Kenya can accurately be termed as a borrowing nation owing to its large appetite for loans ranging from the governmentâ€™s addiction to Eurobonds to the fast-rising adoption of mobile lending platforms by a majority of the middle to low-income earners for their sustenance.

Due to the desperation to borrow funds, most lenders may take advantage of this by charging higher interest rates while offering short repayment periods.

Below, we will look at some of the mobile money lenders and the various interest rates that they charge.

**1. BAYES – Mwezi loan ( 20% )**

This is a one month loan with 4 weekly instalments whose minimum borrowing amount is KES 800.

For example, if you borrow KES 1000, your interest will be 200, therefore the total payable amount will be 1200.

**2. BERRY – highest at 15% but lowers depending on a number of factors including repayment history & cost of lending.**

This is a 30-day loan whose minimum borrowing amount is KES 500.

For example, if you borrow KES 1000, your interest will be 150, therefore the total payable amount will be 1500.

**3. LOAN BEE – 21 days ( 16.7%) and 30 days ( 18.8%)**

This is a 21 day and 30-day loan whose minimum borrowing amount is KES 100

For example, if you borrow KES 1000, for 21 days, your interest will be 167, therefore total payable amount will be 1167

If you borrow KES 1000, for 30 days, your interest will be 188, therefore the total payable amount will be 1188.

**4. OKASH – 14 days ( 14% ) and 21 days ( 16.8% )**

This is a 14 day and 21-day loan whose minimum borrowing amount is KES 2500.

For example, if you borrow KES 2500, for 14 days, your interest will be 350, therefore the total payable amount will be 2850.

If you borrow, KES 2500 for 21 days, your interest will be 420, therefore the total payable amount will be 2920.

**5. SAIDA – Highest at 15% but can lower to 9% as you repay your loans on time.**

This is a 30-day loan whose minimum borrowing amount is KES 600.

For example, if you borrow KES 1000, your interest will be 150, therefore the total payable amount will be 1150.

**6. TALA – 30 days ( highest at 15% but can lower to 7% for repeat customers in good standing ) and 21 days ( highest at 11% but can lower to 5% )**

This is a 21 day and 30-day loan whose minimum borrowing amount is KES 500.

For example, if you borrow KES 1000 for 21 days, your interest will be 110, therefore the total repayable amount is 1110

If you borrow KES 1000 for 30 days, your interest will be 150, therefore the total repayable amount is 1150.

**7. TIMIZA – 6.08% ( 1.083% interest fee + 5% facilitation fee )**

This is a 30-day loan whose minimum borrowing amount is KES 50.

For example, if you borrow KES 1000, your interest will be 60.8, therefore total repayable amount will be 1060