Kenya’s digital lending market has seen significant growth, with mobile loan apps becoming a popular financial solution for many. Several loan apps have surpassed the 1 million download mark on Google Play Store, providing quick and convenient credit access to users. The loan apps in Kenya with over 1 million downloads on Google Play Store are:
1. Tala Mobile Loan App– 10M+ Downloads
The Tala loan app is the leading loan app in Kenya, boasting over 10 million downloads. It offers users a personal line of credit with borrowing limits of up to Ksh 50,000. The Tala app is licensed by the Central Bank of Kenya and trusted by over 8 million customers. With a streamlined application process requiring only an ID, users can get approved in just five minutes. Tala interest rates start as low as 0.3% per day, and the app allows customers to increase their credit limits over time based on repayment behavior.
2. OKash – 10M+ Downloads
OKash, another top player in the digital lending space, has also reached over 10 million downloads. The OKash loan app provides loans ranging from Ksh 2,500 to Ksh 50,000, with interest rates between 5% and 18%. It is known for its fast approval process and paperless application, making it a preferred option for borrowers in need of quick cash.
3. Zenka – 5M+ Downloads
Zenka Loan App has gained immense popularity, amassing over 5 million downloads. It attracts first-time borrowers by offering an interest-free initial loan of Ksh 1,000. The Zenka loan app provides loans ranging from Ksh 500 to Ksh 42,000, with repayment periods between 61 days and one year. Interest rates range from 9% to 39%, depending on the loan amount and repayment history.
Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
4. Zash Loan – 5M+ Downloads
Zash Loan is another widely used app, boasting over 5 million downloads. It offers loan amounts between Ksh 500 and Ksh 200,000, with repayment terms spanning from 91 to 365 days. The Zash loan app maintains a competitive maximum annual percentage rate (APR) of 25%.
5. Timiza – 1M+ Downloads
Timiza, a product of Absa Bank Kenya, has over 1 million downloads and offers loans directly to a customer’s Timiza account. Timiza loan amounts depend on the borrower’s eligibility, with an interest charge of 1.083% and a facilitation fee of 5% per loan. To qualify, users must be active M-PESA subscribers and have a good credit rating.
6. LendPlus – 1M+ Downloads
LendPlus is another popular loan app, with over 1 million downloads. It provides loans ranging from Ksh 500 to Ksh 50,000, with repayment periods between 61 and 365 days.
7. ZK Pesa – 1M+ Downloads
With over 1 million downloads, ZK Pesa offers loan amounts between Ksh 2,000 and Ksh 40,000. The repayment period ranges from 91 to 365 days, with APR rates between 12% and 36%.
Read: The Top 10 Loan Apps in Kenya
8. TruePesa – 1M+ Downloads
TruePesa has gained traction with over 1 million downloads. It provides loans ranging from Ksh 2,000 to Ksh 80,000, with repayment terms of 91 to 365 days. The TruePesa loan app charges an APR between 12% and 25%, along with a service fee ranging from 2% to 8%.
9. InstarCash – 1M+ Downloads
InstarCash has also surpassed the 1 million download milestone. It offers loan amounts between Ksh 5,000 and Ksh 40,000, with repayment periods of at least 90 days. The InstarCash loan app APR ranges from 36% to 72%, which is higher than some competitors.
10. Kashbean Loan – 1M+ Downloads
Kashbean Loan, with over 1 million downloads, provides loan amounts between Ksh 1,000 and Ksh 200,000. The repayment period extends from 91 days to 365 days, with a maximum APR of 36%. Once approved, funds are disbursed to M-PESA within one minute.