Tala loan app is offered by an Fintech firm based out of Santa Monica, California. The company is present across Kenya, Mexico, the Philippines as well as India. The company has helped a lot of Kenyans with their finances and given more than $1 billion.
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The site uses an app, called the Tala loan application, that lets it check customers creditworthiness and then disburses loans within minutes. As of the writing time the app’s rating is an 4.7/5.0 rating and has more than 10,000,000 downloads and 400,000 user reviews.
Reviews and ratings have proven Tala to be among the best loan apps to Kenyans. It also makes use of smartphones with USSD codes, meaning that you can get loans using USSD codes for those who don’t have smartphones.
The remainder of this article provides all you should be aware of regarding Tala loans, including how to apply, the requirements and contacts, the repayment period is it legitimate or a fraud, how much they cost and so on.
Tala loan need to be repaid.
To qualify for Tala loans to get one, you must be 18 years old, possessing a valid national ID number and possess an Smartphone as well as be a member of M-PESA’s service. No paperwork is required as collateral or account information.
In general, apps has to be granted access to the phone’s data. The data on your phone can be used to evaluate your creditworthiness, and whether or not you’ll be granted loans.
How to Apply For Tala Loan App
In the first place, you must possess a smartphone, Android to be exact because the Tala loan application isn’t available on iOS devices. Follow the steps below to obtain loan from Tala.
1. Download Tala Loan App
The process of downloading the Tala Loan App isn’t anything difficult in any way. The only thing you need to do is
- Go to Google Playstore and search for Tala. The necessary Tala loan application in your nation will appear.
- You can also visit this link to download the application on Google Play Store.
- Install the Tala Loan app
2. Register on The Tala Loan App
The next step is to when you are done is install the app;
- Start the application first time then follow the screen instructions for registering.
- You’ll be asked to enter details such as your M-PESA account’s details ID card, phone number, and allow the app certain access to your phone.
- You are required to confirm the number on your phone.
- Enter the required information and you’ll be directed onto your dashboard.
3. Apply for a Loan
The final step is to request a loan when the account’s creation is accepted. Request the loan you’d like to have and the money will be transferred into your M-Pesa bank account within moments. There is a predetermined limit that varies by the user, but generally you aren’t able to request greater than Ksh 10,000 for the first loan. However, the limit can be raised to the maximum of KSh30,000 if you repay the loan in the due date.
The phone’s data, which includes the number of SMS messages, the apps you have installed as well as location and phone information, is used to assess the creditworthiness of your loan. Don’t be concerned about someone else stealing your personal information. Tala employs encryption that is end-to-end and doesn’t disclose your data.
Tala USSD Code
Tala unfortunately, is not able to offer USSD Code services for its loans. The loans can only be requested through Tala’s official mobile application.
If you don’t own an Android phone that you can install the application, you can browse this listing of USSD codes to apply for the loan process from Kenya. Be sure to check the reviews of the platform you select to find out their interest rates and other details prior to making an application for loans.
Tala Loan Interest Rate
Tala as well as other financial institutions offering loans, gets a small amount of cash in exchange for loaning you money. This is called interest. The amount you pay is dependent on the interest rate and the duration that the loan is.
The interest rate of branch loans ranges from 4% to 34 percent. However, for a start If you take out Ksh 4000 and the interest rate is 14%, which equals 560 over 30 days. Total amount that you repay is KSh 4,600.00.
Tala Loan Amount Limit
Tala Loan app minimum loan amount is Ksh 500. The maximum amount you can borrow is Ksh 30000. The loan amount you can borrow is that are within this range. You can’t exceed Ksh 30, 000 even if are a regular user.
Tala Loan Repayment Duration
Tala has loan terms that range between 15 and 61 days. Thus, the loan is repayable in one week, or even two months. Be aware that the longer the period of repayment more, the greater the amount that must be repaid.
Tala Late Repayment Penalties
Like many other financial institutions There are penalties for repayment in the event that you fail to repay their loan by the time frame agreed upon. This is the reason you have be aware of the duration of your loan. Are you able to repay the loan within the period you entered when you signed up.
Tala has a one-time cost of 8percent of the outstanding amount due. The amount will be automatically added to the outstanding balance after the date agreed upon in case you fail to making payments on time. date.
Tala Loan Over Payment
If you’ve overplayed your loans that are outstanding, Tala will refund the amount on your credit card within the next 24 hours. If the overpayment has not been transferred to your M-Pesa bank account within 24 hours, be sure you contact their customer support phone number. They can assist you in resolving the issue promptly.
Repay Tala Loan Using Tala Paybill Number
You can pay back your Tala loan by using Tala Paybill. Follow the below steps to pay back your loan using Tala Paybill;
- Select M-Pesa under the Safaricom menu of your mobile
- Select Lipa na M-PESA
- Select the Paybill option
- Enter the Paybill number 851900.
- To access your account, enter the M-Pesa account number that you registered.
- Input the amount of your repayment
- Make sure you enter your M-PESA number.
- Check that all details are correct, then press “OK”.
Tala Loan Contacts
- Website– https://tala.co.ke/
- Facebook – https://www.facebook.com/talakenya/
- Instagram– https://www.instagram.com/tala_kenya
- Twitter – https://twitter.com/TalaKenya
- LinkedIn – https://www.linkedin.com/company/tala-mobile
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