Tala loan app, register, apply, repay loan, interest rates

Tala Loan App, How to Apply Loan, Repay and Interest Rates 2022

Tala mobile loan app is a very popular mobile lending platform present in Kenya, India, Mexico and the Philippines. By the time of writing this article, Tala mobile loan app Kenya has over 5 million downloads and a 4.4 rating from over 420,000 reviews.

Tala loan app, founded by Shivani Siroya, offers unsecured loan to anyone with an Identity Card and is an active registered M-Pesa user.

You have the option of applying for Tala loan on the Tala Mobile app or through the SMS number 21991. You can borrow up to a limit of Ksh. 30,000, depending on your borrowing history and credibility.

See Also: USSD Codes for Mobile Loans Apps in Kenya

How to Download Tala Loan App and Register

  • Search for Tala App from Google Play Store and install it
  • Click open and then Signup if you are new to Tala, otherwise press Sign in
  • Enter your Mpesa registered phone number and press verify
  • You will receive an SMS with a verification code
  • The app will try to verify the phone number automatically (if it doesn’t catch the message you can enter the OTP code manually)
  • Choose your preferred PIN
  • Tala will collect some information from you, including SMS, Mpesa messages, contacts and CRB listings, and income in order to gauge your loan credibility and credit score
  • You are now registered on the Tala app.

How to apply for Tala loan from app or ussd

Tala Fees and Interest Rates

Tala charges a flat service fee for each loan borrowed.

  • A 30-day loan carries a service fee from 7% up to 19%.
  • A 21-day loan has a service fee as low as 5% and up to 14%.
  • Some customers may qualify for additional loan terms and lower interest rates.
Read Also:   Bank USSD Codes in Kenya, Short Codes for Mobile Banking

To maintain or even lower your loan fee and remain in good standing with Tala, it is advisable to repay your loan before the due date.

New Tala loan app users can borrow between Ksh. 1,000 to Ksh. 5,000, and can grow the limit up to Ksh. 30,000 as they borrow and repay loans in time.

How to Apply for a Loan from Tala Loan App

Tala loans can be repaid within periods between 7 days and 30 days. You can make a partial payment of your loan or repay at once so long as you clear it before the due date.

Remember, interest rates range from 5% to 19% depending on how often you borrow from Tala and your repayment history.

Once you apply for a loan, it is instantly sent to your M-Pesa account.

There is no online Tala loan form to fill, you have to apply and answer several questions through the app. These questions will test your loan worthiness and limit.

To apply for Tala loan, follow these steps:

  1. Run the Tala app and enter your Tala PIN
  2. You have to grant Tala permission to Manage calls, access contacts, SMS and location
  3. Press on Apply Now button
  4. Answer the questions given carefully to help Tala determine your loan limit. Questions include loan usage, employment status, earnings, spending, additional income if any, money you owe friends, banks etc, and how you used your last Tala loan.
  5. On the last page, confirm your responses or edit accordingly then press on the Submit Application button
  6. If successful, Tala app will ask you to select your preferred loan amount
  7. Select how long you will take to repay the loan
  8. Select the number of times you want to be repaying the loan (once a week, twice a month or once a month)
  9. Click Continue to accept the loan
  10. Choose the best time to repay the loan (interest rates and charges are displayed along each term)
  11. Review your loan fees and payment schedule and click on the check box to agree to Tala terms and conditions (after careful reading of the T & C)
  12. Now click ACCEPT
  13. Your loan will be deposited straight to your Mpesa account
Read Also:   How to Deposit Money from Mpesa to Equity Bank

Take note that failure to repay your loan by the due date will attract a late fee of 8.0%, applied to your outstanding loan.

This is the standard Tala way of getting a loan from their app. You might also get apply for a loan through the Tala SMS number 21991. You do this by drafting a text message about your Tala emergency loan and sending it to 21991.

The response you get will advise your next step.

You can also check your Tala loan balance by texting the word Balance to 21991.

How to Repay Tala Loan

To repay your Tala loan through Lipa na Mpesa service, do this:

  1. Go to Lipa na M-Pesa and select Pay Bill
  2. Enter Tala business number: 851900
  3. For Account number, use your Tala registered number
  4. Enter the amount you have to repay (including interest charged)
  5. Enter your M-Pesa PIN
  6. Confirm your details and send
  7. You will receive an SMS from Tala confirming receipt of the money and whether your loan is fully paid.

In case you repay the loan and it does not reflect on the Tala app, you can look for the chat menu and send the M-Pesa transaction code to the support team.

You can also repay a loan for another Tala user. You do this by following the above process but entering the other persons phone number, registered on Tala, as the account number instead.

Read Also:   How to Apply for Eazzy Mobile Loan from Equity Bank

Tala Loan App Contacts

Twitter: https://twitter.com/TalaKenya

Facebook page: https://www.facebook.com/talakenya

SMS: Send help message line to 21991

Website: https://tala.co.ke

You can also use the chat section on Tala App and submit your query.

Also Read:

  1. List of Mobile Loan Apps in Kenya and their Interest Rates
  2. How to Apply and Repay Zenka Loan Via App and USSD Code
  3. How to Apply for Timiza loan, Pay by Mpesa, and Interest Rates
  4. How to Apply for M-Shwari Loan, Repay, Save, and Interest Rates