Consumer credit demand is enormous in Kenya and demand for bread-and-butter business loans remains massive. That soft outlook disbursement stems from the fact that Tala loans are available for everyone.
Traditionally, Tala operates a mobile banking
system and serves millions of people. They instantly disburse loans to people
with credit history and no formal credit history on their mobile.
We will take you through Tala loans and all you need to
know.
About Tala loans
Shivani Siroya is the founder and chief executive officer of
Tala loans. Tala operates in some other countries like Mexico, Philippines,
India and Tanzania. They found the app in 2011. They provide unsecured mobile
money loans.
Every one can qualify for Tala loans as long as they meet up with the
requirement.
How Tala loans work
- Download
the app
- Apply
for the loan
- The
app reads your phone information to gain some information
- Loan
approved
Pros and Cons of Tala loans
Pros:
- Data
submitted is secure
- They
disburse loans within few minutes of application
- Tala
has gained name and is one of the trusted lending platforms in Kenya
Cons:
- App
can’t run on IOS.
- App
runs on mobile phones with 4.0.3+ android versions
Minimum and maximum of Tala loan
Upon application, remember you can borrow between Ksh. 1000
to Ksh. 50,000 which solely depends on your credit score and loan limit. Your
loan limits increase over time as you make early loan repayment.
There are three loan limits:
Bronze: It is the starting point and loans
disbursed ranges between Ksh 500 to Ksh 4,999.
Silver: The minimum loan limit is Ksh 5000, and
the maximum is Ksh 9,999
Gold: The minimum loan limit for this level is
Ksh 10,000, and the maximum is Ksh 50,000.
How do I get Tala loans
To get the loans, follow the steps below:
- Download
the app from google play store
- Open
the app and sign up by supplying your personal information for loan
application
- After
application, you see the loan offer available to you depending on your
credit score
- Click
to apply for the loan you qualify for
- Tala
processes your loan applications within 5minutes
- If
approved, you get a message on your Tala account or M-Pesa account of
your loan disbursement.
Note: You can only take one loan at a go
What is the interest rate of Tala loans
Tala loans interest rates vary and depend on the loan you
applied for and the repayment duration. 30 days loans have an interest
rate of 7% to 19% which depends on your frequency of loan applications. 21 days
loans incurs an interest rate of 5% to 14%.
Note: Some persons may qualify for a larger and additional
loan durations. Always review your options and choose the one you want.
Additional fees for Tala loans
Tala loan repayment of 120 days has a onetime fee of 13% to
33%.
How do I qualify for Tala loans
To qualify for Tala loans, follow the steps:
- Download
the app from the Google Play store.
- launch
the Tala app and sign up for a pin number
- Tala
asks your permission to access your phone’s data
- After
accessing your phone’s data, you can apply for a loan
What are the requirements for applying for Tala loans
Requirements for applying for Tala loans range from:
- Have a
valid national ID
- Possess
a registered phone number
- Have
an active M-Pesa Account
- Have
an android smartphone with operating system 4.6 upwards.
Tala loan app
Tala app is an android mobile application software. It
provides lending services to citizens of Kenya. The app also offers unsecured
mobile loans by accepting applications and disbursing immediate funds. Once you
have an ID and active M-Pesa account, you are ready.
Features of Tala app are:
- It has
more than 5million downloads on play store
- A star
rating of 4.5 out of 405,478 reviews
- Requires
android version of 4.0.3+.
How to repay Tala loans
This is a run down procedure on how to repay Tala
loans. They are:
- Launch
your M-Pesa account
- Locate
M-Pesa paybill
- Enter
the paybill number as 851900
- On the
account number section, input your phone number
- Enter
the amount you want to repay
- Click
Ok and have your loan repaid.
What you need to do when your Tala loans don’t reflect.
After repaying your Tala loans and it still doesn’t reflect
on their system/Database. Open your Tala app and send your M-Pesa confirmation
code to their support app chat.
What happens when you make late loan repayment
Missing loan repayment may result in submitting your details
to any CRBs agencies. Late and missing loan repayment may also result in;
- Extra
fees
- Lower
late repayment
- Inability
to get future loans
After 112days, your loan repayment is late. To be sure that
they do not list you, dial *433# and follow the prompt.
Errors encountered using Tala app
Below are solutions to common Tala App errors;
Loan repayment not reflecting on Tala loans database
Using the app chat section on the app, send in your M-Pesa
successful confirmation code. Also include your repayment time and amount
repaid.
What would I do when I lose my verification code details
Try to Uninstall and reinstall Tala app. A
verification code will be sent to you, be rest assured that you won’t lose your
account.
How to Change your Tala loans pin
Launch the app, search and locate “Forgot pin”, click
on it to reset your pin.
What you would do when Tala blocks your pin
Through the app chat, snap your National ID and send to
them.
Device not supported on your Mobile
Tala app only works on Android smartphones phones with
version 4.0.3+
When account is linked to another device elsewhere
This error is encountered when you lose or change your
phone. Contact the support team, report the error So they would unlink your
previous account.
Your national ID number has been registered
This is a serious case and actually means a case of fraud.
Send a message to Tala immediately.
What happens when you are not eligible
You would notice that even when you have taken a first and
second loan, on the third one, you might still not qualify. Reason is that, if
you are not using your phone to send messages, make a call and do M-Pesa
transactions, you will not qualify. The way out here is to try out another week
or day.
How to contact Tala Loans
You can reach Tala customer care through;
Email: hellokenya@talamobile.com
Chat: Go to Tala App chat section
SMS: send SMS to 21991
Website: https://tala.co.ke
Conclusion
Tala is a financial company that uses different suitable
technological tools to build a system that works for everyone. They disbursed
more loans in recent times and also willing and ready to render more funds to
the people. Tala app is a good product for a quick loan. Customers use Tala
loans to start and expand small businesses, pay school fees and bills, and
build more stable financial lives.