Tala is a popular mobile lending platform operating in Kenya, offering fast and convenient access to unsecured loans. To qualify, you’ll need an ID card and be a regular M-Pesa user. This article is a quick guide to Tala app download, requirements and loan application.
Tala Loan Amounts and Eligibility:
- Borrow up to Ksh. 50,000, based on your borrowing history and creditworthiness.
- First-time borrowers receive Ksh. 1,000 – Ksh. 5,000, with potential to double within two months of responsible repayment.
Applying for a Tala Loan:
Download the App:
- Search for “Tala App” on the Google Play Store and install it.
- Open the app and choose “Sign Up” if you’re new, or “Sign In” if you have an existing account.
- Enter your M-Pesa registered phone number and verify it with the received code.
- Set a secure PIN.
- Grant Tala access to your contacts, SMS, and location to assess your creditworthiness.
Apply for a Loan:
- Enter your PIN and grant necessary permissions.
- Click “Apply Now” and answer all questions accurately.
- Review your loan offer, select your desired amount, repayment period, and frequency.
- Choose a convenient repayment date and confirm the terms and conditions.
- Your loan will be deposited directly to your M-Pesa account.
Alternative Application Method:
Alternatively, send a text message stating “Tala emergency loan” to 21991. You can also inquire about your loan balance by texting “Balance” to the same number.
Tala Loan Fees and Interest Rates:
- Tala loan app charges interest rates ranging from 5% to 19%, depending on your borrowing history and repayment behavior.
- Service fees vary based on loan term:
- 30-day loans: 7% – 19%
- 21-day loans: 5% – 14%
- Some users may qualify for lower rates and additional terms.
- Timely repayments can improve your standing and potentially decrease future fees.
Repaying Your Loan:
- Repay your loan within 7-30 days, either in full or via partial payments.
- Late payments incur an 8% penalty on the outstanding balance.
- Use Lipa Na M-Pesa to repay:
- Open M-Pesa Menu
- Select “Lipa Na M-Pesa” and “Pay Bill”
- Enter Tala’s Business Number (851900) and your M-Pesa number (as Account Number)
- Enter the repayment amount (including interest) and your M-Pesa PIN
- Confirm details and send
- You’ll receive confirmation messages from Tala.
- For delayed reflections, contact Tala support with the M-Pesa transaction code.
- You can also make repayments for other Tala users using their registered phone number as the account number.
Remember:
- Borrowing responsibly is crucial. Only borrow what you can afford to repay on time.
- Understand the terms and conditions before accepting a loan.
- Late repayments can negatively impact your credit score and future loan eligibility.
Also Read:
- List of Mobile Loan Apps in Kenya and their Interest Rates
- How to Apply and Repay Zenka Loan Via App and USSD Code
- How to Apply for Timiza loan, Pay by Mpesa, and Interest Rates
- How to Apply for M-Shwari Loan, Repay, Save, and Interest Rates