Mobile lending apps have become an easy source of funds for all citizens of Kenya who qualify. For Kenyans who do not have accounts with banks and other financial institutions, online and mobile loans come in handy. With the growth of mobile money like that of the Zenka loan app, funding is not much of a problem.
The digital loan has helped with access to finance, very easy to
come by and with minimal fuse. Let us discuss Zenka loans and all you need to
know.
What’s new with Zenka? This mobile lender has brought back their
61 days interest-free loan for first-time customers. That and also, 30 days
repayment period for repeat customers.
Zenka is one of the money lending companies still
offering mobile loans in Kenya despite the Covid-19 economic downturn. To help
Kenyans, they brought back the 61-day interest-free repayment offer for new
customers!
The Zenka application is straightforward and takes
less than 3 minutes to sign up and apply for a loan. Upon approval, money is
sent directly to your phone via Mpesa in less than 5 minutes.
What makes Zenka loans best
and reliable for any Kenyan is that they don’t require any collateral or
registration fees, are approved fast, and one can access higher loan amounts at
a low fee. ( Check Zenka loan extension offers below.)
Zenka also has a referral
programme that allows its customers to withdraw their monies regardless of
having a loan or not.
How does the
Zenka loan App work and is my data secure?
The Zenka loan application
uses machine learning algorithms to access the individual’s credit profiles,
process various data entries, and design the ideal loan product for a person.
Some of the data collected
are GPS data, device information, contact list, SMS log, call log and repayment
history. Information collected by Zenka is solely for the purpose of
determining your eligibility to get a loan with them.
You need to give your consent
before the application can access your information. The collected data is then
used to verify the customer’s identity, protect his/her identity, as well
as create a credit score for him/her. ( Zenka confirms that your data is secure
and no information is shared with Third parties.)
Eligibility
and requirements to get a loan from Zenka.
Before applying for a
Zenka loan online, these are the requirements:
·
National Identification number,
·
Smartphone,
·
Safaricom line registered with Mpesa.
In short, input your general
details and add a security question to secure your account. After, Zenka will determine your
eligibility by checking your credit through CRB.
How you use your phone will
also be considered. Mainly transactional messages and other relevant data that
goes into verifying you as a positive candidate to get their loans. Zenka will not
share your information with third parties or contact persons on your phone list.
After satisfying the above
requirements, use the following procedure to apply for a Zenka Loan:
·
Go to Zenka.co.ke
·
Download the Zenka Loan app and install it.
·
Open the application after installing it.
·
Use your phone number to register.
·
Fill in the form that will be provided so that Zenka Finance can
conduct a review. You will be required to fill out your name, National ID
number, and date of birth.
·
Wait for feedback to proceed with your loan application.
·
Once your information is validated, you will be redirected to
the loan offer page where you will borrow the loan.
·
Submit the loan request and wait for approval.
·
After approval, you will receive money in your Mpesa account.
How to apply
for a loan with Zenka.
Zenka loan limit ranges from
Kshs. 500 to Kshs. 20,000 while the repayment period ranges between 1 to 61
days for first-time users and 30 days for repeat customers. Pay your loan on
time to increase your loan limits.
·
Download
the app from their website, Google
Playstore, or Apple
store.
·
Fill
in the application with your name, phone number, email e.t.c.
·
Input
amount you require within the set limit,
·
Once
approved, you will receive the money into your mpesa account within minutes.
This Lender allows you to apply
for another loan even if you have an existing one with them, as long as it’s
within your awarded limit.
Having debts on many lending
platforms may limit your chance of being approved of a loan from most lending
apps.
Please note that Zenka does
not have a USSD option. *841# is inactive and unavailable for feature phones.
Disbursement
and repayment of Zenka loans.
Once you qualify to get a loan
with Zenka, you will get money in your Mpesa account within 5 minutes. . Money
borrowed is full money received as Zenka does not deduct interest fees upfront
when you take a loan with them.
For a first-time user, you will
be charged a processing fee of 9-39 percent of the principal amount. That will be
around Ksh 45- Ksh 870. Let’s look at a representative example and the exact
cost of a loan.
A 61-day loan with a principal amount of KSh 1,000, the
processing fee will be Ksh. 290 and the total amount due will be KSh 1,290.
(This is exclusive of the processing fee.)
*Calculation
is indicative and might vary with each borrower.*
Penalty charges will incur
every day for late repayment. Luckily, you can beat this by calling Zenka prior
to your due date and ask for a loan extension.
To repay your Zenka loan, use
the Zenka pay bill 979988. Your account number is the line
that was used to borrow the loan.
·
Open your Mpesa menu,
·
Select the Lipa na Mpesa option,
·
Click Paybill, and input 979988 as the business number.
·
Use your phone number (the one registered with Zenka) as the
account number.
·
Enter the amount you want to repay,
·
Enter your Mpesa pin then authorise the transaction.
·
Wait for an SMS confirmation from Mpesa.
What are the
penalties for late repayments for Zenka?
A 2% interest daily on the
default of your loan is charged when you default. However, Zenka offers you a
unique option of loan extension if you cant repay your loan on time. At a charge of course, but
cheaper than daily penalties right? The extensions are for 7,14 and 30 days.
How do I
apply for a loan extension via Zenka Loan App?
• Start the application,
• Select your extension term,
• Click on “Extend now”, an extension screen with offer details will appear,
• Click on “Extend” and follow the payment link.
After your extension payment is successfully processed, the due date of your
loan will be updated. You will then receive an SMS notification.
Offers,
Promotions, and rewards from Zenka?
For every referral, Zenka
awards Ksh.200 which you can withdraw straight to your Mpesa even if you have
an active loan with them.
Zenka
Contacts.
Do you have questions or need
online support? To contact Zenka, try these socials.
·
Facebook
·
Twitter
·
Website
Want to talk directly to
Zenka Customer Care? Call using this working phone number: 0207650878.
If interested in visiting
their offices, their working hours: 8 a.m- 5 p.m.
Prefer to send an email? ask questions or send queries? Try support@zenka.co.ke