Zenka is one of the most reliable and popular loan apps in Kenya right now.
Loan apps provide quick financial help for eligible applicants, but their interest rates make them expensive.
Also, most apps have short loan repayment periods that most Kenyans find unreasonable.
This has made many applicants default on their loans and risk being listed on the Credit Reference Bureau.
The chances of successfully applying for other loans after being listed on CRB are minimal, and loan apps use it as a threat to coerce loan defaulters to settle their debts.
However, the CRB effect took a break in 2020 to cushion borrowers from harsh economic times when the Corona pandemic was at its peak.
The CBK barred most digital lenders from listing their customers on the site, including the Zenka loan app.
The question remains, is the CRB ban still in effect, or loan apps like Zenka can comfortably list their customers on CRB in 2023?
Zenka Can List Defaulters with Over 1,000 Debt on CRB
The 2020 CRB listing suspension was temporary, and the CBK has since set new rules for CRB listing.
Digital lenders like Zenka can submit loan defaulters’ details to CRB, but they must notify them the first 30 days before and after forwarding their details.
The notification can be in electronic form (sms, email, etc.) or writing.
However, loan defaulters with a debt of less than 1,000 cannot be listed on CRB according to the CBK’s new rules.
Zenka uses three credit reference bureaus, namely; Metropol, TransUnion, and CreditInfo, to report and check applicants’ details.
So can Zenka list you on CRB?
Well, Zenka will not hesitate to forward your details to the CRB after exhausting all other means of encouraging you to repay your loan.
But you don’t have to worry because Zenka offers flexible loan repayment plans.
You are safe from CRB listing if you commit to repaying the loan, even in small amounts.
Request for a Deadline Extension
You can also avoid most of the consequences of defaulting Zenka loans by simply requesting for a deadline extension.
Requesting for a repayment deadline extension allows you an additional 7, 14, or 30 days to repay your due debts.
The 7 to 30 extra days may be enough time for you to find money to settle your outstanding loan debt.
However, you must have an active loan that’s not 30 days past due to qualify for a loan extension.
So you can only apply for a loan extension from the first day you apply for a Zenka loan up to 30 days past the due date.
Related: Can Tala List You On CRB?