Have you ever been in a “fix”, where you are either short of some amount or just have no money to run your errands, but then you figure out going for a bank loan is going to be tedious and you have borrowed more than enough from family and friends. Then here are some of the best instant mobile phone loaning providers who will sort out your mess instantly.
1. Tala (Formerly Mkopo Rahisi)
Tala allows you to access a loan of up to Ksh. 50,000. The loan is accessed via M-Pesa.
First-time applicants can only access Ksh. 2,000 but their credit limit increases as time goes by.
Tala loan must be repaid within six months.
With Branch, you can access a maximum of Ksh. 50,000 and a minimum of Ksh. 250.
Many people prefer Branch because of its flexibility in payment plan and not charging fee for late repayment of loans
With Saida, You can access a loan of up to Ksh. 25,000. The repayment period is up to 90 days and their loans can be accessed to through M-Pesa.
The rates are customed/tailored for everybody.
This is the only lender whose loans are interest-free but only for the eligible few.
Zidisha technically connects entrepreneurs with lenders.
It mainly deals with people with a business and who have an aim of expanding it further but don’t have the resources.
A Safaricom product, Mshwari was introduced in 2012.
To be eligible for loans, you have to have attained 18-years of age, be a registered and active M-Pesa user for 6 months minimum, and activate Mshwari.The minimum loan limit is usually Ksh. 100.
The KCB M-Pesa loan came about as a result of a partnership between KCB and Safaricom.
It allows you to borrow from Ksh. 50 to as much as Ksh. 1M.
One must be at least 18 years old, have an M-Pesa account that has been active for not less than 6 months.
Mostly used by Equitel users or Equity customers, Eazzy loan allows its users to access loans easily and conveniently at affordable rates.
The minimum loan amount is Ksh. 1,000.
8.Pesa Na Pesa (PNP)
A mobile money lender AVL Capital company, PNP was founded in 2015.
Parties or people interested for loans go for a physical face to face registration and are required to provide collateral/security referees incase they default in payment.The minimum loan amt: kshs 500 and the maximum is kshs.10,000.
Founded in 2005, Kiva is still not so famous in Kenya as a major instant money lender.Kiva’s minimum and maximum loan disbursements depend on the lenders will to loan. Their repayment duration is also not clearly stipulated. They disburse loans through Kiva accounts or through Paypal because Kiva is an international lender.
Kopa leo is a peer lending platform who strive to connect borrowing clients and match their borrowing requests with the lenders.
Other popular mobile lenders are Kopa Chapaa, and Pesa Pata among many other.