All lenders have to know their customers, and part of the process is checking whether a customer is a promising loanee or not, this can be done through CRB.
That is where the CRB comes in. CRB stands for Credit Reference Bureau, an entity mandated to collect information about your credit history and provides this to lenders.
Last year, The Central Bank of Kenya barred many mobile loan apps from accessing CRB services.
The following are the best loan apps in Kenya without a CRB check:
1. Tala
Tala has been a popular loan app in Kenya for a few years now.
Since they don’t need CRB to approve a loan, it is easy to get approved, and it takes less time. Although, they will try to check your phone data like M-Pesa messages to determine if you are a loyal customer or not.
2. Okash
Okash is a Kenyan-based company that provides loans to people without CRB checks. They have been operating for some time now and offer customers the chance to borrow up to KES 70,000.
They can quickly assess your creditworthiness by using data like Mpesa transactions or phone calls on your mobile phone.
3. Branch loan
The popular mobile loan app has also been blocked from accessing CRB. Branch is a Kenyan-based online lender that provides loans to people without CRB checks.
Their rates are higher than Okash’s, but they take less time to process your application since they don’t need you to run for it at their branches.
Loan amounts range from KES 250 to KES 70,000, with repayment periods between one month and 365 days.
The Branch loan is accessed through an app where customers can apply any time of day or night as long as they are connected to their mobile phone—even when there is no network connection.
4. Opesa
The Opesa loan app is another option that requires no CRB checks. Opesa offers loans with an interest rate of 36% per annum.
Their repayment terms range from one month to three months depending on your needs—you can repay any time before it is due until you reach a total repayment term of six months. The application process takes about five minutes on their app, using your phone number and email address as identification.
5. Fadhili Loan app
Fadhili app is a mobile loan app that offers loans to Kenyans. The application process only requires the user to enter their phone number, email address, name, occupation, monthly salary, and desired loan amount with repayment terms ranging from one month to three months.
Loan Apps In Kenya Without Registration Fee Reviewed!
1. Tala Loan App
Tala offers credit to their eligible clients instantly to their MPESA account. The loans attract lower interest than other online lenders, averaging 4% – 34%. However, late repayments incur a one-time penalty of 8% of the outstanding loan amount.
Depending on eligibility, Tala offers Ksh 1,000 – Ksh 30,000, payable within 61 days at most. Remember, your limit grows when you frequently borrow from Tala and repay your loan on time.
2. Haraka Loan App
Living up to its Swahili translation, which means ‘fast,’ Haraka offers quick loans to MPESA without any paperwork. Depending on eligibility, Haraka loans you Ksh 500 – Ksh 60,000, which you should pay within 91-365 days.
Haraka mobile loans attract a monthly interest rate of 1.3%, while annual loans accumulate an interest rate of 16%.
3. Bayes Loan App
Bayes, a product of Pi Capital Limited, is available on Google Play and via USSD.
The lender offers you Ksh 1,000 – Ksh 50,000, which attracts a 30% interest rate on the principal loan amount.
Bayes also has a flexible repayment tenure of 90 – 180 days.
4. Branch Loan App
The branch gives an instant MPESA loan of about Ksh 250 – Ksh 70,000, payable within 62 to 336 days. The loans usually attract a monthly rate of 1.6% – 20%, depending on how much you borrow.
5. Timiza Loan App
Timiza, part of Absa Kenya, offers Ksh 500 – Ksh 100,000 quick loans, payable in 30 days. All Timiza mobile loans incur an interest of 6%.
The better part of Timiza loans is that they are also available to iPhone users, and so you can flawlessly download the app from your phone’s apple store.
Not only does Timiza lend money to its customers, but it also allows you to save with them. Furthermore, you can use the Timiza service to purchase your insurance, and airtime and pay your bills like TV subscriptions and KPLC.
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