15 places where you can get quick loans in Kenya in 2021

At one point we have all been in a situation where we needed the money to fix something urgently. The fastest source of this money is family and friends, but they may not always be able to help you. A bank loan takes eons to come, so what do you do?

Get into mobile loan services, not only are they fast, but they will also lend you the money with minimum hassle unlike conventional banking. Check out some of the places where you can get quick loans in Kenya for rainy days.


mKey is a digital banking service launched by Finserve Africa in September. Through the app, customers can chat with friends, read news, shop, pay bills, save money and even take out loans.

The app is available for download from the Google Play Store.

You can borrow from Ksh. 300 to Ksh. $ 1 million and the loan interest rate is 9%.

2. Branch office

Branch describes itself as a socially conscious, for-profit company based in San Francisco and Nairobi. In order to access their loans, one needs to download their Android app, fill out a form in the app, and submit it for quick review.

When you download the app, it asks you to access some of the social and transactional history already stored on your phone through Mpesa and Facebook, among other apps. While this, they are able to analyze details like how much you spend in a day, whether or not you have a loan with other lenders, how much money you have deposited with Mpesa and who your friends and associates are. . Thanks to this, they are able to determine your risk profile.

Those who may not be on Facebook and therefore do not have a “digital identity” can first ask to borrow a small amount of money, pay it back on time, after which they can borrow more. important over time. The great thing about Branch is that as you build your credit history the fees go down and you can access larger loans and more flexible credit terms.

The characteristics of the loan include; loan amounts from Kshs. 250 ($ 2.5) to 50,000 Kshs ($ 500), repayment periods from 2 weeks to 1 month and interest rate from 6% to 16%.


This savings and loan account is the result of a partnership between Kenya Commercial Bank and Safaricom. It is a virtual mobile bank account that allows clients to borrow micro-loans between Kshs 50 and Kshs. 1 M. The savings option has a minimum saving of Ksh. 1 and a maximum saving of Ksh. 1M at an interest rate of 6%.

To activate it, simply go to your Mpesa menu, loans and savings option and finally KCB Mpesa. In this case, your Mpesa transaction history as well as the amount you have saved in your KCB Mpesa account will determine the loan amount you will get.

To be eligible, you must be at least 18 years old, have a registered and active Mpesa account for at least 6 months and an updated Mpesa menu.

Loan features include; loan amounts from Kshs.50 to Kshs.1M, repayment period of 1 month, 3 months and 6 months, interest rates depend on the repayment period: 6% (1 month), 5% (3 months) , 4% (6 months).

4. M-Shwari

Launched in 2012, this collaboration between CBA bank and Safaricom has taken the country by storm. It was so popular that in 2015 there were over 10 million Mshwari accounts with the ABC disbursing over 50,000 loans every day.

To be eligible for an Mshwari loan, you must be over 18, have a registered and active Mpesa account for about 6 months and you must also have updated your Mpesa menu.

The minimum loan amount that can be accessed is Ksh. 100 and the maximum amount is Ksh. 20,000. The repayment period is 30 days and the interest rate is 7.5%. The loan is disbursed through Mpesa, loan repayment can be made through Mpesa or be deducted from your Mshwari account. In the event of a delay or default in payment, you will be charged a 7.5% facilitation fee on the outstanding loan balance.

5. MCo-op Cash loans

MCo-op Cash is a product of the Co-operative Bank of Kenya (Co-op Bank). This is an application that allows Co-op Bank customers to access banking services as well as loans.

To get a loan, you must be a Co-op Bank customer and you must have the MCo-op Cash app on the Google Play Store or the iOS App Store.

You can borrow from 3,000 Ksh to a maximum of 100,000 Ksh.

The charges on loans are as follows:

  • Individual loans 1 month – 1.166%
  • 3 month individual loans – 3.498%
  • Commercial loan – 1.166%
  • 3 month loan insurance – 0.102%

6. Eazzy loan

This loan is provided by Equitel, a mobile banking platform launched by Equity last year. The first thing you need to do is open an Equity account after which you are eligible to get an Equitel line. Once you got the sim card just go to the sim toolbox, select my money and then loans. Follow the prompt to be able to get a loan. Being a product designed by a bank, you are expected to have saved with them for a period of time before they can give you a loan.

The features of the Eazzy loan include; interest rate of 2% to 10% per month of the loan amount on a flat rate, the minimum loan amount is 1000 Kshs and the maximum loan term is 12 months. If you delay making a payment, you will be charged a fee of 6% per annum above normal interest rates on the unpaid amount.

7. Ok

OKash is a micro-loan service from Opera. To access the loans, you need to download the app from the Google Play Store and apply for the loan from there.

Customers can get loans between Ksh. 500 and Ksh. 100,000. Their loans attract 14% interest, so if you borrow Ksh. 1,500 you will pay Ksh. 1,710 (ie with an interest of 210 Ksh). Their reimbursement period is 14 days.

8. Haraka

Haraka is a micro-loan service from GetBucks, a South African company. To get the loan, you need to download the app from the Google Play Store and apply for the loan from there.

Customers can get loans between Ksh. 500 and ksh. 5,000. Their loans attract 23.45% interest so if you borrow a loan from Ksh. 750 borrowed for a month will attract interest from Ksh. 175.90, which will cause the loan repayment amount to be Ksh. 925.90. The repayment period is between 7 and 30 days.

9. Timiza

Barclays Bank Kenya has launched a digital banking platform called Timiza. The platform also offers micro-loans to Kenyans. You can register on the Timiza platform by dialing * 848 # on your Safaricom line or by downloading the application from the Google Play Store.

Customers can get loans up to Ksh. 150,000. Timiza offers loans up to Ksh. 150,000 and the loan amount you get depends on your M-pesa transaction history. The loan amount will be charged 6.17% interest (i.e. 5% processing fee and 1.17% interest). The loan is repayable in 30 days.

10. Whizz

Housing Finance recently launched a digital banking product called Whizz. You can register by downloading the app from the Google Playstore.

Customers can access loans up to Ksh. 50,000. The loan amount will be charged 7.725% interest. The loan is repayable in 30 days.

11. Buckle

Commercial Bank of Africa (CBA) launched its digital banking service Loop in March 2017. It recently updated it to include loans and overdrafts. To create a CBA Loop account, you need to download the Android app, iOS app, or go to their cbaloop.com website.

Loop clients can access loans up to Ksh. 3 million and discovered up to Ksh. 100,000. The loan repayment period is between 6 and 36 months. Interest rates vary depending on the client.

12. Tala

To use Tala, you need to download their Android app, create an account, and answer a few questions that will help them determine if you qualify for the loan or not. They perform their risk analysis by checking your Mpesa transaction history.

Once you get your loan, you can choose to pay it off in two installments in a month or pay it off once at the end of the month. Once the loan is approved, it will be sent to you via M-pesa.

The interest rate for the repayment of the loan is 11% and 15% depending on the amount.

13. Safaricom Fuliza

To use Safaricom Fuliza, you need to register on the MySafaricom app and register under the Fuliza tab in M-Pesa. You can also register via USSD by dialing * 243 #.

The amounts offered will depend on your use of M-Pesa. Once you get the loan, you can use it to pay bills and also buy goods and services.

The overdraft charge is a 1% access charge and a maintenance charge on the unpaid balance according to the table below. This means the earlier you pay the better if you don’t want to pay high fees.

Rising Charges
0 -100 One-time fee of Ksh 2
101-500 5 Ksh per day
501-1000 10 Ksh per day
1001-1500 20 Ksh per day
1501-2500 25 Ksh per day
2501-70000 30 Ksh per day

14. MCo-op Cash salary loan by Co-op Bank

MCo-op Cash now offers salary loans to clients who receive their salary through their Co-op bank accounts. MCo-op Cash Payday Loan is available for those who receive their paycheck through their Co-op bank account.

To get a loan, you must be a Co-op Bank customer and you must have the MCo-op Cash app on the Google Play Store or the iOS App Store. You can also access it by dialing * 667 # on your phone.

Clients can claim up to 1.5 times their take home pay on their Co-op bank account up to a maximum of Ksh. 200,000. The loan charge is 8% and is deducted up front before the loan is deposited into your account. The repayment of the Mco-op cash loan is 1 month or 3 months and you have to choose when applying.

15. NIC Bank mobile bank loans

NIC Bank in Kenya now offers loans to its customers through its mobile banking service. The loan is available through the NIC NOW app and also through USSD.

To be able to get the loan as a NIC Bank customer, you need to register for the NIC mobile banking service. You can do this at any NIC bank branch.

To apply for the loan, dial * 488 # from your phone and follow the steps. You can also access the loan service through the NIC NOW app. The app is available for download from the Google Playstore and the Apple Store.

To be able to get the loan, you must have a minimum balance of Ksh. 1000. To check your loan limit you can dial 488 # or check on the NIC NOW application and choose the check loan limit option. The minimum you can borrow is Ksh. 1,000.

NIC Mobile bank loans will be subject to an interest rate of 1.13% which is also equal to an annual rate of 13.56%. It will also be a 4% handling tax which is subject to excise duty. The NIC Mobile Banking loan will be repayable over a period of 30 days.