Tala loan app has become popular worldwide due to the flexibility the company offers on loan repayment and the chances of increasing loan limit quickly after the initial loan request is granted and repaid in time. Moreso, it takes about 5 minutes for your loan to be approved and sent straight to your MPesa account.
First-time Tala loan borrowers can borrow between Ksh. 1,000 and Ksh. 5,000 with interests as low as 4% and comes with a flexible repayment period of up to 61 days.
You can match the repayment date to coincide with your income date. Remember, the longer the repayment period, the more the interest is charged.
To know your loan limit, download and install Tala App and request a loan by answering a few questions. The maximum amount you can borrow will be displayed on the application page.
There are several ways you can employ to increase your Tala loan limit:
1. Repay Loan on Time
Make a good habit of repaying your loans on time and maintaining a good credit history with Tala. This will see your loan limit double within just two months.
Remember that late repayment will also attract penalties and negatively affect your credit scores.
2. Borrow Frequently with Tala
Start by borrowing small loans frequently and making sure that you repay before the repayment date. This will create a good credit profile and show Tala that you can be trusted with large loans.
Boost your credit score by choosing shorter periods at first and eventually longer ones as your loan limit grows.
3. Transact More with MPesa
Tala relies on your MPesa transactions to help determine your creditworthiness. You can boost trust with Tala by using MPesa frequently to pay bills and other services. When Tala sees a large volume of MPesa transactions through your account, they will be more obliged to offer you a higher loan limit.
4. Keep MPesa Transaction Messages
Tala app reads through your messages looking for anything concerning transactions. Do not delete transaction messages and ensure your messages are clean and positive.
If you must borrow from Fuliza and Mshwari, ensure you repay in good time and you will see your Tala loan grow. Remember, any negative notification from other loan services will affect your loan limit.
5. Have Other Channels of Income
Having more than one source of income will prove to Tala that you are capable of repaying your loans on time and can be trusted with a higher limit. This boosts Tala’s trust in you and indicates that in case your primary income fails, you can easily repay your loan with the other source of income.
6. Do not Uninstall Tala App
Keep the Tala app installed on your phone because the app will keep rescanning your phone and updating your loan limit regularly.
7. Refer Friends to Tala
You can refer your friends and family to access Tala loans and you will be offered a bonus of Ksh. 500 off on the next amount your borrow and this can give Tala a good ground to improve your loan limit.