Introduction to Zonky
Zonky is a Czech Republic-based online micro lending platform that is quickly gaining popularity throughout the country. The company was founded in 2015 by two entrepreneurs, Jiri Tomes and Vojtech Liska, who saw an opportunity to revolutionize the borrowing process for Czech consumers.
Since its launch, Zonky has facilitated over CZK 1 billion (roughly EUR 40 million) in loans. The average loan size on the platform is CZK 20,000 (approximately EUR 800), with terms ranging from 12 to 60 months.
What are Micro Loans?
Micro loans are small, short-term loans that are typically used by people who are unable to obtain traditional financing. Micro loans can be used for a variety of purposes, including starting or expanding a business, covering unexpected expenses, or consolidating debt.
Zonky is a Czech Republic-based company that offers online micro loans to borrowers. Zonky's micro loans have a maximum loan amount of 40,000 CZK (approximately $1,700 USD), and a repayment period of up to 24 months. Interest rates on Zonky's micro loans range from 9.9% to 19.9% APR.
Zonky micro loan application process is entirely online; borrowers can complete the entire process from the comfort of their own homes. Borrowers must be at least 18 years old and have a Czech bank account in order to apply for a loan. Once approved, funds are typically deposited into the borrower's account within three business days.
How Does Zonky Work?
Zonky is a Czech Republic-based online micro lending platform that was founded in 2015. The company allows individuals to borrow and lend small amounts of money (usually between CZK 1,000 and CZK 10,000) at low interest rates (between 5% and 15%).
To borrow money on Zonky, individuals must first create an account and provide some basic information about themselves, including their name, date of birth, address, phone number, email address, and income. Once an account is created, borrowers can then apply for a loan.
To apply for a loan, borrowers must specify the amount of money they would like to borrow and the loan term (the length of time over which they will repay the loan). They also must provide a reason for borrowing the money. Once an application is submitted, it is reviewed by Zonky team of underwriters.
Benefits of Borrowing from Zonky
Borrowing from Zonky has a number of benefits that make it an attractive option for borrowers in the Czech Republic. First, Zonky offers very competitive interest rates on its loans, which can save borrowers a significant amount of money over the life of their loan. Second, Zonky's online platform makes it easy and convenient for borrowers to apply for and manage their loan, which can save time and hassle. Zonky customer service is excellent, and borrowers can be confident that they will receive the highest level of service throughout the life of their loan.
Conclusion
Zonky success in micro-lending is an inspiring example of how technology can be used as a tool to bring about financial inclusion and revolutionize the way people borrow money. In just over four years, it has grown to become one of the leading providers of online micro loans in the Czech Republic with its innovative approach and user-friendly platform. With more than 60,000 customers served since inception, Zonky continues to prove that technology can be leveraged for social good and make borrowing simpler and easier for millions around the world.