FairKash+ Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
In Kenya, the availability of loan applications has revolutionized the lending industry. With the rise of technology, borrowers now have access to a variety of loan products and services through mobile applications. These applications provide convenient and quick access to loans, making it easier for individuals to meet their financial needs. One crucial factor that borrowers consider when choosing a loan application is the interest rate. In this article, we will explore the range of interest rates for the best loan applications available in Kenya.
1. M-Shwari Loans
M-Shwari is one of the most popular loan applications in Kenya. It is a product offered by Safaricom, the leading telecommunications company in the country. M-Shwari offers loans with an interest rate ranging from 7.5% to 9%. The interest rate depends on the repayment period and the borrower’s creditworthiness. Additionally, M-Shwari provides a platform for users to save and access other financial services.
2. Branch Loans
Branch is another prominent loan application in Kenya. It offers loans to individuals based on their credit scores and financial history. The interest rates for Branch loans range from 11% to 27% per annum. The rate varies depending on the borrower’s risk profile and repayment history. Branch also provides a user-friendly interface and quick loan disbursement.
3. Tala Loans
Tala, formerly known as Mkopo Rahisi, is a well-known loan application in Kenya. It utilizes alternative data to determine a borrower’s creditworthiness. Tala offers loans with interest rates ranging from 15% to 30%. The interest rate is influenced by factors such as loan amount, repayment duration, and the borrower’s credit score. Tala’s application process is simple and provides borrowers with easy access to funds.
4. KCB M-Pesa Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
KCB M-Pesa is a collaboration between Kenya Commercial Bank and Safaricom. The loan application allows M-Pesa users to access loans based on their transaction history. The interest rates for KCB M-Pesa loans range from 6% to 15% per annum. The rate is determined by the loan amount, repayment period, and the borrower’s creditworthiness. KCB M-Pesa also offers flexible repayment options.
5. Zenka Loans
Zenka is a fast-growing loan application that provides instant loans to Kenyan borrowers. It offers loans with interest rates ranging from 11% to 28%. The interest rate varies depending on factors such as loan term, repayment behavior, and credit score. Zenka’s user-friendly interface and quick approval process make it a popular choice among borrowers.
6. Okash Loans
Okash is a mobile loan application that targets individuals who have difficulty accessing traditional banking services. It offers loans with interest rates ranging from 5% to 24%. The interest rate depends on factors such as loan tenure, repayment behavior, and creditworthiness. Okash boasts a seamless application process and timely loan disbursement.
When considering loan applications in Kenya, borrowers should carefully evaluate the interest rates offered by different providers. The range of interest rates varies from as low as 5% to as high as 30%, depending on factors such as creditworthiness, repayment history, and loan duration. It is advisable for borrowers to compare multiple loan applications before making a final decision. By doing so, borrowers can choose an application that best suits their financial needs while ensuring they are getting the most favorable interest rates.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
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