Have you ever been in dire need of money but don’t know where to start? Worry not because today we are going to share with you the most common instant Mpesa loans in Kenya that many people use.
Instant Mpesa Loans in Kenya
It is a collaboration of CBA Bank and Safaricom that was founded in 2012. The popular platform disburses 50,000 plus loans daily and also has more than 10 million Mshwari accounts. To qualify for Mshwari loan, you need to be 18 years and above, have an active Mpesa account for the last 6 months and an Mpesa menu that is updated. With the platform, one can borrow up to Ksh. 20,000 and the repayment period is 1 month (30 days). The loan is disbursed instantly for qualified applicants. Also, their interest rate is 7.5% and the good thing is that you can also save your money with Mshwari.
2. KCB Mpesa
The platform is a partnership between Safaricom and KCB that allows clients to borrow up to Ksh. 1 million at an interest rate of 6%. To qualify for KCB Mpesa loan, you need to be 18 years , have an active Mpesa account for the past 6 months and an updated Mpesa menu. Their loan repayment period is between 1 to 6 months. One can also save their money with KCB Mpesa.
It is one of the most downloaded mobile loan apps on Google Play Store. To be able to borrow from Branch, all you need to do is download the app and fill out a form and submit for it to be reviewed. If qualified you can borrow up to Ksh. 50,000 and the repayment period is 1 month. The interest rate is 6% to 16%.
Tala (formerly M-kopo rahisi) is a mobile financial app that was launched in 2012. The app has over 1 million downloads on Google Play Store and their loan limit is Ksh. 70,000, with the interest rate being 11% and 15%. The good thing with Tala is that there is no paper work involved when it comes to borrowing.
5. Fuliza Mpesa
The service was officially rolled out by Safaricom in January 8th 2018, with the aim of permitting their customers to finish their Mpesa transactions when they have less funds in their account. To use Safaricom Fuliza, you need to sign up from MySafaricom app under Fuliza tab or dialling *234#. The Fuliza amount will be determined by your Mpesa usage.
6. Eazzy Loan
The loan is disbursed by mobile banking platform Equitel. In order to qualify for the loan, you need to have an active Equity bank account and an Equitel line. On your sim toolkit, go to my money and thereafter loans. Follow the steps to be able to be issued with a loan. The interest rate is 2% to 10% per month depending on the amount of loan borrowed and the repayment period is 12 months (1 year).