The digital loans industry has become a source of credit to millions of Kenyans over the past ten years.
Digital loans, which are also referred to as mobile loans, have grown in popularity because of their speed of disbursement and flexibility in qualification criteria. The Zenka Digital Loan is one of the digital loans available in the market.
The Zenka Digital Loan is a product of Zenka Digital Limited, one of the 32 Digital Credit Providers licensed by the Central Bank of Kenya.
If you qualify, the Zenka Digital Loan is disbursed within just a few minutes. This makes it one option to consider in emergency situations where money is needed urgently. Some of the examples include medical emergencies, urgent car repairs, unforeseen education expenses such as an impromptu school trip, etc.
The Zenka Digital Loan can also be utilised for business reasons such as when you need cash to take advantage of a quick business opportunity.
It can also come in handy when unexpected financial needs arise. For example, when your salary is delayed, the Zenka Digital loans can help you pay your bills and cover your expenses until you get paid.
Zenka is one of the few digital credit providers that allows borrowers to extend the loan’s due date, in the event of a change in the repayment plan.
In this article, we look at Zenka's interest rates, fees, disbursement, repayment options, eligibility requirements, and more to help you decide whether this digital loan is a good fit for your short-term borrowing needs.
Interest Rates: The interest rate for the Zenka Digital Loan ranges from 9-39% per loan.
Processing Fee: Zenka Digital charges a one-off processing fee, which varies depending on the loan amount. This fee ranges from a minimum of Ksh45 to a maximum of Ksh5,800.
Late Fees: In the event of delayed repayments, the Zenka Digital Loan charges a daily late fee of 1% of the outstanding amount.
Borrowers can apply for the Zenka Digital Loan through the Zenka App available on the Google Play Store.
Apart from the app, Zenka loans are also accessible via USSD code *841#.
The requirements for registration include:
Once you have registered an account with Zenka, you are assigned a loan limit after which you can make an instant application on the app.
The application is reviewed typically within a few minutes and once approved, Zenka Digital disburses loan funds directly through M-PESA.
Through M-Pesa:
To repay your Zenka loan, follow the procedure below:
USSD
Using the APP
Once you have supplied the requirements to receive a loan extension, follow the procedure below:
Via USSD:
How to apply for Zenka Loan Extension via App
CRB: The Zenka loan approval process includes checking the borrower’s status with the accredited Credit Reference Bureaus (CRB). Thus, to qualify for the Zenka Digital Loan, you are required to have a good CRB record.
Zenka Digital provides you with a link to their terms and conditions, allowing you to fully understand the terms of the loan before it is disbursed.
Further, it is important to consider your ability to pay before applying for the Zenka Digital Loan. Like all loans, the implication of default includes the risk of over-indebtedness and a poor credit score that may impede your ability to access loans in the future.
Would you consider the Zenka loan? You can start your application here.
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