Need a quick, easy, unsecured loan in Kenya?? Here are the top lenders (No Bank account required)

ARTICLE UPDATED: 28th November 2016

Its a tough struggle especially for the many unemployed Kenyans who mostly live from hand to mouth or have an unsteady income. Nothing is guaranteed for this lot who neither own bank accounts nor have the safety of formal jobs guaranteeing them loans whenever they fall into tough times.

Due to this predicament, they are usually at the mercy of unscrupulous shylocks who charge ridiculous interest rates on the money they lend to these individuals. However, thanks to technology one can easily secure a loan without having to step inside a bank, fill mountains of paperwork or provide security or guarantors.

Welcome to the world of mobile micro-loans, these are safe, unsecured loans offered by various institutions to help out during those tough financial difficult times. Here are a few of such services offered in Kenya in case you are ever in need of a small loan and also check out 7 sure ways to qualify for/increase your mobile loan limit

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Are you a lender? Are you offering unsecured mobile loans? Feel free to contact us so that we can spread out your service to the borrowers.

BRANCH

 raid

Company: Branch International Inc

Founded: 2015

Status: Active

Partner(s): None

Conditions for eligibility

– Registered and active Mpesa user.

– Must possess an active Facebook account.

– Accumulation of more SMS and Mpesa transcation messages on phone.

– Stay current on all other loans.

(NOTE: Facebook name MUST match with the legal names in your identity card)

– Download & install Branch app from Google PlayStore

– Link app to your Facebook account

– Fill in the required details ( Mpesa number, National ID names and number)

– Verify your account by clicking on the link that will be sent via SMS to your phone

Minimum loan amt: kshs.1000

Maximum loan amt:

Repayment duration: 3 equal weekly installments

Loan interest rate: Dependent on the repayment of the weekly installments by due date which will ultimately INCREASE credit score and DECREASE the interest rate

Loan disbursement mode: via Mpesa

Loan repayment mode:

How it works:

– Download & install Branch app from Google PlayStore

– Link app to your Facebook account

– Fill in the required details ( Mpesa number, National ID names and number)

– Verify your account by clicking on the link that will be sent via SMS to your phone

Loan increment eligibility

– Repayment behaviour

Loan default penalty:

– Decrease in the Branch credit score

– Inability to get larger loan amounts

– Loan denial for 7 days or longer

– Report to the CRB

SAIDA

SAIDA

Company: Saida

Founded:

Status: Active

Partner(s): None

Conditions for eligibility:

1. Use mobile money Services such as M-Pesa, Airtel Money at least once every two days

2. Make and receive calls, sms and data services on a daily basis.

3. Have an income that is enough to pay back your loan and your living expenses.

4. Have the financial discipline of saving, investing and paying your obligations on time.

Minimum loan amt: shs.600

Maximum loan amt: shs.15,000

Repayment duration: 30 days

Loan interest rate: 10%

Loan disbursement mode: via Mpesa or Airtel Money

Loan repayment mode: via Mpesa or Airtel Money

How it works

– Download & install Saida app from Google PlayStore

– Fill in your mobile number to request for an invitation.

NOTE: Invitations could take upto 3-7 days for approval

Loan increment eligibility:

– Repayment behaviour

Loan default penalty:

ZIDISHA

Zidisha_Inc._Logo

Company: Zidisha

Founded: 2008

Status: Active

Partner(s): None

Conditions for eligibility:

1. Be of good reputation and have the support of family, neighbors and a local community leader (such as a school principal or leader of a place of worship).

2. Not currently hold any debt or outstanding loans from other sources.

3. Have an active business or employment with sufficient income to ensure repayment of the loan in regular installments.

4. Have access to the Internet on a regular basis, and be able to fill out entrepreneur profile and application forms and respond to lender comments at the Zidisha website.

5. Hold an active personal Facebook account with extensive social connections.

6. Be able and committed to posting frequent updates regarding use of the loan and progress of the business on the Zidisha website.

7. Reside in a country where Zidisha currently operates.

Minimum loan amt: $1

Maximum loan amt:

– Membership through invitation :$100

– Membership through non-invitation :$50

Repayment duration: weekly or monthly installments

Loan interest rate: None

1. Existence of a 5% service fee of the loan amount to cover cost of transferring and administering the loan.

2. One time membership fee of between $10 – $12 to cover operation costs.

3. One time contribution fee of between $10 – $30 to fund loans and re-inburse lenders in the event of a default.

NOTE: These costs are paid ONLY if the new member succeeds in raising a loan and cover lifetime membership.

Loan disbursement mode: via Mpesa

Loan repayment mode: via Mpesa

How it works

Loan increment eligibility:

– High positive feedback rating from lenders.

Loan default penalty:

– Disqualification from funding any new loans in the future.

– Blacklist by the local credit bureaus.

– Legal prosecution resulting in confiscation of property, fines and other legal penalties.

PESA NA PESA (PNP)

PNP

Company: AVL Capital

Founded: 2015

Status: Active

Partner(s)

Conditions for eligibility:

– Physical face to face registration (done only once)

– Borrowers required to provide collateral/security

Minimum loan amt: kshs 500

Maximum loan amt: kshs. 10,000

Repayment duration: 10 days

Loan interest rate: 10%

Loan disbursement mode:

Loan repayment mode:

How it works

– Physical face to face registration (done only once)

Registration requirements include:

1) National ID copy

2) Phone number

3) Active email address

4) Physical address

5) Postal address

– Borrowers required to provide collateral/security/guarantors

Securities/Collateral/Guarantors requirements include:

1) Employer guarantee on salary

2) Chama guarantee on chama savings

3) Securities guarantees on shares (stocks/bonds)

Loan increment eligibility:

– Previous borrowing history status

Loan default penalty:

KCB MPESA LOAN

KCB-MPESA-702x336

Company: KCB Mpesa

Founded: 2015

Status:Active

Partner(s):KCB (Kenya Commercial Bank)

Conditions for eligibility:

– At least 18 years old

– Registered & active Mpesa account (6 mths)

– Updated Mpesa menu

Minimum loan amt: kshs 50

Maximum loan amt: kshs. 1,000,000

Repayment duration: 30 days

Loan interest rate: 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees

Loan disbursement mode: via KCB Mpesa account

Loan repayment mode: via Mpesa or KCB Mpesa

How it works

– Dial *844# from a Safaricom line and follow prompts

Loan increment eligibility:

– Previous loan repayment behaviour

– Mpesa transactions activity

– Savings with KCB (Optional)

Loan default penalty:

M-SHWARI

mshwari

Company: Mshwari

Founded: 2012

Status:Active

Partner(s):CBA (Commercial Bank of Africa)

Conditions for eligibility:

– At least 18 years old

– Registered & active Mpesa account (6 mths)

– Updated Mpesa menu

Minimum loan amt: kshs 100

Maximum loan amt: kshs. 20000

Repayment duration: 30 days

Loan interest rate: 7.5%

Loan disbursement mode: via Mpesa

Loan repayment mode: via mpesa or Mshwari

How it works

Loan increment eligibility:

– Previous loan repayment behaviour

– Mshwari savings behaviour

– Usage of other Safaricom services

Loan default penalty:

– Extension of loan period by an additional 30 days with a further 7.5% facilitation fee on the outstanding loan balance.

– Loan denial for a period of 30 days after late loan repayment.

TALA (formerly Mkopo Rahisi)

Tala-logo.png

Company: Inventure Mobile Ltd

Founded: 2014

Status: Active

Partner(s): None

Conditions for eligibility

– Download & install Tala app from Google PlayStore

– Link app to your Facebook account

– Answer a few personal questions (Loan qualification is dependent on the feedback you give on the questions)

Minimum loan amt: ksh.500

Maximum loan amt: kshs.50,000

Repayment duration: 3 equal weekly installments

Loan interest rate: 15%

Loan disbursement mode: via Mpesa

Loan repayment mode: via Mpesa to Paybill number 851900

How it works:

– Download & install Tala app from Google PlayStore

– Link app to your Facebook account

– Answer a few personal questions (Loan qualification is dependent on the feedback you give on the questions)

Loan increment eligibility

– Repayment behaviour

Loan default penalty:

– Restriction from qualifying for future loans

KIVA

kivaloans

Company: Kiva

Founded: 2005

Status: Active

Partner(s): MicroFinance institutions (Field Partners)

Conditions for eligibility:

Minimum loan amt: Dependent on lenders

Maximum loan amt: Dependent on lenders

Repayment duration: Not specified

Loan interest rate: 34% (varies by country and partner)

Loan disbursement mode: via PayPal/Kiva account

Loan repayment mode: via PayPal/Kiva account

How it works

– Choose a borrower – Make a loan – Get repaid

Loan increment eligibility: Dependent on lenders

Loan default penalty:

– All contributing lenders are notified via email therefore they can consider the remaining amount an outstanding loss.

KOPA CHAPAA

AIRTEL-FAULU

Company: Airtel Ltd

Founded: 2012

Status: Active

Partner(s):Faulu Kenya

Conditions for eligibility

– Registered and active Airtel money user (6mths)

Minimum loan amt: kshs.500

Maximum loan amt: kshs.10000

Repayment duration: 10 days

Loan interest rate:

Loan disbursement mode: via Airtel money

Loan repayment mode: via Airtel money

How it works

– Apply for Kopa Chapaa loan via the Airtel Money menu

– Access the Kopa Chappa loan by dialing *305*2#

– Repay the Kopa Chapaa loan via Airtel Money

Loan increment eligibility

– Repayment behavior

Loan default penalty: – Default penalty on the 11th day equivalent to the Kopa Chapaa charge and subsequently thereafter for every set of ten (10) days in default.

OKOA STIMA

okoa stima

Company: Safaricom

Founded: 2015

Status: Active

Partner(s): Kenya Power

Conditions for eligibility

Minimum loan amt: kshs.100

Maximum loan amt: kshs.2000

Repayment duration: 7 days

Loan interest rate: 10%

Loan disbursement mode: via Mpesa

Loan repayment mode: via Mpesa

How it works:

– Dial *885# from a Safaricom line

– Accept the Terms and Conditions

– Input your ID number and PIN (The PIN and a confirmation message, required to complete the registration process, are then sent by SMS to your phone.

Once registered, you can then add meter numbers and borrow prepaid units by dialing *885#.

Loan increment eligibility Loan default penalty

PESA PATA

images

Company: Paddy Micro Investments

Founded: 2012

Status: active

Partner(s): None

Conditions for eligibility:

– Registered and active Mpesa user.

– Must possess an active Facebook account.

– Processing fee of sh 100

Minimum loan amt: sh.1000

Maximum loan amt:

Repayment duration: weekly installments

Loan interest rate: 30%

Loan disbursement mode: Via Mpesa

Loan repayment mode:

How it works

– Download & install Pesa Pata app from Google PlayStore

– Log in using your Facebook account
– You will require to input your National ID and phone number
– You will be required to pay a non-refundable acceptance fee as prompted when applying for a loan.

Loan increment eligibility

– Repayment behavior

Loan default penalty

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205 responses to “Need a quick, easy, unsecured loan in Kenya?? Here are the top lenders (No Bank account required)

  1. KCB Mpesa is the best!!!
    It Gave me the highest loan amount ON MY FIRST TRY (Ksh 25,000) and the interest paid was only Ksh 937. Easily the cheapest

    Followed closely by Tala

    I don’t like branch coz it bases its loan disbursement on your Activity in Facebook.

  2. branch, pesa pata and kcb are the best I have been using them for a while now and they have been of great help to me thank you very much guys as for tala I even had to uninstall it since it takes years to approve my loan what’s the use of having it. otherwise branch, pesa pata and kcb keep up

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