In recent years, hundreds of mobile loan apps have flooded the Kenyan digital lending market with new ones continuing to crop up every now and then.
However, according to a recent Google survey that involved all the Kenyan mobile loan apps on its platform (Play Store), only but a few were found to be preferred by various borrowers across the country and, therefore, the most downloaded.
Some of the employed metrics include; the App features, app simplicity, user satisfaction, product distinction, among others. Below are three apps that emerged among the top 10 in the survey and some of the reasons cited by users as to why they were their top preferences.
OKASH
OKash app has an advanced credit scoring system that comes with a flexible loan limit ranging between Sh2,500 and Sh50,000 with the disbursement of the loan taking less than five minutes.
OKash interest rate is among the lowest in the market (36% per annum) which basically translates to 3% per month with the processing fee ranging between Sh100 and Sh600 which is a one time fee.
To borrow a loan from OKash, all you need to do is download the app on Google Play store, if you are a new borrower, then fill in the requested personal information. After that apply for a loan and receive it immediately on your M-Pesa.
OPESA
OPesa loan app works by collecting data from your phone in the following ways:
a). Through the questionnaires, you fill up when applying for your first loan. The data collected include Your personal name, Date of birth, National ID, mobile phone number and other biodata.
b). Through app usages such as asking for clarification, participating in competitions and any other promotional activities offered within the app.
This data is then used by the loan provider to determine your credit score and hence the loan limit in addition to identifying you and your financial capabilities.
To download and install OPesa loan app in your phone will only require you to go to Google Play store, search 'OPesa', then download and install the app.
To apply for a loan, open your OPesa app and register using your Safaricom number then fill in the form provided by answering a few personal questions and you are good to go.
CREDITHELA
CreditHela comes with very elaborate clear guidelines for privacy protection. Sharing of client data is always put on the forefront by ensuring the app's 'Terms & Conditions' are an option of scroll through for CreditHela customers.
One can borrow any amount of money from CreditHela ranging between Sh1,500 and Sh80,000.
CreditHela loan application process is fast, efficient and simple. The loan is disbursed through M-Pesa in a matter of minutes. All you need is to register your information, apply and get your loan in your M-Pesa wallet.