Why you can trust Loanappskenya?
We are committed to bringing you unbiased ratings and information. Our studies are not influenced by advertisers. We use data-driven methodologies to evaluate best loan apps and the trustworthiness of an institution. We also commissioned a survey of 200 adults to determine what Kenyans want from loan apps. Read our rating methodology, review methodology, and the scoring methodology to learn more about the ratings below.
- 157 national banks and credit unions analyzed
- 51 digital lenders investigated
- 20 data points weighed and ranked
APR
12% – 36%
Loan Terms
7-365 days
Loan Amount
kes300 -Kes40K
Zk Pesa offers loans based on phone data which is best for borrowers having a bad credit history or those having a negative listing in the credit report.
Zk Pesa personal loan pros and cons
Taking out a personal loan isn’t a decision to take lightly, and neither is choosing a lender. Consider the pros and cons before going all in.
| Pros | Cons |
|---|---|
| ✔️ Same-day loan approval | ❌ Relies on phone data to assess loan limit |
| ✔️ Easy Withdrawal | ❌ Consistent rejection due limited information for starters |
| ✔️Doesn't require any documentation | ❌ Lack of transparency in terms of fees and eligibility requirements |
| ✔️ Does not check CRB status which is best for borrowers with bad credit history | |
| ✔️ Once approved disbursement is instant |
ZK Pesa loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. ZK Pesa 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.
How does ZK Pesa loan work?
ZK Pesa 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 still get approved for the loan. During the registration process, ZK Pesa 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.
- Why you can trust Loanappskenya?
- Zk Pesa personal loan pros and cons
- How does ZK Pesa loan work?
- What is ZK Pesa loan app, and how does it work?
- ZK Pesa Loan app Download
- ZK Pesa Loan Registration and Application
- ZK Pesa loan Fees, Charges, and Interest rates
- ZK Pesa loan Eligibility Criteria
- ZK Pesa Loan Repayment Methods
- Consequences for Defaulting on ZK Pesa Loan
- ZK Pesa loan History and the owner
| ZK Pesa loans CAN be used for… | ZK Pesa loans CANNOT be used for… |
|---|---|
| ✔Debt consolidation | ❌Refinancing an existing ZK Pesa loan |
| ✔Home improvement projects | ❌College expenses |
| ✔Adoption | ❌Cash-out refinance purposes |
| ✔Fertility treatments | ❌Purchasing bonds and stocks |
| ✔Medical bills | ❌Contributing to a retirement plan, life insurance or education savings account |
| ✔Wedding expenses | ❌Purchasing cryptocurrency |
| Feature | Details |
|---|---|
| Loan Type | Unsecured Personal loan |
| ZK Pesa USSD code | None |
| Loan Disbursement decision | It takes less than 5 minutes to get the loan |
| Interest Fee Range | 0.035%-0.06 daily interest rate, 0.9% 1.8% monthly interest rate |
| ZK Pesa loan customer care Contacts | Telephone: +254 748141281, +254725235235, or +254738235000 Email: cs.zkpesa@gmail.com cs.help.chapeo@gmail.com contact-us@chapeo.club |
| ZK Pesa Paybill No. | Has no M-Pesa pay bill |
| Late loan repayments | Incur a late fee of 10% per month |
What is ZK Pesa loan app, and how does it work?
ZK Pesa loan app is a mobile application that allows users to apply and receive unsecured personal loans. Users can borrow money, repay it, and manage their accounts through the app. The app works by assessing the user’s creditworthiness and disbursing the loan amount directly to their M-Pesa account. ZK Pesa loan app does not require collateral and monitors repayment progress. The ZK Pesa app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. According to Chapeo Capital Limited terms, the loan app uses data from the user’s phone, including handset details, financial transaction messages, and reason for borrowing, to assign loan limits. ZK Pesa loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.
Is ZK Pesa a legit loan app? Yes, ZK Pesa is a legitimate loan app that is regulated and licensed in Kenya under the Companies Act. The loan app disburses quick and easy loans to borrowers without a credit check or collateral. ZK Pesa loan app is operated by Chapeo Capital Limited. Chapeo Capital Limited is a digital lending company that is licensed and regulated by the Central Bank of Kenya.
How can I borrow a ZK Pesa loan without the app? You can not apply ZK Pesa loan without app. To borrow a ZK Pesa loan only use the app.
ZK Pesa Loan app Download
How to download the ZK Pesa app via the Google Play Store
To download the ZK Pesa Loan app, ensure you have enough data or are connected to WiFi. Then follow the steps below:
- Open the Google Play Store on your mobile device.
- In the search bar, type “ZK Pesa Loan” to find the ZK Pesa loan app.
- Download and install the ZK Pesa app.
How to download ZK Pesa(Chapeo Cash) on the App Store
On appstore Zk Pesa operates under a different brand name, Chapeo Cash. Chapeo cash and ZK Pesa are same entities that provide instant loans to borrowers in Kenya. ZK Pesa and Chapeo Cash share the same terms and the same privacy policy that is controlled by Chapeo Capital Limited.
To Download Chapeo Cash on Appstore, follow these steps:
- Open the App Store on your mobile device.
- In the search bar, type “Chapeo Cash Loan” to find the Chapeo Cash loan app.
- Download and install the Chapeo Cash app.
ZK Pesa Loan Registration and Application
How to Apply for a ZK Pesa Loan to M-Pesa
To borrow money from ZK Pesa, one should have an Android phone with an M-Pesa line, and an Android smartphone should have a good internet connection. Once the app is downloaded and installed from the Google Play Store, follow through with the registration process, which takes around 5 minutes.
Before requesting a loan, one should register an account first. Below is a simple process to register, open an account with ZK Pesa, and start borrowing. To apply for a ZK Pesa loan to M-Pesa, follow the steps below:
- Open the ZK Pesa App
- Sign in to register with ZK Pesa.
- Enter valid national ID details.
- Sign up to complete the registration. Enter the details accurately, and a one-time PIN will be sent to you, which you need to change to your own unique PIN.
- Proceed with the application process by answering a few questions.
- Choose a repayment date that works for you.
- Receive your money straight to your MPESA
How can I reset or change my PIN?
On the log-in page, click on Forget password and input the mobile number you registered with, then type the verification text given and submit. You will receive another verification code (OTP number) via SMS. Input the code, select the new password of your choice, and then submit.
How to Cancel ZK Pesa Loan Application
ZK Pesa loan cancellation involves stopping the loan application process. A customer does not have to cancel a loan application under the following circumstances:
- If the borrower has not completed and submitted the application,
- If the borrower has already applied but has not yet cashed out,
- If the borrower accepts ZK Pesa offer but has not yet cashed out,
To cancel a ZK Pesa loan application, one should do nothing, and the loan cancellation will be processed automatically.
How can I delete my ZK Pesa loan account? To delete your account with ZK Pesa, contact them through email at info@chapeo.co.ke once you have completed repaying all debts. If you have any outstanding debts to be cleared and no pending dues, fix an appointment with the team to finish the formalities for closing your loan account.
How do I check a ZK Pesa loan application?
To check the ZK Pesa application status, just follow these steps:
- Log in to the ZK Pesa app.
- Go to the top part of your home screen and you will see the status of your application.
ZK Pesa loan Fees, Charges, and Interest rates
What is the daily interest rate for ZK Pesa loans?
The daily interest rate for ZK Pesa loans is between a minimum of 0.03% and a maximum of 0.06%, plus a 20% excise tax on the negotiation fee.
What is the monthly interest rate for ZK Pesa loans?
The monthly interest rate for ZK Pesa loans is between a minimum of 0.9% and a maximum of 1.8%, plus a 20% excise tax on the negotiation fee.
What fees does a borrower incur when processing a loan with ZK Pesa?
When applying for a personal loan with a lender, fees and charges should be determined and analyzed. The fees that a borrower incurs during a loan process include the following: processing fees, prepayment charges, late payment penalties, documentation charges, insurance charges, loan cancellation charges, underwriting fees, origination fees, service fees, and tax-related fees on the personal loan disbursed. When processing a ZK Pesa loan, the following fees will be charged:
| Processing fees | There is no loan processing fee |
| Prepayment charges | No prepayment fees |
| Underwriting fee | No Underwriting fees |
| late payment Fees | ZK Pesa charges a late payment interest fee of 10% per month |
| loan cancellation charges | There is no loan cancellation fee |
| origination fees | The origination fee varies based on credit disbursed and lender terms; however, generally, unsecured personal loans charge higher origination fee of up to 32% |
| Service Fee | 5% |
ZK Pesa loan Eligibility Criteria
Eligibility criteria refer to a set of predefined standards or requirements that a borrower must meet to be considered for a particular loan. These criteria are used to determine who is qualified or suitable to get approved for the loan. For ZK Pesa loan offers, the eligibility criteria vary depending on the context, and factors such as age, income, and credit score are determined.
To qualify for ZK Pesa loans, users must share personal details such as family names, phone numbers, place of work, and residence. These criteria may not suit everyone. For more flexible options, explore loan apps in Kenya that offer diverse loan products with varying eligibility requirements, providing alternatives that better match your financial needs and borrowing capacity.
What are the requirements to apply for a ZK Pesa loan?
Borrowers applying for ZK Pesa loans for the first time must check the prequalification and ensure they provide the right details. If you are applying for the loan, the following are the requirements for ZK Pesa loans:
- One must have a smartphone (Android or iPhone)
- One must have a Valid National ID
- Have a valid phone number with an activated M-Pesa account
- Place of Work
- Age between 18 and above
How much is a first loan at ZK Pesa?
Borrowers with low creditworthiness may be eligible for lower credit limits in the range of Kes 500 to Kes 2000 as first-time loans. The first-time loan at ZK Pesa varies depending on the creditworthiness of the borrower. This means that first-time applicants may not be eligible for higher loan limits or none, because of their poor credit score.
Why is a borrower not eligible for a ZK Pesa loan? The main reason a borrower is not eligible to get a ZK Pesa loan is that the system is unable to assign a credit limit, mainly because of two reasons. The first reason is poor or low creditworthiness, and secondly, you may have provided incomplete and incorrect information during the application process. I recommend you reapply in the next 7 days if you are denied the loan for the first time.
Why is ZK Pesa not giving me a loan? ZK Pesa is not giving you a loan because the system in place failed to assign a credit limit. This is because you are not eligible for the loan.
How do I qualify for ZK Pesa loans? For you to qualify for ZK Pesa loans and get approved, you should provide correct information about yourself, For example, you should allow the app to access your messages so that the system can automatically check your creditworthiness and assign your credit limit. To allow the app to access your messages, go to Settings, click on apps and permissions, and then allow all permissions for the app. The main reason for qualifying for a ZK Pesa loan is to transact with the loan app once a day.
ZK Pesa Loan Repayment Methods
Loan repayment refers to the act of paying back money borrowed from a lender according to the terms agreed upon in a loan contract. This process involves a series of regular payments, often monthly, that cover both the principal amount (the original sum borrowed) and interest (the cost of borrowing the money). Loan repayment methods refer to the various strategies and schedules borrowers use to repay their ZK Pesa loans. Below are ways to pay ZK Pesa loan balance:
- Log in to your ZK Pesa app.
- Click “Bill”
- Choose one of your loans
- Click Repay in Advance.
- Confirm that all details are correct
- Choose your payment method
- Press “Repay now.”
- Complete your Repayment
- Once your payment is successful, you will receive a notification, and your updated balance will be reflected in your ZK Pesa app.
Can I borrow immediately after paying ZK Pesa loan? Yes, you can instantly request another loan on the ZK Pesa app after you finish paying an outstanding loan.
How do I check my ZK Pesa loan balance? To check your ZK Pesa loan balance, log into the app and refresh the “Bill page” to check loan history.
How to Increase ZK Pesa Loan Limit
Loan limit increase refers to an adjustment in the maximum amount of money that a lender is willing to lend to a borrower. To increase the ZK Pesa loan, the following steps should be considered:
- Maintain a Positive Credit Score
- Regular borrowing from ZK Pesa
- Timely loan repayments
- Keep Your Account Active
- Request a Higher Limit
- Increase Mpesa transactions and retain messages
- Avoid Changing or Upgrading Your Phone
- Maintain a Stable Income
- Exercise Patience
Consequences for Defaulting on ZK Pesa Loan
Loan default occurs when a borrower fails to meet the legal obligations or conditions of a loan agreement. This typically means that the borrower has not made the required payments on time or has stopped making payments altogether. The following will happen if you fail to pay your ZK Pesa loan balance on time:
You may be contacted by collections agents if you do not repay your loan on time. In the event of a long period of non-payment, you may be blacklisted from ZK Pesa and also reported to the relevant credit reference bureaus. Missing loan payments may result in late payment interest, lower loan limits, or the inability to get a subsequent loan from ZK Pesa as well as other lenders.
Can ZK Pesa report loan defaulters to CRB for listings?
According to the Central Bank of Kenya, about 64 digital lenders were barred from accessing CRB services. ZK Pesa is one of the digital lenders that are barred by the Central Bank of Kenya from accessing CRB services. However, according to their terms of service, ZK Pesa confirms that the defaulters will be reported to Credit Reference Bureaus (CRB) after seven (7) days’ notice. Therefore, to understand a detailed process of clearing your negative listing from the CRB credit report, read this guide on CRB clearance and how to obtain a certificate of clearance.
How much interest does ZK Pesa charge for late payments?
Borrowers who are late on their loan beyond the original due date will be charged a late repayment Fee of 10% per month. Chapeo Capital Limited reports that a maintenance fee will charged when loan due date hits in addition to penalty fee.
Can I request a ZK Pesa loan extension?
Yes, you can request the extension by contacting +254725235235 or +25473823500 to open an extension. After opening a loan extension, you must login to the app, apply for an extension on the home page, and pay the extension fee within 24 hours.
Will the loan attract penalties once I extend it? No, the loan won’t be charged an overdue fee for the period of extension; the collection process will start at the end of the extension period.
How long is the extension period? The ZK Pesa loan extension period equals the number of days that the loan was originally given.
ZK Pesa loan History and the owner
ZK Pesa loan app is a loan product that was launched in 2022 and is owned and operated by Chapeo Capital Limited. Chapeo Capital Limited is a credit-only microfinance company licensed in Kenya under the Companies Act. The company is regulated by the Central Bank of Kenya and holds the loan brand-ZK-Pesa and Chapeo Cash found on App Store. The company controls and is responsible for your personal data. Chapeo Capital Limited provides instant loan product to customers with low cash flow and a low credit history. Chapeo Capital Limited was founded in 2016, it is a privately held company located in the capital city of Kenya.
