Zenka loan requirements shows that Requiring an answer to a security question from provided choices adds an extra layer of security to the loan application process.
Introduction
Zenka is an app in Kenya that helps people get loans quickly. You can use Zenka to borrow money for short periods, with a loan term of 61 days being a common choice. Zenka offers loans from KSh 500 to KSh 50,000, so you can pick an amount that suits your needs.
they have different interest rates. For a 61-day loan, the interest rate ranges from 9% to 39% of the amount you borrow. The app also charges a one-time processing fee, which can be between KSh 45 and KSh 5,800.
For example, if you borrow KSh 1,000 for 61 days, the interest fee will be KSh 290, making the total repayment amount KSh 1,290.
they also offers a flexible repayment plan called ZenkaFlexi. This plan lets you extend your loan repayment period up to 12 months if needed. This can help if you need more time to repay the loan.
The app is available only as an APK file, which you have to download from certain blogs. This means you cannot find it in regular app stores like Google Play. You will need to download the APK file and install it on your phone manually.
Zenka’s maximum APR (Annual Percentage Rate) is 180%. This high rate shows that interest rates can be higher based on how risky the loan is.
There is no set minimum payment period for repaying the loan. You can make payments towards your loan at any time after you get it.
they also allows you to increase your loan limit over time. If you make your repayments on time, you can build up your borrowing limit to as much as KSh 30,000. This feature encourages responsible borrowing and helps you access larger amounts in the future.
In summary, they offers short-term loans with flexible repayment options, but you need to download the APK file to use it. The app provides a way to increase your loan limit if you repay on time and helps people in Kenya manage their short-term financial needs.
History and overview
Zenka Digital is a well-known loan app in Kenya. It helps people get quick and flexible loans. The CEO of Zenka Digital is Duncan Motanya. Under his leadership, the company has grown and provided many Kenyans with easy access to loans.
itl is owned by Sun Finance Group, a big financial company. Recently, Sun Finance Group bought a majority share in AS Zenka Group, which owns Zenka Digital. This move helps thembecome stronger in the online lending market and reach more people in Kenya.
The company has a strong team of leaders. Loukas Notopoulos is a fintech expert and founder who brings a lot of experience in financial technology.
Victor Bwire works as the Customer Service Specialist, making sure that users get good support and help when they need it.
Konrad Bartnik is another key team member who focuses on credit risk and data science, helping to manage and reduce financial risks.
With this team, Zenka Digital aims to offer reliable and easy-to-use loan services. The company is committed to providing its users with flexible loan options and improving their access to financial services in Kenya.
Requirements
First name and last name
Requiring both a first name and last name helps verify the identity of the borrower. This information is essential for processing the loan application accurately and for maintaining records.
It also helps in ensuring that the loan agreement is correctly tied to the individual’s legal identity, reducing the risk of fraud and errors.
National ID
Requiring a National ID helps to confirm the borrower’s identity and legal status. It ensures that the applicant is a legitimate resident and can be verified through government records.
This requirement helps prevent fraud and ensures that loans are only issued to verified individuals. It also helps in complying with legal and regulatory standards for lending.
Security questions
Requiring an answer to a security question from provided choices adds an extra layer of security to the loan application process.
It helps verify the identity of the borrower by ensuring they have access to specific information that only they should know. This step helps protect against identity theft and unauthorized access to personal information.
4 digit PIN
A 4-digit PIN number is used to secure the borrower’s account and ensure that only authorized users can access it. This PIN provides an additional layer of protection by verifying the identity of the borrower when they log in or perform transactions.
It helps prevent unauthorized access and adds an extra level of security to the loan application and management process.