Top 5 Digital Banking Platforms to Get a Loan

Top 5 Digital Banking Platforms to Get a Loan

The importance of digital banking in acquiring loans cannot be emphasized enough. We always go low on finances and when that happens, we look for quick solutions such as loans to change the situation.

Below are five of the best digital banking platforms that you can acquire a loan from almost instantly.

  1. NCBA Loop

NCBA Loop is a digital banking service from NCBA Bank for its customers. You can get a loan of up to Kes. 3 million and a repaying period of up to 3 years through Loop without requiring any paperwork by simply applying in the app.

Also read: How to transact & access CBA Loop loan

To maximize your eligibility for the loan and increase your loan limit you should make Loop your primary account for all your monthly transactions including your income. They charge an interest rate of 13% p.a.

  1. Family Bank PesaPap

PesaPap is a digital banking platform from Family Bank that enables customers to bank easily and secure loans conveniently. You can acquire the loan through the PesaPap App or by dialling *325#.

Also read: How To Apply & Repay PesaPap Loan

Your saving patterns and account usage will determine the loan eligibility and limit. The loan interest rate is 6.62% which is recoverable upfront. The loan can be paid in full once or repaid in instalments over the 30-day loan period.

  1. KCB Vooma App

KCB Vooma is a product of KCB Bank that allows its customers to access mobile loans easily and conveniently. You are required to be a regular saver and user of the Vooma wallet in order to be eligible for the loan.

Also read: How VOOMA works & KCB mobile wallet app

You can get the loan from the Vooma app, KCB app or by dialling *522#. The interest rate is at 6.91% with a repayment period of one month. The loan is deposited to your KCB account upon approval.

  1. ABSA Timiza

Timiza is digital banking platform from ABSA that loans both their account holders and non-account holders. Timiza charges an interest rate of 1.083% in addition to a facility charge of 5% which is quite low as compared to other lenders.

The app scans your MPESA transactions and account usage for account holders to determine your eligibility for the loan.

Also read: How to apply for a loan with Timiza App

You can borrow up to Ksh.150000 depending on your limit. After loan approval the money is deposited into your Timiza wallet and from there you can withdraw to your MPESA or bank account. The repayment period is 30 days.

  1. Co-operative Mcoop Cash

This is a digital banking platform for Co-operative Bank customers which they can use to access loans. You can borrow up to Ksh.200000 depending on your account savings.

Also read: How to apply for co-operative bank loan – Mco-op Cash

The interest rate is 8% which is deducted upfront with a repayment period of 1 month or 3 months depending on what you choose. Once approved the money is deposited to your account.