies.

Limitations and Considerations

• Interest Rates and Fees: While USSD loans are convenient, they often have higher interest rates and fees than traditional loans. It's important to understand these costs before borrowing.
• Repayment Periods: These loans typically have shorter repayment periods, which can be challenging for borrowers to meet.
• Loan Amounts: The amounts available through USSD loans are usually smaller, catering primarily to immediate, short-term needs.

Comprehensive List of USSD Loan Codes

1. Sotiwa - 24390# (Safaricom)
2. MyCredit - *322# (Safaricom)
3. Standard Chartered Bank - *722# (Safaricom)
4. SMEP Microfinance Bank - *741# (Safaricom)
5. Commercial Bank of Africa - *654# (Safaricom)
6. Consolidated Bank - *262# (Safaricom)
7. Diamond Trust Bank - *385# (Safaricom)
8. Equatorial Commercial Bank - *286# (Safaricom)
9. Equity Bank of Kenya - *247# (Safaricom)
10. Extend Money Services - *676# (Safaricom)
11. K-Rep Bank - *527# (Safaricom)
12. Kenya Women Finance Trust - *378# (Safaricom)
13. Musomi Microfinance Institution - *279# (Safaricom)
14. Maisha Bank - *281# (Safaricom)
15. National Bank - *625# (Safaricom)
16. NCBA Bank - *654# (Safaricom)
17. Ndege Chai Sacco - *882# (Safaricom)
18. NIC Bank Limited - *488# (Safaricom)
19. Kopa doh - *610# (Safaricom)
20. Sotiwa - 24390# (Safaricom)
21. Paddy Micro Investments - *269# (Safaricom)
22. Telkom - *133# (Safaricom)
23. Pi Capital Ltd - 87999# (Safaricom)
24. Premier Credit - *241# (Safaricom)
25. Stanbic Bank - *208# (Safaricom)
26. Chase Bank of Kenya - *275# (Safaricom)
27. NIC Bank Limited - *488# (Safaricom)
28. Ndege Chai Sacco - *882# (Safaricom)
29. Safaricom/NCBA/KCB Bank - *234# (Safaricom)
30. Gulf Africa Bank - *399# (Safaricom)
31. Bayes - 87999# (Safaricom)
32. HF Whizzy - *618# (Safaricom)
33. KCB M-PESA - *844# (Safaricom)
34. ExtendMoney - *676# (Safaricom)
35. Kopa Doh - *610# (Safaricom)
36. Hela247 - *871# (Safaricom)
37. M-Fanisi - *281# (Safaricom)
38. Cash Xpress - *241# (Safaricom)
39. Kwft - *692# (Safaricom)
40. Rafiki - *366# (Safaricom)
41. Okoa Sasa - *884# (Safaricom)
42. Okoa Mia - *628# (Safaricom)
43. Maisha/Mfanisi - *281# (Safaricom)
44. Okoa Theo - *660# (Safaricom)
45. Okolea - *842# (Safaricom)
46. Pesa Peta - *269# (Safaricom)
47. Pesa Chapchap/Faulu - *339# (Safaricom)
48. Pewa - *133# (Safaricom)
49. Pezecha (Text “Pezecha” to “22235”) (Safaricom)
50. Uwezo - 24399# (Safaricom)
51. Timiza - *848# (Safaricom)
52. Musoni - *279# (Safaricom)
53. Caritas - *810# (Safaricom)
54. Zazipay - *322# (Safaricom)
55. Zenka - *841# (Safaricom)
56. Key/Remu - *356# (Safaricom)
57. Sumac - *882# (Safaricom)
58. U&I - *356# (Safaricom)
59. SMEP - *741# (Safaricom)
60. FinCredit - *424# (Safaricom)
61. Progressive Credit - *443# (Safaricom)
62. XtendMoney - *676# (Safaricom)
63. Fuliza - *234# (Safaricom)
64. Mfanisi - *222# (Safaricom)
65. NCBA Loop - *654# (Safaricom)

Step-by-Step Guide to Access Loans via USSD

Accessing loans through USSD in Kenya is a straightforward process. Here's a general guide, followed by examples of specific loan products.

General Process of Obtaining a Loan Using USSD

1. Dial the USSD Code: Start by dialling the specific USSD code of the loan provider. This code connects you to the lender's menu.
2. Register/Login: If you're a new user, you must register by providing some basic personal information. Existing users can log in.
3. Navigate the Menu: Use the menu options to navigate to the loan section. Here, you can view loan offers, terms, and conditions.
4. Apply for the Loan: Select the loan amount you wish to borrow and submit your application. Some providers may ask additional questions to assess your creditworthiness.
5. Approval and Disbursement: Once approved, the loan amount is typically disbursed directly to your mobile money account, often within minutes.

Examples of Specific Loan Products 

• Timiza Loan (*848#): Offered by Absa Bank, Timiza provides loans up to Ksh 100,000. Dial *848#, and follow the prompts to register and apply for the loan. The amount is repayable within 30 days with a 1.083% interest rate.
• Fuliza MPESA (*234#): A unique overdraft service by Safaricom, allowing transactions even with insufficient funds. Dial *234# to access and use Fuliza for various transactions. Repayment is within 30 days, with a daily charge based on the overdraft amount.
• KCB MPESA Loan (*522#): KCB Bank offers loans starting from Ksh 1,000. Dial *522#, and follow the instructions to apply and receive the loan in your M-Pesa. It attracts an 8.85% interest rate and is repayable within a month.

Tips and Best Practices for USSD Loans

Ensuring Eligibility and Understanding Terms 

To increase your chances of getting a USSD loan, it's important to understand each loan product's eligibility criteria and terms. Most lenders consider your credit history and mobile money transaction records. Ensure you have a good track record of repaying debts and managing your finances wisely. Additionally, read the terms and conditions carefully. Pay special attention to interest rates, fees, and the repayment period. Knowing these details helps you make informed decisions and avoid surprises.

Managing Repayment and Avoiding Penalties 

Effective management of loan repayments is crucial. Set reminders for due dates to make sure to receive payments, as late repayments can incur additional charges and negatively impact your credit score. Repay your loan early to reduce interest costs. Also, avoid borrowing more than you need or can comfortably repay. This discipline helps build a good credit history, which can benefit future loan applications.

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FAQs

Q1: What is the maximum amount I can borrow through USSD loans?

A: The maximum loan amount varies depending on the provider. It can range from as low as Ksh 500 to as high as Ksh 300,000. Your credit history and the lender's policies play a significant role in determining your loan limit.

Q2: Are there any hidden charges with USSD loans?

A: While most lenders are transparent about their charges, it's crucial to carefully read the terms and conditions. Look out for service fees, interest rates, and late payment penalties, which can add to the loan cost.

Q3: How fast can I receive a loan through USSD?

A: USSD loans are known for their quick processing. Once approved, the loan amount is typically disbursed to your account within minutes.

Q4: Can I access USSD loans if I don't have a bank account?

A: Yes, one of the advantages of USSD loans is that they often don't require a bank account. Loans are usually disbursed directly to your mobile money account.

Conclusion 

USSD loans in Kenya offer a convenient, fast, and accessible way to access funds, especially in times of need. By understanding how to use USSD codes effectively, choosing the right loan product, and managing repayments responsibly, you can navigate this financial tool to your advantage. While these loans are a great resource, borrowing wisely and within your means is important. Remember, with great convenience comes the responsibility of making informed financial decisions.