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Tala Loan App formerly Mkopo Rahisi belongs to a California-based finance company in Kenya which offers instant unsecured mobile loans to Kenyans. The company was formerly known as Inventure and is Kenya’s number one Finance App.
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.
Tala has 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. 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.
How does Tala mobile 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.
Tala loans do 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.
Tala app download Kenya
To download Tala Apk, All you need is a registered Mpesa line and an Android phone running OS 2.3.3 or higher.
Get to know where you can get instant unsecured mobile loans in Kenya.
How to use Tala Loans App (Tala Registration)
- You don’t need the APK
- You also don’t need a tala loan application form.
- All you need is to head over to Google Play Store on your smartphone to download and install the Tala app
- 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 the amount of loan you are eligible to get.
Tala loan repayment
Tala loan repayment can be done 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 Paybill Number
Tala loan is also repaid directly through Mpesa Paybill number 851900 and your registered Tala phone number as the account number.
How to pay tala loan with Mpesa
Here is the step by step guide on how to pay tala loan with M-Pesa
- 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 method above, 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 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 defaulter as provided in section 18 of the Credit Reference Bureau Regulations ACT 2013.
Tala Contact Details
Tala company provides several channels of communication for feedback; please click to find more on How to contact Tala.
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? 🙂
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