Mobile loan without app

Loans in Kenya have become synonymous with application installation where you have to own a smartphone install the application and then check if you are eligible for the loan.

If you are eligible then you can go ahead and request a loan.

And as this century has been characterized as the dawn of technological advancement, not everyone has been able to adapt to these changes. This is because these innovations do come at a price and not everyone may be able to accommodate this.

With the ongoing pandemic, Corona Virus disease has seen to it that most Kenyans have lost their jobs. This followed a spiraling downfall of the country’s economy.

Several residents of Nairobi have had to go back to their rural areas due to a lack of survival means in the capital. However, Safaricom has come to the rescue of the common mwananchi. You can now own a smartphone with as little as Ksh. 20.

This is such a relief as many Kenyans, especially they lower cadre ones, who do not own smartphones are locked out.

Statistics show that about 5 million Kenyans own button phones which are popularly known as mulika mwizi.

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But thanks to a few companies, this year has come with good news as these Kenyans can now access these quick loans during these harsh economic times without necessarily subscribing to any mobile loan apps in Kenya.

The companies employ the use of a short URL code to offer their loans and/or USSD code.

These companies that offer mobile loan without smartphone, include Zenka which offers Zenka product HF Group which offers HF WHIZZ product, OkoaMia Ventures Ltd. Which offers OkoaMia , Barclays which offers Timiza, and Capital Ltd which offers Bayes.

Loans without apps

1. ZENKA – USSD code *841#

Zenka is the most recent product and is a loan service offered by Zenka. It offers loan amounts ranging from KES 500 to KES 10,000

• Its interest fees are at 11%
• Its repayment duration is 30 days
• Loan repayment can be done via Repay now button on the loan app, alternatively, one can send money to PAYBILL 979988 and use your mobile number as the ACCOUNT NO.
• It is available as an app via at/dnL04 and also on USSD code *841#

2. HF WHIZZ – USSD code *618#

HF Whizz is a loan service offered by HF Group and it offers loan amounts ranging from KES 500 to KES 50,000. It was also recently released.

• Its interest fees are at 7.725%
• Its repayment duration is 30 days
• Loan repayment can be done via the app, alternatively, one can send money to PAYBILL 100400 and use your HF Whizz account no as the ACCOUNT NO.
• It is available as an app via at/ltA01 and also on USSD code *618#

3. BAYES – USSD code *879*99#

1. Bayes is a loan service offered by PI Capital Ltd and It offers mobile loans without a smartphone of amounts ranging from 500 to 25,000.

• Its interest fees are at 20%
• Its repayment duration is 30 days
• Loan repayment can be done via the repay button on the loan app, alternatively, one can send money to PAYBILL 599862 and use your id number as the ACCOUNT NO.
• It is available as an app via at/pCIR2 and also as USSD code *879*99#

4. TIMIZA – USSD code *848#
Timiza is a loan service offered by Barclays and It offers loan amounts ranging from KES 50 to KES 100,000

• Its interest fees are at 6.08%
• Its repayment duration is 30 days.
• Loan repayment can be done via the repay button on the loan app, alternatively, one can send money to PAYBILL 30067 and use your mobile number as the ACCOUNT NO.

It is available as an app via at/doAR4 and also on USSD code *848#

5. OKOA MIA – USSD Code *628#

OkoaMia is a loan service offered by OkoaMia Ventures Ltd and It offers loan amounts ranging from KES 100 to KES 900

• Its interest fees are at 10%
• Its repayment duration is 5 days
• It is available on USSD code at *628#
• Loan repayment can be done via sending money to PAYBILL 519608
• use your ID number as the ACCOUNT NO.

6. KCB M-PESA – USSD code at *844#

KCB Mpesa is a partnership between the Kenya Commercial Bank (KCB) with Mpesa through Safaricom.

This is another platform that offers mobile loans without a smartphone. It started in 2015 as a saving account and has been active ever since. It is possible to borrow without saving, and the loan disbursed through KCB Mpesa Menu on your phone.

The minimum loan limit is Ksh 50 and a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per month, with a one-off negotiation fee of 2.5%.

The cost of a month’s loan is 3.66% with excise duty applicable to payments.

Conditions for Loan eligibility on KCB Mpesa

Being an active registered Safaricom Mpesa customer for six months is enough to qualify for a loan. Dial *844# and follow user prompts to activate our KCB-Mpesa account.

How to increase your KCB Mpesa Loan Limit

KCB Mpesa assess your loan repayment behavior, saving history, and monitors your Mpesa transactions activity to determine the amount of loan limit for you.

NOTE: KCB M-PESA and Mshwari are accessible through Mpesa Menu on your phone or the Safaricom App. KCB Mpesa is also available through the KCB App.

7. MSHWARI

Mshwari is a Mobile banking service offered through M-Pesa in partnership with the Commercial Bank of Africa (CBA).

The minimum loan amount that can you can borrow is Ksh 100, and the maximum loan limit is unknown.

To qualify for a higher loan limit; one is required to have repaid the first loaned amount on time, and also increase your saving amount in your account.

Mshwari loans usually have a repayment duration of 30 days and attract an interest rate of 7.5%. Loan disbursement is done through Mpesa and processed in less than five minutes.

It is important to note that this is one of the best mobile loan solutions that are easy to get with minimum requirements.

Loan application requirement on Mshwari

To qualify for a loan from Mshwari loan, you must meet the following criteria:

• Be a Safaricom subscriber and have MPESA enabled for your line.
• A registered and active MPESA line used for six (6) Months
• Active Mshwari account
• An updated MPESA menu

Safaricom has introduced a product by the name Fuliza. It has different terms as compared to Mshwari.