If you need quick loans through mobile phones in Kenya, here is where to get the cheapest loans without security.
Mobile loans have numerous advantages, which include easy access to loans, cheap, instant and obtained without collateral. Below we provide companies that offer quick cheap mobile loans in Kenya.
MOSONI
Mosoni offers instant mobile loans for Kenyans wishing to get unsecured loans to cater for emergencies.
The loans attract low interest rates and are not limited to those with mobile phones.
Some of the loan products offered by the company include:
1: Group Business Loan:
- Nawiri Loan
- Stawi Loan
2: Individual Business Loan
- Shujaa Loan
3: Agri-Business Loan
- Kilimo Booster
4: Emergency Loan
- Wepesi
5: Education Loan
- Tuelimike Loan
L-PESA
To apply, follow these steps:
- Register your mobile phone number.
That is all! Filling out the application on L-Pesa for a micro-loan is a one-step registration process. There are no complex forms to fill, queues to stand in or bureaucratic processes to navigate. Once you have provided your mobile phone number, the company’s experts get to work with processing your loan eligibility. There is nowhere else that you will receive such fast processing, helping you get quick access to funds. You should receive your loan application approval in minutes.
Once you finish paying off your first loan, you get the ultimate reward – the opportunity to take out a bigger loan. Start with a loan of $1, and within 6 months, you could qualify for a loan of $3000.
MICROMOBILE
Micromobile is another company you can approach for a mobile loan. All that is required is a registered mobile number and your ID card details.
KCB BANK
If you have a KCB bank you will get instant mobile loan with cheap interest rate.KCB, being one of the leading banks is the most secure bank to open a bank account, which will enable you access a loan of your choice.
SAIDA
Saida offers cheap mobile loans for Kenyans with an account at the company.
To get a loan from the company,here is what is needed.
Create a Saida account and answer a couple of personal information questions.
Step 2
Saida will check how you have been using your phone to make calls, sms, data and how you use mobile money services such as M-Pesa. Saida will notify you of the amount of money you can apply for.
Step 3
Saida will send the loan to your M-Pesa account immediately and explain the repayment terms.
CBA MSHWARI LOAN
CBA and Safaricom have continued to invest in a mutual and trusting relationship, which in 2007, gave rise to M-Pesa and now M-Shwari. CBA is a stable and respected financial services brand that has continued to use technology to develop valued propositions to meet the aspirations of her customers. Safaricom is a trusted brand and indeed partner to millions of Kenyans in their everyday lives.
CBA aspires to be a respected financial services business in Africa, built on a strong foundation based on our reputation for innovation; and our reputation for service to our existing corporate and personal customers which is second to none in our present markets. It is against this backdrop that we understood the value of partnering with Safaricom to create a solution which will change the way Kenya and rest of the world interfaces with the wider public to deliver financial solutions. M-Shwari gives CBA the platform to offer a much needed service to all market segments through mobile centric banking services.
What is M-Shwari
M-Shwari, coined from a Swahili word that means smoothen or make something better or good, is a revolutionary product set to change the lives of millions of Kenyans. M-Shwari is brought to you by CBA and Safaricom. The “M” signifies mobile centric as this product is operated entirely from your mobile phone. It will not be accessible through any CBA branch but your handset. All you need is your handset and to be registered on M-PESA! There are no forms or additional documents required for you to sign up to M-Shwari.
M-Shwari is a suite of banking products that are offered to M-PESA customers via their handset to enhance the M-PESA value proposition. With M-Shwari, one has access to Deposit and Loan products that are convenient, reliable and cost-effective for making micro-savings and taking micro-loans.
Why M-Shwari
With M-Shwari, one stands to enjoy several benefits which include the following:
- Convenience of mobile banking i.e. you can transact from the comfort of your location
- Paperless (mobile centric), safe and fast service.
- No minimum balance
- No ledger fees
- No transactional charges while moving money between M-Shwari and M-Pesa
- Competitive interest rates
- Access to credit facilities
How M-Shwari works
Deposit Product
The M-Shwari Deposit Account is a micro-savings product which allows you to securely store your money for a specific purpose or for an unexpected event in your life. Enjoy the following features when you save with M-Shwari:
- No minimum balance
- No charges levied on the account
- No charges for moving money from M-PESA to M-Shwari account and vice versa
- n line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of 7.35% p.a being 70% of CBR.
How M-Shwari works
Deposit Product
The M-Shwari Deposit Account is a micro-savings product which allows you to securely store your money for a specific purpose or for an unexpected event in your life. Enjoy the following features when you save with M-Shwari:
- No minimum balance
- No charges levied on the account
- No charges for moving money from M-PESA to M-Shwari account and vice versa
- n line with the Banking (Amendment) Act 2016, all deposits on M-Shwari will earn interest of 7.35% p.a being 70% of CBR.
Loan Product
The M-Shwari Loan Account is a micro-credit product which allows you to borrow money in times of need or to complement your savings towards an investment or enterprise. A one-time fee of 7.5% is levied for each loan. Borrow with M-Shwari and start to build your credit history today. In order to qualify for a loan all you need is to be an M-PESA subscriber for 6 months, save on M-Shwari and actively use other Safaricom services such as voice, data and M-PESA. To enquire how much you can borrow, go to M-Shwari, Loan, check Loan Limit.
