đ° Debt Consolidation Loans in Kenya
Simplify your finances by combining multiple debts into one manageable payment. Compare debt consolidation loans with lower interest rates.
Calculate Your Debt Consolidation Loan
See exactly how much you'll pay each month
Best Loans for Debt Consolidation
Mogo Car Logbook Loan
Mogo Kenya
2.5% - 4% p.a.
KES 50,000 - 5,000,000
Letshego Personal Loan
Letshego Kenya
5.25% - 24% p.a.
KES 250 - 500,000
Faulu Imara Loan
Faulu Microfinance Bank
9.5% - 34% p.a.
KES 10,000 - 3,000,000
KCB Personal Secured Loan
Kenya Commercial Bank
11% - 14% p.a.
KES 100,000 - 20,000,000
ABSA Unsecured Check-Off Loan
ABSA Bank Kenya
13% - 16% p.a.
KES 50,000 - 5,000,000
Equity Personal Loan
Equity Bank Kenya
13% - 16% p.a.
KES 50,000 - 5,000,000
KCB Personal Car Loan
Kenya Commercial Bank
13% - 15.5% p.a.
KES 300,000 - 15,000,000
Stanbic Personal Loan
Stanbic Bank Kenya
13% - 17% p.a.
KES 100,000 - 15,000,000
Tips for Getting Debt Consolidation Loans
- đĄCalculate total current debt including interest before consolidating
- đĄOnly consolidate if you get a lower overall rate
- đĄAvoid taking on new debt after consolidating
- đĄConsider the total cost over the loan term, not just monthly payment
- đĄSome lenders offer direct payoff to existing creditors
Frequently Asked Questions
What is debt consolidation and how does it work?
Debt consolidation combines multiple debts (credit cards, loans, overdrafts) into one loan with a single monthly payment, ideally at a lower interest rate. You take a personal loan, pay off existing debts, and then repay the consolidation loan over time.
Is debt consolidation a good idea?
Consolidation makes sense if: 1) You can get a lower interest rate, 2) You want to simplify multiple payments, 3) You need to reduce monthly payments. It's not ideal if it extends debt significantly or if you'll accumulate new debt.
Can I consolidate mobile app loans?
Yes, you can use a bank personal loan to pay off multiple mobile app loans (Tala, Branch, M-Shwari). This often reduces your effective interest rate from 100%+ p.a. to 15-20% p.a. Ensure the new loan amount covers all existing debts.
How do I qualify for a debt consolidation loan?
Requirements include: Proof of existing debts to consolidate, income verification (payslips or bank statements), national ID, KRA PIN, and acceptable CRB status. Some lenders are stricter - shop around if you have credit issues.
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