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.

ZK Pesa loans are emergency loans disbursed for personal purposes such as home improvement, medical expenses, debt consolidation, and other personal expenses. ZK Pesa is a digital lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning system uses data from the user’s devices to check and calculate the credit limit.

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.

Below is a summary table for the ZK Pesa 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 ZK Pesa loan, the pay bill 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	Unsecured Personal loan
ZK Pesa USSD code	None
Loan term	The shortest duration is 7 days, and the longest is 121 days. Loan repayment varies based on terms.
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 Limit Range	KSh 500 – KSh 40,000
ZK Pesa loan customer care Contacts	Telephone: +254 748141281, +254725235235, or +254738235000 Email: [email protected] [email protected] [email protected]
Max Effective APR	(APR:11%-22%)
ZK Pesa Paybill No.	Has no M-Pesa pay bill
Late loan repayments	Incur a late fee of 10% per month

Best loan apps in Kenya

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 [email protected] 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%

How much is the service fee for ZK Pesa loans?

ZK Pesa charges a one-time service fee per loan based on loan disbursed. This fee is calculated as a percentage of the principal and is priced dynamically for each customer. 78% of customers start at 15% and are eligible for fees as low as 5% as they build their credit history with ZK Pesa. The fee does not roll over or compound

The following is an example of fees calculated for a loan amount of KSh 4000. If a borrower receives KSh 4,000 and repays after 60 days, he/she would owe interest of 18%* (or KSh 720) and excise tax of 20% of interest (or KSh 144), which is a total payment of KSh 4,864 Breakdown: KSh 4,000 (borrowed amount) + KSh 720 (interest) + KSh 144 (excise tax) = KSh 4,864 (total payment).

A ZK Pesa loan includes a service fee, which is a fixed fee based on the original amount of the loan. Other loans have a cost, sometimes called an access or maintenance fee. These fees can be charged daily, monthly, or yearly.

This type of fee can add up quickly, becoming extremely expensive. When taking a loan with growing fees, it’s important to pay back the loan immediately because the longer you wait, the more you’ll pay. Let’s look at an example of both types of loans.

Tristram takes out two loans for 5,000 KSh. Loan A has a one-time service fee of 5% for 30 days. His service fee would be 250 ksh. He would owe 5,250 KSh in total. Loan B has a one-time service fee of 1% plus a daily fee of 30 KSh. It takes Richard 30 days to repay Loan B. On the first day of his loan, Tristram would owe:

1% of 5,000 KSh = 50 KSh

A daily fee of 30 KSh

= 80 KSh in fees for that day. He would owe 5,080 Ksh total

On the second day of his loan, Tristram would owe another 30 KSh, making his total 5,110 KSh. If Tristram waits 30 days to repay his loan, he would owe 950 KSh in fees, making his total repayment 5,950 KSh. It would be like his interest rate was 19%. Even though it looks like Loan B is cheaper at the beginning, look at what the long-term fees will be. Remember to review your exact loan or overdraft terms to understand exactly how much you owe and when. Keep an eye out for hidden fees—you don’t want to be surprised! Remember that there might be a transaction fee to transfer money as well. Take that into account.

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.

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.

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.