Tala Loan App formerly branded as Mkopo Rahisi belongs to a California-based finance and economics company in Kenya which awards instant unsecured mobile loans to all Kenyans who qualify. The company was originally known as Inventure and is Kenya’s number one Finance mobile App. In this post, we are going to talk about Tala Loan application.
Sometimes back in the day, they used to offer a maximum of Ks 50,000. Today, Tala gives a minimum loan amount of Kshs 500 to first-time users and up to a maximum of Kshs 30,000 for subsequent Tala users with good loan repayment history.
Tala has declared that they don’t charge interest on loans instead take a service fee. This service charge depends on the loan repayment schedule, which you choose. The first one is a 30-day loan that draws a 15% service fee. The other option to choose from is a 21-day loan offer that attracts an 11% service fee.
Compared to the traditional Banks & other Microfinance lending institutions, The Tala Loans does not need general security such as a Title Deed, Payslip, or Car Log Book. But it is necessary to check your CRB status to know if you are blacklisted there wrongly.
How does Tala mobile App work?
Once downloaded from the Google Play Store on your Android device and installed on your phone. Tala Loan App looks at your SMS folder for Mpesa transaction account and your voice call pattern history to build a reputation score.
They additionally use different data like your income level, your Mpesa usage, and your loan repayment records from other providers.
Tala loans do not want any security, and the average credit is Kshs 10,000, but first-time loan applicants are given a minimum of Kshs 500 and have to build their creditworthiness over time. The credit increment eligibility depends on your repayment behavior of previous loans.
Tala app download Kenya
To download Tala Apk, All you want is a registered Mpesa line and an Android device running OS 2.3.3 or higher version.
How to use Tala Loans App (Tala Kenya Registration)
You don’t need the app APK
You also don’t require a tala loan application form online.
- All that you need is to head over to the popular Google Play Store on your smartphone (not kaduda) to download and install the Tala app
- Link the app to your currently active Facebook account to register as a customer.
- Provide additional information to Tala such as your phone number and also by answering precisely the few personal questions provided.
- Tala loan qualification is reliant on the feedback you give on these questions.
- Relax, play, or do something different while you wait for Tala to do their magic(that is your loan).
- Check back after a short while to confirm if you have qualified and to additionally view the amount of loan you are qualified to get.
Tala Kenya loan repayment
Tala loan repayment can be made in several ways, including:
Through the App
All you require to do is open the APP; it will display your current loan and ask you to make payment. This method will automatically open the M-Pesa Menu on your telephone. You can simply copy-paste the values shown and make payment.
Through Tala Paybill Number
Tala loan is similarly repaid directly through their Tala Mpesa Paybill number which is 851900 and your registered Tala phone number as your account number.
How to pay tala loan via Mpesa
Here is the step by step simple guide on how to pay tala loan with M-Pesa
- Access your Mpesa menu on your phone
- Choose the Lipa Na Mpesa menu option followed by PayBill
- Key in Tala Paybill number, which is 851900.
- Enter your mobile number as the account number
- Follow Mpesa system instructions to complete your transaction (Mpesa charges will apply)
- You should get an SMS message from Inventure Mobile Kenya confirming your loan repayment.
Apart from the process above, you can use another person’s number to repay your loan as long as you use your enrolled Tala phone number as the account number.
Tala Loan App Advantages
- Once you are qualified for a given loan, the disbursement is fast hence making it positive for emergency loans.
- Extensive repayment time even if your loan repayment period is overdue.
- Loan debtors are given a grace period of 60 days before being blacklisted.
- Tala loan app presents scheduled loan notification of repayments to their customers.
Tala Loan App: the Disadvantages
Very High loan Interest rates compared to some free loan app operators.
With Different interest rates from one client to another and credit limit, it is challenging to manage your loan interest rate.
Also Read: Fadhili Loan application process
Kindly note that all non-performing loans of over 90 days overdue are listed as a defaulter in CRB as provided in section 18 of the Credit Reference Bureau Regulations ACT 2013.
Tala Loan Contacts
Let me break it down for you on how to contact Tala Kenya Loan providers. Here are the tala contacts;
SMS channel – If you need help or have questions, you can send an SMS with your query to 21991 and highlight your issue. Please NOTE, SMS charges will apply to you. This is the official tala customer care phone number.
Tala Mobile App inbuilt – When you are on the Tala App at the bottom, there is a View of FAQs (Summary for Frequently Asked Questions) or send us a message. Scroll to the very bottom, and you will observe the place asking you to contact them.
Email address – It is easy, open your email address app like Gmail and send an email Tala customer care will sort you fast.
Social Media handles – Tala Kenya has an effective Social Media Presence; We recommend this, you can use the Facebook page to contact them. Simply open their Facebook Page and use the Message feature on the official Page. If you are on Twitter, follow their handle Tala Kenya Loans on @tala_KE then send them a Direct Message.