A Fintech firm based out of Santa Monica, California, offers the Tala loan app. The company is present across Kenya, Mexico, the Philippines, and India. The company has helped many Kenyans with their finances and has given over $1 billion.
The site uses the Tala loan application to check customers’ creditworthiness and disburse loans within minutes. As of the writing time, the app’s rating is 4.7/5.0, with more than 10,000,000 downloads and 400,000 user reviews.
Reviews and ratings have proven Tala to be among the best loan apps for Kenyans. It also uses 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 know regarding Tala loans, including how to apply, the requirements and contacts, whether the repayment period is legitimate or a fraud, how much they cost, and so on.
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Tala’s loan needs to be repaid.
To qualify for Tala loans to get one, you must be 18 years old, possess a valid national ID number, a Smartphone, and be a member of M-PESA’s service. No paperwork is required as collateral or account information.
In general, apps must 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 given loans.
How to Apply For Tala Loan App
First, you must possess an Android smartphone because the Tala loan application isn’t available on iOS devices. Follow the steps below to obtain a loan from Tala.
- Download Tala Loan App
Downloading the Tala Loan App is relatively easy in any way. The only thing you need to do is
- Go to the Google Play store 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
- Register on The Tala Loan App
The next step is to when you are done install the app;
- Start the application the first time, then follow the screen instructions for registering.
- You’ll be asked to enter details such as your M-PESA account details, ID card, and phone number and allow app-specific access to your phone.
- You are required to confirm the number on your phone.
- Enter the required information, and you’ll be directed to your dashboard.
- 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, and the money will be transferred into your M-Pesa bank account immediately. There is a predetermined limit that varies by the user, but generally, you can’t 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 on the due date.
The phone’s data, which includes the number of SMS messages, the apps you have installed, and 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 loan app
Tala USSD Code
Unfortunately, Tala cannot 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 before applying for loans.
Tala Loan Interest Rate
Tala and other financial institutions offering loans get a small amount of cash in exchange for loaning you money. This is called interest. The amount you pay depends on the interest rate and the loan duration.
The interest rate of branch loans ranges from 4% to 34 percent. However, for a start, If you take out Ksh 4000, the interest rate is 14%, which equals 560 over 30 days. The 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 stay within Ksh 30 000 even if you 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, the greater the amount that must be repaid.
Tala Late Repayment Penalties
Like many other financial institutions, There are penalties for repayment if you fail to repay their loan by the time frame agreed upon. This is why you must be aware of your loan’s duration. Can you repay the loan within the period you entered when you signed up?
Tala has a one-time cost of 8 percent of the outstanding amount due. If you fail to make payments on time, the amount will be automatically added to the outstanding balance after the agreed-upon date. Date.
Tala Loan Over Payment
If you’ve overplayed your outstanding loans, Tala will refund the amount on your credit card within the next 24 hours. If the overpayment has yet to be transferred to your M-Pesa bank account within 24 hours, 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 on 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