We all have ever found ourselves in a situation where we need some cash to sort out something urgently. The easiest and quickest source of this amount is friends and family, however, t
We all have ever found ourselves in a situation where we need some cash to sort out something urgently. The easiest and quickest source of this amount is friends and family, however, there isn't a guarantee about it. A bank loan can be another way, but many don't meet its terms and condition.
Mobile loan services are not only the quickest but also provide a loan with minimal conditions, unlike commercial banks. Here, we'll look at the best places to get quick money easily in Kenya.
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mKey
mKey is the best digital banking app that offers mobile money at an affordable fee. The app was launched by Finserve Africa in September. You can use the app to read the news, take loans, chat with friends, pay bills, save and shop. The app is available on the Google Play Store. Through the app, you can borrow between Ksh 300 to Ksh 1 million at an interest rate.
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Brach
Brach is the best app to earn quick money available in Nairobi and San Francisco. To get a loan, you need to download the Android app, fill out a form in the app and submit it for review. Once you download the Brach app, it will ask for access to transactional and social history stored on your smartphone. Through this, the management can analyze details such as how much you spend daily, how much money you have deposited in Mpesa, whether or not you have a loan with other lenders and who your business and friends associate with.
That helps them determine your eligibility to pay back the loan. The good thing about Brach loan is that if you build your credit score, the fees reduce and you will have an opportunity to access huge loans and much more flexible credit returns.
Brach's feature loan includes; a loan of Khs 250 to Ksh 50,000 and repayment periods of 2 weeks to 1 month with interest rates of 6% to 16%.
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KCB MPESA
KCB MPESA is the savings and loans account that’s partnered between Safaricom and Kenya Commercial Bank. This virtual mobile-based bank account allows clients to borrow micro loans from Ksh 50 to Ksh 1 million at 6 interest rates.
To use KCB MPESA, go to the Mpesa menu, loans, and savings option, and then click on KCB Mpesa. However, getting a loan depends on your Mpesa transaction history and how much you have saved in your KCB Mpesa account. Also, make sure you’re at least 18 years old, have an updated Mpesa menu, and active Mpesa account for at least 6 months.
The loan features include; a loan amount from Ksh 50 to Kshs 1 million, a repayment period of 1 month, 3 months, and 6 months, and the interest rates based on the repayment period.
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M-Shwari
M-Shwari was launched in 2012 by Safaricom and CBA bank. To get a Mshwari loan, you must have more than 18 years, have an updated Mpesa menu, and have a registered and active Mpesa account for around 6 months. Through the app, you can access between Ksh 100 to Ksh 20,000. Again, it’s the best way to earn pocket money online for students.
The interest rate is 7.5% and the repayment period is 30 days. The loan is always disbursed through Mpesa. And repayment can either be done through Mpesa or deducted from the Mshwari account. However, if you delay or default to pay your loan, you will incur a 7.5% fee on the outstanding loan balance.
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MCo-op Cash loans
MCo-op Cash is managed by the Co-operative Bank of Kenya( Co-op Bank). The app allows customers to access loans and bank services. To get a loan, you need to have the MCo-op Cash app which is available on the iOS App Store and Google Play Store. Customers can borrow between Ksh 3,000 to Ksh 100,000.
The charges on the loans are as follows:
· Insurance on 3 Month Loan -0.102%
· 1 Month individual loans-1.166%
· Business Loan- 1.166%
· 3 Month individual loans – 3.498%
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Easy Loan
Easy loan is provided by Equitel. The first step is to open an Equity account and then get an Equtel line. Once you’ve your SIM Card, go to the sim toolkit, select my money, and finally loans. Again, it's the best place to get quick money using Mpesa
Follow the prompt message to get a loan. Because it’s managed by a bank, to get the loan you must have saved with them over a period.
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Okash
Where to get quick money in Kenya? OKash is the best microloan service by Opera. To get a loan, you need to download the app from the Google Play Store and apply for the loan right away. Through the app, you can get a loan from Ksh 500 to Ksh 100,000.
OKash attracts 14% interest so if you borrow ksh 1500 you will pay Ksh 1710. Remember, to pay within 14 days to avoid extra fees.
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Timiza
Timiza is a product of Barclays bank Kenya. This best digital banking app provides micro-loans to all Netizens. To register for a Timiza loan, dial *848# on your Safaricom line or download the app from the Google Play Store.
You can get a loan of up to Ksh 150,000. The amount you can get depends on your Mpesa transaction history. Their loan attracts 6.17% interest so ensure you repay it within 30 days to avoid extra fees.
Safaricom Fuliza
Safaricom Fuliza is a product of Safaricom. To get a Fuliza loan, you need to have the MySafaricom app and then go to the Fuliza tab in Mpesa. Also, you can sign up through USSD by dialing *243#. The loan offered depends on your Mpesa usage.
You can use a Fuliza loan to pay bills and buy goods and services. The overdraft fees are a 1% maintenance fee and an access fee on the outstanding balance. So, the earlier you pay for it the better if you don't want to pay extra fees.
Hustler Fund
The Hustler fund is a digital financial service launched to enhance financial access to responsible finance for personal, micro, and small businesses in Kenya. The loan is essential because it offers accessibility to responsible finance for micro, personal, and small businesses by developing and innovating bottom-of-the-pyramid financial services and products.
Hustler Fund allows Kenyans to access insurance, credit, pension, investment products, and saving. To access the Hustler Fund, dial * 254# or through the mobile app on any mobile network. Again, it’s the best place to get money online without investment in Kenya.
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something urgently. The easiest and quickest source of this amount is friends and family, however, there isn't a guarantee about it. A bank loan can be another way, but many don't meet its terms and condition.
Mobile loan services are not only the quickest but also provide
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