Zenka Loan is one of Kenya’s leading digital lending apps, offering fast, unsecured loans directly to mobile devices. Founded in 2018 by Robert Masinde alongside co-founders Lucas Notopolous and Krzysztof Lodykowski, Zenka stands out for its commitment to providing quick, flexible financial solutions for Kenyans. Licensed and regulated by the Central Bank of Kenya, Zenka has gained traction as a reliable emergency loan option with minimal approval requirements and flexible repayment terms.
What is a Zenka Loan? A Zenka loan is an unsecured personal loan that doesn’t require collateral or physical paperwork. By leveraging user data and machine learning algorithms, Zenka assesses borrowers’ creditworthiness quickly and offers instant approval for eligible users. These loans are ideal for personal needs, such as medical bills, debt consolidation, home improvements, and other unexpected expenses. Here’s what you need to know about Zenka loan terms and features:
Key Zenka Loan Features
| 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 200,000 |
| Maximum Effective APR | 180% |
| Loan Decision Speed | Less than 5 minutes |
| Zenka Paybill Number | 979988 |
| Zenka USSD Code | *841# |
| Customer Care Contact | 020 7650878 |
| Office Location | Chiromo Rd, Mirage Tower 2 |
| Eligibility | Must have valid national ID, smartphone, and M-Pesa number |
How to Download the Zenka App on Google Play Store
- Search and Download: Open Google Play Store, search “Zenka Loan App,” and download.
- Registration: Provide basic details such as name, address, mobile number, and national ID.
- Loan Amount Selection: After registering, choose the loan amount you qualify for.
- Disbursement: Upon approval, Zenka disburses the loan directly to your M-Pesa account.
Pro Tip: First-time Zenka users enjoy 0% interest on their initial loan using promo code LOANAP.
Zenka App Registration and Application Process
Step-by-Step Guide to Register
- Sign Up: Download the Zenka app and select “Sign Up.”
- Personal Information: Enter details such as your national ID, name, and residence information.
- Set Up Security: Choose a security question and create a 4-digit PIN.
- Account Verification: You’ll receive a 4-digit verification code via SMS to complete the process.
Applying for a Loan on Zenka
- Login: After registration, open the app and enter your PIN.
- Choose Loan Amount: Select your preferred loan amount and terms.
- Confirm: Click “Get loan,” receive your offer details, and finalize the request.
- Loan Disbursement: Approved funds are sent directly to your M-Pesa account.
Applying for Zenka Loans Without a Smartphone
Using the Zenka USSD code *841# allows users without smartphones or internet access to apply for loans directly. This service is exclusive to Safaricom users.
How to Use the Zenka USSD Code:
- Dial *841# on your Safaricom line.
- Enter your 4-digit PIN.
- Choose the loan terms that suit your needs.
- Complete the process, and you’ll receive an SMS confirming your application.
Eligibility Criteria for Zenka Loans
To qualify for a Zenka loan, applicants must meet the following conditions:
- Valid National ID: Must be a Kenyan citizen with a national ID.
- Active M-Pesa Account: The loan disbursement is processed through M-Pesa.
- Personal Information: Must provide personal details, including name, ID, residence, and phone number.
- Device Requirements: A smartphone or Safaricom SIM is required for app use or USSD access.
Zenka Loan Interest Rates, Fees, and Penalties
Zenka loans carry a processing fee ranging from KSh 45 to KSh 5,800, depending on the loan amount. The APR on loans can go up to 180%, with interest fees based on a risk-based pricing model. Additional late fees and penalties apply for overdue balances.
Late Payment Penalty: A 1.5% daily penalty on unpaid principal balance is charged until the loan is settled.
Consequences of Loan Default
Defaulting on Zenka loans can lead to:
- Late Penalties: 1.5% daily penalty on the principal.
- Collection Efforts: Zenka may contact third-party agents to recover unpaid debts.
- Credit Report Impact: While Zenka’s access to Credit Reference Bureau (CRB) services is restricted, they may notify the borrower of potential CRB listing.
How to Repay a Zenka Loan
- Via M-Pesa:
- Go to M-Pesa, select “Lipa na Mpesa,” and use PayBill number 979988.
- Input your phone number as the account number.
- Via Zenka App: Log in to the app, click “Repay,” select the amount, and follow the payment instructions.
How to Check Your Zenka Loan Balance
- In-App: Log in to view your loan balance, fees, and due dates.
Increasing Your Zenka Loan Limit
Building a positive repayment history can lead to a higher loan limit. Here are tips to achieve this:
- Regularly Borrow and Repay on Time: Timely payments build your credit score.
- Keep Your Account Active: Log in at least once every 90 days.
- Refer Friends: Earn a KSh 500 bonus per referral, which can increase your loan limit.
- Engage in More M-Pesa Transactions: More transactions can positively affect your limit.
- Request a Limit Increase: Reach out to Zenka if you believe you qualify for a higher loan limit.
Zenka Loan App Download on APKPure
It is generally recommended to download the Zenka app only from Google Play Store to avoid the risk of malware from APK files. If you must use APKPure, download and manually install it, though Zenka does not endorse this method.
Zenka Loan History and Ownership
Zenka was launched in 2018 by Robert Masinde, with partners Lucas Notopolous and Krzysztof Lodykowski. Registered as Zenka Digital Limited, the app operates under the Central Bank of Kenya’s regulations. Initially, there was some confusion about its ownership, but Zenka confirms its standing as a legitimate digital lender with offices in Nairobi.
Zenka Loan offers an ideal solution for those seeking emergency funds in Kenya, with easy application processes, minimal requirements, and flexible repayment options. With the added benefits of a zero-interest first loan for new users, Zenka remains a popular choice among Kenyans. However, always borrow responsibly and within your means to avoid penalties and potential default consequences.
