From bank loans to digital lenders — see the true cost of borrowing, not just the headline rate. Compare products from institutions listed below.
Select 2–4 products below to compare them side by side.
A secured loan requires collateral — such as a fixed deposit, salary, or asset — and typically comes with a lower interest rate because the lender has less risk. An unsecured loan doesn't require collateral, relying instead on your income and credit history, and usually carries a higher interest rate to offset that added risk. Most bank personal loans in Kenya are unsecured against salary (repaid via check-off from your payroll), while some digital lenders offer smaller unsecured loans based purely on your mobile money and repayment history.
The Central Bank of Kenya requires lenders to disclose a "Total Cost of Credit" alongside the headline interest rate, which includes bank fees and charges, third-party costs like insurance and legal fees, and government levies — not just the interest itself. This is designed to let you compare loans on a like-for-like basis, since a loan with a lower advertised rate can still end up costing more once fees are added. Always ask for this full breakdown before signing, rather than comparing interest rates alone.
Traditional bank loans generally offer larger amounts and lower rates but require more documentation — payslips, bank statements, and sometimes a guarantor — and can take days to disburse. Digital lenders (mobile loan apps) disburse much faster, often within minutes, based mainly on your mobile money and repayment history, but usually charge significantly higher rates for smaller, shorter-term amounts. Which makes sense depends on how much you need, how fast, and what you can qualify for.
Bank loans typically take a few days to a couple of weeks depending on documentation, while digital lender apps can disburse within minutes based on your mobile money history — though usually for smaller amounts at higher rates.
A secured loan requires collateral, such as a fixed deposit or asset, and usually comes with a lower rate. An unsecured loan doesn't require collateral and relies on your income and credit history instead, typically at a higher rate.
It depends on the lender and how severe the listing is — some lenders will decline outright, while others may still lend at a higher rate or smaller amount. Clearing the underlying debt and getting your CRB status updated improves your options significantly.
It's a full breakdown lenders in Kenya are required to disclose, covering the interest rate plus fees, insurance, and other charges — not just the headline rate. Comparing this figure, rather than just the advertised interest rate, gives you the true cost of a loan.
Typically your ID, KRA PIN, and recent payslips or bank statements if salaried. Digital lenders often need far less — sometimes just your phone number and mobile money history.
A reducing-balance rate is calculated on the outstanding balance as you repay it, so it's usually cheaper overall than a flat rate charged on the full original amount for the whole term, even when the advertised percentage looks similar.
This information is for general guidance only and isn't financial advice. Rates, minimums, and terms vary by institution and can change — always confirm current details with the institution directly before making a decision. Read our full disclaimer.