Tala loan app how to download and install 2022 – we have compiled you all you need to know about tala loan app how to download, install and get loans directly to your M-PESA in simple steps. There are many advantages of using Tala loan app compared to other mobile loans app and they include;
- Tala offers affordable and transparent pricing with fees as low as 4%.
- Tala offers you to Choose a repayment date when you know you’ll have cash to be set up for success.
- With tala you Apply in minutes and get an instant decision.
- If approved, get your money straight to your MPESA.
- No paperwork, collateral, or bank account needed.
- Valid ID required for credibility.
- Cash is sent directly to your MPESA
- Every time you borrow, choose up to 61 days to pay back.
- Friendly, understanding, compassionate customer experience
- Repeat access to cash. Just pay back what you owe in full before borrowing again (some exclusions apply).
- Answer a few questions in the app and you are set to go
- Tala secures your personal information with SSL encryption.
- Limits up to KSh 30,000.
- Most customers double or triple their limit in a matter of months.
- Earn KSh 500 off the next time you borrow when you refer friends to Tala!
Tala loan app how to download and install 2022
The first step to access Tala loan is to download their mobile app on plays tore if you are using an android smartphone; Tala loan app, free download here
- Open android ‘play store’ on your smartphone ensure you have data connection.
- Search for ‘Tala App’
- Select ‘Tala Kenya’
- Select ‘Install’
- Press ‘Open’ and use the tala App.
How to apply for Tala loan using their app
Once you have installed the app, go through the process to apply for Tala mobile loan application to check if you qualify or not. You will fill in some questions before being granted credit In order to verify your identity and creditworthiness, kindly fill in your ID details when prompted. Always study the terms and conditions and the disclosure statements before proceeding with any transaction.
Tala rates fees and repayment period
• Credit limit amounts: KSh 1,000 to KSh 30,0000
• One-time service / interest fee: 4%- 34%
• Maximum Annual Percentage Rate (APR): 78.21% – 273.75%
• Late fee: one-time fee of 8% of outstanding amount due
• Minimum repayment period offered = 61 days
• Maximum repayment period offered = 61 days
• Example Fees: For a borrower who receives a KSh 4,000 from Tala for a 61-day term, they would be charged a service/interest fee as low as 14%, which would be KSh 560, and so a total payment of KSh 4,560.
• KSh 4,000 (borrowed amount) + KSh 560 (service / interest fee) = KSh 4,560 (total payment)
How to repay tala loan
With tala you can Use M-PESA Xpress or our Paybill number 851900 and the phone number you sign up with. You can pay in full or make partial payments, anytime on or before your due date.
- Go to your Safaricom menu and select M-Pesa.
- From your M-Pesa menu select Lipa na M-Pesa.
- Select the Pay Bill option.
- Enter the business number 851900.
- Enter your Tala registered phone number as the account number.
- Enter your payment amount.
- Enter your M-Pesa PIN
TALA M-Pesa payment confirmation will show you have sent the payment to their account Tala Mobile. You will still receive an SMS confirming they have received your payment.
What happens if you pay Tala loan late?
Tala strongly encourages you to select a due date that aligns with your income cycle and to repay your loan on or before your selected due date. You can also make partial payments to reduce your balance. However, if you aren’t able to pay by midnight on your due date, you will be charged a one-time 8% late fee on your outstanding balance. While other lenders charge a late fee for every day that you are late, Tala only charges a one-time late fee and the sooner you pay back, the better your chances of getting another loan with Tala. If you fail to pay Tala loan for long, You may be contacted by collections agents if you do not repay your loan on time. In the event of a long period of non-payment, you may be blacklisted from Tala and also reported to the relevant credit reference bureaus.
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