How to apply for Tala loans in Kenya ( New customers)

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Tala

If you’re looking for a fast and easy way to borrow money, Tala Mobile Loan is the perfect solution. With Tala, you can get a loan in minutes, with no paperwork or long waiting times. You can get the loan with just your phone, no need to leave your home or sign up for an account. You can also get a loan without a credit check, and you can choose the repayment terms that fit your budget. With Tala, you can take control of your finances and get the cash you need quickly and easily.

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

Tala is a financial technology company that provides mobile-first digital lending services. Founded in 2012, the company offers quick and easy access to finance for emerging markets. Tala makes it easy for people to access small loans and save money with products that fit their lifestyles. With its digital platform, Tala provides fast and secure loans to help people reach their financial goals. Customers can access Tala’s services via the Tala app and website. Customers can also use Tala’s network of partners to access loans online and in-person.

How Tala loans work

• Visit the Tala website or download the mobile app.
• Create your Tala profile by providing your personal information and linking a valid bank account.
• Use the Tala app to take a short quiz that evaluates your creditworthiness.
• If approved, you will receive an instant loan offer with an interest rate and repayment terms.
• Review the loan offer and accept it if you’re satisfied.
• Receive the loan funds into your bank account.
• Make timely repayments to build your credit score and access higher loan amounts.

Check also : 12 places you can get quick loans in Kenya

Pros and Cons of Tala loans

Pros

1. • Easy application process: Applying for a Tala loan is a straightforward process, which can be completed entirely online. It usually takes less than 5 minutes to fill out the application form and submit the necessary documents.
2. • Quick approval: Once your application is approved, the loan amount is typically deposited into your account within one business day.
3. • Flexible repayment terms: Tala offers flexible repayment terms, allowing you to choose from various payment options. This gives you the freedom to pay back your loan in a way that best suits your budget and financial situation.
4. • No collateral required: Tala does not require any collateral when you apply for a loan. This makes it ideal for those who do not have any assets to offer as security for a loan.
5. • Low interest rates: Tala offers competitive interest rates, which are typically lower than those offered by traditional lenders.

Cons

1. •High interest rates: Tala loans have very high interest rates compared to traditional loans, which can make them unaffordable for some borrowers.
2. Short repayment period: Tala loans also have a shorter repayment period than traditional loans, which can make them difficult to manage.
3. No credit check: Because Tala loans are offered without any credit checks, borrowers may find themselves in a difficult situation if they fail to repay the loan in full and on time.
4. Potential fraud: There is a risk of fraud with Tala loans, as the company has been known to target vulnerable borrowers.
5. Limited availability: Tala loans are only available in certain countries, so not everyone has access to them.

Minimum and maximum of Tala loan

The minimum loan amount for a Tala loan is KES 500, and the maximum loan amount is KES 50,000.

How do I get Tala loans

• Visit the Tala website and download the Tala app.
• Create an account by providing your personal information and linking your mobile number.
• Verify your identity by providing a valid government-issued ID.
• Complete a loan application form.
• Connect with bank accounts and other financial services.
• Provide additional documents to support your loan application, if needed.
• Wait for approval.
• Once approved, you will receive your loan amount directly to your bank account or mobile wallet.

What is the interest rate of Tala loans

The interest rate of Tala loans varies from 15% to 36% depending on the borrower’s profile.

Additional fees for Tala loans

The fees associated with a Tala loan vary depending on the amount and duration of the loan. Generally, fees range from zero to 18% of the total loan amount. The fees may include a processing fee, late payment fees, and other fees that may be charged by Tala.

How do I qualify for Tala loans

• Download the Tala App on your smartphone or tablet.
• Create an account.
• Provide personal information such as your name, email address, and phone number.
• Upload a copy of your government-issued ID.
• Link your Facebook account.
• Connect to your bank account.
• Answer a few questions about your financial profile.
• ake a selfie for facial recognition.
• Submit your application for review.
• Receive a notification regarding your loan application.

What are the requirements for applying for Tala loans

In order to apply for a Tala loan, applicants must meet the following requirements:

1. Be 18 years of age or older
2. Have a valid mobile phone number and active Facebook account
3. Have a valid residence in the Philippines
4. Have a government-issued ID
5. Have a checking or savings account with a bank or financial institution
6. Have a steady source of income
7. Have a good credit history (if applicable)

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:

1. It has more than 5million downloads on play store 
2. A star rating of 4.5 out of 405,478 reviews 
3. 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:

1. Launch your M-Pesa account 
2. Locate M-Pesa paybill
3. Enter the paybill number as 851900
4. On the account number section, input your phone number 
5. Enter the amount you want to repay
6. Click Ok and have your loan repaid.

What you need to do when your Tala loans don’t reflect.

1. Contact Tala customer service. You can reach them by calling their customer service number, sending an email, or using their live chat feature.
2. Provide your loan information. When you contact customer service, make sure to have your loan details handy. This includes the amount borrowed, the repayment plan, any due dates, and any other relevant information.
3. Explain the issue. Clearly explain the issue to customer service and provide any additional information they may need to help resolve the issue.
4. Follow their instructions. The customer service representative will provide instructions on how to resolve the issue. Be sure to follow the instructions to the letter.
5. Confirm the resolution. Once the issue has been resolved, confirm that the loan balance is reflecting correctly. If not, contact customer service to get the issue resolved.

What happens when you make late loan repayment

If you make a late loan repayment, you may incur late fees and/or other penalties. Your credit score may also be affected negatively, and you may find it more difficult to obtain future loans or lines of credit. The lender may also report your late payment to the credit bureaus, which can further damage your credit score.

Errors encountered using Tala app

Error: Unable to send or receive money Solution: Check that you have a stable internet connection and that you have sufficient funds in your Tala account. If the issue persists, contact Tala customer support.

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.