Zenka Loan App: How To Apply, Repayment process, Intrest rate applied, and everything you need to Know

This article provides an extensive step-by-step guide on quickly accessing Zenka Loan on your M-Pesa Account. Do you want to benefit from all Zenka services, read this article to the end?

Zenka Loan App: How To Apply, Repayment process, Intrest rate applied, and everything you need to Know
Zenka Loan App: How To Apply, Repayment process, Intrest rate applied, and everything you need to Know

Launch in 2018, Zenka is a mobile application that provides Kenyans with various Loans straight to their Mobile phones. Zenka Finance Limited develops the application. The application is set to celebrate its 4th anniversary in the country. So far, it is one of the applications you would want to consider as it has managed to attract more than a million downloads in the Google Plstaore.

As mentioned before, since Zenka is a mobile Loan Application, you will thus need to access it from your favorite Application stores( both for Android and iOS). All you need to do is to launch the application of how you can register your official details with Zenka Before you are allowed to apply for any Loan

 How to Apply for Zenka Loan

With the help of Zenka's mobile application, it is pretty simple and easy to apply for a loan. However, there are quite some requirements that should be in the know before applying for Zenka Loan. Don't worry if you don't own a smartphone, as you can still be able to apply for a Zenka loan without a mobile app.

  • Have a smartphone that can access the internet
  • Be 18 years of age with documents of proof, e.g., a National ID card
  • Have Safaricom number Linked to a Mpesa account
  • Your Mpesa account should have carried out Transactions for Quite some time.

Rember that the smallest amount you may apply for on Zenka is Ksh 500 and a maximum of  Ksh 30,000. For those using Zenkas USSD CODE, the loan amounts range is Ksh 500 to Ksh 10,000. Having known this, you may now proceed and apply for Zenka Loan by following the following Procedures;

Procedure 1: Using Zenka USSD code

This procedure favors Zenka users without a smartphone that can not access any App store. If you follow in this category, the following steps:

  • Dial *841# on your smartphone
  • Choose your language( English or Kiswahili)
  • Enter your credentials if not registered
  • Choose "Apply for full limit" or the appropriate amount.
  • The rest of the Prompts relatively easy to follow
  • I asked the amount specify the amount that you want to borrow
  • Enter Your Pin and wait for a confirmation message on your Number.

 Procuder 2: Using the Mobile App

If you have downloaded the Zenka Mobile Application, it is easier to use this procedure as in-app tutorials also guide you. Make sure you have the Zenka app downloaded and have finished the application procedure before you proceed with the following steps to apply for a Zenka loan. This step is just the same regardless of whether you are on Android or iOS and Here is how you go about it

  • Sign in to your Zenka Mobile App
  • Click on"Apply now
  • The app will populate the highest amount that you Can borrow at the time of the application
  • Verify the loan summary information,
  • Choose "GET LOAN."
  • You will receive an SMS on your Safaricom number informing you that your loan is being processed.

 How to Pay Zenka Loan Back

You must pay back the loan's principal once you've applied and been approved. Remember that if this is your first time borrowing money, no interest will be applied to the amount you borrowed. Zenka loans have a 61 to 180-day loan payback term. There are also interest rates that you must consider when applying/repaying your Zenka Loan. The app levy a processing fee for any borrowed amount that ranges from 9 to 29 percent.

To repay your Zenka Loan:

  •  Open your Zenka App and Sign In
  • Tap on Pay Off Zenka Loan
  • The amount to be paid will be Populated on your dashboard
  • Next, pick whether to pay the "Full Amount Due" or "Choose Specific Amount."
  • Mpesa will be prompted  on your smartphone
  • Enter your M-Pesa pin after that, then hit OK.
  • Zenka will send you an SMS to confirm the transaction

 

 How to increase your Zenka loan limit

There are many methods you may use to increase your loan limit. However, the most efficient method to achieve this is to make sure you pay back your loan on time, borrow as often as you can using the app, and make plenty of m-pesa transactions.

 Zenka Loan Contacts

In case of any queries with Zenka or queries aligning with your Loan application and repayment process, the following are the official contacts that you may use to contact Zenka

  •  Phone:l +2540207650878.
  • Email: support@zenka.co.ke
  • Twitter: @zenkafinance

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