So, What are the top 10 loan apps with the lowest interest rates in Kenya? High-interest loans can lead to financial strain, especially when they accumulate over time. Mobile loan apps provide a convenient way to access credit, but finding one with favorable rates can save you money in the long term.
In this blog, we have highlighted the best loan apps that offer low-interest rates, transparent terms, and flexible repayment plans in detail.
1. Tala Loan App (0.3% per day)
Tala is one of the most popular loan apps in Kenya, offering a daily interest rate of just 0.3%. With Tala, you can borrow up to KSh 50,000, which makes it an attractive option for anyone needing quick funds at low rates. The easy application process allows users to apply from their mobile phones and receive money within minutes.
- Loan Amount: Up to KSh 50,000
- Interest Rate: 0.3% per day
Why it’s among the best: Tala’s low daily rate makes it a leader among loan apps with the lowest interest rates in Kenya. Its fast processing ensures that users in financial distress can get help instantly.
2. Branch Loan App (2% – 18% monthly)
Branch offers flexible loans with monthly interest rates between 2% and 18%. It is one of the few loan apps that allow users to borrow as much as KSh 300,000, making it ideal for both small and large financial needs. The app’s user-friendly interface makes the application process simple and fast.
- Loan Amount: Up to KSh 300,000
- Interest Rate: 2% – 18% monthly
Why Branch stands out: Branch combines flexibility in loan amounts with affordable interest, positioning it well in the list of loan apps with the lowest interest rates in Kenya.
3. Timiza Loan App (7.25% monthly)
Timiza, powered by Absa Bank, offers convenient loans via mobile devices and USSD. Its 7.25% monthly interest rate is competitive, and users can borrow up to KSh 250,000. Timiza’s integration with M-Pesa makes it an easy option for users without internet access.
- Loan Amount: Up to KSh 250,000
- Interest Rate: 7.25% monthly
Why it’s a top choice: Timiza offers low monthly rates, making it one of the most accessible loan apps with the lowest interest rates in Kenya, especially for those who need offline loan access.
4. Zenka Loan App (9% – 39%)
Zenka provides loans of up to KSh 50,000 with flexible interest rates between 9% and 39%, depending on the borrower’s credit profile and repayment terms. Its fast approval process makes Zenka a preferred option for those who need money urgently.
- Loan Amount: Up to KSh 50,000
- Interest Rate: 9% – 39%
Why it’s worth considering: While its interest can be higher, Zenka’s quick loan processing and flexibility keep it competitive among loan apps with the lowest interest rates in Kenya.
5. Okash Loan App (5% – 18% monthly)
Okash is known for its speedy, paperless approval process. Users can borrow up to KSh 50,000 at interest rates ranging from 5% to 18% per month, depending on the borrower’s repayment period and amount requested.
- Loan Amount: Up to KSh 50,000
- Interest Rate: 5% – 18% monthly
Why Okash is a top option: For borrowers seeking fast and simple loans, Okash is one of the leading loan apps with the lowest interest rates in Kenya, providing quick access to funds with minimal hassle.
6. iPesa Loan App (18% – 36%)
iPesa integrates seamlessly with M-Pesa, allowing users to receive loans directly into their mobile wallets. The app offers loans ranging from KSh 500 to KSh 50,000 with interest rates between 18% and 36%. While the rates are on the higher side, iPesa’s simple application process and integration with M-Pesa make it a convenient choice.
- Loan Amount: Up to KSh 50,000
- Interest Rate: 18% – 36%
- Unique Feature: M-Pesa integration for easy loan disbursement
Why choose iPesa: If you frequently use M-Pesa for financial transactions, iPesa’s integration offers a seamless borrowing experience.
7. M-Shwari (3% – 6% annually)
M-Shwari, a product by Safaricom, combines savings and loan services on mobile devices. With an annual interest rate of 3% to 6%, it is one of the most affordable options in Kenya. Users can increase their loan limit by maintaining an active Safaricom line and using M-Pesa services regularly.
- Loan Amount: Based on savings activity
- Interest Rate: 3% – 6% annually
- Unique Feature: Integration with M-Pesa and savings incentives
Why choose M-Shwari: For users looking to save and borrow in one place, M-Shwari offers a low-interest solution with additional benefits for Safaricom customers.
8. Eazzy Loan (25.5% annually)
Eazzy Loan, offered by Equity Bank, stands out for its high borrowing limit of up to KSh 3,000,000. Despite its 25.5% annual interest rate, which may seem higher than some competitors, Eazzy Loan provides unparalleled convenience by not requiring guarantors or lengthy application processes.
- Loan Amount: Up to KSh 3,000,000
- Interest Rate: 25.5% annually
- Unique Feature: High loan limit with no guarantor required
Why choose Eazzy Loan: If you’re looking for a substantial loan without the hassle of traditional application requirements, Eazzy Loan offers fast access to significant funds.
9. AsapKash Loan App (0.05% – 13.82% yearly)
AsapKash offers one of the lowest annual interest rates, starting at just 0.05%. This makes it a highly affordable option for users looking to borrow small amounts. Loans can be accessed quickly, with amounts up to KSh 50,000 available for approved users.
- Loan Amount: Up to KSh 50,000
- Interest Rate: 0.05% – 13.82% yearly
- Unique Feature: Extremely low-interest rates for short-term loans
Why choose AsapKash: If affordability is your top priority, AsapKash’s low interest rates make it a compelling option for smaller, short-term loans.
10. LendPlus Loan App (2.2% daily)
LendPlus offers flexible borrowing with daily interest rates of 2.2%. This app is best suited for users who need quick, short-term loans, as repayment periods are short and interest accrues daily.
- Loan Amount: Up to KSh 40,000
- Interest Rate: 2.2% daily
- Unique Feature: High flexibility with daily interest accrual
Why choose LendPlus: For those who can repay loans quickly, LendPlus offers flexibility in loan amounts and repayment terms, albeit with high daily interest.
Conclusion: Choosing the Right loan app with the lowest interest rates.
Selecting the right loan app depends on your individual financial needs. If you’re looking for the lowest possible interest rates, Tala and AsapKash stand out. For larger loans, Eazzy Loan and Branch offer more substantial borrowing options. Always compare interest rates, repayment terms, and fees to ensure that you’re getting the most favorable loan for your situation.
Top 5 Q&A About Loan Apps in Kenya
Which loan app offers the lowest interest rate in Kenya?
Tala offers the lowest interest rate at 0.3% per day, making it ideal for short-term loans.
What is the maximum loan amount offered by these apps?
Eazzy Loan provides loans of up to KSh 3,000,000, making it the best option for those needing large amounts.
Are there any loan apps that integrate directly with M-Pesa?
iPesa and M-Shwari are notable for their direct integration with M-Pesa, allowing seamless transfer and repayment.
Which loan app has the fastest approval process?
Okash is known for its fast approval and disbursement process, usually taking process taking as little as 15 minutes after application.
Can I borrow without internet access?
Yes, Timiza allows borrowing via USSD code *848#, enabling users without internet to apply for loans.
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