Is Wamaka Loan App Worth Trying?

Wamaka is one of the newer options on the market. It promises fast cash, simple application, and no collateral. It’s basically the same features that other apps promise. 

Who Owns Wamaka Loan App and What are the contact details?

Wamaka Loan App is owned by Wamaka Solutions limited. Their address is listed as 119791 Shantumbu Road, Chalala, Lusaka, Zambia and their email address is contact.passionate@wamaka-loan.com. 

The owners and their contact details are publicly available. That in itself is a sign that they are legit and not a scam unlike apps like Speedyloan app Zambia whose ownership and contact details are hidden.

Key Features

• Loan amounts: ZMW 200 – ZMW 2,000
• Repayment period: 100 to 365 days
• Interest (APR): 14% – 50%
• Approval time: Less than 10 minutes.
• Collateral: Not required

Tips for getting approved

• Make sure the details you fill in match those on your NRC because you will submit a picture of both sides of your NRC.
• Try to borrow during the day from 10 in the morning to 17 in the afternoon.
• Make sure there is enough light when taking pictures of your NRC and your selfie.
• Use the phone that has the most Mobile money transactions. This will increase the likelihood of getting approved.
• The next of kin you choose should be frequently in your call records.
• Choose your pay day as 30th of every month.

Pros of Wamaka Loan App

1. Fast and Convenient

You get your loan in under 5 minutes. For your first loan, Wamaka may call you to verify your details and ask about what you do for a living. They may also call your next of kin but that is not common.

2. Simple Application Process

The app is straightforward to use. The only thing you need is your NRC which you will need to take a picture of.

4. No hidden fees 

A big problem with these apps is that they hit you with fees that were not clearly mentioned until the last minute.

Cons of Wamaka Loan App

1. Very low first loan 

For your first loan, you will get about K200. This is not likely to solve most emergencies. If you keep borrowing and paying back, you may get as much as K10, 000.

2. High Interest Rates

The interest rate seems a bit too high but that’s okay since they have no hidden fees.

3. Limited Track Record

Wamaka is still relatively new, so it doesn’t yet have a strong reputation compared to older apps like Zamcash or Zamloan.

4. Unclear Regulation Status

Its licensing or regulatory status is not clearly stated, which is something to be cautious about.

5. They require access to contacts and messages 

I don’t like the fact that they have access to your messages, contacts and call history. This data might be in the hands of unvetted interns and there’s no guarantee what they’ll do with it.

Yes, going through messages proves your ability to pay back. However, other online loans services like Zamcash do not need your data. Not even pictures of your NRC.

What happens if you don’t pay them back?

You will get a reminder a day or two before the deadline. On the deadline itself, Wamaka agents will call you.

Failing to pay will result in penalties. If your loan goes unpaid any longer, your details will be submitted to the Credit Reference Bureau, CRB. This is a serious problem because you will never be able to get a loan until Wamaka clears you.

Who Should Try Wamaka?

Wamaka may be worth trying if:

• You need a small emergency loan
• You want quick approval
• You can repay on time

It’s not ideal if:

• You need large amounts
• You want low interest rates
• You prefer fully regulated financial institutions

Better Alternatives to Consider

• Zeed Loan App
• Zamcash
• Zamloan for big amounts

Final Verdict

Wamaka Loan App is good for quick, small, short-term borrowing, but it’s not the best option for long-term or large loans.

It’s also new so it’s reputation is not fully established. However, there have been no reports of misconduct. I would say go for it and try to borrow.