Tala app gives you instant loans of up to Ksh 30,000 straight to your M-Pesa account. Tala loan app allows you to know your loan repayment schedule right from the start.
Currently, the Tala loan app is considered one of the best mobile loan app available on Google Playstore.
If you are looking for a quick loan, Tala loan app should be your first option. I will show you how to download Tala and how you can get a loan directly to your mobile phone.
Let’s dive right in.
Update March 2020: Due to COVID-19, Tala has limited load disbursement to some of its clients. They are giving a lower amount than you previously qualified for, for example if your loan limit was 30,000, Tala will loan you 5,000.
What is Tala App?
Tala is a mobile lending app that provides access to credit to people living in Kenya, Mexico, Tanzania, Philippines, and India.
The app was formerly known as Mkopo Rahisi, and it belongs to a California-based finance company in Kenya that offers instant unsecured mobile loans to Kenyans. The company was formerly known as Inventure, and as things stand, This is Kenya’s number one microfinance App.
How does Tala loan app work?
Once downloaded from Google Play Store and installed on your phone. Tala Loan App scans your SMS folder for Mpesa transaction history and your voice call pattern history to build a credit score.
They also use different data like your income level, your Mpesa usage, and your loan repayment history from other providers.
The app does not require any security, and the average credit is Ksh 10,000, but first-time applicants are given a minimum of Ksh 500 and have to build their creditworthiness over time. The loan increment eligibility depends on your repayment behavior of previous loans.
Sometimes back, they used to offer a maximum of Ksh 50,000. Today, Tala offers a minimum loan amount of Ksh 500 to first-time users and up to a maximum of Ksh 30,000 for subsequent users with good loan repayment history.
They have claimed that they don’t charge interest on loans instead take a service fee. This service fee depends on the loan repayment schedule you choose. The 1st one is a 30-day loan that attracts a 15% service fee, and The other option is a 21-day loan offer that attracts an 11% service fee.
Compared to Banks & other Microfinance lending institutions, Tala Loans does not require general security such as a Payslip, Title Deed, or Car Log Book. But it is essential to check your CRB status to know if you are blacklisted wrongly.
Tala loan app download
To download Tala Apk, All you need is a registered Mpesa line and a mobile phone.
It doesn’t matter if it is a smartphone or feature phone, whether you run android or Microsft enabled devices. You can get Tala Loans straight to your M-Pesa.
If you are on an iPhone (do iPhone people need loans) On a severe Note though, Tala for iPhone is not currently available.
Here is how:
Download for android mobile
To get tala app download for android mobile, all you need is access to the Google Play store.
Follow these instructions to download Tala on your android based smartphone.
- Scroll to the Google Play Store app on your Android phone.
- Search for Tala (It has over 5 million downloads)
- Click install (You better have WIFI or data bundles to download the app.
- Wait for it to install
Please Note: You need a Safaricom line on the device with M-Pesa activated on that line.
How do I apply for an instant loan at Tala?
- You don’t need Tala APK
- You also don’t need a tala loan application form.
- Link the app to your active Facebook account to register as a customer.
- Provide further information to Tala such as your phone number and also by answering correctly the few personal questions provided.
- Tala loan qualification is dependent on the feedback you give on these questions.
- Relax, play, or do something else while you wait for Tala to do their magic.
- Check back after a while to confirm whether you have qualified and to also view your available loan amount.
Tala loan app repayment
Tala loan repayment can be made in several ways, including:
- Through the app. All you need to do is open the app; it will display your current loan and ask you to make payment. This process will automatically open the M-Pesa Menu on your phone. You can copy-paste the values shown and make payment.
- Through Tala Pay bill number
Tala loan is also repaid directly through Mpesa Pay bill number 851900 and your registered Tala phone number as the account number.
How do I pay my Tala loan to another number?
- Access the Mpesa menu on your phone
- Select the Lipa Na Mpesa menu option followed by PayBill
- Enter Tala Paybill number 851900.
- Enter your phone number as the account number
- Follow Mpesa system prompt to complete your transaction (Mpesa charges apply)
- You should receive an SMS message from Inventure Mobile Kenya confirming your loan repayment.
Apart from the above method, you can use another person’s number to repay your loan. This is as long as you use your registered Tala phone number as the account number.
Tala loan app advantages
- Once you are qualified for a loan, the disbursement is fast hence making it reliable for emergency loans.
- Ample repayment period, even if your loan repayment date is overdue.
- Loan defaulters are given a grace period of 60 days before being blacklisted.
- Tala loan app provides scheduled loan notification of repayments to their customers.
Tala loan app disadvantages
- High loan Interest rates compared to other free loan app operators.
- With Varying interest rates from one customer to another and credit limit, it is challenging to determine your loan interest rate.
Kindly remember that all non-performing loans of more than 90 days overdue are listed as a defaulter, as provided in section 18 of the Credit Reference Bureau Regulations ACT 2013.
Tala company provides several channels of communication for feedback; please click to find more on How to contact Tala.
Read also: How to unblock Tala in case your account is blocked.
How to update the Tala loan app
Let us hear about your Tala loan app experience in the comment section below. Why don’t you share this post if you like it? 🙂
Tala loan app developers are always working around the clock to improve their loan app so that you can have a comfortable experience. In this post, we’re going to show you how to update the Tala app to the latest version and also discuss the reasons you need to update it.
But why are the updates so important? Let’s find out.
Why do you need the update?
An app update is a result of user feedback experiences. But the primary reason why an app is updated is to fix bugs and add additional features requested by the users.
Also, app updates are usually a way through which the developer speaks to their app users via release notes. You should, therefore, make a habit of reading release notes each time an app requires an update.
You can either update your apps automatically or individually by manually updating the apps you love. Google Playstore is set to automatically update all your apps, whether you’re using Wi-Fi or data bundles.
But what if that is not the case? Well, here are some things you ought to do to force your apps to update.
How to update apps on your device apps automatically
To automatically update apps on your Android device,
- Turn your Wi-Fi ON or activate your mobile data bundles.
- Tap the Google Play Store app to open it.
- Select the menu icon, followed by the Settings tab.
- Select Auto-update apps.
- Next, select an option:(whether to update your apps over any network by either Wi-Fi or mobile data or to update over Wi-Fi only to save on data bundles.
Note: Some apps require new permissions when they are updated. You may see a notification asking if you accept the new permissions.
How to update Tala manually
- Open the Google Play Store app
- Tap the Menu icon then My apps & games.
- Apps with an update available are labeled “Update.”
- Search for Tala, then tap “Update.”
Also, note that some phone models need to be restarted for the app to be fully updated.
Why is the Tala loan app not updating?
If you’re always trying to update the app by fail, try to do one of the following.
- Check your phone settings.
- Check to see if you are signed in to Google Play store
- If you’re using Wi-Fi to update your apps.
- Check to see if you have enough data bundles.
How to reset Tala loan PIN
Here is how to reset your PIN in case you’ve forgotten it.
- 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.
What if your phone is linked to another Tala account?
Well, here’s a way around it if your mobile device is linked to another person.
If your phone is second hand and you know the previous owner, ask them to send Tala a message via email, SMS or Facebook to confirm ownership.
One last thing, Tala, only allows one user per device. Well, well, well, If you find this post exiting and insightful, why don’t you hit the share button below. Remember sharing is caring! Cheers 😉
Enjoy this video about Tala loan app:
Other loan apps include:
- Branch loan app
- Timiza by Barclays
- Stawi loan if you are a business person
- Okash loans
- Hf Whizz app
- Ipesa loan app
You can also click to read more about loan apps in Kenya
Tala Frequently Asked Questions
1. How does Tala decide to approve a loan?
Loan decisions are based on lots of information, including income, repayment of the other loans, M-Pesa usage, and additional information.
Tala users provide this information by using the app and filling out a brief survey. Then Tala AI (Artificial intelligence) builds a personal credit profile.
Rejected borrowers are encouraged to keep the app installed & will be contacted to reapply later.
2. What are Tala’s fees and schedules?
Tala does charge a flat service fee for each loan. They provide a 30-day loan with a service fee ranging from 7% and up to 19%. They also offer a 21-day loan with a service fee ranging from 5% up to 14%.
3. How can I reset my PIN?
You can reset your pin by signing into the tala app by clicking “forgot pin.” You may need to enter your National ID number to verify your identity. You will then receive a verification Code on your phone by SMS that you can use to choose a new pin.
4. What do I do if Tala is crashing?
If the app keeps, you may be able to fix it yourself. Head over to Settings > Apps or Application Manager >Tala and click Clear data. If it keeps on crashing again, contact Tala.
5. What does Tala do with the answers borrowers provide in the loan application process?
Tala uses your answers to the loan application questions as one component of determining your credit witness and debt capacity.
6. How much could one qualify for?
The maximum you can qualify for is KES. 30,000
7. Can one use Tala in another language?
Yes! When you log in, tap the menu button at the top right. From there, one can change languages on the next screen.