Zenka Loan Mobile App- Loan Application & How to Increase Zenka Loan Limit

 

This article will provide you with the much-needed information you need to get a loan from Zenka.

Zenka is a mobile loan application that assists people to borrow loans easily from their mobile phones. Launched in 2018 by Fintech firm, Zenka Finance Ltd, the application has a record of over 1 million Google Playstore downloads. It has 67k reviews and an overall application star rating of 4.0.

How to download the Zenka app - Zenka Loan App Download

This is a complete guide on how you can download the latest Zenka Loan App version. Be sure to follow the indicated steps:

Step 1:   Go to Google Play Store on your Android phone and search Zenka.

Step 2:   Tap the download button to download and install the Zenka App.

Step 3:    Once the app has been installed, open the Zenka App. Follow the screen prompts to register                    after which you will be asked to enter more information into the loan application form.                          Zenka asks for basic information such as full names, address, mobile number, and ID Number.

Step 4:   Now that Zenka has your information, the app will also require you to allow access to phone                     records, messages, contacts and photos on your phone.

Step 5:    Once you have done this, you can now request for a mobile loan from the amount indicated                     you  qualify for. 

Step 6:   Zenka sends you money to your M-pesa account once they determine you qualify for a loan.

Tip: You can also apply for a Zenka loan app through USSD code, just dial *841# and follow the on-screen prompt for the loan application process.

Guide on How to Repay your Zenka Loan.

Zenka gives you an allowance of two months to clear the loan from when it was disbursed to your Mpesa account. In cases where you are not able to pay your loan on time, a Zenka agent will be in communication with you either by phone call or by sending a clear message informing you to clear your loan.

To pay your loan:

Step  1: Go to the Zenka App, Choose the Option with the Option to Pay off your Zenka Loan which will display the amount of money you are to repay.

Step 2: Instruction on how to pay will appear showing the Paybill and Account number to input into the Mpesa payment process.

Step 3: For an easier and automatic process, hit Repay which will generate an online transaction that you are supposed to input your Mpesa pin to complete.

Step 4: An SMS confirmation will be sent to your mobile phone to inform you that you have completed the transaction.

Zenka App Loan Terms

Zenka Finance Ltd has the following loans that customers must abide by:

1. You can get access to a loan amount ranging between the minimum and the maximum loan amount which ranges from Ksh. 500 to Ksh. 30000

2.  You are required to pay your loan in 61 days or 180 days in some cases where you should pay and clear all the loan amount.

3. Zenka charges an annual percentage rate of 70% to 224%. That means that when you get a loan for          61 days, you will have an APR of 179.51% on the loan.

4. You are able to grow your limit by making your payments on time. 

Zenka Loan Contacts

Zenka Agents are available at any time to assist you. Here is how to reach them:

Email: support@zenka.co.ke

Mobile number: +254 020 765 0878

Twitter: @ZenkaFinance 

Facebook Page: Zenka Kenya

Frequently Asked Questions about Zenka Loan App.

1. How do I get a loan from Zenka?

Download the Zenka app available on Google Play Store and follow the steps indicated above. You can also access financing by dialing the USSD code *841# if you are not operating from a smartphone.

2. How much loan can I borrow from Zenka?

Zenka gives its customers access to mobile loans via Mpesa. Customers can borrow Ksh. 500 to Ksh. 30,000.  

3. How can I grow my Zenka loan limit?

You can grow your loan limit by borrowing and paying your loans before the due date. You can do so 4 times and you will significantly see a rise in loan limit.

4. How much can I borrow from Zenka for the first time?

Depending on your creditworthiness, you can get a loan amount ranging up to Ksh. 20000 on your first loan amount.

5. What happens if you don't pay Zenka's loan?

Zenka requires to uphold your promise to pay on time. In cases where you fail to repay your loan on time. Your details will be transferred to the Collections and Recovery Department where your details can be sent to the Credit and Rating Bureau for blacklisting.

6. What is the promo code in Zenka?

  Zenka provides you with a promo code that you can use to refer friends and family members. You get Ksh. 200/- when a friend/family member you invited clears the first loan after referral.

7. Why is Zenka not giving me a loan?

Many customers who are not able to get access to a Zenka loan may have a low credit rating after Zenka has accessed their recent credit history. In some cases, you may end up waiting a long period before you can get a loan from Zenka.

Related: Here are other loan apps which can give you loans in Kenya.

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