Tala Kenya has been one of the pioneers in mobile loans in Kenya and has been in the market for a long time. It is one of the best loan apps, but with increased levels of default, they have become more strict, and is now more difficult to get a tala loan than it used to be.
How Much Loan Can You Take With Tala
Tala will advance loans from as little as Ksh 500 and up to Ksh 30,000. This loan is usually applied and disbursed through the Tala loan app directly to Mpesa account.
Tala app is secure and the loan approval takes seconds, especially for return customers with good payback history. When you apply for the loan you get to choose your due date and when you repay the amount on time, then you get your loan limit increased.
What Are The Key Features Of Tala Loan?
1. Lower Interest Rates
Compared to some other loan apps in Kenya, Tala offers an affordable interest rate of 4% though this will change with the amount applied.
The loan app gives the borrower to decide their repayment period thus making it possible for a borrower to adjust to repay the loan.
2. Fast Loan Approval
Those that meet the vetting requirements and existing customers will have their loans approved in minutes. Actually seconds. This will enable one to make an instant decision on money matters.
When the loan is approved, it is sent directly to the M-pesa account. You can apply and get the cash all within 5minutes and sort out the emergency that you have.
3. Tala Loan Is Convenient
Unlike bank loans, the Tala loan app can be accessed 24hours a day, 7 days a week. This means it does not matter where you are or what time of the day it is to access the loan. You just require a phone with an internet connection.
You do not have to fill out any forms or provide any security to get the loan, nor do you require a bank account. You just need a valid identification document (ID) and a registered Mpesa line.
4. Flexible Repayment Period
Tala loan has a flexible repayment period of up to 61 days. This enables one to have sufficient time to look for cash and repay the loan. Remember the app loan is not meant for development but for filling gaps and holes in your financial life.
5. Great Repeat Experience
The more you repay the loan on time, the more you access more funding. Even if the repayment period has not elapsed, you can pay what you owe and borrow more immediately.
You will be asked a few simple questions and you are on your way to enjoying a new loan with new repayment periods. You can be assured your data is ensured through encryption.
6. Loan Amount Growth
New customers who join Tala start with a lower limit but the loan limit levels will increase gradually as you borrow more and pay more. The highest level will be Ksh 30,000. Depending on your borrowing history and promptness in paying, you can increase the loan level rapidly within months.
How To Apply For Tala Loan
To get approval and access to the Tala loan, follow the following steps:
Step 1: Download The Tala App
Download the app from the playstore or AppStore and fill in the required information. Fill in the ID card details as requested.
Step 2: Apply For The Loan
After your details have been verified and the account created, fill out the loan application form. It is easy to fill out in a few minutes.
Step 3: Choose Your Terms
You need to fill out the credit terms most suitable to you. Fill out the amount you want to receive and the repayment period you anticipate taking to pay the loan.
Step 4: Get Your Cash
Once the loan has been approved, funds will be sent directly to your MPESA.
Tala Loan Paybill Number
You can conveniently repay the outstanding loan using Tala m-pesa paybill number 851900. You can only repay the loan using the phone number that you used to register with Tala. Here are the steps to repay the Tala loan using M-pesa:
- Go to M-pesa lipa na M-pesa
- Select paybill and enter paybill number 851 900
- Enter your ID number or phone number as your account number
- Enter the amount you wish to pay
- Enter Mpesa pin.
- You will get a notification message from Safaricom on the success of the payment. Tala will also send you a message confirming the repayment of the loan.
Note that you can pay less amount as long as you have not exceeded the repayment period. For example, if you have a loan of Ksh 10,000 with a repayment period of 61 days, you may decide to pay the amount after every week or 10 days 0r 14 days until you pay it in full within 61 days.
Who Can Apply For Tala Loan?
✔️ Any resident citizen of Kenya and 18+ years old.
✔️ Has a valid ID and a mobile number.
Recurring Loan Terms
Every cash amount we offer is eligible for a 61-day repayment period.
You will have continuous access to cash if you clear your outstanding balance and keep your Tala relationship in good standing (some exclusions apply).
Always study the terms and conditions and the disclosure statements before proceeding with any transaction.
Tala Loan Rates And Fees
✔️ Credit limit amounts: KSh 1,000 to KSh 30,0000
✔️ One-time service / interest fee: 4%- 34%
✔️ Maximum Annual Percentage Rate (APR): 78.21% – 273.75%
✔️ Late fee: a one-time fee of 8% of the outstanding amount due
✔️ Minimum repayment period offered = 61 days
✔️ Maximum repayment period offered = 61 days
• Example Fees: For a borrower who receives a KSh 4,000 from Tala for a 61-day term, they would be charged a service/interest fee as low as 14%, which would be KSh 560, and so a total payment of KSh 4,560.
• KSh 4,000 (borrowed amount) + KSh 560 (service / interest fee) = KSh 4,560 (total payment)
Tala Kenya Contacts
Email: [email protected]
Website: www.tala.co.ke
Facebook: facebook.com/talakenya
Get more mobile loan apps in Kenya here.
