There comes a time in everyone’s life when you go broke or get stranded and need a place to get cash as soon as possible. The first source you think of is usually from family or friends. But what happens when that doesn’t work out? Well, the internet has made things very easy these days. Here’s a list of 5 places where you can get quick and easy loans online for the next rainy day when all hopes seem to be lost.
MSHWARI :
Launched by Safaricom in 2012, in collaboration with CBA bank, Mshwari distributes about 50,000 loans daily. To qualify for this loan, all you need is be an active and registered Mpesa user for more than 6 months.
You get access to loans as low as 100 bob and maximum amount you can loan is 20,000ksh at an interest rate of 7.5% to be payed back not later than 30days. In the event of a default where you are not able to pay after 30 days, you get charged an extra 7.5% on your outstanding loan balance.
BRANCH :
A company based in San Francisco and Nairobi. All you need to get a Branch loan is get their App from an app store, fill out a form that would be provided and simply submit for a review and the get back to you on your eligibility after a few hours.
You can access loans as low as 250ksh and maximum loan amount is 50,000ksh at an interest rate of 6 to 16% to be payed back within 2 weeks to a month.
TALA
To get a Tala loan, all you need is their App on your phone. After downloading the App, create an account and answer just a few questions to help them determine your eligibility, after which they get back to you.
Tala loans comes at an interest rate of 11 to 15% depending on the amount you loan. They give you an option of repaying in two installments within a month or pay once at the end of the month.
LOOP
Launched by CBA in 2017, all you need for access to this loan is an App or you can choose to use their website.
You can get access to loans as much as ksh. 3 million and an overdraft as much as 100,000ksh with an interest rate depending on the customer to be payed within 6 to 36 months.
KCB M-PESA
A result of a partnership between the Kenya Commercial Bank and Safaricom, all you need to activate this loan is, go to your Mpesa menu, select the loans and savings option and KCB Mpesa.
Your eligibility is determined by how much you’ve saved in your KCB account and your Mpesa transaction history.
You can get loans as low as 50ksh and a maximum of ksh. 1 million at an interest rate of 4 to 6% to be payed within 1 to 6 months. Interest rate depends on how long it takes you to repay.
