Banks offering unsecured loans in Kenya 2020
Looking for banks offering unsecured loans in Kenya 2020? Well, I’ve got you covered.
Unsecured loans are loans that you take without providing assets or collateral for. The loans are less risky since there’s no danger of losing your assets if you can’t pay off the loan.
Contrary to secured loans, unsecured loans give you flexibility and you can get them whether you own a house or not since you don’t need collateral.
Here are some banks offering unsecured loans in Kenya;
The Kenya Commercial Bank offers unsecured loans to its members through its product KCB Mpesa which is a partnership with Mpesa.
To get this loan, you can be either a Kenya Commercial Bank member or be an active Mpesa user.
Prior to KCB Mpesa loan application, you need to have used your Safaricom line for a period of six months. You must also be credit worth with no negative listing on the Credit Reference Bureau, (CRB) Regulation 2013.
The amount of loan you’ll receive is calculated according to your account’s cashflow.
To get a KCB Mpesa loan, go to the Mpesa menu and select Loans and Savings. Click on KCB Mpesa and activate and after activation, you’re given a loan limit per your financial status and credibility.
The loan is deposited to the KCB Mpesa account where you can withdraw through Mpesa.
KCB Mpesa Loan Features
- Instant borrowing upon activation.
- Loan application is done via Mpesa menu.
- The loan limit ranges from Ksh 50 to 1 million.
- The loan limit increase upon early or on-time payment of the previous loan and increase in savings.
- 30-day repayment period.
- Loan repayment can be either through the KCB Mpesa account or Mpesa.
- Late payment may cause additional charges and/or negative listing.
CBA Loop is an internet banking platform of the Central Bank of Africa that gives you control to bank anywhere, anytime.
To be able to use CBA Loop, you must have a CBA Loop account that you get by signing up through the Android or iOS app or through the CBA Loop website.
Once you open the app or the website, you can log in if you already have an account and sign up if you don’t. While signing up, you will be required to fill; your first name, last name, date of birth, phone number, ID number, nationality, etc.
After filling all the required information, read and understand the terms and conditions carefully before you accept them. Place an order for your loop card to complete the sign-up process. When placing an order for it, you will be asked to select the region, the loop store and the location where you want to pick the loop card from.
For you to get a loan from CBA Loop, you also have to be eligible. Eligibility is achieved through your loop activity. The more active you are involved with Loop, the higher your chances of getting a loan are. You become active on Loop by using it in your daily transactions like paying bills, banking, sending money to others all through your loop account.
To apply for a Loop loan, on your app or on the website click on request loan and choose the amount of money you would want to ask for and also choose the repayment period. The minimum one can request for is Kshs.50,000 while the maximum is Kshs. 3,000,000. The repayment period is anywhere between 6 months and 36 months.
Verify your loan application and then confirm it. Loop will then immediately email you a loan offer. Make sure you read the loan offer and comprehend it before going to the next step.
To accept or reject the loan offer presented, log in to the loop app and click the loop loan option. Follow the prompts and then enter the loop loan offer reference number. If you end up accepting the loan offer the amount will be deposited into your loop account.
Timiza by Barclays
Timiza is another way to get an unsecured loan in Kenya. It is a product of the Barclays Bank that gives you a quick access to credit without having to go through the long processes associated with taking loans.
To be eligible for a Barclays Timiza loan you need to be an active Mpesa user for at least six months prior to the loan application.
You also need to ensure that you have been undertaking transactions on Barclays Timiza. To increase our chances of getting your loan request approved, you need to have been actively using other Safaricom services prior to your application of the loan.
When applying for the loan, install and log in to Timiza app by filling the necessary credentials.
Go to My Loans and select Request Loan and enter the amount you wish to borrow. The loan will be deposited to your Barclays Timiza deposit account and you can withdraw through Mpesa.
NIC Mobile Banking
NIC Bank is also one of the banks offering unsecured loans in Kenya in 2020.
Their mobile loan solution allows NIC Mobile banking customers’ access to instant low-cost loans on a self-service basis anytime, anywhere. It provides a convenient and cost-effective avenue to meet short term financial needs.
To access the NIC mobile loans, dial *488# and follow the steps or access it through the NIC NOW App.
- The minimum loan amount is KES 100,000
- The maximum loan amount is KES 4,000,000
- Repayment period of up to 72 months
- Certified copy of ID/ valid Passport for non–Kenyans
- KRA PIN Certificate/ equivalent tax certificate for Diaspora clients.
- Latest three (3) months payslips (6 for commission staff)
- Latest six (6) months bank statements (12 for commission staff)
- Proof of residence document
- Letter from employer (In NIC Bank format )
- Check-off letter (where applicable)
- Current Contract Letter must be provided by Customers employed on contract, Commission income earners and expatriates.
- Rental income should be channeled through NICB account & Original or certified true copy of tenancy agreement provide, supported by Deed of Rental Assignment upon loan approval.
The above are some of the banks offering unsecured loans in Kenya in 2020.