The Tala loan app is widely regarded as one of the best loan apps in Kenya, boasting over 10 million downloads since its introduction in 2014. A recent study revealed that 9 out of 10 customers are likely to borrow using Tala loan app again. Moreover, 82% of women reported increased confidence after using the app, making it a trusted choice for instant loans in Kenya.
Features on the Tala Loan App
The Tala loan app 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, equivalent to just 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 takes only 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.
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 for Previous and Existing Customers
- Open the Tala App
- Complete the loan application process.
- If approved, choose a payment period.
- Select the “Send my loan” button.
- Once you are approved for a loan it is instantly sent to your MPESA account.
How to Repay Your Tala Loan
- 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.
- Make either full or partial payments on or before the due date.
Read Also: How to Quickly Borrow Money with the Lendplus Loan App
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: With proper safeguards in place, Tala ensures user data security.
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 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 it accessible to more Kenyans.