Kenyans love loans. The rich are always applying for Bank loans to finance their projects. Bank loans require collateral. Banks also charge higher interest on loans. County governments also borrow loans to finance development projects.
The National government also borrows loans from the World Bank and other international bodies. The common wananchi are not left behind. They also like loans. Since most banks charge high interest on loans, they do not go to banks for loans. Here are some of the places they run to when they want instant loans.
M-shwari
M-shwari is perhaps the most visited mobile application site for loan seekers. Powered by Safaricom, M-shwari provides cheap and instant loans. They do not require collateral. The application process is so easy. The money is sent to M-Pesa account making it convenient. If the re-payment is made on time, the customers have the chance to apply for a bigger loan.
KCB M-shwari
The Kenya commercial bank (KCB) has partnered with Safaricom’s M-shwari to offer instant loans to Kenyans. They have targeted Millions of M-Pesa users.KCB M-shwari loans also do not require collateral. They also charge low interest on loans compared to banks. The money is sent to the customer’s M-Pesa account.
Tala
Tala is one also becoming a favorite among those seeking cheap and instant loans. Tala is also a mobile application. It is available for downloads. After downloading the TALA application, you are required to register as a user before applying for loans. The registration process is a bit lengthy but super-easy. Once your registration is complete, you can now borrow loans. When you repay the loan on time, you are eligible for higher amounts. The money is directly deposited to your M-Pesa account within five minutes of application.