In this article, we will look at the Tala loan app. It is one of the easiest and fastest ways to borrow money in Kenya. We will also answer a few questions you have about the app. Let’s begin…
What is Tala Loan?
Tala is a CBK licensed & regulated mobile app and financial technology platform that provides quick, convenient loans to Kenyan citizens who would otherwise have difficulty accessing traditional financial services. Through Tala, users can request loans quickly and easily without waiting for a lengthy approval process, as is common with mainstream banking.
Tala offers mobile loans to people living in Kenya, the Philippines, India, and Mexico. The company is based in Santa Monica, California, and launched in 2011.
Read also: A List of CBK-Licensed Digital Credit Providers
Tala offers quick loans to customers regardless of their credit history. Loans range from KSh 2,000 to KSh 30,000 and have competitive daily interest rates as low as 0.3%. The application process is fast and efficient, allowing customers to receive their loans within minutes of approval.
How do I qualify for a Tala loan?
To get a loan from Tala, you must download their app and follow the instructions during the application process.
You need to meet specific requirements like:
- Be 18 years or older
- Have a national ID
- Have a smartphone with access to the internet
- The smartphone should have a Safaricom Line enabled with M-Pesa
Once you meet the above requirements, you can quickly get a loan from Tala, and we will show you how in the following section.
Tala Loan App Download Kenya
As mentioned in the previous section, you must download their app to get a loan from Tala. Here is how you can easily download the application on your device:
- Enable the internet on your smartphone
- Visit Google Play Store or Click here to sign up and apply for your first loan
- Search for Tala loan or Tala loan app, then install it.
This should take about 2 minutes, depending on your internet speed.
Simple as that, you now have the Tala App installed on your phone and ready for the next step to apply for your first loan.
Tala loan application
The Tala loan application process is straightforward. Here is what you should do:
- Find and open the Tala app on your phone
- Choose a language you want to use
- In the next step, indicate that you are new to creating an account. Otherwise, go ahead and sign in.
- Enter your M-Pesa number in the next step.
- Input your PIN (It can differ from the one you use with M-Pesa.)
- Click Apply and fill out the Tala loan application form online. Make sure to provide accurate information in this form for loan approval.
- Once approved, select the loan amount you wish to borrow and choose a payment schedule.
- Then click Send My Loan.
Immediately after you submit, Tala will automatically confirm your Tala loan application and send the money to your M-Pesa account.
Tala loan payment
After receiving your loan from Tala, you need to know how to repay it. They have several options you can use to pay your loan. They also have two schedules that give you the time frame they require you to repay the loan: A 21-day and a 30-day payment schedule.
Here is how to Pay the Tala loan in Kenya:
Using Tala Paybill Number
To repay the Tala loan using the Tala Paybill number, follow these steps:
- Open your Safaricom Toolkit and choose M-Pesa
- Next select Lipa na M-Pesa
- Select the Pay Bill option next
- Enter the Tala Paybill number 851900 as the business number
- On the next prompt, enter your phone number as the account number
- Enter your payment amount
- Enter your M-Pesa PIN
- Confirm that all details are correct and Submit
After submitting, you will get two messages, one from M-Pesa and the other from Tala Mobile, confirming receipt of your payment.
Using the Tala app
I prefer this method since it is easier than sending money via M-Pesa. To pay your Tala loan using the app, follow these steps:
- Open the Tala app on your phone
- They will show the loan amount to you
- Select and follow the prompts
- Your M-Pesa toolkit will open up, and all you have to do is
- Enter your M-Pesa Pin, and that is it.
The second option allows you to make partial payments, just like the M-Pesa option.
What is the interest rate of a Tala loan?
Tala loans have interest rates as low as 0.3% per day, making them one of the most affordable loan solutions for Kenyan citizens
Tala Loan Calculator
Many people are looking for a Tala loan calculator to know how much they can get. The simple and easy way to calculate Tala fees is through the Tala app itself.
Open the app, select the amount you wish to borrow, and select the payment schedule. They will tell you how much it will cost and their rates. This helps you know how much money you can get from them, which is a good thing.
What is the maximum Tala loan limit?
Their loans range from KSh 1,000 – to 5,000 for first-time borrowers and can grow up to KSh 50,000 overtime when you repay the loans on time.
Tala claims they don’t charge an interest rate on their loans but have a service fee indicated below, subject to change:
- The 30-day loan takes a service fee of between 7% and 19%.
- The 21-day loan, on the other hand, has a service fee starting from 5% up to 14%.
So, every time you take a Tala loan, they deduct their service fees from your original amount.
Tala loan app for iPhone
We don’t know why if you have an iPhone, you need a loan 🙂 Anyway, you cannot find the Tala loan app for iPhone. It is only available on Android phones.
We have seen people who own iPhones use a different android phone to get a Tala loan.
Tala loan contacts
You can contact customer care through the following Tala loan methods for any questions you might have regarding your Tala loan.
- Email: [email protected]
- Website: tala.co.ke/contact
- SMS: 21991
- Facebook: www.facebook.com/talakenya
- Twitter: twitter.com/TalaKenya
- That is how you can contact Tala Customer Care. Please share any other ways in the comments section if you know of any other methods.
In conclusion, the Tala loan app is a fantastic way to borrow money and repay it on your terms. You might even find it so easy that you will never need another loan again!
I hope this Tala loan guide was helpful. Do you have any experience with the Tala app that you can share?
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