One very common practice in Kenya, is mobile lending. Its popularity and easy accessibility, has led to a boom in the number of mobile loan apps available in the country.
One of those mobile loan apps available in Kenya, is Zenka.
Zenka (Zenka Finance), is a lending company in Kenya that provides a fast, reliable and convenient way to access a loan whenever you need it.
Zenka uses machine learning algorithms to access the credit profiles of loan applicants and also processes various data entries in order to design the ideal loan product for a person. Zenka also provides higher loan amounts at a much lower fee and without the need for any collateral.
It is important to note however, that some part of the data collected by this application also include your device information, GPS data, contact list, call log SMS log and your repayment history. The data will be used to verify and protect the loan applicant’s identity and also create a credit score for the loan applicant.
The Zenka app will only access the above information, with your consent.
This article will show you everything you need to know regarding Zenka loans.
Requirements For Getting A Zenka Loan
Before you apply for a Zenka loan online, please ensure that you have the following requirements:
- A smartphone.
- Your National Identification number.
- A Safaricom line that is already registered with M-Pesa.
After meeting the above requirements, you can then proceed to apply for your Zenka Loan:
How To Apply For A Zenka Loan Via The Mobile App
- Go to Google Play Store on your android device and search for Zenka Loan App. Alternatively, you can download the Zenka Mobile app via this link: https://play.google.com/store/apps/details?id=com.zenkafinance.microloans&hl=en_US
- Once done downloading the Zenka Loan application on your smartphone, install and launch the application.
- Next register by using your phone number to register.
- Fill in the form that will be provided. This will enable Zenka Finance to carry out a review. You will be required to fill out your name, National ID number, and date of birth on the form.
Once done, wait for feedback or validation before proceeding with your loan application.
After your information has been validated, you will then be directed to a loan offer page where you will be able borrow the loan.
Submit your loan request and wait for the approval.
After your loan has been approved, you will receive the requested amount in your M-Pesa account.
How To Apply For A Zenka Loan Via USSD
If you are out of data bundles or you are in an area that has limited internet access, you can still apply for a Zenka loan by using the dedicated USSD Code; *841#.
However, only applicants with Safaricom lines will be able to apply for Zenka loans via the USSD code.
How To Repay Your Zenka Loan Via M-Pesa
To repay your Zenka loan via M-Pesa, simply:
- Go to your M-Pesa menu.
- Once there, choose the ‘Lipa na Mpesa’ option.
- Select the ‘Paybill’ option.
- Type in ‘979988’ as the business number.
- For the account number field, use your phone number. Ensure that you use the phone number that you registered with Zenka.
- Once done, type in the amount you want to repay.
- Type in your M-Pesa pin then authorise the transaction.
You will receive an SMS from M-Pesa, confirming your transaction.
What To Do If You Are Unable To Repay Your Zenka Loan On Time
Zenka gives loan applicants the option of extending the due date of the loan repayment by seven (7), fourteen (14) or thirty (30) days. If due to unforeseen circumstances you are unable to repay your Zenka loan on time, this is your best bet.
As stated earlier, you can apply for a loan repayment extension from the first day the loan is active, to up to 30 days past the due date. The added fee for this feature, is determined by the length of the extension that you choose or opt for and you can use this option as many times as you need to.
How To Apply For A Zenka Loan Extension Via The Mobile App
To extend your Zenka loan via the mobile app, all you need to do is:
1. Launch the Zenka application.
2. Choose your extension term or period.
3. Next, select the “Extend now” option. An extension page with details on the offer will appear.
4. Select “Extend” and then follow the payment link.
After your extension payment has been processed successfully, the due date of your loan will be updated. You will also receive an SMS notification.
How To Apply For A Zenka Loan Extension Via USSD
To extend your Zenka loan via the USSD code, all you need to do is:
1. Dial the USSD Code *841# via your Safaricom line.
2. Type in your 4-digit PIN.
3. Select the ‘Extend’ Option and check information regarding the cost term, period or timeframe.
4. Next, select one of the available options that best suits you.
5. Once done, follow the payment link and wait for your SMS notification.
As with the Zenka mobile application method,your extension payment has been processed successfully, the due date of your loan will be updated. You will also receive an SMS notification.
Limits And Interest Rate Charges For Zenka Loans
The loan limit for Zenka ranges from $5 (500 Kenyan Shillings), to $200 (20,000 Kenyan Shillings) and the interest rate for users who repay loans within 30 days, is 11%.
Its loan repayment period, usually ranges between 7 to 30 days. Paying the loan on time is a sure way of increasing your loan limit.
First Loan Free For First Time Users
For first time users who have never taken any loan with or from Zenka, the service has an offer where you can get your first loan for free, without any costs. This means there will be no commission, there will be a 0% interest rate and there will be no registration fee. This offer might however not be available for a long period, so hurry!
How To Get More Information On Zenka
While Zenka provides all the details needed by users and potential users on its mobile application and via the USSD code, you can also reach them via the following platforms if you need further assistance:
Facebook: https://www.facebook.com/zenkakenya/
Twitter: https://twitter.com/zenkafinance
You can also send an email to: support@zenka.co.ke
To talk to the Zenka Customer Care directly call: 0207650878
