The “ZK Pesa – How to apply using USSD Code and Mobile App” step-by-step guide offers simple ways to follow. It helps users apply for and receive loans easily and instantly.
It ensures the convenience of receiving instant loans directly to your mobile device, addressing the need to visit the bank or experience lengthy approval processes in person.
The ZK mobile app is also available on the Google Play Store for downloading, installation, and registration to unlock your financial potential.
How ZK Pesa Loan App Works
ZK Pesa mobile loans operate by underwriting and disbursing loans to clients, regardless of their credit history ratings. It means that a low credit score can still guarantee you an opportunity to apply for a loan product.
During the registration process, ZK Pesa reviews the borrower’s details, including monthly income, residential area, and household composition. The information collected through the app is used to create a customer profile.
The ZK Pesa is a mobile application that enables users to apply for and get unsecured personal mobile loans.
Clients can request loans, make repayments promptly, and manage their accounts using the ZK Pesa mobile application.The App works by determining the user’s creditworthiness and sending the loan amount to their registered M-Pesa account.
ZK Pesa loan app does not need any form of security and checks repayment progress from time to time. The ZK Pesa app utilizes machine learning technology to facilitate user data retention and analyze client information.
Chapeo Capital Limited’s terms outline how the loan app utilizes data from the user’s phone, such as financial transaction details, and the specific reason for borrowing, to assess the loan limits.
ZK Pesa loan app evaluates a borrower’s repayment history to enhance their individualized credit score and determine a loan offer suitable for them.
ZK Pesa Loan App Features
Below is a summary of the ZK Pesa mobile loan features, such as interest rate charged on the loan, loan amount, credit limit, and annual percentage rate (APR).
It also captures the loan repayment terms, origination fees, processing fees, loan disbursement method, speed, and criteria for eligibility of the ZK Pesa loan, among other details.
Understanding these concepts is crucial before applying for any personal or unsecured loan.
| FEATURE | DETAILS |
| Loan Type | -Unsecured, affordable, and reliable -competitive rates |
| ZK Pesa USSD code | N/A |
| Loan Period | 7 days to 121 days, and loan repayment depends on the terms. |
| Loan Disbursement Decision | 0.035%-0.06 daily interest rate, 0.9% to 1.8% monthly interest rate |
| Interest Fee Range | 0.035%-0.06 daily interest rate, 0.9% 1.8% monthly interest rate |
| ZK Pesa Loan Limit Range | KSh 500 – KSh 40,000 |
| ZK Pesa loan customer care Contacts | Telephone: +254 748141281, +254725235235, or +254738235000 Email: cs.zkpesa@gmail.com |
| Max Effective APR | (APR:11%-22%) |
| ZK Pesa Paybill No. | N/A |
| Late loan repayments | Charges for a late fee are 10% per month |
- Search for “ZK Pesa Loan” in the search bar.
- Proceed to download and install the ZK Pesa App.
Download ZK Pesa(Chapeo Cash) on the Google App Store
On the app store, Zk Pesa operates under a different brand name, Chapeo Cash.
Chapeo Cash and ZK Pesa are among other applications that give instant loans to the general public.
ZK Pesa and Chapeo Cash have common terms and privacy policy, which Chapeo Capital Limited controls.
To download Chapeo Cash on the Google App Store, follow the steps below:
- Search and open the Google App Store on your mobile device.
- In the search bar, search for “Chapeo Cash Loan” to get the Chapeo Cash loan app.
- Download and install the Chapeo Cash app.
How to Apply for a ZK Pesa Mobile Loan
To get money from ZK Pesa, one needs an Android phone with an M-Pesa line and stable internet connectivity.
Download and proceed to install from the Google Play Store, and follow the registration process, which takes a few minutes.
Before requesting a loan, please register for an account.
Follow the guidelines below to register and open an account:
- Begin by opening the ZK Pesa Loan App
- Sign in to begin the ZK Pesa registration process.
- Enter valid national ID details for KYC evaluation.
- Sign up to complete the registration process by providing accurate details. A one-time PIN will be shared with you. Create a unique one for security reasons.
- Proceed with the step-by-step application process by answering a few questions.
- Select a repayment date that suits you.
- Receive your money straight to your MPESA
How to Cancel a ZK Pesa Loan Application Made
ZK Pesa loan cancellation entails a step-by-step loan request process.
Clients do not have to cancel a loan application under the following circumstances:
- If the borrower has not completed and applied,
- If they have already applied but have cashed out the amount requested,
- If a customer agrees to the ZK Pesa loan offer but has not yet cashed out,
PRO TIP: A Simple way to cancel a ZK Pesa loan application is by not doing anything, and the loan cancellation will be automatically processed.
How do I confirm ZK Pesa loan application?
- Log in to the ZK Pesa Mobile app.
- Proceed to the top part of the home screen/page, and check the status of your application.
ZK Pesa Loan Limit and Interest Rate
The interest rate for ZK Pesa loans ranges between 0.03% to 0.06%. Not forgetting a 20% excise tax charged (negotiation fees).
ZK Pesa Fees
| Description | Rate Charged |
| Processing fees | N/A |
| Prepayment charges | N/A |
| Underwriting fee | NO Underwriting fees |
| Late Repayment Fees | 10% per month |
| Loan Cancellation Charges | Loan Cancellation Fee N/A |
| Origination Fees | The origination fee varies based on credit disbursed and lender terms; however, generally, unsecured personal loans charge higher origination fee of up to 32% |
| Service Fee | 5% |
Increasing ZK Pesa Loan Limit
ZK Pesa 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, ZK Pesa mentions that while this can positively impact your limit, it cannot guarantee an increase or specify the exact amount, as it considers multiple factors.
Interest rate for first-time loan applicants?
First-time applicants with a lower credit rating can qualify for loans starting from Kes 500 to Kes 2000.
Credit history can also determine how much they can qualify for in the future.
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 don’t show any commitment to clear loans due :
Collections agents may contact you, and in the event of a prolonged period of non-payment, you may be blocked from accessing ZK Pesa services. You will also be reported to the relevant credit reference bureaus. It also results in late payment interest and a lower credit score
Frequently Asked Questions
Yes, it is. ZK Pesa is a legal loan app in Kenya that is regulated and licensed in Kenya under the Companies Act. Chapeo Capital Limited operates the ZK Pesa loan app. Chapeo Capital Limited is a digital lending platform that is recognised by the Central Bank of Kenya
. This gives more confidence to users and the general public.
You cannot apply for a ZK Pesa loan without the app. A loan application is only facilitated by downloading and installing the App.
The monthly interest rates range from 0.9% to 1.8%, including a 20% excise tax on the negotiation fee.
Yes, you can do so by reaching out via +254725235235 or +25473823500 to initiate the extension process.
Also, note that after opening a loan extension, you must log in to the app, apply for the same, and settle the fee within a day.
No, the loan will not incur an overdue fee for the extended period; the collection process will commence at the end of the extension period set.
The ZK Pesa loan extension period is the same as the number of days that the loan was originally given.
Please reach out via email: info@chapeo.co.ke once you have settled all outstanding debts. If you have any outstanding debts and no pending dues, schedule an appointment with the team to complete the formalities for closing your loan account.
Conclusion
Mobile lending apps have improved the financial sector by providing easy access to loans. The innovation has made financial products popular in Kenya, as well as flexible repayment options.
ZK Pesa clients need to settle their loans promptly to improve their credit ratings and enhance their financial well-being.
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