Emergency Loans in Kenya via Mpesa in 2024

Common reasons for getting emergency loans in Kenya via MPESA:

• Injuries
• Unexpected illnesses
• Job losses
• Delayed salaries
• Car repairs

List of where to get Emergency Loans in Kenya via Mpesa in 2024

List of Emergency Loan Options in Kenya:

1. KCB MPESA Loans:

• Borrow up to Ksh 1,000 with a one-month repayment period.
• 8.64% interest charged.

1. KCB Mobile Loans:

• Borrow between Ksh 1,001 to Ksh 300,000 with a 30-day repayment period.
• Lower interest rate of 7.02%.

1. Fuliza MPESA:

• Overdraft service allowing payments or transfers up to Ksh 70,000.
• Daily maintenance fee up to Ksh 25 for 30 days.

1. Mshwari Instant Mobile Loans:

• Borrow from Ksh 100 to Ksh 50,000 with a tenure of 1-6 months.
• 9% annual interest rate.

1. MCOOP Cash Loans:

• Borrow Ksh 1,000 to Ksh 50,000 with repayment within 1-3 months.
• 8% monthly interest.

1. Eazzy Quick Online MPESA Loans:

• Borrow from Ksh 1,000 to Ksh 30 million with a 1-12 month tenure.
• Effective annual interest rate of 13%.

1. Timiza MPESA Emergency Loans:

• Borrow between Ksh 500 to Ksh 150,000 with a 30-day repayment period.
• Additional fees apply.

1. PesaPap Mobile Loans:

• Borrow from Ksh 1,000 to Ksh 50,000 with a 30-day tenure.
• Facility fee of 6.62% with processing fee, monthly interest, and insurance.

1. Tala MPESA Emergency Loans:

• Borrow Ksh 1,000 to Ksh 50,000 with repayment within 21 or 30 days.
• Daily interest rates apply.

1. Zenka Emergency Loans:
   • Borrow Ksh 500 to Ksh 30,000 with a 61-day tenure.
   • Interest rate varies depending on the amount borrowed.
2. Branch Emergency Loans:
   • Borrow from Ksh 150 to Ksh 70,000 with repayment within 60 days.
   • Annual percentage rate varies.
3. Zash Online Emergency Loans Kenya:
   • Borrow from Ksh 500 to Ksh 50,000 with repayment within 91 days or less.
   • Annual interest rate of 25% or 2.08% monthly.
4. Fin Credit Emergency Loans:
   • Borrow from Ksh 500 to Ksh 100,000 with a 1-12 month repayment period.
   • 10% monthly administration fee.

Pros and Cons of Emergency Loans in Kenya:

Pros:

• Fast processing
• No collateral required
• No paperwork
• Anytime access
• Easy MPESA disbursement
• Option of no credit checks

Cons:

• High interest rates
• Hidden charges
• Hefty penalties for late payment
• Annoying reminders and harsh collection tactics

Creating an Emergency Fund:

Definition and Importance:

• An emergency fund is cash reserved for unforeseen expenses or financial emergencies.
• Crucial for:
• Lowering stress levels during financial crises.
• Encouraging financial discipline.
• Saving for financial goals.
• Preparedness for financial difficulties.

When to Use:

• Living expenses during job loss or pay cuts.
• Unplanned medical expenses.
• Emergency travels.
• Car or home repairs.
• Slow business periods.

Setting Up an Emergency Fund Quickly:

Step 1: Determine the Target Amount:

• Aim for at least 6 months’ worth of living expenses.

Step 2: Choose an Account:

• Open a savings account, money market fund, or high-interest online bank account.

Step 3: Start Saving with a Clear Goal:

• Calculate monthly savings needed to reach your target.

Step 4: Automate Savings:

• Set up automatic transfers to your emergency fund account.

Building Your Emergency Fund:

Tips for Building:

• Pay off short-term debts to free up income.
• Increase income streams.
• Cut down on unnecessary expenses.
• Avoid lifestyle inflation.
• Track expenses rigorously.
• Consider interest-paying accounts for the fund.
• Replenish the fund after withdrawals.

Assistance with Setting Up:

• Cent Warrior family offers help in setting up an emergency fund tailored to your income and financial goals.
• Encourages preparation for financial emergencies to avoid borrowing and debt accumulation.
• Savings earn interest, promoting financial growth even during periods of non-use.