“I urgently need an urgent loan of Ksh 20,000 which I want to settle my accumulated bills. I have not paid my rent for 2 months, I have been given a notice of 1 month to move out. My salary has been delayed and I have no any other option but to apply for urgent loan. I want to get a loan from a company that does not harass me. I don’t want to get a loan from a company that will charge interest of more than 24% per year. Which is the best loan company for me.
Answer
Loan amount—Ksh 100 to Ksh 50,000
Interest—6.3%
Join a Sacco and get a loan of Ksh 20,000 urgently. Most Saccos award loans within 24 hours. Their interest rate range between 6% and 18% per year.
Saccos are better than banks and loan Apps because they charge lowest interest rate. They will also not send your details to CRB in case you fail to pay in time.
Your bank will not hesitate to give you emergency loan. Before you contact any loan App, first apply for emergency loan from your bank.KCB Bank, Cooperative Bank, Equity Bank and Family Bank are among the best banks in Kenya.
KCB Mobile loan range between Ksh 1001 and Ksh 300,000. You should be operating the account for more than 6 months. Interest rate is from 1%.
Cooperative Bank offers Coop Cash loan of Ksh 1,000 to Ksh 500,000. The repayment period is 3 months. You should open a salary account and provide KRA Pin.
Timiza is owned by ABSA and is among the cheapest loan product in Kenya. The loan amount is Ksh 250,000. Interest is 5%.
Little Pesa offers instant loan of Ksh 5,000 to Ksh 200,000. The interest rates are 4.75%, 6.75%, 8.75% & 18.75% for Loan Tenures of 7, 15, 30 and 62 days respectively. Little Pesa has got good reviews.
Zenka Loan amount range between Ksh 500 and Ksh 30,000. They can give emergency loan of Ksh 20,000 if you repay consistently for more than 6 months.
Interest fee ranges between Ksh 45 and Ksh 870.
There are many loan Apps in Kenya but most of them will charge high interest rate,they will also not give you a loan of Ksh 20,000 instantly—you have to take a loan from them at least 6 months for you to qualify for 20k loan.
As I said earlier, Saccos are the best pace to get a loan of Ksh 20,000 from. Followed by Banks and Mpesa’s Mshwari.
