Zenka loans app is one of the most flexible personal loan platforms on the market offered by Zenka Finance Limited. This loan app comes with unique features that give Kenyans greater control over their finances.
To register on this platform is straightforward, and the application procedure is specific. You will receive your loan directly to your M-Pesa account after receiving a good approval decision.
The Zenka loan app is available to Kenyans on the Google Playstore. The app has a rating of 4.0/5.0 and over 1,000,00 downloads with 65,000 reviews.
The rest of this article shows you how to apply for Zenka loan apps, the interest rate, loan amount limit, duration, and other helpful information.
Zenka Loan Requirement
To get Zenka loans, you must own a Safaricom phone number with access to M-PESA service and must be at least 18 years old with a valid national identity number.
Generally, you must permit the app to access your phone’s data. Your phone’s data determine your creditworthiness and if you would be given a loan or not.
How to download the Zenka Loan App
Downloading the Zenka Loan App is not a difficult task at all. All you have to do is;
- Go to the Google Playstore and search for Zenka Loans. The required Zenka loan app will be the first app after the ads.
- Alternatively, you can visit this link to install the app on Google Play Store.
- Install the Zenka Loan app
- Launch the app for the first time, then, Complete the brief application form and decide how much money you’ll need, and join Zenka.
- You will be asked to provide information like your M-PESA account details, ID card, Safaricom phone number, and any other details.
- Provide the necessary details and you will be taken to the Homepage.
- Request for your desired loan and your application will be reviewed, and if approved, money will be deposited into your M-Pesa account.
- If you want additional features, make use of the flexible additional amount function, which allows you to add more money to your existing loan up to your current credit limit.
Generally, your phone’s data, including your SMS, apps installed, location, and details on your phone, are used to calculate your loan worthiness. Don’t be afraid if someone might steal your data; Branch uses end-to-end encryption, and they do not share your information.
Zenka Loan USSD Code
You can also request loans from Zenka Finance Limited using the available USSD code. The Zenka loan USSD code is *841# or *483*101#. All you need do is dial *841# using your Safaricom phone number and follow the onscreen instruction to request loans.
Zenka Loan Interest Rate
Like many financial organizations offering loans, Zenka receives a small amount of money from lending you money called interest. The interest you will pay is dependent on the interest rate and the duration of the loan.
The Zenka loan interest rate range from 9% to 39%. If you loan KSh 1,000, for example, and you choose 61 days for repayment, the interest rate or processing fee will be KSh 290. That means you will pay back KSh 1290.
Zenka Loan Amount Limit
The Zenka Loan app minimum loan amount is KSh 500, and the maximum loan amount is KSh 30,000. If you need more loans even when you haven’t paid back a loan, make use of our flexible additional amount function, which allows you to add more money to your existing loan up to your current credit limit.
Zenka Loan Repayment Duration
Zenka offers loan terms ranging from 4 – 52 weeks. So, the loan is repayable for a month, two months, six months, or 12 months. If you need more time, loan extensions give you more control over your loan by letting you postpone your due date by 7, 14, or 30 days.
Zenka Loan Repayment Date Extension
As mentioned earlier, one good feature you get from the Zenka Loan app is repayment date extension. You can extend the date of repayment and different extra fees depending on the duration.
A 7-day extension fee is 15%, 14 days extension (22%) and 30 days extension costs you 29% more.
Zenka Late Repayment Penalties
Zenka charges you a curring 1% penalty fee per day if you do not repay your loan after the agreed duration.
Zenka Loan Over Payment
Any loan overpayment paid back to Zenka will be disbursed to your M-PESA account within five working days. If you unintentionally overpaid your loans, and the extra amount was not returned to your M-PESA account within five working days, contact Zenka Finance.
Repay Loan Using Zenka Paybill Number
The only platform for receiving and disbursement of Zenka loans is M-PESA. To repay your loans using the Zenka Paybill number, follow these instructions;
- Navigate to M-Pesa in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose the Paybill option
- Enter the Paybill number 979988
- For account number, enter the M-Pesa number with which you registered with.
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
Zenka Finance Contacts
- Website– https://zenka.co.ke/
- Phone number – +254 (0) 207650878
- Email – [email protected]
- Facebook – https://web.facebook.com/zenkakenya/
- Address – Mirage Tower 2, 12th floor, P.O. BOX 29107-00100, Nairobi, Kenya
Zenka loan application form is now online, you can get yours as well if you’re looking for a way to get a reliable and fast loan. One reason I love this platform is that the company gives their users a 0% interest rate on their first loan, Another one is that the loan application approval is very fast and everyone can easily access a higher loan amount. In fact, you will not want to lose this opportunity.