Today I am going to show you how to get a loan on the Tala App easily. You will learn more about Tala loan app download process and how to install Tala loan app on your smartphone.
The app allows you to apply for an instant loan, to repay the loan and best of all to know your loan repayment schedule right from the start.
It is a true saviour to many Kenyans facing financial challenges.
Currently, the Tala loan is considered one of the best mobile loan app available on Google Playstore.
If you are looking for a quick loan, Tala loan should be your first option. I will show you the process to go about Tala app download and how you can get a loan directly to your mobile phone.
If this is your first loan, then let’s dive right in on what it is all about and get to know the steps you need to apply for the loan from Tala app.
What is Tala Loan App?
Tala loan app 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 that will allow you to apply for credit on your mobile phone.
How does Tala loan app work?
Once you download the Tala app and installed on your phone, then go through Tala loan application process. The 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 behaviour of previous loans.
Sometimes back, they used to offer a maximum of Ksh 50,000. Today, Tala app 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 do 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
Here is a step by step guide to for 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, The Tala app for iPhone is not currently available.
Here is how to download the Tala loan app and to apply for credit:
Download for android mobile
To get The Tala app download for android mobile, all you need is access to the Google Play store.
Follow these instructions for Tala app download for android mobile loan app:
- 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.
- Wait for it to install Tala loan.
Please Note: You need a Safaricom line on the device with M-Pesa activated on that line.
How do I apply for a loan at Tala Online?
Here is how to get a loan from Tala in Kenya.
- You don’t need Tala loan app download APK.
- You also don’t need a tala loan application form online.
- 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 on the tala application form online.
- 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 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 as long as you use your registered Tala phone number as the account number.
Tala advantages
- Once you are qualified, 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 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.
How do I contact Tala Customer Care?
If something is not working, you should contact their customer care who is readily available to help you along the way. Here is how to contact Tala Customer Care for your queries.
- Through SMS – You can send an SMS to 21991.
- Contact them through Tala Mobile
- Email – send an email to hellokenya@talamobile.com
- Social Media – They are active on Social Media, just search for their name.
To learn more on how to contact Tala Customer Care, check this article on Tala Contacts.
We made a video of how to download and apply for a loan on Tala enjoy.