A majority of Kenyans are using loans as a means of survival, making credit their source of livelihood. Additionally,the cost of living keeps rising these days, necessitating one to get a loan to fill in short-term spending needs. Technology has made it easier to get access to short-term loans with no security (salary, title deeds, log books etc) or guarantors with ease and convenience. Therefore, all you’ll need is your mobile phone and a good credit score to access instant loans without security in Kenya today.
Hence, here is a list of easy-to-get loans without security in Kenya Today, where you can borrow from as little as Ksh 100 up to Ksh 1,000,000.
List of Loans Without Security in Kenya Today
The following are the different sources of easy-to-get loans without security in Kenya:
1. M-Shwari Loan
M-Shwari, as a service has been around since 2012 and has grown in popularity over the years.
The M-Shwari loans are provided by Safaricom and NCBA Bank (formerly, CBA Bank) for quick and instant unsecured loans. All you need is a registered active Safaricom line with active use of M-pesa for a minimum of six months to qualify for a M-Shwari loan.
M-Shwari offers access to quick loans from as little as Ksh 1,000 to a maximum of Ksh 1,000,000, with low-interest rates and a one-month repayment period. The 30-day repayment period attracts a flat rate interest of 9, with 7.5% being loan fees and 1.5% excise duty.
With M-Shwari, you need to use their entire service to establish a good credit history. That is, borrow, save and repay on time to increase your borrowing limit.
Related: How To Build A Good Credit Score
2. Safaricom’s Fuliza Loan
Fuliza is a continuous overdraft service that allows Mpesa users to complete their Mpesa transactions even when they do not have sufficient funds in their Mpesa wallets. It is provided by Safaricom, in conjunction with NCBA Bank (Formerly, CBA Bank).
To access fuliza, the only prerequisite is to be a Mpesa user. To join, just dial *234#.
The fuliza loan has an access rate of only 1% and a daily charge of Ksh 1. Fuliza repayments are made directly from your Mpesa whenever you receive or deposit funds.
3. KCB Mpesa Loan
The KCB M-Pesa is an additional service offered to Safaricom M-Pesa users by KCB Bank similar to M-Shwari. With service, a customer can both save and borrow. Through this platform, you can borrow a minimum of Ksh 100 up to a maximum of Ksh 1,000,000 at an interest rate of 8.64% for a period of 30 days. One advantage of this service is that you can borrow multiple times within your limit to repary within the stipulated period.
To be eligible, you only need to have a registered Safaricom line that has been active for at least six months or be a KCB Customer. To join the service, you’ll need to activate the KCB M-Pesa on your simcard to access loans unsecured loans today.
4. CBA Loop Loan
CBA Loop is a product of CBA Bank (now, NCBA Bank). It is a digital banking service platform that helps users manage their money better. The CBA Loop application offers loans of tupto Ksh 3,000,000 for up to to 3 years, all through the mobile application. Additionally, the loans attracts an 13% interest, with other additional banking fees such as 2% processing fee and more.
The high borrowing limit, makes CBA Loop loans more attractive, regardless of the other additional banking fees it attracts.
5. Tala Loan
Tala has been around since 2021, offering instant unsecured loans with minimum requirements through their mobile application. To gain access, all you need to do is have access to an android smartphone to download the Tala application from Google Play Store, be an active Facebook user to link your Tala app and provide your personal details when registering. That’s it!
Tala loans attract a 15% interest rate, offering amounts as little as Ksh 500 up to Ksh 30,000. When starting out, you’ll need to consistently use their service i.e. borrow and pay back on time to increase your loan limit.
Related: 5 of the Best Loan Apps in Kenya for Instant Loans
6. Branch Loan
A microfinance bank, Branch is a mobile application available on Google Play Store, offering instant unsecured loans. In order to get access to Branch loans, you’ll need an android enabled smartphone device, safaricom line that is registered with Mpesa and your National ID number.
One advantage of branch is that if you borrow and payback on time consistently, your interest rate decreases with time. For first time users, the loan limit is Ksh 1,000. And for normal users, the loan limit ranges from Ksh 250 to Ksh 70,000, with a period ranging between 4 and 68 weeks. Furthermore, branch loans attract interest rates ranging from 10% to 27%.
7. HF Whizz Loan
HF Whizz, by Housing Finance Group, is a banking app accessible through Google Play and App Store, offering unsecured loans. With a good credit score, you can easily access unsecured loans with this application.
HF Whizz offers loans of upto Ksh. 50,000 and, charge an interest of about 10% and payable within 30 days.
8. iPesa Loan
iPesa, mobile application offers unsecured loans to Kenyans offering at interest rates between 25% to 36% per loan, attracting a late repayment fee of 2% daily. loans for a tenor between 14 days to 180 days. The minimum one can borrow is Ksh 500, while the maximum is Ksh 50,000. All transactions using iPesa are conducted through M-Pesa – that is disbursements and repayments. Therefore without M-Pesa it would be hard to access their loan facility.
9. Haraka Loan
Haraka is owned by South African lender Getsbuck. It is a loan application that can be found across various African countries. In Kenya, they offer loans with limits between Ksh 1,500 to Ksh 100,000 with a tenure of 61 days. Additionally, Haraka charges a 5% processing fee on principle, on top of interest.
10. Timiza Loan
Timizia loan application is provided by ABSA Bank Kenya, and offers loans and other services. The application is accessible through Google Play Store.
The unsecured loan facilities offered through this application offer a tenure of 30 days, from as little as Ksh 50,000 to Ksh 1,000,000. Timiza loans are offered at an interest of about 1% per month and attract a 5% processing fee, 20% excise duty and a withdrawal fee to M-Pesa. Additionally, there is a late flat repayment fee of 5%.
To register and access the Timizia loans, you’ll need to have good standing with CRB, and be an M-Pesa user to withdraw funds.
Just like with other application mentioned here, you’ll need to work your way to increase your loan limit over time.
11. Zenka Loan
Zenka loan application is another mobile loan application that offeres unsecured instant loans. Their loan limits range from Ksh 500 up to Ksh 30,000, where you build your limit up to Ksh 30,000 with regular on time loan repayments. The loan tenure is 61 days and can be extended to 12 months.
The 61-day loan payment term have an interest of 9% to 39%. Additioanlly, Zenka loans attract a processing fee ranging from Ksh 45 to Ksh 5,800 for a one-time charge.
They offer loan limits between Ksh 500 to Ksh 30,000 instantly at interest rates between 9% -39% (risk based pricing) of the principal amount with no mimum payment period for repayment. Therefore, customers can start paying off their loans at any time after disbursement.
12. Zidisha Loan
Zidisha is a peer-to-peer lending service, that offers loans at low-interest rates without security. The platform offers unsecred loans to its customers. They have a high loan limit of slightly over Ksh 1,000,000 with no interest. However, they do have a service charge of 5%.
You can access Zidisha loans if you have a monthly income and be able to make weekly payments until your loan is cleared.
By And Large
If you need cash in a pinch, these are the places you can look out for. All of these sources of loans without security in Kenya today are accessible through your mobile phone. Therefore, getting a loan an unsecured loan in Kenya has never been more easier than now!
Image credits: Top by Monstera via Pexels.
