If you are looking for a loan app to get quick cash for emergencies, then the Zenka loan app is just what you need.
In today’s economy, where there is a constant rise in unexpected financial needs, having quick access to cash is one of the many wishes of people who have little to take care of their needs.
The long loan process and stringent requirements from commercial banks have also not made it easy for individuals.
The advent of lending platforms seems to have helped in solving this problem, but this does not come without challenges.
Their terms and conditions for a loan do not really take the plight of borrowers into consideration.
Furthermore, some lending platforms charge high interest and extra fees during loan applications.
This can make it very difficult for repayment, adding that their repayment schedule might not be favorable.
Despite that, there are still good and reliable loan platforms in Kenya that take care of the urgent needs of their customers.
Zenka Loan App is one of these platforms, and it has stood the test of time over the years.
This loan platform has garnered lots of awards, among them being the most preferred loan app in 2020.
In this article, we will show you in detail every process involved in applying for a Zenka Loan.
We will also detail the requirements and some of the questions frequently asked by customers.
So, I implore you to read carefully to the end so that you can make an informed decision.
About Zenka Loan
Zenka Loan is one of the best loan companies in Kenya that provides instant cash to its eligible customers.
They do not only offer loans to individuals but also to businesses with flexible repayment terms.
Additionally, their interest rate is relatively low, which makes it easy for borrowers to repay.
The loan company eliminates the long loan process and stringent requirements from commercial banks.
So, borrowers are able to access the wide range of loan packages from Zenka Loan on their phone in minutes.
One benefit that Zenka Loan offers to its customers is that they can apply for a loan using any device.
So, if you are using an Android phone, iPhone, iOS, or even a button phone, you stand a chance of getting a loan from Zenka.
Zenka Loan believes in the people of Kenya who have potential, so they are committed to providing instant cash to meet their needs.
How does a Zenka loan work?
Zenka is an online platform that gives borrowers in Kenya loans with low interest and good repayment terms.
Borrowers can get a minimum of Ksh 500 and a maximum of Ksh 50,000.
However, the amount you can borrow from Zenka depends on the method used for the loan application and your eligibility.
For borrowers to access the loan, they need to be eligible, and the first step is downloading the mobile application, which is for those with smartphones.
Furthermore, they also made provisions for those without smartphones to be able to access their loan.
Borrowers can make use of the USSD code, but they need to register their phone number with Zenka.
Those who borrow with the USSD code have a limited amount of loan they can get compared to those who borrow with the mobile app.
Requirements for Securing a Zenka Loan
Downloading the Zenka mobile app is just one of the first requirements, but that alone does not guarantee that you will get a loan.
There are other requirements that are not difficult to meet, but not meeting one can make the loan company reject your application.
Below are some of the requirements and criteria.
- Eligible age is 18 years and above.
- Borrower must have a steady and verifiable source of income. This is to make sure that you will be able to repay the loan.
- Valid government-issued ID card
- Borrowers must have a bank account with updated information.
- A good credit score will give you a good advantage in qualifying for the loan.
- You might be asked to provide a social security number, if there is any, to help them check if your information is correct.
How to Apply for a Zenka Loan
Borrowers can apply for a Zenka loan either through the mobile app or by using the USSD code, which was stated earlier in this article.
These processes are easy and can be done by any individual who wants to get a loan from Zenka.
How to Apply through the Mobile App
Below are the steps for applying for a loan from the lending platform:
- Go to the Play Store on your device or the Apple Store.
- On the address bar, type ‘Zenka Loan App’.
- Click on ‘install’ and wait for it to download.
- After downloading the mobile app, launch the app and sign up.
- Input your phone number and a 4-digit PIN will be sent to your account to confirm your registration.
- Locate and click on loans on the dashboard.
- choose the loan amount you need.
- Provide all the necessary information and review your application. You will be able to see the loan repayment duration and interest.
- Once you are sure that all details are correct, click on ‘Get Loan’.
Zenka Management will review your application, and if you meet the requirements, they will credit your M-Pesa account instantly.
How to Apply Using the USSD Code
For those who do not have a smartphone and need a loan, Zenka has you covered.
You can use the USSD code to get a loan because it does not require an internet connection.
However, before you can apply, you have to register your phone number, and a user PIN will be generated, which will be needed for the loan application.
Below is the step-by-step process to apply.
- On your phone, dial *814#.
- Enter the user PIN generated.
- From the menu list, choose the loan amount you wish to apply for.
- Choose the repayment period that suits your financial situation.
- Provide any other information that is requested from Zenka.
- Confirm the application
- Zenka will send you an SMS concerning the status of the application, whether it is rejected or accepted.
Your M-Pesa account will be credited instantly if the loan application is approved.
You also have the advantage of increasing your loan limit by repaying the loan before the due date.
Interest Rate and Repayment
The interest on a Zenka loan ranges from 9% to 39%. However, the interest rate on a loan depends on the loan fee.
Additionally, they charge a one-time processing fee of around KSh 45 to KSh 5,800, which is also dependent on the loan.
The repayment period for the Zenka loan is 61 days, which can be paid in installments.
For example, a loan of KSh 1,000 would have an interest fee of KSh 290, and the total would be KSh 1,290, which can be repaid in 61 days.
Customers also have the chance to extend their loan repayment for up to 12 months.
How to Repay a Zenka Loan with the Mobile App
You can repay the loan through the Zenka Mobile app with the following steps:
- Open the mobile app on your phone,
- Locate and click on ‘Repay’
- Select the default repayment amount.
- Click on ‘Repay Now’ and follow the payment link.
Repayment of your loan on time helps you build a good credit history and increases your chance of getting a higher loan amount.
Penalty for Default
It is important to note that default in the loan repayment can attract penalties, so it is necessary to make the necessary arrangements for repayment.
Zenka charges a 1.5% penalty on the loan each day of the default, which will have a negative impact on your credit score.
If, for any reason, you do not meet the due date, you can apply for a loan extension.
This will give you more time to make the repayment and retain your credit score.
It is worth nothing that before you can apply for an extension, the loan should not be more than 30 days past due, and you can extend it to as much as 30 days.
Additionally, you have to make a payment fee if you want to successfully extend your loan.
How to Apply for a Zenka Loan Extension
To apply for a loan extension, make sure you have met the requirements before proceeding with the steps below.
- Launch the mobile app on your phone.
- On the dashboard, choose the extension period.
- Click on the ‘Extend Now’ button, and you will get a pop-up showing details of the extension offer.
- Click on the ‘Extend’ button and follow the payment link.
Once the extension payment is successful, Zenka will extend the due date of your loan repayment and notify you through SMS.
How to contact Zenka Loan
You can contact them in the following ways:
- Visit their head office at Mirage Tower 2, 12th floor, P.O. Box 29107-00100, Nairobi, Kenya.
- Send them an email at support@zenka.co.ke.
- Phone number: +254 (0) 207650878
- On social media: Facebook (Zenka Kenya) and Twitter (X) @ZeenkaFinance
Frequently Asked Questions (FAQs)
Will Zenka notify me of my upcoming loan due date?
Yes, you will receive an SMS reminding you of the loan due date.
Is it possible to apply for an additional loan more than once?
Yes, you can apply as many times as you want, unless you have exhausted your loan limit.
What language does the Zenka loan app use?
Zenka Loan only supports English for their mobile app.
Are there limits to using the loan extension feature?
No, there are none, so you can extend it as many times as possible.
Does Zenka charge an extension fee, and how much is it?
Yes, they charge, but that depends on the extension term.
In Conclusion
Zenka Loan is a reliable platform for everyone who needs instant cash for emergencies.
They have lots of benefits that set them apart from other lending platforms in Kenya.
Borrowers can apply for a Zenka loan using any of the means stated above in this article.
Additionally, their loan terms and interest rates are the best. However, it is important to note that defaulting on a loan leads to penalties.
So, borrow only what you can afford to pay without difficulty.
If you have any questions about the Zenka loan, let us know in the comments.
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