The Christmas season is upon us, a time for joy, family, and sometimes, a strain on your wallet. Unexpected expenses can pop up, and if you need a little extra cash to cover Christmas essentials, several mobile loan apps are available at your fingertips. This guide explores five popular loan apps to help you find the best fit for your needs this Christmas season.
1. Tala Loan App
The Tala loan app is known for its fast and straightforward loan application process. Tala offers loans ranging from KSh 1,000 to KSh 50,000, with interest rates as low as 0.3% per day. The Tala loan app is highly accessible, requiring only a valid ID to apply, and there’s no need for collateral, paperwork, or a bank account. The Tala loan approval process takes as little as 5 minutes, and once approved, funds are disbursed directly to your mobile wallet. Tala allows you up to 30 days to repay your loan.
2. AsapKash Loan App
The AsapKash loan app stands out for its exceptionally low interest rates, making it a great option for those looking to borrow small amounts for Christmas expenses. It offers loans with an interest rate of just 0.05% per day, making it one of the most affordable options available. You can apply for AsapKash loans between KSh 1,500 and KSh 12,000, and the loan approval and disbursement process is quick, with funds arriving the same day. The AsapKash loan repayment period ranges from 91 days to 365 days.
3. LendPlus Loan App
The LendPlus loan app offers loans ranging from KSh 500 to KSh 50,000 with a relatively low interest rate of 2.2% per day. The Lendplus app allows users to apply and receive loans with minimal paperwork. The loan processing is efficient, with funds disbursed directly to your M-Pesa account. You can choose a repayment period between 61 days and 365 days.
Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
4. Zash Loan App
The Zash loan app offers a wide range of loan amounts, from KSh 500 to KSh 200,000, with an interest rate of up to 25% per year (APR). Although the interest rate is slightly higher, Zash’s flexible repayment terms and quick disbursement to your M-Pesa account make it a popular choice for Christmas loans. Zash repayment periods can extend from 91 days to 365 days.
5. Zenka Loan App
The Zenka loan app provides loans with a minimum APR of 70.7% and a maximum of 224.89%, making it one of the higher-interest loan apps available. However, Zenka is known for its fast loan disbursement and flexible repayment terms, ranging from 61 days to 180 days. Zenka loans are available from KSh 500 to KSh 30,000, and the app features additional benefits such as loan extensions and flexible repayment options.