When urgent cash is needed and family or friends aren’t available, traditional bank loans can be time-consuming. Mobile loan services offer a swift alternative with minimal hassle. Here are some options for quick loans in Kenya:
Here is a list of where to get a Loan urgently in kenya
Here’s a concise list of mobile loan services available in Kenya:
- mKey:
- Offers loans ranging from Ksh. 300 to Ksh. 1 million at a 9% interest rate.
- Branch:
- Provides loans from Ksh. 250 to Ksh. 50,000 with interest rates between 6% and 16%.
- KCB M-PESA:
- Offers micro loans between Ksh. 50 and Ksh. 1 million at varying interest rates based on repayment period.
- M-Shwari:
- Offers loans from Ksh. 100 to Ksh. 20,000 with a 30-day repayment period and a 7.5% interest rate.
- MCo-op Cash loans:
- Provides loans ranging from Ksh. 3,000 to Ksh. 100,000 with interest rates depending on the repayment period.
- Eazzy Loan:
- Offers loans from Ksh. 1,000 to Ksh. 1 million with interest rates ranging from 2% to 10% per month.
- OKash:
- Provides loans from Ksh. 500 to Ksh. 100,000 with a 14% interest rate and a repayment period of 14 days.
- Haraka:
- Offers loans from Ksh. 500 to Ksh. 5,000 with a 23.45% interest rate and a repayment period between 7 to 30 days.
- Timiza:
- Provides loans of up to Ksh. 150,000 with a 6.17% interest rate and a repayment period of 30 days.
- Whizz:
- Offers loans of up to Ksh. 50,000 with a 7.725% interest rate and a repayment period of 30 days.
- Loop:
- Provides loans of up to Ksh. 3 million and overdrafts of up to Ksh. 100,000 with varied interest rates and repayment periods.
- Tala:
- Offers loans with interest rates of 11% to 15%, depending on the amount, with flexible repayment options.
- Safaricom Fuliza:
- Offers overdrafts based on M-Pesa usage with charges ranging from a one-time fee to daily fees based on the outstanding balance.
- Salary loan from MCo-op Cash by Co-op Bank:
- Provides loans of up to 1.5 times the net salary received in the Co-op Bank account, up to a maximum of Ksh. 200,000, with an 8% interest rate.
- NIC Bank mobile banking loans:
- Offers loans with a 1.13% interest rate and a processing fee of 4%, repayable over 30 days.
These mobile loan services offer convenient and accessible options for borrowing money in Kenya.
Factors to Consider before getting an urgent Loan In Kenya
- Determine the purpose: Identify the reason for needing the loan, the amount required, and a repayment plan. Only borrow if necessary and have a clear strategy for repayment.
- Understand fees and interest: Be aware of any fees associated with the loan, including interest rates, processing fees, late fees, and other charges.
- Know the repayment period: Understand the timeline for repaying the loan. Ensure you’re aware of the specific duration and plan your finances accordingly.
- Create a repayment plan: Develop a plan to repay the loan on time. Adjust your expenses accordingly to ensure timely repayment and avoid additional fees.
- Familiarize with the repayment process: Understand how repayment works for the particular loan service. Whether it involves visiting a bank, mobile money transfers, or partial payments, know the process to avoid confusion.
- Learn about penalties for late repayment: Be aware of the penalties for late repayment, including late fees or extension fees. Understand the consequences of failing to repay on time.
- Understand overdraft services: If considering an overdraft service, understand how it works, including repayment terms, fees, and immediate withdrawal upon deposit.
Understanding these aspects of borrowing will help you make informed decisions and avoid potential financial pitfalls.