The “Zash Loan – How to apply using USSD Code and Mobile App” is a simple step-by-step guide. It helps users apply for and receive loans easily and instantly.
Zash loan is an unsecured personal loan that is disbursed without depending on the borrower’s assets acting as collateral. Zash loans are reviewed and approved based on the borrower’s creditworthiness.
These personal loans are easy and fast to get approved because they do not require any collateral or tedious paperwork.
It provides the convenience of receiving loans instantly on your mobile device, addressing the need to visit the bank or endure lengthy approval processes in person.
The Zash Loan app is also available on the Google Play Store for downloading, installation, and registration to unlock your financial potential.
How Zash Loan App Works
Zashloan uses data from your mobile phone, including financial transactions, messages, and your reason for borrowing.
They combine this with your Zashloan repayment record to build a customized credit score and determine the loan offer suitable for you.
Zash Loan App Features
Zash Loan is a mobile app that provides quick loans to individuals in Kenya, with disbursement directly to M-PESA. Key features include a fully digital and paperless application process, no credit report requirement, and instant loan disbursement after approval. Zash Loan also offers flexible repayment options, loan extensions, and gradually increasing credit limits based on repayment history.
Key Features:
- Fast Loan Disbursement: The Zash Loan App offers faster loan approvals and disbursements, often within minutes, directly to the user’s M-PESA account.
- Digital and Paperless Process: The entire loan application and approval process is done through the mobile app, eliminating paperwork processes.
- Credit Report not Needed: Zash Loan does not require a credit history report for evaluation, making it swift to reach out to users.
- No Collateral: The loan application process does not require any collateral.
- Flexible Repayment Options: They provide several convenient repayment options, such as M-PESA Paybill and M-PESA Express.
- Increasing Credit Limits:
- As users demonstrate good repayment behavior, their credit limits increase gradually with each subsequent loan cycle.
- Loan Extensions: Zash Loan offers the option of loan extensions for users who may need more time to repay their loans, as stated in the Zash Loan app.
- Interest Rates: The annual interest rate can be as high as 25%.
How to download the Zash Loan App
Download the Zash Loan app, then follow the guidelines shared below:
- Search for the Google Play Store on your mobile device.
- In the search bar, type “Zash Loan”.
- Proceed to download and install the Zash Loan App.
How to Apply for a Zash Loan
- Download the ZASH LOAN app from Google Play on your Android phone. Register with your M-PESA mobile number.
- Select the amount you want to apply for.
- Submit the loan application.
- Once approved, money will be sent to your M-Pesa registered number.
- Ensure repayment is on time.
How to Cancel a Zash Loan
To cancel a Zash loan application, please get in touch with Zash Loan’s customer support via email at cs@zashloan.com or use their live chat feature within the app or on their website.
You can also reach them via their WhatsApp number (+254 796848128) or their phone number (+254 709462300).
To cancel your application, you will likely need to provide:
Your full name, your phone number, the date you applied, and any other relevant information to identify your application
BONUS TIP: A simple way to cancel a Zash loan application is to do nothing, and the loan cancellation will be automatically processed.
How to verify the status on application
To check the status of your Zash Loan application, you can primarily use the Zash Loan app on your Android phone.
After submitting your application, the results will be displayed within the app, and you should also receive an SMS notification regarding the outcome.
Once approved, the funds are then disbursed to your M-PESA registered number.
Below is a simple guideline to follow;
1. Check on the Zash Loan app:
Access the app and go to the loan application section. The status of the application will be displayed.
2. Review SMS notifications:
Zash Loan simply notifies clients about the status of their application, including whether it’s been approved or rejected.
3. Contact Zash Loan Customer Support:
If you’re having trouble finding the information or if you have specific questions about your application, you can contact Zash Loan customer support on Facebook.
They may request your phone number to check your account and provide assistance.
Zash Loan Limit and Interest Rate
Zash Loan in Kenya offers loans ranging from KSh 500 to KSh 200,000 with an interest rate of 25 percent.
The repayment time ranges from 91 to 365 days. Zash Loan also charges a late fee of 2.5% per day for overdue payments.
Here’s a more detailed breakdown:
Requirements for Applying for a Zash loan?
Borrowers applying for Zash loans for the first time must prequalify and ensure they provide the correct information.
The following are the requirements for Zash loans:
- One needs to have a smartphone that runs on Android since the Zash loan app has its limitations.
- Valid National ID for identification
- Valid phone number with an active M-Pesa account
- Place of Work
Zash Loan Fees
| Processing fees | 25% |
| Underwriting fee | Not Applicable |
| Late Repayment Fees | 2.5% per day |
| Loan cancellation Charges | Not Applicable |
| Loan Origination Fees | The origination fee depends on the credit disbursed and lending terms and conditions; nonetheless, unsecured personal loans charge a higher origination fee of up to 32% |
| Prepayment Charges | Not Applicable |
They are not limited to age, income level, and credit history.
How to Increase Zash Pesa Loan Limit
Zash Loan determines loan limits through an automated system that assesses various factors when deciding approval and loan amounts. Once you complete your application, the app will provide your loan limit.
The best way to raise your loan limit is through early or on-time payments.
However, Zash Loan mentions that while this can positively impact your limit, it cannot guarantee an increase or specify the exact amount, as it considers multiple factors.
How to Pay the Zash loan using M-Pesa
- Go to the Safaricom menu and choose M-Pesa
- Select Lipa na M-Pesa option and choose Pay Bill option
- Key in the business number (733555)
- Fill in using your Zash-registered phone number as the account number
- Enter your payment amount
- Enter your secret M-Pesa PIN
- Confirm that the details entered are true, then choose “OK”.
How to settle the Zash loan using the mobile application.
- Step 1: Log in to the Zash app.
- Step 2: Select “Make a payment” on the top part of your home screen.
- Step 3: Enter the amount you plan to pay.
- Step 4: Select your preferred payment mode.
- Step 5: View the payment guidelines and remember to capture the reference number. Proceed to check the validity period of the reference number. Follow the next steps outlined to process payment.
- Step 6: Once the payment process is successful, you will be notified, and your balance will be updated on the Zash app.
Consequences for Defaulting and Late Repayments
Loan defaulting happens when a borrower fails to fulfill the legal obligations or conditions outlined in a loan agreement.
It also means that the borrower has not made timely repayments on time or has stopped remitting payments.
Defaulters risk the following if they do not show any commitment to clear loans due :
a.) Collections agents may reach out to you, and in the event of a long period of non-payment, you may be blocked from accessing Zash Loan services.
b.) You will also be required to provide the relevant credit reference bureaus. It also results in late payment interest and lower credit scores.
Frequently Asked Questions
Your data is safe, and it is usually transferred over a secure HTTPS connection.
Sensitive information is not shared with anyone without the client’s consent.
Zash Loan Kenya | Contact us on: Call Centre: 0709462300, WhatsApp: +254104064688, Email: cs@zashloan.com, Live Chat: On app, online chat, Facebook.
Yes, one can instantly request and access another loan on the ZashLoan.
Log in to the Zash Loan mobile app and refresh the page using the repay button.
Conclusion
Mobile lending apps have changed the financial sector culture by providing easy access to loans. This has made financial products popular among Kenyans, as well as offering flexible repayment options.
Zash Loan clients need to settle their loans promptly to improve their credit ratings and enhance their financial well-being.
Prospective customers need to be conversant with the terms and conditions specified to eliminate conflicts.
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