Top 20 Best Loan App in Kenya low interest without CRB check (2024)

Looking for the top 20 best loan app in Kenya without a CRB check? You’re in luck!

There are now a number of loan apps that offer quick and easy loans without checking your credit history.

At retailasiaonline.com, we’ll take a look at the top best loan apps with low-interest rates and no CRB check.

We’ll also discuss the pros and cons of each app so you can choose the best one for your needs.

So whether you’re looking for a loan to cover an unexpected expense or to consolidate your debt, read on to find out more!

Summary of Loan app in Kenya

✅ Top 20 best loan app in Kenya with low-interest rate	⭐ 1. Zenka, 2. Tala, 3. Timiza, 4. Hustler Fund, 5. Zash
✅ Guide to	⭐ Apply for a loan from the loan app in Kenya
✅ Loan amount	⭐ Ksh 100 – Ksh 50,000
✅ Interest rate	⭐ 9% – 35%
✅ Age	⭐ 18 – 65 years old
✅ Term	⭐ 1 – 12 months
✅ Requirement	⭐ Valid Kenyan National Identification Card (ID)
✅ Pros	⭐ Easy Access to Credit
✅ Cons	⭐ High-interest rates
✅ Evaluate the effectiveness	⭐ Good
✅ Bad dept	⭐ Allow

What is a loan app in Kenya?

Loan app in Kenya is a digital platform that provides quick access to loans. These apps cater to borrowers’ urgent financial needs, offering convenience and flexibility. Users can apply for loans through smartphones and receive funds directly into their bank accounts if approved. However, there have been concerns about unlicensed loan apps harassing borrowers who default on payments.

Benefits of Kenya quick loans app

Loan app in Kenya provides its customers with a lot of benefits as follows:

• Easy Access to Credit: Loan apps have made it easier for Kenyans to get credit quickly and easily, which is especially helpful for paying for unexpected costs.
• Quick Loan Approval: These apps often give quick loan approval, which is important when you need money quickly.
• No Collateral Needed: Most loan apps in Kenya don’t need collateral, so a bigger range of people can use them.
• Convenience: Borrowers don’t have to go to banks to apply for loans because they can do it from their phones.

Drawbacks of Loan app in Kenya

Kenya quick loans app, like other apps, also offers some following drawbacks:

• High-Interest Rates: Many loan apps have high-interest rates, which can make it hard for users to pay back their loans.
• Default Consequences: If you don’t pay back one of these loans, strong debt collection methods, like harassment and public shaming, may be used to get your money back.
• Privacy issues: Some loan apps might ask for too much personal information, which raises privacy and security issues.
• Lack of Regulation: The digital lending business in Kenya has problems because there isn’t a lot of regulatory oversight. This could put borrowers at risk of being taken advantage of in the lending process.

Loan app in Kenya interest rate

Best loan apps in Kenya have different interest rates based on the lender, the amount of the loan, and the borrower’s credit history. But, in general, the interest rates on loan apps are higher than those offered by regular banks.

The Central Bank of Kenya (CBK) has told private banks that they can charge no more than 14% interest. This limit does not, however, apply to digital lenders like loan apps. Because of this, some loan apps charge up to 35% in interest.

Example of Kenya instant loan calculation

An example of the Kenya instant loan calculation is as follows:

• Loan amount: KES 100,000
• Interest rate: 12% per annum
• Repayment period: 24 months

The monthly repayment would be calculated using the following formula:

• Monthly repayment = (loan amount * interest rate * repayment period) / (12 * 100) = (100,000 * 12 * 12) / (12 * 100) = KES 10,000

So, you would need to pay KES 10,000 every month for 24 months to repay the loan.

In addition to the monthly repayment, you would also need to pay a processing fee, which is usually a percentage of the loan amount. The processing fee for instant loans in Kenya can vary, but it is typically around 3%.

So, in this case, the total amount you would need to pay for the loan would be:

• Loan amount + processing fee + monthly repayments = 100,000 + 3,000 + 240,000 = KES 343,000

Mobile money lenders in Kenya requirements

To obtain a loan through a loan app in Kenya, you typically need to meet specific requirements set by the Central Bank of Kenya (CBK) and adhere to regulations designed to protect borrowers. These requirements include:

• Government Identification: You will need a valid Kenyan National Identification Card (ID) or an equivalent government-issued ID for identification purposes to get a loan from Mobile money lenders in Kenya.
• Mobile Phone: A functioning mobile phone with an active SIM card is essential for the loan application and communication processes, as most transactions are conducted through mobile apps and SMS.
• Active Mobile Money Account: You must have an active mobile money account, such as M-Pesa or another service, to receive loan funds and make repayments.
• Age Requirement: Typically, you should be at least 18 years old to be eligible for a loan through a mobile loan app.

New loan apps in Kenya 2024 amount and term

Loan app in Kenya offers a variety of loan catering to diverse financial needs. These apps provide a wide range of loan amounts and terms to address different borrowing requirements.

Loan amount

• New loan apps in Kenya 2024 typically offer a broad spectrum of loan amounts. This can range from small emergency loans for immediate needs to more substantial loans designed for larger financial requirements.
• Some loan apps may provide loans starting from as low as KSh 1,000, catering to small-scale financial emergencies.
• For borrowers with larger financial needs, certain loan apps extend loans of up to KSh 80,000 or potentially even higher amounts.
• The exact loan amount available to a borrower can often depend on factors like their creditworthiness, income, and repayment history.

Term

• Loan terms offered by legit loan apps in Kenya for iPhone also vary widely. They are typically designed to accommodate different repayment abilities and financial goals.
• Short-term loans with repayment periods as brief as 91 days may be available for those seeking quick, small loans.
• Longer-term loans with repayment periods of up to 365 days or more are provided for borrowers who require more time to repay larger loans.
• Some loan apps may offer flexibility in choosing the loan term, allowing borrowers to select terms that suit their financial situation and preferences

Compare to money lending apps in Kenya

Criteria	Zenka Loan App	Tala Loan App	Zash Loan App
Interest rate	9-30% (risk-based pricing)	11-15% (monthly)	7.5-16% (monthly)
Loan amount range	KSh 500 to KSh 30,000	KSh 500 to KSh 50,000	KSh 500 to KSh 50,000
Loan term range	61 days to 12 months (ZenkaFlexi option)	21 days to 6 months	14 days to 6 months
Repayment options	M-Pesa, Airtel Money, Equitel or bank transfer	M-Pesa or branch offices	M-Pesa or bank transfer
Approval time	Within minutes of application submission	Within minutes of application submission	Within minutes of application submission

Source: Refer to central bank of Kenya reporting and research.

How to get a loan in Kenya?

To obtain a loan from a loan app in Kenya, follow these steps:

Step #1: Choose a Reliable Loan App

• Do some research and choose a loan app that you can trust from the list of real quick loan apps that are available in Kenya.
• Make sure that it has a good name and good rules.

Step #2: Download the App

• You can get the chosen loan app from the app store on your device.

Step #3: Install and Register

• Install the app on your smartphone and register for an account.
• You might need to create login credentials and input personal information.

Step #4: Complete Loan Application

• Inside the loan app, complete the online loan application in Kenya process.
• You’ll typically need to provide information about your identity, income, and loan amount you wish to borrow.

Step #5: Wait for Approval

• After submitting your loan application, the app will review your request.
• The approval process can be quick, and if approved, you’ll receive a notification.

Step #6: Select Loan Terms

• Once accepted for the loan, you can choose the amount and length of time you want to pay it back.

Step #7: Receive Funds

• The loan amount will be transferred immediately to your mobile money account upon approval.

Step #8: Repay the Loan

• Ensure timely repayments according to the terms and conditions specified by the loan app.
• Failure to repay on time may result in penalties or affect your eligibility for future loans.

Top 20 Best Online Loan app in Kenya 2024

Below is the list of best online loan app in Kenya in 2024:

#1. Zenka – Loan app in Kenya

• Zenka is a loan app in Kenya that offers flexible personal loans, allowing users more control over their finances.
• The terms of a Zenka loan start at one day, and the minimum loan amount is between Ksh 500 and Ksh 50,000.

Address: Mirage Tower 2 ,12th floor, Nairobi, Kenya

Pros:

• User-friendly interface
• Transparent terms and conditions
• Good customer support

Cons:

• Limited loan amounts for first-time users
• High-interest rates for some loan products

Overall Score: 8/10

#2. Tala – Best loan apps in Kenya without CRB check

• Tala loan is known as one of the best loan apps in Kenya without CRB check.
• It gives high cash limits of up to KSh 50,000 and low interest rates that start at 0.3% per day.

Address: P.O.Box 1140-00100 Nairobi, Kenya

Pros:

• No CRB check, making it accessible to a wider audience
• Clear repayment schedule
• Educational resources for financial literacy

Cons:

• Higher interest rates for certain loan amounts
• Limited loan tenure

Overall Score: 7/10

#3. Timiza – Loan apps in Kenya without registration fee

• Timiza is one of the loan apps in Kenya without registration fee.
• The app lets Kenyan people get loans for up to KES 150,000 and integrate with Safaricom’s M-Pesa.

Address:  Waiyaki Way Next To Westlands Office Park, Nairobi, Kenya

Pros:

• No registration fees
• Wide range of financial services
• Strong backing from Safaricom

Cons:

• May require a Safaricom line
• Limited loan amounts for new users

Overall Score: 7.5/10

#4. Hustler Fund – Fast loan app in Kenya 2024

• Hustler Fund is a fast loan app in Kenya 2024 that offers loans of up to Ksh. 50,000 to borrowers with a regular income.
• The app is easy to use and can be accessed from anywhere.
• Hustler Fund also offers flexible repayment options.

Address: P.O. Box 20723-00200 Nairobi, Kenya

Pros: 

• A quick approval process
• Competitive interest rates
• No late payment fees

Cons: 

• Not offering loans to everyone
• Meet certain eligibility criteria, such as having a regular income and a good credit history.

Overall score: 7/10

#5. Zash – Instant Mobile Loans Kenya

• Zash offers instant mobile loans Kenya for urgent financial needs up to Ksh. 50,000.
• This app requires minimal documentation and has a fast approval process.

Address: Apts #22, 40 Marcus Garvey Rd, Nairobi, Kenya

Pros:

• Quick access to funds
• Simple loan application process
• Competitive interest rates

Cons:

• Limited loan amounts for first-time users
• Potential late fees

Overall Score: 8/10

Expert’s opinion about the top 20 loan apps in Kenya 2024

• According to Philip Ndegwa: “Loan app in Kenya has made it possible for millions of people to access credit, even if they don’t have a bank account or a credit history. This has helped to improve financial inclusion in the country.”
• Mr Philip Odera told that: “The top 20 loan apps in Kenya 2024 will be a mix of established players and new entrants, offering a range of products and services tailored to the country’s diverse financial needs. Some of the key players to watch include M-Shwari, Tala, and Branch, while newcomers like Okash and Sokowatch are also expected to make a significant impact. These apps will offer innovative solutions, competitive interest rates, and user-friendly interfaces, making it easier for Kenyans to access credit and manage their finances.”

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FAQs – Loan app in Kenya

How many mobile loan apps are in Kenya?

There are over 32 mobile loan apps that are approved to operate in Kenya by the Central Bank of Kenya (CBK). These apps offer small loans to individuals and businesses with no collateral required. The interest rates and repayment terms vary from app to app.

Which app gives loan immediately in Kenya?

In Kenya, several mobile lending apps offer quick loans. Some popular options include M-Shwari, Tala, Branch, and Fuliza. These apps typically provide instant loans based on a user’s creditworthiness and transaction history, with funds disbursed directly to their mobile wallets or bank accounts within minutes of approval.

How to report loan app harassment in Kenya?

To report loan app harassment in Kenya, you can contact the Communications Authority of Kenya (CAK) through their website or hotline (0703 042 000). Additionally, you can report to the Central Bank of Kenya (CBK) by emailing complaints@centralbank.go.ke or using their online portal. Keep records of the harassment for evidence.

Are loan apps allowed to call your contacts?

No. Loan apps might ask to see your contacts, but they can’t do this without your permission. You can change this in the settings on your device. Always check and handle app permissions to keep loan apps from getting access to your personal information without your permission.

Which are the genuine loan apps in Kenya?

Several genuine loan apps operate in Kenya. Some reputable loans app Kenya today options are M-PESA by Safaricom Limited, Zenka Loan App, Jijenge Credit Limited, Kweli Smart Solutions Limited, and Mwanzo Credit Limited. These apps offer various loan options with transparent terms, making them genuine choices for borrowers in Kenya.

Is loans app legit in Kenya?

Not all loan apps in Kenya are legitimate. Some are legitimate and regulated by the government, offering responsible lending services. However, there have been reports of unscrupulous loan apps with high interest rates and predatory practices. Research and choose well-established, regulated apps and exercise caution when dealing with lesser-known ones.

Conclusion

For two best loan app in Kenya, Zenka and Zash are highlighted as strong choices, each with its own advantages. Zenka offers flexibility and transparency, while Zash provides quick access to funds. The choice between them depends on individual preferences and specific loan needs.

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