Zenka Loan Limit

Let’s admit it, the Zenka loan app is one of the best mobile loan apps in Kenya. This mobile loan app has been around for some time and has garnered accolades of different kinds.

Becoming broke is frustrating enough, but going through a truckload of formalities when trying to seek some financial help is depressing. Many times, borrowers end up getting disqualified because of their inability to meet certain eligibility criteria.

That is when the Zenka Loan app comes in to save the day. With minimal requirements and swift loan processing, Zenka ensures borrowers are able to access a loan within the timeframe of their needs.

We will explore the Zenka Loan limit, interest rate, and other useful information about the Zenka Loan platform in this piece; keep up while we delve into the topic in detail.

Why the Zenka Loan App?

The Zenka Loan app is one of the best mobile loan apps in Kenya, and that is because of the unparalleled services it offers. It has won many awards over the years for its services. But what’s the mission of this mobile loan app? What is its driving force? What motivates Zenka? Let’ examine the statement released on its official website:

At Zenka Digital Limited, we believe in people and their potential. We also know that every potential, every spark must sometimes be fed with instant cash so that ideas and needs can be met. That is why we provide financial tools that break the rigid structure of banks and bureaucracy. With us, the decision to grant a loan and support your plans takes place instantly.

Zenka Mobile Loan App: Find out about the Zenka loan limit

At Zenka Digital Limited, we’re completing all your financial operations with your phone. Thanks to this, you have access to our services anytime and anywhere.

Forget about bank queues and prolonged credit evaluations. At Zenka Digital Limited, you are always the first in line.

We are focused on making your dreams come true.

We dream about a world in which people can grow, both in their personal and professional lives. Our mission is to introduce balance and harmony in the financial world of every Customer by providing smart financial products to people who need them. Right here and right now.

Easy access to financial services eradicates social differences and offers more business opportunities. We give a helping hand to people from all social layers to stimulate their progress. This approach results in the continuous development of their country and the entire world.

With a statement like the one made above, it becomes very obvious why the Zenka Loan app has offered nothing but quality services that are human-centric over the years. The best part of it is that even a first time borrower who downloads the mobile app can get a loan if they meet the requirements.

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What Are the Eligibility Criteria and Requirements for the Zenka Loan App?

Every mobile loan app has some caveats that guide its loan disbursement; otherwise, the loan becomes abused. In this section, we will talk about the Zenka Loan app requirements and eligibility criteria.

To apply for the Zenka loan, you must possess a phone. The good part is the cross-platform efficiency of the Zenka Loan app. It works on Androids, iPhones, and, surprisingly, button phones!
You must have a valid and active Safaricom SIM card.
You must have a government issued ID, or any other suitable means of identification.
You must have reached the age of 18; otherwise, your application will be rejected outright.
You must provide a valid source of income. This helps them determine whether you will be able to repay the loan or not.
Of course, your source of income must be legitimate. Also, it must be stable.

How To Apply For A Zenka Loan

To ensure inclusivity and democratization, Zenka Loan has provided users with options to apply for its loan. You can either apply through the Zenka mobile app, or through an SMS. Let’s examine the two methods of application in the next sections.

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How to Apply For a Zenka Loan through the Mobile App

The Zenka Loan app is one of the most popular loan apps in Kenya. As of the time of curating this piece, it has over 121K reviews and 5M+ downloads on the Google Play Store. One of the features users find admirable is the appealing User Interface (UI) of the app.

The app has a UI that makes its services easy to access, and this has consequently contributed to a positive User Experience (UX).

Moreover, it’s products can be accessed intuitively, thanks to a great UI/UX. You do not also need a lot of data to download the app, as its size is minimal. The app is available for download on the Google Play Store and Apple Store, which means it is accessible to Android and iPhone users.

In the next section, we will examine the steps to follow to apply for the Zenka loan through its mobile app.

How to Apply for the Zenka Loan from its Mobile App

You need to have downloaded the app before initiating the process that you will discover in this section. If you have yet to download the app, navigate to the respective app store on your device and search for “Zenka Loan app” to download.

To be able to apply for a loan, you need to have an account registered with Zenka. Once you have downloaded and installed the mobile app, follow these steps to apply for a loan:

Launch the app on your respective device.
You will see a provided space for mobile number; enter your phone number there and proceed.
Enter your 4-digit PIN.
Wait to get a loan offer or search for “loans” in the menu bar.
Select your preferred loan amount. At this step, you will also be shown the interest rate and loan term of whatever loan amount you opt for. Therefore, pay close attention.
Click on “Apply Now.”
You will see the options you selected with regard to the loan to ensure there are no mistakes. Carefully review the loan summary to ensure accuracy, and click on “Get Loan.”
Wait for confirmation.

At this stage, your loan application will undergo a review, and if you meet the criteria, you will be granted the loan. The funds will be disbursed to your bank account or M-PESA in a short time.

How to Apply for the Zenka Loan through SMS/USSD Code

To cater to a wider audience, Zenka designed its system in such a way that it will serve many people, regardless of the devices they use. If, for some reason, you could not use the mobile app option, this section is for you.

We will explore how to use the SMS/USSD option to apply for a Zenka loan. No internet connection is needed for this option; it only requires strong GSM connectivity. Follow the steps below to utilize the USSD option:

To initiate the process, dial *841# on your device.
Input your PIN in the space provided.
Choose the loan amount that suits your need in the list of options. Moreover, you could also select “Apply for Full Limit” in the list of options.
Choose your loan repayment duration.
Lastly, confirm your application.

After following the steps above, wait for a confirmation message. You will either get an approval or a rejection message. The loan will be disbursed to your bank account or M-PESA if your application is approved.

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Zenka Loan Limit

The Zenka loan limit is contingent upon many things, including the kind of user. Also, it depends on the method of loan application. Those who apply via USSD can only get a Zenka Loan limit in the range of Ksh 500–Ksh 10,000. On the other hand, those who apply through the mobile app can get a Zenka Loan limit up to Ksh 30,000.

Moreover, eligibility plays a crucial role in determining these values for users. However, the general Zenka Loan limit, that is, the minimum and maximum loan amount one can borrow from Zenka, is in the range of KSH 500-KSH 30, 000.

How to Increase Your Zenka Loan Limit

Bigger responsibilities require bigger funds. Follow the steps below to increase your Zenka Loan limit:

Ensure you transact often in M-PESA
Pay up your loans within the specified time; this greatly increases your Zenka loan limit.
Borrow often from Zenka, and always repay.

How to Repay the Zenka Loan

The Zenka loan tenor is 61 days, and users can pay by using the platforms below:

The Zenka Loan app (by following the intuitive layout of the interface).
USSD (by dialing *841#).
M-PESA

Some Facts about the Zenka Loan Mobile Lending Platform

Find out some interesting facts about the Zenka Loan mobile lending platform here:

It received the Digital Tech Excellence Awards in Kenya as the Most Preferred Mobile Loan App in 2020
It received the Pacesetters Awards 2020 in Kenya as the Outstanding Mobile Loans App of the Year 2020 Award
It received the Financial Inclusion Awards – Fini Awards 2019 as the Most preferred non-banking loan platform in 2019
It received the Digital Tech Excellence Awards Gala 2019 as the Most Promising Mobile Loans Platform in 2019
It received the Financial Inclusion Awards – Fini Awards 2019 as the Fastest growing mobile app in 2019
Its interest rate is between 9% and 39%
First-time borrowers do not pay an interest rate.
It has a maximum effective APR (Annual Percentage Rate) of 180%.