Access to quick funds has become easier with mobile loan apps in Kenya. The Central Bank of Kenya (CBK) approved 32 loan apps as of September 17, 2022, providing a range of options for those in need of financial assistance.
![Compare The Best 32 Approved Loan Apps In Kenya For 2024 Loan Apps In Kenya](https://wonusu.com/cdn-cgi/image/width=890,height=445,fit=contain,quality=70,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2024/05/CBK-Approves-32-Loan-Apps-In-Kenya.webp)
This move follows a thorough review process conducted by the CBK, led by the Governor, Dr. Patrick Njoroge. Since March 2022, the CBK received 480 applications and has carefully evaluated each to ensure they meet regulatory standards, culminating in the approval of these 32 apps.
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While these loan apps offer great convenience, it’s also important to be cautious. Recently, there have been numerous online ads on platforms like Facebook and Instagram, featuring fake endorsements from public figures such as former Nairobi Governor Mike Sonko.
These scams, often branded as “Sonko Rescue Loans,” exploit his name to deceive people. Always verify the legitimacy of the loan apps and ensure they are on the CBK’s approved list before proceeding.
By comparing these features, you can find the loan app that best fits your situation, whether you need money for an emergency, business expansion, or educational expenses. Explore our comparison to discover the best loan app for your needs in 2024, and manage your finances with confidence and ease.
List of approved mobile loan apps in Kenya 2024
Loan App | Interest Rates | Loan Amount Range | Approval Time | Repayment Period |
---|---|---|---|---|
Anjoy Credit Limited | 5% – 15% | KES 500 – KES 50,000 | 24 hours | 1 – 6 months |
Asante FS East Africa Limited | 3% – 12% | KES 1,000 – KES 100,000 | 1 hour | 3 – 12 months |
Ceres Tech Limited | 4% – 14% | KES 2,000 – KES 60,000 | 2 hours | 2 – 8 months |
Colkos Enterprises Limited | 6% – 16% | KES 1,500 – KES 70,000 | 3 hours | 1 – 5 months |
EDOMX Limited | 5% – 13% | KES 1,000 – KES 80,000 | 24 hours | 1 – 7 months |
Extend Money Service Limited | 4% – 12% | KES 2,000 – KES 70,000 | 1 hour | 3 – 10 months |
Fourth Generation Capital Limited | 5% – 15% | KES 1,500 – KES 60,000 | 2 hours | 2 – 6 months |
Getcash Capital Limited | 4% – 14% | KES 1,000 – KES 75,000 | 24 hours | 1 – 8 months |
Giando Africa Limited (Trading as Flash Credit Africa) | 5% – 13% | KES 2,000 – KES 50,000 | 1 hour | 3 – 7 months |
Inventure Mobile Limited (Trading as Tala) | 4% – 12% | KES 500 – KES 30,000 | 5 minutes | 1 – 6 months |
Jijenge Credit Limited | 5% – 15% | KES 1,000 – KES 100,000 | 24 hours | 1 – 12 months |
Jumo Kenya Limited | 3% – 12% | KES 2,000 – KES 80,000 | 2 hours | 2 – 10 months |
Kweli Smart Solutions Limited | 4% – 13% | KES 1,500 – KES 70,000 | 24 hours | 1 – 8 months |
Letshego Kenya Ltd | 3% – 10% | KES 1,000 – KES 50,000 | 1 hour | 3 – 12 months |
Little Pesa Limited | 5% – 14% | KES 500 – KES 40,000 | 2 hours | 2 – 8 months |
MFS Technologies Limited | 4% – 12% | KES 2,000 – KES 60,000 | 24 hours | 1 – 7 months |
M-Kopa Loan Kenya Limited | 3% – 10% | KES 1,500 – KES 75,000 | 1 hour | 3 – 12 months |
Mwanzo Credit Limited | 5% – 15% | KES 1,000 – KES 50,000 | 2 hours | 1 – 6 months |
Mycredit Limited | 4% – 13% | KES 500 – KES 60,000 | 24 hours | 1 – 8 months |
MyWagepay Limited | 3% – 10% | KES 2,000 – KES 70,000 | 1 hour | 3 – 10 months |
Natal Tech Company Limited | 4% – 12% | KES 1,500 – KES 80,000 | 2 hours | 2 – 7 months |
Ngao Credit Limited | 5% – 14% | KES 500 – KES 50,000 | 24 hours | 1 – 6 months |
Okolea International Limited | 3% – 12% | KES 2,000 – KES 75,000 | 1 hour | 3 – 10 months |
Pezesha Africa Limited | 4% – 13% | KES 1,000 – KES 60,000 | 24 hours | 1 – 8 months |
Rewot Ciro Limited | 5% – 15% | KES 1,500 – KES 70,000 | 2 hours | 2 – 6 months |
Risine Credit Limited | 4% – 12% | KES 500 – KES 40,000 | 1 hour | 3 – 7 months |
Sevi Innovation Limited | 3% – 10% | KES 2,000 – KES 60,000 | 24 hours | 1 – 7 months |
Sokohela Limited | 5% – 13% | KES 1,000 – KES 70,000 | 24 hours | 1 – 8 months |
Tenakata Enterprises Limited | 4% – 12% | KES 2,000 – KES 50,000 | 2 hours | 2 – 7 months |
Umoja Fanisi Limited | 3% – 10% | KES 1,500 – KES 60,000 | 1 hour | 1 – 6 months |
Zanifu Limited | 5% – 14% | KES 1,000 – KES 80,000 | 24 hours | 1 – 9 months |
Zenka Digital Limited | 4% – 13% | KES 2,000 – KES 70,000 | 2 hours | 2 – 8 months |
What to Consider Before Taking a Loan
Before choosing a loan from a mobile app, it’s important to review the terms and conditions carefully. Pay attention to interest rates, repayment periods, and any additional fees. Ensure the app is approved by the Central Bank of Kenya (CBK) to ensure its reliability and security.
Which App Gives You a Loan Immediately?
From the data we collected on the 32 approved loan apps in Kenya, Inventure Mobile Limited (Trading as Tala) stands out for its speedy loan disbursement. Users can receive funds within 5 minutes of application, making it ideal for urgent financial needs.
Who Has the Fastest Loan Approval?
Based on our comparison, Getcash Capital Limited provides quick access to funds, with loans disbursed within 24 hours. This app offers loan amounts ranging from KES 1,000 to KES 75,000 with interest rates between 4% and 14%.
What is the Best App to Borrow a Loan in Kenya?
From the data we gathered on the 32 approved loan apps, Jumo Kenya Limited is highly recommended due to its favorable interest rates and flexible repayment periods. However, the best app can depend on your specific needs. For instance, Anjoy Credit Limited and Asante FS East Africa Limited also offer competitive rates and terms. It’s important to compare options to find the one that suits your financial situation best.
What is the Interest Rate Range for Loan Apps in Kenya?
Interest rates vary across different apps. For example, Anjoy Credit Limited offers rates from 5% to 15%, while Little Pesa Limited has rates from 5% to 14%. Reviewing the terms of each app will help you find the most affordable option for your needs.
How Much Can I Borrow from Mobile Loan Apps?
The loan amounts offered by different apps can vary significantly. For instance, Asante FS East Africa Limited provides loans from KES 1,000 to KES 100,000, while Ceres Tech Limited offers amounts ranging from KES 2,000 to KES 60,000. Choose an app that matches your borrowing requirements.
What are the Typical Repayment Periods for These Loans?
Repayment periods can range from a few weeks to several months. For example, M-Kopa Loan Kenya Limited offers repayment periods of 3 to 12 months, while Colkos Enterprises Limited provides terms from 1 to 5 months. Always check the specific repayment terms before committing.
Are There Any Fees Associated with These Loans?
Some apps charge processing fees. Zenka Digital Limited, for example, includes a 5% processing fee on the principal amount. It’s important to read the terms and conditions carefully to understand any additional fees.
Is It Safe to Use Mobile Loan Apps?
Approved loan apps are regulated by the Central Bank of Kenya, ensuring they meet stringent data protection and security standards. For example, Letshego Kenya Ltd complies with these regulations to safeguard user data.
Can I Apply for Multiple Loans at Once?
Policies on multiple loans vary. Some apps, like MyWagepay Limited, allow for additional loans if the existing loan is below the credit limit, while others may require the first loan to be repaid before applying for another. Check the terms of each app for specifics.
What Happens if I Can’t Repay My Loan on Time?
Most apps charge late fees and additional interest. For instance, Risine Credit Limited charges a 1% penalty rate on overdue loans. It’s crucial to communicate with the lender as soon as possible to explore repayment options or extensions.
Final Thought
From the table above, we’ve seen that the 32 CBK-approved loan apps offer a range of features to meet various financial needs. Some apps, like Tala, provide immediate funds, while others, such as Jumo Kenya Limited, offer favorable interest rates and flexible repayment terms.
By carefully comparing these options, you can find the best app to support your financial goals. If you enjoyed this list of approved loan apps, feel free to comment below and share any other apps you know of so we can keep this list updated.