Tala Loan App is a pioneering mobile lending service that has revolutionized the loan approval process in Kenya. Traditional loan approvals can often be time-consuming and complicated, but Tala offers instant loans from Ksh 500 to Ksh 50,000. The App provides flexible repayment options and real-time updates to users. With excellent customer service, a simple application process, and competitive interest rates, Tala Loan App is the preferred choice for Kenyans who need fast access to funds.
Read on to learn how you can take advantage of this innovative financial solution.
What is Tala Loan?
Tala is a Santa Monica-based digital lender that offers micro-loans to individuals in Kenya, Mexico, India, and the Philippines. The company is led by Shivani Siroya, founded in October 2011.
Tala works through a mobile app that provides instant loans to users with an Android device. The entire process of applying for and receiving the loan happens through Tala App, from application to funds release and status tracking.
As of the writing of this article, the Tala App has been downloaded over 10 million times in Kenya alone. The App’s 4.5-star rating comes from more than 400,000 users who recently left feedback.
The Tala loan app is widely regarded as the top choice within the industry in Kenya. It has gained popularity among Kenyans due to its convenience, accessibility, and user-friendly loan application process.
How Tala Loan Application Works
Tala works through a simple process that is easy to follow:
- Download the loan app from the Google play store
- Fill out the Tala loan application form found in the App
- They determine if you qualify
- You choose the amount you want to borrow
- The loan is sent to your M-Pesa in an instant.
Tala charges a one-time service fee of 5%-33% on the amount you borrow and has repayment schedules that vary depending on your preference. Some people prefer to repay from the Tala app or through an M-Pesa using Tala Paybill number 859100.
They give loans ranging from 500/= when you are a first-time applicant to Ksh. 30,000, which is the maximum you get. To get the maximum, you will borrow and repay over time.
Tala Loan App Features
These are the features of the Tala loan app
- Easy to download and install
- Sleek UI
- Apply in minutes
- Instant loan approval
- Ability to grow Tala loan limit fast
- Free online financial tutorials
Tala Loan Requirements
For you to use this loan app, you need to meet the following Tala loan requirements:
- A Smartphone – You cannot access Tala using a Kabambe type of phone
- Be 18 years old with a phone number and
- National Identification Number
- Have a Safaricom line with M-Pesa activated. They send your loan to M-Pesa directly (The one you register with).
- Have you used your phone and transacted on M-Pesa previously?
That is basically what you need. Currently, Tala does not access Credit records, so it does not matter whether you are listed on CRB.
How to Download the Tala App
- If you are on an Android mobile phone, visit Google PlayStore and search for Tala.
- Check the reviews on Google Play. See all the excellent reviews about this App.
- Download Tala App and install the Tala loan on your smartphone.
- You are now ready to use and apply for a loan.
How to Register on the Tala App
After downloading the App, the registration process is simple:
- Once you download the Tala app, open it up,
- Fill out the Tala loan application form, and they will ask you to link your mobile number.
- The number will be verified and will register you automatically.
- It will check for information about you on your phone. This information is from your SMS to see how you transact M-Pesa, your income, etc. It also uses your CRB Status to determine your credit score.
- You are registered and now have an account to apply for your loan.
How to Apply for a Tala Loan
Once installed, go through the process to apply for Tala mobile loan application to check whether you qualify. You will fill in some questions before being granted credit. I find these questions research questions, and don’t matter whether you are eligible for your mobile loan.
If you don’t qualify, keep trying and let it stay on your phone, don’t uninstall it. If you are eligible, you will get an offer worth the amount you qualify for.
They give you two options for repaying your loan. You can choose to pay after seven days or after 30 days. The longer it takes to repay, the more expensive it will be.
Please choose an option you are comfortable with; I find the seven days so little because time goes by quickly.
After you click accept, they will send the money instantly to your M-Pesa account. That answers the question of how long Tala takes to approve a loan.
How to Pay Tala Loan via Mpesa
Here is how to Pay the Tala loan using Mpesa Paybill:
- Open Mpesa on your phone
- Select Lipa Na Mpesa
- Enter Tala Paybill Number 851900
- Use your phone number as the account number. (Remember to use your phone number to get a loan from Tala.
- Enter the amount you wish to repay your Tala loan. You can make partial payments.
- Complete the process by entering your Pin.
You can also pay a Tala loan using Mpesa for another number. Just make sure you select the number of your friend or family member as the account number when paying using the Tala Paybill number.
After paying the Tala loan via Mpesa, they will send you a message confirming they received your Tala Payment.
How to Repay Tala Via The Tala App
This is the easiest and most recommended way to repay Tala Loan. All you need is the Tala App and an internet connection.
Follow these steps, and you can repay your Tala loan:
- Launch the Tala App on your Smartphone
- Enter your PIN
- If you had taken a loan, it would show on the APP
- Click on “Make a Payment
- Enter the amount you wish to pay. Or Pay the entire loan amount.
- Click Make Payment,
- This will send a push notification to Mpesa and open MPesa on your phone.
- Enter your Mpesa PIN, and that is it.
Tala will send you a confirmation message, and you will notice the loan has been cleared on the APP.
Can I Pay Tala Loan Using Another Number?
Yes, you can. You can easily pay a Tala loan using another number through M-Pesa.
Here is how you can repay the Tala loan using another number:
- Open the Sim kit on your mobile phone
- Select Mpesa
- Then navigate to Lipa Na M-pesa
- Enter Tala Paybill number 851900
- Regarding the Account Number, Enter the other phone number that took Tala’s loan. (Not your current phone number)
- Make the Payment, and you will receive a Mpesa confirmation message.
- Tala will send their message to the number you are paying for.
If you ever encounter issues with a Tala loan and need to contact their team, here are some ways to contact Tala Kenya. There could be various reasons why you may need to get in touch with them:
Using the Mobile App
Tala has made the loan app so that it is easier to reach them. All you need to do is to log in to the App.
Once logged in, click the “View FAQs or send us a message” link. Clicking on this link will take you to the FAQs page.
At the bottom of this page, there is a line. Have a question about something? Click on it and a red button with MESSAGE US text. Click on it.
Once clicked, it will open a new page titled My Tickets. Click on the + sign and enter a description (The issue you need to be sorted out).
The best thing is to attach screenshots to this section, and they will get back to you.
They have a number that they used to contact you. You can use the same phone number to reach Tala. Here is the text number they use: 21991.
Use the following email address to contact Tala firstname.lastname@example.org.
On Social Media
They also have an active social media presence; you can contact them and get a quick response.
Well, now you have over one way of contacting them. Please only post on one platform at a time. Wait for a few hours before posting again on another forum. I recommend using the App first.
Tala Loan Limit
To best understand how to increase your Tala loan limit, it’s important to know how it is determined.
Your Tala loan limit is based on a few different factors, including:
- Your credit score
- Your income.
- Your repayment history.
- The amount of money you have in your account.
- The number of loans you have taken out
- The amount of time you have been a Tala customer
These factors are used to create a risk profile for each customer. Based on this risk profile, Tala determines the maximum loan amount they will extend to each individual.
Of course, this doesn’t mean you will always be able to borrow the maximum amount. Your actual loan amount will also be determined by how much money you need and how much is available in your account at the time of application.
Ways to Increase Your Tala Loan Limit
There are a few different things that you can do to increase your Tala loan limit. We’ve listed five of the most effective methods below.
1. Improve your credit score
One of the best ways to improve your chances of getting a higher loan limit is to improve your credit score. If you have a good credit score, you’re a low-risk borrower, and Tala will be more likely to extend a higher loan amount to you.
There are a few different things that you can do to improve your credit score, including:
- Paying your previous loans on time and in full.
- Maintaining a good credit history.
- Use less than 30% of your credit limit.
- Keep your accounts open for a more extended period.
2. Updating Tala App
Another way to improve your chances of getting a higher loan limit is to update your Tala app. By doing this, you can access Tala’s latest features and improvements.
Make sure you’ve updated to the latest version of the Tala app. This step ensures the App can get more information about your financial history and better assess your loan eligibility.
It’s also essential to ensure you’re using the latest version of the Tala app, as it may not support older versions.
3. Refer Friends and Family
You can also earn a higher loan limit by referring your friends and family to Tala. For every person you refer who successfully takes out a loan, you will receive a bonus of Ksh 500 that they will add to your loan limit.
4. Make Timely Repayments
Making timely repayments is one of the best ways to improve your chances of getting a higher loan limit.
This action will show Tala that you’re a trustworthy borrower, and they’ll be more likely to give you a larger loan.
5. Don’t delete the App from your phone just yet
If you delete the Tala App from your phone, it will hurt your loan limit. This is because Tala uses data from the App to assess your financial history and determine your loan amount.
Installing the Tala App on your phone gives Tala access to more information about your financial history, improving your chances of getting a higher loan limit.
Read also: How to increase Zenka loan limit
6. Use Tala often
Using Tala often will show us that you’re a responsible borrower, and we’ll be more likely to extend a higher loan to you.
7. Keep a high balance in your account
Another way to improve your chances of getting a higher loan limit is to keep a high balance in your account.
Doing this will show Tala that you’re a responsible borrower, and they’ll be more likely to extend a higher loan amount to you.
8. Negotiate with Tala for a higher loan limit
If you feel you deserve a higher loan limit, you can always negotiate with Tala for a higher amount.
9. Transact more on Mpesa.
Tala also looks at how active you are on M-Pesa when assessing your loan limit. If you transact more often on M-Pesa, This will help Tala to learn about your cash flow and better evaluate your loan eligibility.
10. Keep call and message logs clean
Tala also uses data from your call and message logs to assess your loan limit. If you have a lot of missed calls or unread messages, it will show Tala that you’re not a responsible borrower, and they’ll be less likely to extend a higher loan amount to you.
Read also: How to increase the Branch loan limit
Here is a summary of the loan figures provided by Tala:
|Max Loan Amount||Ksh 50,000|
|Loan Term||30 Days|
To summarize, Tala stands out as the current top mobile loan app in Kenya. Their rates are reasonable, and their response time is excellent. I have provided a guide on how to download and install the Tala app and how to secure a loan from them. Tala has made it possible for millions of Kenyans to easily access loans, with the potential to secure up to KES 50,000 in just minutes. Their interest rate is also quite reasonable, and they offer the option to repay your loan in installments. All in all, Tala is an excellent choice for those seeking a quick loan in Kenya.