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Tala mobile Loan App is undoubtedly the most popular and the pioneer mobile loan app in Kenya. You do not have to explain what Tala is to a person. Just mention the name and people will tell you that Tala is a mobile lending app.
Some few years back, Tala mobile loan app was the first of its kind and Kenyan had no other option when it came to online borrowing. The mobile app has been a benchmark for other mobile loan apps today but none of them comes even close to getting as much popularity as Tala.
Previously Known as Mkopo Rahisi, Tala has grown in leaps and bounds to be the leading mobile loan giant in Kenya it is today. This revolutionary finance app has set the benchmark for other mobile loan apps operating in Kenya.
Most unbanked Kenyans have leveraged the opportunities presented to them by Tala mobile loan app to take quick loans. All of us sometimes find ourselves in a situation where we need a quick fix to sort some urgent needs like house rent, school fees, business capital or medical bills.
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In such cases, Tala loan app is often the first door that people knock at. Luckily for most Kenyans with a good credit score, Tala rarely shuns people away hence their urgent financial need is resolved for them.
Over the years, Tala has enhanced its platform to make it easy to use for the average Kenyan. This has allowed people in marginalized areas of the country to access credit directly through their smartphones.
About Tala mobile loan app
Tala Mobile loan app is owned by a California based company called Inventure. They were the first company to introduce a mobile lending app in Kenya.
Thanks to the high appetite for fast loans in Kenya and a huge population of unbanked people, Tala has since grown its threshold to be the biggest mobile loan app in Kenya.
With apps like Tala loan app, Kenyans do not have to line up in Banks or other financial institutions to get loans. With a smartphone and good internet, any Kenyan can download the Tala app and apply for a loan.
We have heard success stories of people who have used mobile loans to grow business empires and families that depend on the lending app on a daily basis to get capital to conduct business. Mobile loan apps can transform your life is you use the loans to do constructive things or to start a business.
In this article, I am going to teach you how to apply for Tala loans, how to repay the loan and how to contact the Tala support team. Let’s get started!
Who qualifies for Tala Loans?
Like I mentioned earlier, Tala mobile loan app is not discriminatory so loans are not issues on a priority basis.
Any Kenyan above the age of 18 years can apply and qualify for a loan from Tala. All you need is a smartphone, national ID and registered M-Pesa Safaricom line.
Tala gives every borrower an initial loan limit on their first loan application. You should always borrow the exact amount as your loan limit to ensure that you qualify for a bigger loan next time.
For example, if your loan limit is Ksh.500, you should borrow Ksh. 500. Borrowing an amount lower than your loan limit can make your loan limit to drop.
Example, if your loan limit is Ksh. 1000, borrowing Ksh. 500 can make your loan limit to drop back to Ksh. 500 next time.
NOTE: Always aim to make a credit that is closer or the exact amount of your loan limit or else everything below the required amount and your loan limit may drop. Some people uninstall their apps just because they have been told they do not qualify for a loan. You should not delete the app since the loan limit can change any time.
How Tala loan app works
Apart from being the first mobile loan app in Kenya, there has to be another good reason why people keep coming back to borrow from Tala loan app. I decided to find out by myself why Tala loan app is so unique and so loved by Kenyans.
The first thing I noticed when I downloaded the app is that Tala loan app is very user-oriented. I had downloaded the app back when I was in Campus but back then I never qualified for a loan.
Their interface at that time was very complicated and they were giving loans selectively to people who were low-risk borrowers.
Fast forward to this year, the loan app has really changed for the better. Thanks to their easy to use interface and easy-to-follow application process, you can get a loan in minutes after downloading the App.
I couldn’t help also but notice that they only ask questions that really matter so their questionnaire is limited only to important and relevant questions. The good thing is that you only have to give the details when you download the app for the first time.
Why Tala is preferred by Kenyans
You will also notice that the approval process of their loans is very streamlined and instantaneous compared to other loan apps.
Tala mobile loan app is also preferred because you do not have to pay any registration fee or collateral in order to qualify for a loan.
Some mobile loan apps ask you to upload your M-Pesa statements or payslips but Tala loan app gathers all the information it needs from your phone. Tala uses a machine-learning algorithm that combines data from phone calls, M-Pesa messages, and top-ups to determine your loan limit.
Since I also wanted to see how the app addresses late payments, I deliberately defaulted on a loan for 3 months and Tala was still patient with my behavior.
I tried to do the same with another app “OKash Loan App” and they called almost everybody in my phonebook telling them that I have a loan with them.
If you compare the two companies, Tala definitely takes into account the privacy of a borrower. They understand the Kenyan borrower better than any other app I have tried so far.
Okash loan app, on the other hand, does not safeguard the privacy of their borrowers. This tells you why Kenyans love Tala loan app and why they remain committed to borrowing with them.
Tala mobile loan limits
Tala mobile loan app has different loan limits for different classes of people. However, if you are a first-time borrower, your loan limit might be as low as Ksh 500.
However, after you repay your first loans, you can qualify for higher loan limits of up to Ksh 50000. Tala rewards borrowers who pay their loans in time by giving them higher loans. If you need a bigger loan from Tala therefore, you should repay your previous loans in time.
Unlike other loans from banks and other financial institutions, you do not require to fill any paperwork or provide collateral for your loan.
This makes Tala loans accessible to all Kenyans regardless of their social class or financial might. Since the loans are not discriminatory, poor people and unbanked Kenyans have benefited from such loans and managed to start small businesses. Tala classifies its loans into three categories namely:
- Bronze loan limit which starts at Ksh. 500
- Silver loan limit which starts at Ksh. 5000
- Gold loan limit which starts at Ksh. 10000
Tala has been preferred by most Kenyans due to its affordable interest rates and genuine charges. Their loans attract an interest rate of 11% to 15% depending on the loan amount. Other than the interest, there are no hidden charges or rates.
Downloading the Tala Loan app
Before you apply for a loan, the first step definitely is to download the Tala mobile loan app. Downloading Tala loan app is not different from downloading any other app. To get the loan, Download, register and apply!
NB: Tala mobile Loan app is only available on Android 4.0 and above smartphones. A version for Windows and iOS is yet to be availed but come one, how many people are using iPhones in Kenya? Below is the process of downloading the Tala mobile loan app
- Open Google Play Store
- Search for Tala Loan app or click on this link
- Click on Install the App and wait for it to download
- Open the Tala loan app ones has been downloaded
- You can choose to link the app with your Facebook account or not
While filling the questionnaires, make sure you give accurate and honest information. Tala has a very advanced algorithm that can detect inconsistencies in the information given to it. False information means that you cannot qualify for a loan from the App.
How to apply for your first Tala loan
As mentioned earlier, Tala’s application process is very streamlined and instantaneous so approved loans are sent to your M-Pesa account in minutes.
You can choose to repay your loan in 21 or 30 days with flexible interest rates. Flexible interest rates depending on the repayment duration you choose. The following is an easy to follow guide on how to qualify for your first loan from Tala.
- By now you have downloaded the app and its sitting on your screen
- Open the app and click on the button that reads “I’m New”
- Proceed to create your account
- Enter your registered M-Pesa number
- A confirmation code will be sent to the number you gave
- Enter the Code as sent by Tala
- Create your four digits PIN that you will use to access the app
- Make sure the PIN is easy to remember
- Check your loan limit
- If you qualify for a loan, apply for an amount that is equal to or below your loan limit
- Submit your application and wait for approval
- The loan amount will be sent to your M-Pesa account ones approved
Repaying Tala loans using M-Pesa
Loans are meant to be paid back and this is the part where sweet becomes sour. Most people do not like to pay their dues but there is a penalty for that.
We will look at the consequences of failing to pay your Tala loan in a few. However, for now, let us look at the process of repaying your Tala loan.
Make sure you repay your Tala loans within the specified deadlines to avoid any implications. The following is a step by step guide on how to repay your Tala loan through M-Pesa:
Tala loan repayment process is very straightforward:
- Go to M-Pesa menu
- Select Lipa Na M-Pesa
- Pay Bill option (PayBill Number 851900)
- Account Number (enter your number as the Account number)
- Amount (Enter the loan amount that you should repay)
- Confirm the recipient and the amount
- Complete the transaction
- Wait for a confirmation from M-Pesa and Tala
How to pay Tala loan for a friend
Did you know that you can pay a loan for a friend? Ooh yes, you can! However, while you can use your phone number to repay a loan for someone else, you cannot take credit for someone else using the same mobile device.
In case you overpay your loan, the extra amount is credited to your Tala account. If you take another loan, Tala will use your balance to repay part of your loan.
You can also choose to reverse the over payback to your M-Pesa account. To pay off a tala loan for a friend or family member use the following process
- Go to M-Pesa
- Lipa Na M-Pesa
- Pay Bill option (enter PayBill NO. 851900)
- Account number (ENTER THE NUMBER OF THE PERSON YOU ARE PAYING FOR)
- Amount (enter the amount you are paying for them)
- Enter your M-Pesa Pin and Send
Consequences of not repaying Tala mobile loans
You have heard of people who have been auctioned for not paying their bank loan. That is one of the consequences that people have to face for not paying bank loans.
While the same may not happen if you default on a Tala loan, here are some consequences for not paying Tala loans.
Tala is very user oriented and the app is designed to remind borrowers from time to time that their repayment date is due.
Tala gives you a grace period of 60 days to repay your loan in full in case you are late on paying for whatever reason. This allows you to repay the loan without a rush which demonstrates the level of patience that Tala has.
Things start to get serious when you have defaulted on both the repayment date and the grace period. Nobody will let you joke with their money and Tala is no angel too.
If your loan is termed as non-performing, Tala forwards your name to CRB as required by the Law. Being listed on CRB automatically translates to not ever getting a loan from any bank or any other mobile loan app. Tell me if the risk is worth it!
Things do not stop with CRB because you still owe them money. Tala partners with debt collectors who trace you and collect the money you owe Tala.
Whether or not you like the idea of debt collectors, the terms and conditions clearly state that if you default on a credit advance, Tala has the right to engage an external debt collection agency to seek repayment.
Advantage of Tala loan App
It may seem like I am singing all praise about Tala but seriously guys, no other mobile loan app in Kenya today can look at Tala in the face and say we have a better service than yours.
It is the ultimate loan app and the statistics can back me up. Since nobody cares about numbers, let’s jump right into the benefits of using the Tala mobile loan app:
Tala has one of the fastest disbursement and approval processes so far. This makes the app reliable for emergency or urgent loans.
Tala is a patient company that offers ample repayment periods even when your loan is overdue
A grace period of 60 days is given to defaulters who fail to pay the loan in time
Tala is a very considerate company and they won’t rush to blacklist you on CRB just because you failed to pay Ksh. 1000.
They will engage you until you are able to pay the loan. CRB blacklisting is the last resort for people who have failed to comply totally.
Disadvantages of Tala mobile loans
Here are some of the shortcomings I could associate Tala with:
11% to 15% interest rates per month translates to 132% and 180% per year. That is obnoxiously high considering CBK recommends an interest rate of not more than 11% per year.
Since the interest rates are not fixed, it is difficult to calculate the amount of money you will repay unless the app breaks it down for you.
Unfortunately, all defaulters are blacklisted on CRB if they fail to repay their loans in the time provided.
How to reset Tala loan PIN
If you have not logged in to the app for some time, it is normal to forget what your PIN was. Below is the process of resetting your Tala app PIN in case you have forgotten.
- Open the Tala APP, select “Forgot Pin?”
- Enter your ID number to get a new temporary PIN.
- The new temporary PIN will be sent to you by SMS.
- Use this temporary PIN to log in and then immediately set a new PIN.
How to Contact Tala loans Kenya
Tala has a dedicated support team that is willing to answer any question you may have regarding their mobile loans. In case of any inquiries or clarifications, you can contact Tala Kenya using the following contact information.
If you do not have access to the internet, you can also send them a message through their SMS line 21991 and they will reply to you.
Chat with them through the Chats section in their mobile app. Just open the app and go to chats and start chatting with them.
Tala is also present on social media. Follow them on Facebook and Twitter to have your grievances heard.
You can also send them an email: firstname.lastname@example.org