The Zenka loan app is one of the most preferred loan apps in Kenya, offering new customers their first loan interest-free. When you borrow Ksh 1,000 as your first loan, you only need to repay Ksh 1,000. The app has also gained popularity due to its quick processing time, disbursing loans within minutes of approval.
What are Zenka’s eligibility requirements?
To apply for funding with Zenka, simply download the app from the Google Play Store, create an account, and complete the loan application form. You will then provide personal information such as your first name, last name, ID number, phone number, a 4-digit PIN number, and answer a security question of the choices provided.
How much does Zenka offer?
Zenka loans range from Ksh 500 to Ksh 30,000. After the first interest-free loan, subsequent Zenka loans will incur an 11% interest fee if repaid on time.
What is the interest rate charged by Zenka?
For Zenka loans ranging from Ksh 500 to Ksh 42,000 with a repayment period of 61 days, the interest rate on each loan will vary between 9% and 39%, with the total cost, including fees, also falling within this range.
How to apply for a Zenka loan
To apply for a Zenka loan:
- Download the Zenka app from the Google Play Store.
- Complete the brief application form.
- Select the amount of money you need.
- Sign up with Zenka.
- Wait for your application to be reviewed.
- Once approved, the funds will be transferred to your M-Pesa account.
Zenka loans are approved in just five minutes.
How long does Zenka take to disburse a loan?
The Zenka Loan is disbursed within minutes if you qualify. This makes it a convenient option in urgent financial situations.
Read: The Top 10 Loan Apps in Kenya
How can I check my Zenka loan limit?
You can easily check your Zenka loan limit by logging into your Zenka loan account. Once logged in, your loan limit will be displayed if available. If it’s not yet updated, the app will prompt you to check again later.
How to Repay Zenka Loan using M-Pesa
- Open M-Pesa
- Go to Lipa na M-Pesa.
- Enter the pay bill number 979988
How to Repay Zenka Loan using the Zenka Loan App
To repay your loan via the Zenka loan app:
- Open the application.
- Scroll down and click on “Repay.”
- Select or adjust the default repayment amount (open amount).
- Click on “Repay now” and follow the payment link.
- You can also pay a Zenka loan using the Zenka loan app.
What are the consequences of not repaying my Zenka loan?
Zenka will charge a late payment interest of 1% per day on the outstanding principal. Customers may also be downgraded to lower loan limits or may not be eligible for future loans. Additionally, borrowers who do not repay on time may be referred to debt collectors and reported to Credit Reference Bureaus (CRBs).
Can Zenka report you to CRB?
If you borrow more than Ksh 1,000 and fail to repay, your details may be submitted to the CRB. However, licensed lenders are obligated to notify you before reporting your information to a CRB.
Does Zenka offer Loan Extensions?
Yes, Zenka offers a loan extension feature that allows you to postpone your due date by 7, 14, or 30 days. Fees will apply and will be displayed when you request the extension, varying based on the length of the extension.
How many times can you extend a Zenka loan?
You can extend your loan for 7, 14, or 30 days, or any other period offered by Zenka from time to time, as determined by Zenka for your account. The extension fee will be shown in your account before you apply for the extension.
How can I get in touch with Zenka loan?
You can reach Zenka by calling +254 (0) 207650878.