TOP 5 ONLINE LOANS IN KENYA THAT YOU GET WITH M-PESA

M-pesa can be defined as a branchless mobile-based banking. It was introduced by Vodafone in the year 2007. M-pesa offer various services to its’ customers. They include; purchase of airtime, deposit and withdrawal of money, payment of bills [lipa na M-pesa]. M-pesa also offers online loans.

ELIGIBILITY:

The following are the qualification necessary to qualify for registration in M-pesa;

• An Identification Card [ID]
• An applicant first and last name
• A passport
• Date of birth of the applicant

PLEASE NOTE:

-The registration of M-pesa account is offered free by M-pesa agents across the country authorized by Safaricom.

• Shika Loan

It is only used by Safaricom subscribers. Shika loan issues loans to an applicant by means of an Android mobile currently being used in Kenya. The amount of loan granted ranges from as low as KES 500 to KES 20,000. The interest charged on the loan is 15%. The duration of paying back the loan is usually 30 days. If an applicant fails to repay the loan or delays to pay back he/she is listed in the CRB as defaulter.

• Timiza

It was introduced by Barclays Bank of Kenya in the year 2018. It issues loans via M-pesa to M-pesa active users. The amount of loan granted may be up-to KES 150,000. The interest charged on the loan is usually 30 days. The interest charged on the loan is 6.17%. The requirements needed to qualify for Timiza loan is;

• An applicant must have actively been in use of Safaricom and M-pesa services
• An applicant should have been in constant use of M-pesa for 6 months
• KCB M-pesa

It was introduced by both the Kenya Commercial Bank and Safaricom. The amount of loan granted between KES 50 and 1,000,000 KES. The interest charged on the loan is 6%. The requirements needed to qualify for KCB M-pesa loan is;

• An applicant must have attained the minimum age of 18 years
• An applicant should have been in constant use of M-pesa for more than 6 months
• An applicant should have a registered M-pesa account which is active
• Tala

To procure a Tala loan you need to download the Tala loan App in your smartphone. Tala was originally called M-Kopo Rahisi. The amount of loan granted is of up-to KES 50,000.  The interest rate charged on the loan is between 11% to 15% depending on loan issued. The time allocated for paying back the loan can be either in two installments in a month or pay the whole sum at the end of the month.

PLEASE NOTE:

-For Tala to issue a loan it must confirm the transaction you have been transacting using your M-pesa.

• M-Shwari

M-Shwari was introduced by both Safaricom and CBA Bank. This was in the year 2012. The amount of loan granted is as low as KES 100 and up-to KES 50,000. The duration of paying back the loan is 30 days. The following are the qualification necessary to qualify for M-Shwari loans;

• An applicant must have attained the minimum age of 18 years
• An applicant should have been an active M-Pesa subscriber
• An applicant should have been in constant use of M-Pesa for more than 6 months