Kenya offers one of Africa's most diverse lending landscapes. Whether you need KES 500 for a quick emergency or KES 5 million for a major purchase, there's a loan product for you. This guide walks you through every step of the loan application process.
Types of Loans Available in Kenya
Mobile Loans
Fuliza, M-Shwari, Branch, Tala
Bank Personal Loans
KCB, Equity, NCBA, Stanbic
SACCO Loans
Mwalimu, Stima, Harambee
Microfinance Loans
KWFT, Faulu, SMEP
Step-by-Step: How to Get a Loan
Assess Your Needs
Determine exactly how much you need and why. Borrow only what you can repay comfortably.
- Calculate total cost including interest
- Consider if you really need a loan
- Have a clear repayment plan
Check Your Eligibility
Different lenders have different requirements. Know what you qualify for before applying.
- Check your CRB status first
- Verify your M-Pesa limit for mobile loans
- Know your SACCO share balance
Compare Options
Don't take the first loan you see. Compare interest rates, fees, and terms across lenders.
- Use PesaMarket to compare rates
- Check total cost, not just monthly payment
- Read all terms and conditions
Gather Documents
Prepare all required documents before applying to speed up the process.
- Get recent payslips (last 3 months)
- Download bank statements (6 months)
- Have KRA PIN certificate ready
Apply
Submit your application through the lender's preferred channel.
- Double-check all information
- Provide accurate contact details
- Be honest about income and debts
Receive & Manage Funds
Once approved, receive your funds and use them responsibly.
- Use funds for intended purpose
- Set up repayment reminders
- Avoid taking additional loans
Document Requirements by Loan Type
| Document | Mobile | Bank | SACCO |
|---|---|---|---|
| National ID | |||
| KRA PIN | - | ||
| Payslips (3 months) | - | Sometimes | |
| Bank Statements (6 months) | - | - | |
| Employment Letter | - | - | |
| SACCO Membership | - | - |
Tips to Improve Your Loan Approval Chances
Do This
- Clear any existing CRB listings before applying
- Maintain consistent M-Pesa transactions
- Start with small loans and repay on time
- Apply during business hours for faster processing
- Provide accurate information on applications
Avoid This
- Applying to multiple lenders simultaneously
- Providing false income or employment info
- Borrowing more than you can repay
- Ignoring repayment deadlines
- Using unlicensed or scam lenders
Frequently Asked Questions
What documents do I need to get a loan in Kenya?
For mobile loans: National ID only. For bank loans: National ID, KRA PIN, payslips (last 3 months), bank statements (6 months), and proof of residence. Self-employed need business registration and financial statements.
How long does it take to get a loan approved in Kenya?
Mobile loans: Instant to 10 minutes. Bank personal loans: 1-3 days. Secured loans (car, mortgage): 1-4 weeks. SACCO loans: 1-7 days depending on the SACCO.
Can I get a loan with bad credit in Kenya?
Yes, but options are limited. Mobile loans like Fuliza and M-Shwari use M-Pesa history, not CRB. Some microfinance institutions also lend to those with poor credit at higher rates.
What is the minimum salary to get a loan in Kenya?
Banks typically require KES 15,000-30,000 minimum salary. Mobile loans have no minimum salary requirement - they assess M-Pesa transaction history instead.
How much loan can I qualify for in Kenya?
Mobile loans: up to KES 500,000 (Branch). Bank loans: typically 3x your net salary. SACCO loans: up to 4x your shares. Secured loans: based on collateral value.
Ready to Apply for a Loan?
Compare loan options and find the best rates for your needs.