Quick loans are short-term loans that offer fast and easy access to cash.
Quick Loans are a great option when you need access to cash quickly. However, it is essential to remember that these emergency loans are typically high-interest loans, so you must make sure you can afford the repayment terms before taking out a Quick Loan in Kenya.
How To Get A Quick Loan In Kenya
We have all at one point in time been in a situation where we needed some cash to sort out something urgently. The quickest source of this cash is family and friends, however, they are not always able to come to your aid.
Bank loan apps
When mobile loans from unregulated lenders became popular, Kenyan banks had to innovate and develop mobile loan apps. These apps from banks enabled Kenyans to access bank services and quick loans in Kenya.
Here are some popular bank loan apps to access a loan quickly.
1. Timiza loan app
Timiza loan by Absa Bank gives instant approvals at low-interest rates and is easily accessible through the mobile app. The app is available for Android and iPhone users on Google PlayStore or IOS App store.
To qualify for the loan, you should be:
- An M-Pesa user for at least six months
- An active user of Safaricom services, such as data
- In good standing with CRB
You must log in to the app or use a Timiza USSD code *848# to access the loan service. Once approved for the loan, you get a 30-day repayment term and a five per cent facility fee (one-time). With a Timiza loan, you can get loans of up to Ksh. 150,000.
2. Eazzy Banking app
Eazzy Banking App is a product of equity banks and one of the most popular banking Apps. To install the app, go to Google PlayStore or IOS App store. It is not a very user-friendly App, but it works for customers who want to carry out banking services online.
With the Eazzy App, you get up to Ksh 3 million into your bank account, but that will depend on your creditworthiness. To qualify for an Eazzy loan, you need an active Equity bank account for the past six months or an Equitel line.
3. PesaPap loan app
The pesaPap loan app is a product of Family Bank. With Pesapap, you get a virtual bank account, so you do not need a physical Family Bank account. Go to Google PlayStore or IOS App Store and install it on your phone to download the app.
After the installation, start registration and set your m-pin. Once approved, you can start taking loans by going to the loans sections of the app. Each customer has a loan limit depending on their creditworthiness so check your loan limit before applying.
Traditional loan apps
Another place where you can get quick loans in Kenya is through mobile loan apps. I call them traditional mobile loan apps because this is their core business. They don’t operate banks or physical offices like banks.
They offer loans through a quick and easy process. These quick loans in Kenya will provide loans instantly to your M-Pesa and have a repayment period of one month or less after you borrow the loan.
Loan apps in Kenya include:
1. Tala loan app
The Tala loan app, formerly Mkopo Rahisi, was launched in 2014 and has become one of the most popular lending apps. With Tala Loan App, you get instant loans of up to Ksh 30,000 directly into your M-Pesa.
To apply for the loan, download the app from the Google play store or IOS App Store, install it on your phone, register, and use it.
After linking your phone number to the app, the app will scan your M-Pesa transaction history, SMS, and CRB status. they will use the data to determine your credit score so that an appropriate loan amount is allocated.
Tala has a 30-day loan service with a 7 to 19% fee or a 21-day loan service of 5 to 14%.
2. Branch loan app
The branch is a multi-national lending app in Kenya, Tanzania, Nigeria, and India. It was launched in Kenya in 2015 and delivered loans in Kenya through Safaricom M-Pesa. The app is available in Google PlayStore or IOS App store and has over 10 million installs.
It would help if you had a smartphone, Facebook account, mobile phone number, and national ID to qualify for the loan. You can g t a loan amount from Ksh 250 to Ksh 70,000, and the repayment period is from 4 to 52 weeks.
3. iPesa loan app
Pesa gives Kenyans access to loans through M-Pesa. The app is available for download to your device, and once the download is complete, you can install it on your phone.
To determine the loan amount you qualify for, the app will scan your phone to check the phone contacts and M-Pesa messages. With this app, you can get loan amounts of up to Ksh 50,000, depending on how much you qualify for.
Before you are approved for the loan, you will fill in personal information like national ID, region, education level, and employment status.