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.
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:
Run the Tala app and enter your Tala PIN
You have to grant Tala permission to Manage calls, access contacts, SMS and location
Press on Apply Now button
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.
On the last page, confirm your responses or edit accordingly then press on the Submit Application button
If successful, Tala app will ask you to select your preferred loan amount
Select how long you will take to repay the loan
Select the number of times you want to be repaying the loan (once a week, twice a month or once a month)
Click Continue to accept the loan
Choose the best time to repay the loan (interest rates and charges are displayed along each term)
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)
Now click ACCEPT
Your loan will be deposited straight to your Mpesa account
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:
Go to Lipa na M-Pesa and select Pay Bill
Enter Tala business number: 851900
For Account number, use your Tala registered number
Enter the amount you have to repay (including interest charged)
Enter your M-Pesa PIN
Confirm your details and send
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.