Mobile lending seems to be a profitable venture, however, amidst the crowd of lenders, it is somehow difficult to keep tabs on what each and every lender is offering especially when it comes to interest rates charged.
Below we look at some of these lenders and their rates.
STAWIKA 15%
This is a 30 day loan whose minimum borrowing amount is KES 200.
For example, if you borrow KES 1000 for a period of 30 days, the interest charged will be KES 150, thereby bringing the total repayable amount to KES 1150.
MKEY 1%-9%
This is a 30-day loan whose minimum borrowing amount is KES 300.
For example, if you borrow KES 1000 at an interest rate of 9%, the interest fee would be KES 90, therefore bringing total repayment amount to KES 1090.
OPESA 16.8%
This is a 14 day loan service whose minimum borrowing amount is KES 2000.
For example, if you borrow KES 1000, the interest fee charged would be KES 168, bringing the total repayable amount to KES 1168
HARAKA 23-45%
This is a 30-day loan whose lowest borrowing amount is KES 500.
For example, if you borrow KES 1000, the interest fee will be KES 234.5, the total amount to be repaid will be KES 1,234.5
KAVA 10%
This is a 15 day loan service with a minimum borrowing amount of KES 1000
For example, if you borrow KES 1000, the interest rate charged would be KES 100 . However, there is also a processing fee of KES 25 applicable to all loans hence total repayable amount will be KES 1125.
CRAFT 12%
This is a 21 day loan service whose minimum borrowing amount is KES 500.
For example, if you borrow KES 1000, the interest fee will be KES 120, the total repayable amount is then KES 1120
BRANCH 2-16%
This is a 4-48 week loan service whose minimum borrowing amount is KES 250.
For example, if you borrow KES 1000 at an interest rate of 14.8% for 30 days, the interest charged would be KES 148. The total repayable amount will be KES 1148.
