Where do I get Emergency Loans in Kenya via MPESA? Emergencies often come our way when we are completely unprepared (Example: settling abrupt hospital bills, a missed paycheck, property like car damage, etc.).
Sadly, nowadays, we hardly find escape routes due to the harsh economic situation in Kenya- you know, getting funds from colleagues, relatives, co-workers, or friends is more challenging than it used to be some years back.
That is where our list of emergency loans in Kenya via MPESA comes in.
Now, this exclusive guide will help you understand where to borrow instant emergency loans in Kenya via MPESA and how to apply for these loan facilities.
Emergency Loans in Kenya Via MPESA
To get started, below is a list outlining both commercial bank loan lenders and mobile applications which give instant mobile loans in Kenya.
- KCB MPESA
- MCo-op cash
- MCo-op bank salary loan
- M-Shwari (Safaricom loans to MPESA)
- Safaricom Fuliza
- NIC Bank Loan
- Eazzy loan
Let us now dive into the full details for each loan facility:
This is a connection between KCB bank and Safaricom limited and is an option for KCB account holders as well as registered Safaricom M-Pesa users.
To be eligible for KCB Mpesa loans, one must have remarkable M-PESA transactions over a period of not less than 6 months.
How to apply for KCB Mpesa loan;
- Go to your MPesa menu
- Loans and savings option
Note that your M-Pesa transaction records and KCB savings dictate the loan amount you qualify for.
Co-operative bank clients are qualified to take loans via M-Pesa with the aid of MCo-op cash application to be downloaded and installed from Google play store.
Loans range from Ks 3,000 to Ks 100,000, dependent on your cash savings with the accumulator.
If you occur to be a public servant and receives your salary via Co-operative bank, you can immediately borrow from MCo-op cash when an emergency hits.
Whats The best part?
MCo-op cash salary advance loans are issued up to 1.5 times net salary!
This too, just like KCB/M-Pesa is a collaboration between Safaricom PLC and CBA bank.
Loans are disbursed to likely borrowers i.e., those who use M-Pesa service regularly and have a good credit history.
You can borrow between Ksh 100 up to 20,000 shillings at an interest rate of up to 9% and the repayment period is 30 days.
To apply for the M-Shwari, go to the MPESA menu> loans and savings> Mshwari.
Note that, Mshwari loans are only available to those who have been actively saving with Mshwari (and you need a good savings history).
For smaller loan amounts, consider Fuliza, and this one is coming up next below.
You probably have heard about Fuliza, so this is just a reminder that it can be a fabulous option whenever you go low on money and wanted to set off bills.
All you require to access Fuliza loans is simply Dial *234*0# and select 1 to opt into Fuliza M-Pesa. However, be sure to evaluate and accept the terms and conditions before pressing option 1 to accept.
Once you join Fuliza, you can attempt to ‘Fuliza’ a given amount (Says about Ksh 5000) depending on how active has been your MPESA account to a friend (That is how to get a quick cash loan from Fuliza).
Otherwise, you can simply ‘Fuliza’ cash to a PayBill or Till number if you are paying for an emergency such as a medical bill.
NIC Bank Loan
Like any other financial institution in Kenya, NIC bank offers loans through MPESA to its account holders.
Two choices are available for you to access this loan;
- Dial *488# and follow the prompts or
- Download the NCBA mobile loan app from the Google play store.
Equity EAZZY Loan
This is another choice as long as you are an equity bank client.
To be clear, the Eazzy loan is a credit service offered by Equitel – the traditional banking platform from Equity bank.
You require to get an Equitel line from your bank first- this is where you borrow a loan from.
Note that you go to its (Equitel SIM tool kit, then select ‘my money and finally ‘loans’ to obtain the loan.
Whizz is a new digital banking platform by Housing Finance group limited of Kenya.
Search for and download the Whizz loan app from the Google play store if you want this loan facility.
Alternatively, you can simply dial *618# – then ‘loans’ to borrow.
Tala loan app
Tala has been giving emergency loans in Kenya via M-Pesa for quite some time now in Kenya and the Philippines, and I’m sure you have probably heard about it.
Steps to get funded by Tala Kenya
- Download Tala app from the Google play store
- Create your account as required in the app
- Answer the questions displayed.
- Wait for assessment from the Tala team. Here they will also observe your M-Pesa latest transactions to calculate how much they can entrust you with.
Just bear in mind that your current CRB ratings should be good for you to get the loan (If you are not listed in CRB, Tala is excellent).
Give it a try!
Branch is another suitable lender if you find yourself in an awkward financial situation.
As with the Tala loan app, download the Branch app after filling in the needed information and submit.
You must allow the app to access data such as your M-Pesa transaction history and social networking platform activity (Think about Facebook) from your phone to proceed (This will enable them to assess your risk profile before advancing you to the emergency loan).
Online emergency loans in Kenya -Other apps worth a try
Other online loan apps can be an option, too (that operate pretty much like Tala and Branch).
- O-kash loan
- Kopa Chapaa
- Mkopo Rahisi
Summary of Emergency Loans in Kenya via MPESA
All emergency loans in Kenya using MPesa have varying interest rates, and you require to pay attention.
In other words, do adequate research before applying for these kinds of loans.
Otherwise, you can end up by incurring super high charges in the form of loan interest and late payment penalties (if you are incapable of paying back by the due date).