Whizz
Digital banking product Whizz, was launched by Housing Finance not too long ago.
The platform allows users to access loans of up to 50,000 Kenyan Shillings.
The loan amount however, comes with an interest rate of 7.725 percent.
The loan, must also be paid back in 30 Days.
You can register by downloading the Whizz app through the Google Playstore and the iOS App Store.
mKey
Launched by Finserve Africa in September 2018, mKey is one of the ways to get loans fast.
Through the banking service’s app, customers can chat with other individuals, read news, shop, pay bills, save, and of course take loans.
The app is available for download on the Google Play Store.
With mKey, users will be able to borrow from as little as 300 Kenyan Shillings, to as much as 1 Million Kenyan Shillings.
The loan interest rate for mKey, is 9 percent.
Haraka
With Haraka which is a micro loan service by the South African company; GetBucks, can get loans of between 500 Kenyan Shillings and 5,000 Kenyan Shillings.
To get the loan, users will need to download the app from the Google Play Store and apply for the loan from there.
One thing to note, is that Haraka loans attract an interest of 23.45 percent, so if you borrow a loan of say 750 Kenyan Shillings over a period of one month will attract an interest of 175.90 Kenyan Shillings.
This will mean the loan repayment amount, will come up to 925.90 Kenyan Shillings.
While this is not necessarily a big deal, it is still important.
The repayment period is between 7 to 30 days.
OKash
OKash is a micro loan service owned by Opera; OKash, gives users loans of between 500 Kenyan Shillings and 100,000 Kenyan Shillings.
OKash loans attract an interest rate of 14 percent so if for example you borrow 1,500 Kenyan Shillings, you will pay 1,710 Kenyan Shillings (i.e. with an interest of 210 Kenyan Shillings).
The repayment period on OKash, is 14 days.
To access the loans, users will need to download the app from the Google Play Store and apply for the loan from there.
Salary loan from MCo-op Cash by Co-op Bank
MCo-op Cash also offers salary loans to customers that receive their salaries via Co-op bank accounts.
To get a loan, you first need to be a Co-op Bank customer.
Second, you need to have the MCo-op Cash app from either the Google Play Store or iOS App Store.
You can also access it by dialing *667# on your phone.
Users of the salary loans service, can apply for up to 1.5 times of their net salary as received in their Co-op Bank account up to a maximum of 200,000 Kenyan Shillings.
The charges on the loans are 8% and are deducted first, before the loan is deposited into your account.
The repayment period for Mco-op cash loans, is 30 days to 90 days or 3 months, depending upon n the time period you choose when applying.
Again, the MCo-op Cash Salary Loan is only available to those who receive their Salaries via Co-op Bank account.