Zenka loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets as security. Zenka loans are approved based on the borrower’s creditworthiness. Therefore, these types of personal loans are easy, fast, and instant to apply for and get approved for because they do not require any collateral or paperwork.

Zenka loans are known as emergency loans that can be used for personal uses such as home improvement, medical expenses, debt consolidation, and other personal expenses. This lender is an online lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning uses data from the user’s devices to check and calculate the credit limit.

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How does Zenka work?

Zenka loans work by underwriting and disbursing loans to borrowers regardless of their credit history. It means that even if you have a low credit score, you will still get approved for the loan. During the registration process, Zenka reviews the borrower’s personal details such as monthly income, residential area, and household. The data collected through the app is used to create a customer profile.

Below is a summary table for the Zenka loan features, such as interest rate charged on the loan, loan amount, credit limit, annual percentage rate (APR), loan repayment terms, origination fees and processing fees and charges, loan disbursement method, speed, the eligibility criteria of the Zenka loan, the paybill number, contact details, loan purpose, and the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.

Feature	Details
Loan Type	61-Day Loan
Interest Fee Range	9-39%
Processing Fee Range	KSh 45-KSh 5,800
Loan Amount Range	KSh 500 – KSh 50,000
Zenka Paybill No.	979988
Zenka USSD code	*841#
Loan Disbursement decision	It takes less than 5 minutes to get the loan.
Max Effective APR	180%
Risk-Based Pricing	Applies to interest fee calculation
Zenka Customer Care Contacts	Zenka Phone Number: 020 7650878 Email:[email protected] Office Location: Chiromo Rd, Mirage Tower 2, 12th floor

Expert Tip Note

Expert Tip:

Unsecured personal loans often come with higher interest rates and additional fees compared to secured loans.

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Is Zenka a legit app?

Yes. Zenka is a legitimate loan app that is regulated and licensed by the Central Bank of Kenya. The loan app disburses quick and easy loans to borrowers without a credit check or collateral

Zenka loan app Download: latest in Kenya

1. How to download the Zenka app via Google Play Store

To get started with the Zenka loan app, follow these simple steps:

Search and download:

Open the Google Play Store on your mobile device.
In the search bar, type “Zenka” to find the Zenka loan app.
Download and install the Zenka app.

Registration:

After the Zenka loan app download, launch the app.
Register or sign up by providing basic information such as your name, address, mobile number, and ID number. Notably, no collateral is required.

Application Form:

Fill out the application form with the required details. This typically includes personal information like your name, address, mobile number, and ID number.

Loan Amount Selection:

Choose the loan amount you qualify for or the amount you intend to borrow. A smart tip is to select an amount you are confident you can repay comfortably.

Loan Disbursement:

If your application is successful, Zenka will disburse the loan to your M-Pesa account.

Remember to use the Zenka loan responsibly, ensuring that you borrow an amount that aligns with your financial capacity for timely repayment.

2. Zenka Loan App APK Download on APKpure

Please note that we do not recommend downloading the Zenka app through APKPure because these external files might contain viruses that may affect your smartphone or the device you are using to apply for the loan. But if you still need to proceed, from your browser, type APKpure and search for the Zenka loan app. You will be provided with files to download and install manually from the storage.

How do I register with Zenka?

To register with Zenka, follow these steps after installing the Zenka app:

Download and start the application.

Ensure the Zenka app is downloaded on your device.
Open the application.

Click on “Sign Up”:

Locate and click on the “Sign Up” option.

Enter personal information:

Provide your first name, last name, and national ID.

Choose the security question and answer:

Select a security question from the options provided.
Enter your answer to the chosen security question.

Create a 4-digit PIN:

Set a 4-digit PIN number for added security.

Review Terms and Conditions:

Follow the link to read Zenka’s terms and conditions.

Agree and Sign Up:

Click on “Agree and sign up” to proceed.
An SMS containing a 4-digit verification code will be sent to you.

Verify your account.

Check if the verification code is auto-filled.
If not, manually input the 4-digit code.
Click “Done” to complete the registration process.

Once these steps are successfully completed, you should be registered with Zenka and ready to use their services.

How to Apply for a Zenka Loan

To apply for mobile loans in Kenya, follow the following steps: Go to the Google Play Store. Search for the Zenka Loan App and download it on your mobile device. After downloading the app, choose how much money you need and sign up with Zenka.

Applying using a Mobile App

Open the App
Enter your Mobile Number
Enter your PIN to Log in
Wait to get a loan offer
Select the preferred amount
Select your loan amount and terms.
Click on “Get loan”,
Receive your offer details and click on “Get a loan.”

After an instant verification process, you will receive your loan straight to your M-Pesa account

How to apply or get a Zenka Loan via SMS using the USSD code

Learn how to easily apply for a Zenka loan via Zenka USSD SMS code *841#, especially if you lack a smartphone or active internet connection. This convenient method is exclusive to Safaricom users. Follow these straightforward steps:

Dial *841# using your Safaricom mobile.
Enter your 4-digit PIN for authentication.
Choose the [Extend] option to review details regarding the cost and terms of the loan.
From the available terms, select the one that suits your needs.
Follow the provided payment link and patiently await an SMS notification confirming your application.

Eligibility Criteria

What are the qualifications for a loan?

To be eligible for a Zenka loan, individuals need to meet specific criteria. First and foremost, possessing a valid national ID is essential. Additionally, applicants must have a smartphone and a registered Safaricom number linked to M-Pesa for both loan disbursement and repayment

What happens to Zenka loan defaulters?

If you do not fulfill your payment obligations for the Zenka loan within the specified repayment period, late payment interest at a rate of 1.5% per day will be imposed on the remaining principal amount. Additionally, other processing fees or interest, the details of which will be communicated to you, may be applied to the loaned amounts until the total loan amount is settled. Once you default to repay Zenka, Zenka can forward your name to the credit reference bureau. A credit reference bureau (CRB) is a firm that collects information from financial institutions and provides consumer credit information on individual consumers for a variety of uses

How to repay or pay the Zenka loan

How to Pay a Zenka Loan Via Mpesa:

Go to your Mpesa menu.
Select Lipa na Mpesa.
Select PayBill.
Enter 979988 as the business number.
Enter your phone number as the account number.
Enter the amount you want to repay.
Enter your Mpesa pin and press OK.
You will receive a transaction confirmation message from Mpesa.

You can also pay your loan through the Zenka App:

Start the application.
Scroll down and click on “Repay”.
Select or edit the default repayment amount (open amount).
Click on “Repay now” and follow the payment link.
After your payment has been processed, you will receive an SMS notification.

How to check Zenka loan balance

To inquire about your Zenka loan balance, simply access your Zenka App and log in. Once logged in, you can view comprehensive details about your loan, encompassing the loan balance, principal balance, fees balance, and due dates.

How to increase Zenka loan limit

Increasing your Zenka loan limit can be accomplished by establishing a favorable credit history and consistently repaying loans in a timely manner. This involves successfully managing successive loan repayments, contributing to a positive repayment record with Zenka. This process is straightforward and can be achieved through several methods.

To check your Zenka loan limit and related details, simply log into your Zenka account on your mobile device.

Here’s a step-by-step guide to increasing your loan limit with Zenka:

1. Maintain a Positive Credit Score:

A favorable credit score is crucial for elevating your Zenka loan limit. A high credit score signals to Zenka that you pose a minimal risk as a borrower, facilitating the approval of your loan requests. Verify your CRB status for free on platforms like Creditinfo or Metropol if unsure.

2. Regular borrowing from Zenka:

Consistently borrowing from Zenka demonstrates your responsibility as a borrower. This practice showcases your ability to repay loans promptly, contributing to the gradual augmentation of your credit score and making it easier to secure larger loans.

3. Timely loan repayments:

Ensuring all loan repayments are made on time is a fundamental practice. Timely repayments significantly enhance your credit score, paving the way for an increased loan limit with Zenka.

4. Keep Your Account Active:

Maintain the activity of your Zenka account by logging in at least once every 90 days. This action communicates to Zenka that you remain engaged with their services and are a reliable borrower.

5. Refer friends to Zenka:

Expand your loan limit by referring friends to Zenka. Each successful referral not only earns you a Ksh 500 bonus but also benefits your friend with a Ksh 500 bonus. This mutually beneficial approach facilitates an increase in your loan limit.

6. Request a Higher Limit:

If you believe you merit a higher loan limit, don’t hesitate to request one from Zenka. Although it’s not guaranteed, it’s a worthwhile effort.

7. Increase Mpesa transactions and retain messages:

Boost your chances of a higher loan limit by engaging in more Mpesa transactions. Keep your Mpesa log messages, as Zenka utilizes them to assess and determine your loan limit.

8. Avoid Changing or Upgrading Your Phone:

Steer clear of changing or upgrading your phone, as this action resets the process, requiring you to start anew.

9. Maintain a Stable Income

Zenka considers your income when approving loans. A steady income assures Zenka of your repayment capabilities, making it easier to secure larger loans.

10. Exercise Patience:

Increasing your loan limit is a gradual process, so exercise patience. Following the outlined steps diligently should result in a boosted loan limit within a few weeks.

In summary, diversify your approach to enhance your loan limit on the Zenka app, combining responsible borrowing, timely repayments, and strategic interactions with the platform.

Zenka Loan History

Zenka is a fintech company that was co-founded by Robert Masinde. Robert Masinde is a Kenyan businessman, and he has made a significant impact in the financial sector as the co-founder of Zenka, a mobile loan lending app. Zenka Loan App was established in December 2018 by Robert Masinde and his foreign associates Lucas Notopolous and Krzysztof Lodykowski, who is the chief marketing officer, according to Crunchbase. The Zenka loan app was then registered under Zenka Digital Limited. Zenka Digital Limited is a registered and licensed digital loan lender in Kenya and works under the Central Bank of Kenya lending policies. However, according to Centwarrior, they argue that Zenka is owned by the Pata Mkopo company.

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