In Kenya, access to credit can be a significant barrier to personal and business growth. Tala Loan Kenya, also known as Tala, is a mobile-based lending platform that aims to help bridge this gap by providing accessible and affordable loans to Kenyan citizens.
Here’s what you need to know about Tala Loan Kenya:
How Tala Loan Kenya Works Tala Loan Kenya is a mobile-based lending platform that uses alternative data sources, such as mobile phone usage patterns and other digital financial transactions, to determine an individual’s creditworthiness. Tala’s lending process is entirely digital and can be completed through its mobile app, which can be downloaded from Google Play Store.
How to apply for tala loan
To apply for a loan, potential borrowers need to download the Tala app and create an account by providing their personal information, such as their name, mobile number, and national ID number. Once the account is set up, Tala’s proprietary algorithm analyzes the applicant’s creditworthiness and determines their loan limit. If approved, the loan amount is then disbursed to the borrower’s mobile wallet, usually within a few minutes.
Tala loan repayment
Loan Terms and Repayment Tala offers unsecured personal loans ranging from KES 500 to KES 50,000 with loan terms ranging from 21 days to six months. Interest rates vary depending on the loan amount and term, but they typically range between 5% and 15%.
Repayment is done through M-Pesa, a mobile money transfer service widely used in Kenya. Borrowers can repay their loans in weekly or monthly installments, depending on the loan term. Late payments are subject to a penalty fee of 8% of the outstanding amount.
Repaying your Tala loan is a straightforward process that can be done conveniently through M-Pesa, a mobile money transfer service widely used in Kenya.
Here’s a step-by-step guide on how to repay your Tala loan:
- Check your loan balance: Before making a repayment, you need to know your outstanding loan balance. You can check this by logging into your Tala account through the mobile app or by sending a text message to Tala’s SMS number.
- Access M-Pesa: Once you know your outstanding loan balance, access M-Pesa on your mobile phone and select “Lipa Na M-Pesa.”
- Choose Paybill: From the “Lipa Na M-Pesa” menu, select “Paybill” and enter Tala’s Paybill number, which is 851900.
- Enter account number: Enter your Tala loan account number in the account number field. This is usually your mobile phone number registered with Tala.
- Enter loan amount: Enter the amount you want to repay in the “Amount” field. Ensure that the amount you enter is equal to or more than your outstanding loan balance.
- Enter M-Pesa PIN: Enter your M-Pesa PIN to authorize the payment.
- Confirm payment: Review the payment details to ensure that they are accurate, then confirm the payment.
Once your payment is processed, your Tala loan account will be credited, and your loan balance will be reduced accordingly. It’s essential to ensure that you make your payments on time to avoid late payment fees and penalties.
Why tala loan?
Benefits of Tala Loan Kenya Tala Loan Kenya offers several benefits to Kenyan citizens, including:
- Quick and convenient loan application process: Tala’s entirely digital lending process allows borrowers to apply for and receive loans quickly and easily through their mobile phones.
- No collateral required: Tala offers unsecured personal loans, meaning borrowers do not need to provide any collateral to secure their loans.
- Affordable interest rates: Tala’s interest rates are relatively low compared to other lending platforms in Kenya, making their loans accessible and affordable to many Kenyans.
- Improved credit score: Tala reports loan repayment information to the credit reference bureau, which can help borrowers improve their credit score over time.
How to contact tala
Tala Loan Kenya provides customer support through various channels, including email, phone, and social media. Here’s how you can contact Tala for any inquiries or issues related to your loan:
- Email Support: You can send an email to Tala’s customer support team at email@example.com. This is the most common way of getting in touch with Tala. Make sure to provide your account details and a clear description of your inquiry or issue.
- Phone Support: You can call Tala’s customer support team on the following phone number: +254 707 918 884. The customer support team is available from Monday to Friday, between 8:00 AM and 6:00 PM, and on Saturdays between 9:00 AM and 6:00 PM.
- Social Media Support: Tala is also active on social media platforms, including Facebook and Twitter, where you can send direct messages to their official pages. The social media support team is available from Monday to Friday, between 8:00 AM and 6:00 PM.
It’s important to note that Tala encourages borrowers to contact them as soon as they encounter any difficulties in making loan repayments. If you’re unable to make your loan repayment on time, you should contact Tala immediately to avoid late payment fees and penalties.
Conclusion Tala Loan Kenya is an innovative mobile-based lending platform that provides accessible and affordable loans to Kenyan citizens. Its entirely digital lending process, affordable interest rates, and no collateral requirement make it an attractive option for many Kenyans seeking credit. With Tala’s continued growth and expansion, more Kenyans can access the financial resources they need to achieve their personal and business goals.