Top Quick Online Mpesa Loans in Kenya: A Comprehensive Guide

In an increasingly digital world, the realm of online loans in Kenya has experienced a significant boom. M-Pesa, a well-known mobile money transfer service, has facilitated the growth of online loans. These loans are readily available to Kenyan residents, requiring just a smartphone and a few minutes to process the application. The funds, ranging from Kshs. 5000 to 300,000 are then disbursed directly to your M-Pesa account. This comprehensive guide will delve into three categories of online loans in Kenya accessible via M-Pesa: loans from banks, Safaricom & its partners, and Mobile Loan Apps.

Online Loans in Kenya via M-Pesa from Banks

NIC Now App

NIC Now App is an innovative mobile loan solution offered by NIC Bank. Accessible anywhere, customers can borrow a minimum of KES 1,000 at an interest rate of 13.5%, repayable within a month.

Timiza Loans from Absa Bank

Absa Bank Kenya offers the Timiza loan via a mobile bank. After submitting your registration and loan application details, approval follows swiftly, and the loan is accessible via M-Pesa.

HF Whizz App from Housing Finance

Apart from offering quick mobile loans, the HF Whizz App provides additional services such as bill payments and airtime purchases.

NCBA Loop Loan

NCBA Bank offers the Loop Loan, which provides up to KES.3 Million Personal Loan and an Overdraft of up to KES. 100,000, all with no paperwork!

Eazzy Loan from Equity Bank

The Eazzy Loan offers a hassle-free method of accessing money, up to KSh3 million, through the Equity Mobile App, Equitel line, or Equity bank USSD.

Mco-op Cash Loan

The Mco-op cash loan facilitates borrowing from Kes 1,000 to 500k with a repayment period of 1 -3 months.

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Online Loans in Kenya via Mpesa from Safaricom

Mshwari Loan

The M-Shwari Loan is a partnership between Safaricom and NCBA Bank, providing a micro-credit M-Pesa facility with a one-time fee of 7.5% per loan.

KCB M-Pesa

Exclusive to M-Pesa users, KCB M-Pesa is a loan and savings product provided by KCB Bank. The loan, valid for a month, charges an interest rate of 7.35%.

Fuliza by Safaricom

Fuliza Mpesa is an innovative service allowing M-PESA customers to complete transactions even when insufficient funds exist.

Bloom Finance Service

Bloom Finance Service, another Safaricom online loan service, offers a credit facility between Kshs 5,000 to 150,000 for Lipa Na M-PESA Buy Goods users.

Online Loans in Kenya via Mpesa from Mobile Apps

Zenka Loan

Zenka, Kenya's most straightforward quick mobile loan provider, offers loans between Ksh 500 and Ksh 30,000 with a flexible repayment period of 30 to 61 days.

Branch Loan

The branch loan app is excellent for active M-Pesa and Facebook users seeking quick mobile loans.

Okash Mobile Loan

Onespot technology investment Kenya offers the Okash app, which provides instant unsecured loans within five seconds.

Tala Loan

Tala mobile loan app, widely recognized in Kenya, offers loans between Ksh 500 to Ksh 30,000. After app download and registration, the application requires a few minutes, and the loan disbursement occurs via M-Pesa.

Haraka Loan

Haraka loan app offers short-term loans ranging from Kshs.500 to Kshs.5000, a convenience for Kenyans needing immediate financial support.

Stawi Loan

A mobile loan service developed by the Central Bank of Kenya and other financial institutions, Stawi, offers low-cost, digital credit for small and medium-sized enterprises.

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Conclusion

The digital revolution has completely changed the way Kenyans access financial services. Today, anyone with a mobile phone can access online loans in Kenya via M-Pesa, a far cry from the stringent rules, paperwork, and waiting periods once associated with conventional bank loans. These online platforms offer various loans tailored to meet different needs, with the added convenience of quick disbursements and flexible repayment periods. As such, Kenyans can now conveniently access and manage their finances anytime, anywhere, with just a few clicks. However, with such ease comes the responsibility of prudent borrowing, ensuring loans are used constructively and repayments are made on time to maintain a healthy credit score.

Disclaimer!!!

 The loans mentioned in this article vary in interest rates and repayment periods; some may charge additional fees. Reading and understanding the terms and conditions before borrowing is recommended.