Tala is an online mobile platform that enables people to access instant personalized loans within a period of 24 hours. Anyone with an android smartphone can apply for a loan and receive an instant decision, regardless of their financial history. It provides fast, personalized loans to approved borrowers and build digital credit history.
What you need to know about Tala loan
Here are a couple of things you should know before you apply for a loan from Tala.
- Tala does not require any collateral for loan application
- You can select a 21-day and 30-day loan term options;
- 21-day loan payment terms have a one-time interest fee of 5% – 11%
- 30-day loan payment terms have a one-time interest fee of 7% – 15%
- The minimum amount you can borrow on Tala is Ksh 500
- Timely repayment of your loan, will increase your chances for loan limit increment up to Ksh 30,000
- Tala uses your information, i.e calls, SMS, contacts and location, to gauge your creditworthiness
- Tala grants a grace period of 60 days on late repayments before considering you a defaulter and taking action on you
- If you default on your loan, Tala has the right to engage an external debt collection agency to seek repayment
How to apply for Tala loan
To apply for Tala loan, follow these steps.
- Install the Tala app
- Open the app and tap ‘Sign Up’
- Enter your phone number and tap on ‘Verify’
- You will receive a verification code as SMS, enter it and tap ‘Next’
- Set your four-digit PIN and tap ‘Submit’
- Enter your details
- You will be required to allow for the app to read your, ‘Calls, SMS, Contacts and Location’. Tap ‘Continue’ to accept
- You can now proceed to apply for a loan by tapping on ‘Apply Now’
- Answer a few questions. The answers you give will determine for a loan or not, and if you qualify, how much
- The app will then calculate, based on your information and return the approved amount
- From there, you can either proceed by choosing when to repay or decline the loan offer
- Choose between 30 days or 21 days, and tap on ‘Accept’
- Then check to agree to repay the loan according to the schedule, and tap on ‘Confirm’
- Now wait for Tala to send you the money to your M-Pesa account
How to repay Tala loan
To avoid getting a bad credit score and spoiling your chances of increasing your loan limit, ensure you repay your Tala loan on time. Follow these steps to repay your Tala loan.
- Go to Mpesa menu on your phone
- Select ‘Lipa na Mpesa’ option
- Select ‘Pay Bill’
- Enter 851900 as the paybill number
- Enter the phone number you used to register as the account number
- Enter the amount of money you want to repay
- Enter your Mpesa PIN
- Press ‘OK’ to initiate the transaction
