Where can I get the cheapest short-term loan in Kenya?

The high demand for short-term loans, also known as instant mobile loans in Kenya, has orchestrated the increase in the number of digital lenders that give quick cash for various needs, often within minutes after applying.

While some digital lenders engage in predatory practices with hidden fees, aggressive collection tactics, or unfair loan terms, credible lenders such as Timiza have come to the rescue of many borrowers with the cheapest short-term loans.

Introduced by Absa Kenya, the mobile-only platform provides inclusive banking to everyone making it one of the few loan apps offered by regulated commercial banks available to non-account holders.

The facility is accessible by phone via *848# or through the Timiza mobile app, available on the Google Play store or IOS app store.

Additionally, users who fit Timiza eligibility criteria can access mobile loans of up to Sh150,000 making it the digital loan app with the highest loan limit among apps that are accessible to everyone.

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Whats more is that borrowers enjoy the most affordable facility fee of 5 percent compared to the market price and interest fee of 2.96 percent per month.

The more one transacts the more they grow and improve their Timiza credit limit. In addition, one gets discounts and loan limit growth on early repayment.

Everyone can qualify for the loan if they have been an M-PESA subscriber for more than 6 months and actively use Safaricom services such as voice, data, and M-PESA.

In addition, a borrower must have a good rating and not be negatively listed by the Credit Reference Bureaus (CRB) or blacklisted by Safaricom on Okoa Jahazi.

Once a loan application is approved and the loan is processed, the money is deposited into the customer’s Absa Timiza Account.

The customer can then access it by transferring it to their M-PESA account or directly sending it to another Timiza user.

Withdrawal from Timiza wallet to M-pesa is charged Sh25 for amounts less than Sh1,000, and Sh32 for amounts higher than Sh1,000. Transferring money between Absa Timiza accounts is free of charge.