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While Zenka offers quick and convenient loans, its high-interest rates and short repayment periods can be drawbacks. Here's a comparison of Zenka with some popular alternatives in Kenya, highlighting their pros, cons, and key features:
| App | Loan Amount | Interest Rate | Repayment Period | Pros | Cons |
|---|---|---|---|---|---|
| Zenka | Ksh 2,500 - Ksh 30,000 | 14.9% - 35.9% per month | 30 - 90 days | Fast approvals, flexible repayment options, no hidden fees | High interest rates, short repayment periods, negative user reviews |
| Tala | Ksh 500 - Ksh 15,000 | Varies based on loan amount and terms | 7 - 30 days | Generally lower interest rates than Zenka, wider loan range, trusted app | Shorter repayment periods than some alternatives |
| Branch | Ksh 2,500 - Ksh 70,000 | Varies based on loan amount and terms | Up to 12 months | Longer repayment periods, competitive rates, reputable lender | Requires registration and Facebook account |
| KCB M-PESA | Up to Ksh 1 million (based on creditworthiness) | 11.75% - 18.5% per year | 1 - 36 months | Established bank, secure and reliable, longer repayment terms | Requires active KCB account and M-PESA registration |
| Timiza (Absa) | Ksh 1,000 - Ksh 150,000 | Varies based on loan amount and terms | 1 - 36 months | Competitive rates, longer repayment options for larger loans, trusted bank | Requires active Absa account or M-PESA registration |
| M-Shwari | Varies depending on limit and terms | Varies depending on limit and terms | Varies depending on limit and terms | Convenient for Safaricom users, access to quick small loans | Interest rates and fees might be higher than some alternatives, limited loan amounts |
Tala:
- Pros: Generally lower interest rates than Zenka, wider loan range (Ksh 500 - Ksh 15,000), trusted app with positive user reviews.
- Cons: Shorter repayment periods (7-30 days) compared to some alternatives.
Branch:
- Pros: Competitive rates, longer repayment periods (up to 12 months) for larger loans, reputable lender.
- Cons: Requires registration and a Facebook account.
KCB M-PESA:
- Pros: Established bank, secure and reliable, longer repayment terms (1-36 months).
- Cons: Requires active KCB account and M-PESA registration.
Timiza (Absa):
- Pros: Competitive rates, longer repayment options for larger loans (Ksh 1,000 - Ksh 150,000), trusted bank.
- Cons: Requires active Absa account or M-PESA registration.
M-Shwari:
- Pros: Convenient for Safaricom users, access to quick small loans.
- Cons: Interest rates and fees might be higher than some alternatives, limited loan amounts.