Top Kenyan & South African Loan Apps

Top Kenyan Loan Apps

  1. Branch Loan App

The first loan app in Kenya to review is Branch. It is a well-know app which was released to Kenyan market in 2015 by Branch International. Besides being available in Kenya it can be also found in Tanzania and Nigeria. It can give you a load up to KES 50,000.

  1. Tala

Initially known as Mkopo Rahisi and later on rebranded on Tala provides loans up to KES 30,000 and the credit is paid through M-Pesa. The main benefit they are proud of is that they can give you a loan in less than 5 minuts. You will be able to build your credit up to the maximum amount by repaying your loans in time.

  1. Timiza Loan App

This app is is own by Barclays Bank which is one of the local banks in Kenya. The loan app trend in Kenya has enforced mainstream financial players to innovate.

  1. Stawika Loan App

Stawika is a growing load app in Kenya done by Stawika Capital. In order to qualify you for a loan the app once installed will analysy data on your phone such as for example M-Pesa usage.

  1. Haraka

Haraka means fast in Swahili. It is called like this for a reason as it provides very fast loans. Haraka is a product of Getbucks (South African registered lender). The App is offered in additional 4 African markets, i.e Swaziland, Uganda, Tanzania, and Zimbabwe. Their loan range varies between 500 and 5000 and the credit attracts an interest rate of 23.45%.

Top South African Loan Apps

  1. African Bank

A locally controlled bank and one of the favourites for many South Africans is now governed by South African Reserve Bank. You can choose to have a break from paying back your loan for a month if you qualify to a personal loan at African Bank. 

  1. FNB

With a massive reputation for being an innovative bank FNB is a locally managed bank. You will qualify for a january free of a loan instalment every year if your loan is up to date. Another benefit is that if you settle your debt early there are no penalties with FNB: 

  1. Nedbank

This bank is owned by South Africa. To qualify for a personal loan you only need to earn monthly a minimum of R2000. They will also take your credit record into account. 

  1. Capitec

Capitec is bringing a lot of changes to how traditional banking has been done in South Africa by offering free retrenchment and death cover. Meaning that at no additional cost you also receive a credit protection plan. 

  1. Absa

A British owned and a part of Barclays Group with a very good reputation in South Africa. You will get an offer for Credit Protection Plan with your personal loan. You can also make extra payments during the time of the loan for you to be able to pay back your debt faster allowing less interest to accumulate on debt.

Further information
Infographic: 9 common mistakes when applying for a personal Loan