Obtaining a loan without Security can be challenging in Kenya. Many lenders require collateral to secure their loans, which makes it difficult for borrowers who do not have any assets to pledge.
However, there are still several options available for obtaining a loan without security in Kenya. In this article, we will explore some of the top lending institutions and platforms that provide unsecured loans to Kenyans.
- Tala
Tala is a popular digital lender that provides unsecured personal loans to individuals in Kenya. Tala offers loans ranging from Ksh. 1,000 to Ksh. 50,000, with repayment terms of up to six months.
The loan application process is simple and can be completed within minutes using the Tala mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have a good credit score.
Tala uses alternative data sources to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan. The interest rates charged by Tala are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 8% per month on the outstanding balance.
- Branch
The branch is another popular digital lender that provides loan without security to individuals in Kenya. The branch offers loans ranging from Ksh. 1,000 to Ksh. 50,000, with repayment terms of up to twelve months.
The loan application process is simple and can be completed within minutes using the Branch mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
Branch uses a proprietary algorithm to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan.
The interest rates charged by Branch are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 1% per day on the outstanding balance.
- Zenka
Zenka is a digital lender that provides loan without security to individuals in Kenya. Zenka offers loans ranging from Ksh. 500 to Ksh. 30,000, with repayment terms of up to thirty days.
The loan application process is simple and can be completed within minutes using the Zenka mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
Zenka uses a proprietary algorithm to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan. The interest rates charged by Zenka are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 6% per month on the outstanding balance.
- Stawika
Stawika is a digital lender that provides unsecured personal loans to individuals in Kenya. Stawika offers loans ranging from Ksh. 500 to Ksh. 50,000, with repayment terms of up to thirty days.
The loan application process is simple and can be completed within minutes using the Stawika mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
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Stawika uses a proprietary algorithm to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan. The interest rates charged by Stawika are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 10% per day on the outstanding balance.
- Saida
Saida is a digital lender that provides unsecured personal loans to individuals in Kenya. Saida offers loans ranging from Ksh. 600 to Ksh. 25,000, with repayment terms of up to three months. The loan application process is simple and can be completed within minutes using the Saida mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
Saida uses alternative data sources to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan. The interest rates charged by Saida are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 10% per week on the outstanding balance.
- Okolea
Okolea is a digital lender that provides unsecured personal loans to individuals in Kenya. Okolea offers loans ranging from Ksh. 1,000 to Ksh. 10,000, with repayment terms of up to fourteen days. The loan application process is simple and can be completed within minutes using the Okolea mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
Okolea uses alternative data sources to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan. The interest rates charged by Okolea are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 6% per day on the outstanding balance.
- HF Whizz
HF Whizz is a digital lending platform provided by the Housing Finance Company of Kenya (HF Group). HF Whizz offers unsecured personal loans ranging from Ksh. 3,000 to Ksh. 50,000, with repayment terms of up to six months.
The loan application process is simple and can be completed within minutes using the HF Whizz mobile app. To qualify for a loan, you need to have a valid national ID, be at least 18 years old, and have an active M-Pesa account.
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HF Whizz uses alternative data sources to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan.
The interest rates charged by HF Whizz are competitive, and there are no hidden fees or charges. However, late repayment attracts a penalty fee of 10% per week on the outstanding balance.
Conclusion:
In conclusion, there are several options available for obtaining a loan without security in Kenya. Digital lenders such as Tala, Branch, Zenka, Stawika, Saida, and Okolea offer unsecured personal loans with competitive interest rates and no hidden fees or charges.
These lenders use alternative data sources to assess creditworthiness, which means that even individuals without a credit history can qualify for a loan.
However, it is essential to note that late repayment attracts penalty fees, which can be significant if the loan is not repaid on time.
It is, therefore, crucial to borrow responsibly and only take out loans that you can afford to repay within the stipulated period.
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