Unsecured loans, which don’t require collateral, rely on a strong credit score and a history of reasonable account transactions. Unlike secured loans, which are backed by assets like cars or title deeds, unsecured loans prioritize financial credibility over collateral. In Kenya, unsecured loans can be obtained from various financial institutions, including banks, microfinance institutions, and online lending platforms.
List of Quick Loans in Kenya without Security 2024
- MPOWER Financing
- Offers unsecured loans up to Ksh1 million to international students.
- Funds are directed to school accounts for expenses like tuition, books, housing, etc.
- Organization fee is paid during a 10-year repayment period.
- Fuliza Mpesa
- Provides overdraft credit facility through Safaricom, KCB, and NCBA Bank.
- Allows borrowing up to Ksh70,000 without security.
- Accessible via USSD or Mpesa app with a processing fee of 1%.
- KCB Mpesa
- Collaboration between Safaricom and Kenya Commercial Bank.
- Offers loans from Ksh50 to Ksh1 million without security to frequent Mpesa users.
- Flexible repayment period of 30 days with an interest rate of 7.5% per month.
- Branch Loan app
- Started by Branch International Inc in 2015.
- Provides loans from Ksh250 to Ksh100,000 with repayment periods of 4-52 weeks.
- Available for free download on Google Play Store and Apple Store.
- Zenka Loan app
- Offers fast unsecured emergency loans from Ksh500 to Ksh45,000.
- Repayment period of 61 days with the first loan interest-free.
- Processing fee of 9-39% on the principal amount.
- Saida Loan app
- Provides instant loans without security directly to Mpesa or Airtel Money.
- Requires a good transaction history for loans ranging from Ksh100 to Ksh50,000.
- OKash Loan app
- Operational since 2018, offers loans without documentation.
- Loans up to Ksh500,000 with repayment period of 365 days.
- Requires active Mpesa usage, aged between 20 and 55 years, with an annual rate of 36%.