The Tala loan app is one of the most popular loan apps in Kenya, with over 10 million downloads since its launch in 2014. A recent study revealed that 9 out of 10 customers are likely to borrow again using the Tala loan app. Notably, 82% of women reported increased confidence after using the app, making it a trusted choice for quick loans in Kenya.
Features on the Tala Loan App
Tala offers a variety of features that make it stand out among mobile loan apps in Kenya:
- Affordable Interest Rates: Tala charges an interest rate of 0.3% per day, which is equivalent to KSh 6 per day for borrowing KSh 2,000.
- Flexible Loan Limits: Borrow anywhere from KSh 1,000 to KSh 50,000, depending on your credit score.
- Quick Application Process: It only takes 5 minutes to apply for a Tala loan.
- Simple Requirements: Only a national ID is required for loan application.
- Convenient Loan Disbursement: Funds are sent directly to your M-PESA account after approval.
- Flexible Repayment Terms: Repay within 61 days or choose shorter terms as offered.
Tala loans also allow repayment in installments, as long as they are cleared by the due date. However, failure to repay on time incurs an 8% late payment interest and 20% excise duty on daily and late payment interest, as required by the Kenya Revenue Authority.
How to Apply for a Tala Loan
For New Customers:
- Download the Tala app from Google Play on your Android smartphone.
- Sign up using your Safaricom number and create a secure PIN.
- Fill out the loan application form with the required details.
For Returning Customers:
- Open the Tala loan app.
- Complete the loan application process.
- If approved, choose your repayment period.
- Click “Send my loan” to receive funds instantly in your M-PESA account.
Pro Tip: Returning customers can increase their Tala loan limit by making timely repayments. Double your loan limit in just two months and quadruple it in six months!
How to Apply for a Tala Loan via USSD
- Open the Tala App.
- Complete the loan application process.
- If approved, choose a payment period.
- Select the “Send my loan” button.
- Once approved, your loan is instantly sent to your M-PESA account.
How to Repay Your Tala Loan
Using M-Pesa:
- Open your M-PESA app or menu.
- Use Tala’s paybill number: 851900.
- Enter the phone number linked to your Tala account as the account number.
- Enter the amount you wish to repay.
- Input your M-PESA PIN to complete the repayment.
Benefits of Using Tala Loan App
- No Collateral Needed: Loans on the Tala app don’t require collateral or a CRB check.
- Referral Rewards: Get KSh 500 off your next loan for referring friends.
- Safe and Secure: Tala ensures user data security with proper safeguards in place.
Tala Loan App Security Tips
- Always apply through the official Tala loan app.
- Avoid downloading from unauthorized platforms or suspicious links.
- Tala will never ask for your account PIN or request down payments for cash-out.
FAQs About Tala Loan App
What is the interest rate for Tala loans?
Tala charges an interest rate of 0.3% per day, making it one of the most affordable loan apps in Kenya.
How can I increase my Tala loan limit?
Timely repayments can double your loan limit in two months and quadruple it in six months.
Is the Tala loan app safe?
Yes, Tala ensures secure transactions and protects user data.
Can I get a loan on Tala without a CRB check?
Yes, Tala loans don’t require a CRB check, making them accessible to more Kenyans.
Conclusion
The Tala loan app is an excellent solution for those needing quick access to affordable loans in Kenya. With no collateral required, easy application processes, and instant disbursement of funds, Tala makes it simple to access financial support. Whether you’re a new or returning customer, Tala’s flexibility and competitive interest rates make it a trusted option for financial assistance. Start using Tala today to access your loan quickly and manage your finances effectively!
