In the past five years, digital loans have transformed the market for credit in Kenya. For millions of adults, the possibility of borrowing from their phones has opened the door to private, formal consumer credit for the first time. Yet the pricing, marketing and potential misuse of these products coupled with the extensive negative reporting of borrowers who have failed to repay these relatively small loans has raised a growing chorus of concern about their design and the adverse impacts they have on borrowers and the financial system more broadly. This note explores the survey evidence on