Borrowing with the Zenka Loan App

Zenka has emerged as one of the top loan apps in Kenya, particularly appealing to new customers with its unique offer of an interest-free first loan. For instance, if you borrow Ksh 1,000 as your initial loan, you’ll only need to pay back Ksh 1,000. Its swift processing times also contribute to its popularity, with loans being disbursed just minutes after approval.

Eligibility Criteria for Zenka

To secure funding from Zenka, you need to download the app available on the Google Play Store. After creating your account, fill out the loan application form, providing details such as your first name, last name, ID number, phone number, a 4-digit PIN, and answering a security question.

Loan Amounts Available Through Zenka

Zenka offers loans ranging from Ksh 500 to Ksh 30,000. Following the first interest-free loan, any subsequent loans will incur an 11% interest fee if repaid on schedule.

Interest Rates for Zenka Loans

For loans between Ksh 500 and Ksh 42,000 with a repayment period of 61 days, the interest rates can range from 9% to 39%. The total repayment cost, including applicable fees, will fall within this range.

Steps to Apply for a Zenka Loan

To apply for a loan through Zenka, follow these steps:

1. Download the Zenka app from the Google Play Store.
2. Fill out the short application form.
3. Choose your desired loan amount.
4. Register with Zenka.
5. Await the review of your application.
6. If approved, funds will be sent directly to your M-Pesa account.

Zenka’s loan approvals typically occur within just five minutes.

Loan Disbursement Timeline

If eligible, Zenka loans are disbursed almost instantly, making it an excellent option for urgent financial needs.

Checking Your Zenka Loan Limit

You can check your loan limit by logging into your Zenka account. Your available loan limit will be displayed upon logging in. If the information is not updated, the app will advise you to check back later.

Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya

Repayment of Zenka Loans via M-Pesa

To repay your loan using M-Pesa, follow these steps:

1. Launch M-Pesa.
2. Select Lipa na M-Pesa.
3. Enter the paybill number: 979988.

Repaying Through the Zenka App

To settle your loan using the Zenka app:

1. Open the application.
2. Scroll down and tap “Repay.”
3. Select or modify the repayment amount if needed.
4. Click “Repay now” and follow the payment link.

Consequences of Late Repayment

If you fail to repay your Zenka loan on time, a late fee of 1% per day on the outstanding principal will apply. Additionally, you may face reduced loan limits or ineligibility for future loans. Persistent late payments can result in referrals to debt collectors and reporting to Credit Reference Bureaus (CRBs).

CRB Reporting by Zenka

Should you borrow over Ksh 1,000 and default on repayment, your details may be reported to the CRB. However, licensed lenders must inform you prior to submitting your information to a CRB.

Loan Extension Options

Zenka provides a loan extension feature that allows you to defer your repayment date by 7, 14, or 30 days. Fees will apply, which will be communicated to you at the time of requesting the extension, depending on its length.

How Many Times Can You Extend a Zenka Loan?

You can extend your loan for the specified periods of 7, 14, or 30 days, or any other duration offered by Zenka. The associated extension fee will be visible in your account before you apply.

Contacting Zenka Loan

For assistance, you can contact Zenka at +254 (0) 207650878.

About Post Author

Wachira Jefferson

http://digitalbankingnews.co.ke

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