In this article, we are going to take a look at the Tala loan app. It is one of the easiest and fastest ways to borrow money in Kenya. You will see why in this article as we are going to cover the following:
- What is Tala’s loan?
- Tala loan app download
- How to get a loan from Tala
- The application process
- How to repay the loan
And I will also answer few questions you have about the app.
What is Tala Loan?
Tala is a Fintech company that offers mobile loans to people living in Kenya, the Philippines, India, and Mexico. The company is based in Santa Monica, California, and was launched in 2011.
Tala loans are unsecured loans, and the idea behind them is to make borrowing money easy, fast, and convenient for people in Kenya and other countries they operate in.
At this point, you might be wondering what makes the Tala loan app different from traditional lenders like a bank? Well, unlike commercial banks where you have to visit a branch, complete a mountain of paperwork and wait for days to get the loan approved, Tala makes it possible for you to apply for loans through your phone in minutes.
How can I get a loan from Tala?
To get a loan from Tala, all you have to do is download their app and follow the instructions during the application process.
You need to meet certain requirements like:
- Be 18 years or older
- Have a national ID
- Have a smartphone with access to the internet
- The smartphone should have a Safaricom Line enabled with M-Pesa
Once you meet the above requirements, you can easily get a loan from Tala, and I will show you how in the following section.
Tala loan app download
As mentioned in the previous section, you need to download their app to get a loan from Tala. Here is how you can easily download the application on your device:
- Enable internet on your smartphone
- Visit Google Play Store
- Search for Tala loan or Tala loan app The search results will show Tala Mobile creates it.
- Click install. This should take about 2 minutes, depending on your internet speed.
Simple as that, you now have the Tala App installed on your phone and ready for the next step to apply for your first loan.
Tala loan application
The Tala loan application process is straightforward. Here is what you should do:
- Find and open the Tala app on your phone
- Choose a language you want to use
- On the next step, indicate that you are new to create an account. Otherwise, go ahead and sign in.
- Enter your M-Pesa number on the next step.
- Input your PIN (Can be different from the one you use with M-Pesa.)
- In the next step, click Apply and fill out the Tala loan application form online. Make sure to provide accurate information in this form.
- Select the loan amount you wish to borrow and choose a payment schedule.
- Then click Send My Loan.
Immediately you submit, Tala will automatically review your Tala loan application and send the money to your M-Pesa account.
Tala loan payment
After you receive your loan from Tala, you need to know how you can repay it. They have several options you can use to pay your loan. They also have two schedules that give you the time frame they require you to repay the loan; A 21-day payment schedule and a 30-day payment schedule.
Here is how to Pay Tala loan in Kenya:
Option 1: Via Tala Paybill Number
To repay Tala loan using the Tala Paybill number, follow these steps:
- Open your Safaricom Toolkit and choose M-Pesa
- Next select Lipa na M-Pesa
- Select the Pay Bill option next
- Enter the Tala Paybill number 851900 as the business number
- On the next prompt, enter your phone number as the account number
- Enter your payment amount
- Enter your M-Pesa PIN
- Confirm that all details are correct and Submit
After submitting, you will get two messages, one from M-pesa and the other from Tala Mobile, confirming receipt of your payment.
Option 2: Through the Tala app
I prefer this method since it is easier than sending money via M-Pesa. To pay your Tala loan using the app, follow these steps:
- Open the Tala app on your phone
- They will show the loan amount to you
- Just select and follow the prompts
- Your M-Pesa toolkit will open up, and all you have to do is
- Enter your M-Pesa Pin, and that is it.
The second option also allows you to make partial payments, just like the M-Pesa option.
Tala Loan Calculator
Many people are looking for a Tala loan calculator to know how much they can get from Tala. The simple and easy way to calculate Tala fees is through the Tala app itself.
Open the app and select the amount you wish to borrow, and select the payment schedule. They will tell you in advance how much it will cost and what rates they are charging. This helps you know how much money you can get from them, and that is a good thing.
Tala loan Limit and Terms
Their loans range from KSh 1,000 – 5,000 for first-time borrowers and can grow up to KSh 30,000 overtime when you repay the loans on time.
Tala claims they don’t charge an interest rate on their loans but have a service fee indicated below:
- For the 30-day loan, they take a service fee of between 7% and 19%.
- The 21-day loan, on the other hand, has a service fee starting from 5% up to 14%.
So every time you take a Tala loan, they will deduct their services fees from your original amount.
Tala loan app for iPhone
I don’t know why if you have an iPhone, you need a loan 🙂 Anyway, you cannot find the Tala loan app for iPhone. It is only available on Android phones.
I have seen people who own iPhones use a different android phone to get a Tala loan.
Tala loan contacts
For any questions you might have regarding your Tala loan, you can contact customer care through the following Tala loan contacts methods.
- Email: email@example.com
- Website: https://tala.co.ke/contact/
- SMS: 21991
- That is how you can contact Tala customer Care. If you know any other ways, please share them via the comments section.
In conclusion, the Tala loan app is a fantastic way to borrow money and repay it on your own terms. Who knows, you might even find it so easy that you will never need another loan again!
I hope this Tala loan guide was helpful. Do you have any experience with the Tala app that you can share?
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