Best Micro Loans For The Unbanked
KSHS 500
Up to 3 weeks
Traditional credit excludes over 2.5 billion people worldwide — but we believe everyone deserves control over their financial lives and power over their futures. That’s why we apply best in class technology practices in user experience, data science, and machine learning to creating financial products that can unlock massive growth potential in the world’s fastest growing economies.
Tala (formerly Mkopo Rahisi)
KSHS 0
0 to 12 months
Eligibility
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You need to derive your income through a salary
Features
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The minimum amount you can borrow is Kshs Kshs 0 , the maximum Kshs Kshs. 4500000.
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Flexible repayment options – you get up to 0 to 12 months to repay the loan.
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Interest rates calculated on reducing balance basis.
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No security needed.
KSHS 250
2 Weeks - 1 Year
Eligibility
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You need to derive your income through a salary
Features
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The minimum amount you can borrow is Kshs Kshs 250, the maximum Kshs Kshs 500,00.
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Flexible repayment options – you get up to 2 Weeks - 1 Year to repay the loan.
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Interest rates calculated on reducing balance basis.
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No security needed.
KSHS 600
Up to 90 days
Eligibility
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You need to derive your income through a salary
Features
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The minimum amount you can borrow is Kshs Kshs 600, the maximum Kshs Kshs 25,000.
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Flexible repayment options – you get up to 90 days to repay the loan.
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Interest rates calculated on reducing balance basis.
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No security needed.
Micro loans are very small loan ranging from KSHS 5,000 to KSHS 100,000. Historically, banks in the Kenya haven't particularly liked dealing with micro loans because they have not been profitable financial products for them to market. With the explosion of new technologies in Kenya and a welcoming regulatory environment, some smaller Institutions have popped up to serve the SME and individual market's need for these smaller loan products. Below we have assembled a list of what we consider the "best" micro lenders in terms of lower fees, customer service, reputation, etc.