Cassey Tash
Lister
Tala is a loan app available in East Africa which offers monetary relief to its customers within minutes of borrowing via their mobile money service provider with an interest depending on the country in which an individual is applying a loan from.
Tala offers a wide range of loans amounting from Sh500 to Sh50,000 depending on an individual's credit report, credit score, and ratings with CRBs within minutes when all factors are constant - that is - if there are no delays with your mobile money provider(Mpesa) and network. The more you borrow and pay your loan on time, the more your limit increases.
Tala calculates your interest according to the loan you have applied for. An individual's loan limit decreases if he/she defaults on repaying their loans, or pay past the due date.
In order to access a loan from the Tala App, a borrower does not need to have a guarantor or collateral as security, this is unlike the banks and shylocks.
Requirements to access Tala loans
Tala offers a wide range of loans amounting from Sh500 to Sh50,000 depending on an individual's credit report, credit score, and ratings with CRBs within minutes when all factors are constant - that is - if there are no delays with your mobile money provider(Mpesa) and network. The more you borrow and pay your loan on time, the more your limit increases.
Tala calculates your interest according to the loan you have applied for. An individual's loan limit decreases if he/she defaults on repaying their loans, or pay past the due date.
In order to access a loan from the Tala App, a borrower does not need to have a guarantor or collateral as security, this is unlike the banks and shylocks.
Requirements to access Tala loans
- Smartphone
- National Identity card number
- A registered Safaricom number - For Mpesa transactions
- Internet access
- Go to Google Play store and search for Tala Loan App
- Select from the list, the one with a 'Tala' logo and click on install, once it has completely downloaded, click on open to access the app
- On the app's home page, click on create an account and fill in the required information promptly; this includes your mobile number, full names(As it appears on your ID Card), and ID number
- Ensure your mobile number is active, this will enable you to receive a confirmation code from Tala; enter the code on the blank spaces provided on the app.
- For security purposes, you'll be required to set a 4-digit pin that will be used to access your account; the 4-digit pin should be easy to remember as your account might be blocked if you enter a wrong PIN severally. (In the event you block your account, you can contact the Tala team for assistance)
- After doing/filling everything correctly, connect your phone number, camera, phone book with the app by agreeing with the terms and conditions of Tala
- Apply for your first loan
- Open the Tala app on your phone, and enter the 4-digit PIN that you had created while registering an account
- Answer the questions asked correctly(Questions like- why you want the loan, whether you have an existing loan with Tala etc) as it will be used to determine whether you qualify for a loan or not
- Enter the amount you'd like to borrow, and the repayment period provided on the App
- Once you have counter checked the information you provided, click on submit; the team will access your application
- If your application is approved, you will receive a confirmation SMS from Mpesa/ your mobile money service provider and Team Tala. If your application is not approved, Tala will send a message both on the app and phone number informing you of the same.
- The app is easily accessible- in case of an emergency, Tala cushions borrowers within minutes
- It saves time, a borrower does not need to submit, fill in documents and make long queues to access their loans
- A borrower can access loans severally, as long as they have cleared the previous one. No limits in getting loans
- High-interest rate - Tala offers high-interest rates to its customers and compared to mobile money loans (M-shwari)
- Several calls - if a loan is defaulted, you will receive several calls from their team members every day until the loan is paid
- If you fail to pay your loan on time, you might be blocked from getting loans in the future or your limit reduced
- A borrower can easily be listed in CRBs once he/she defaults a loan
- Once a loan is not repaid on time, an amount will be added for lateness, the more you default the more the fee increases
- Go to a SIM tool-kit menu on your mobile phone
- Click on Lipa Na Mpesa - then Paybill
- Enter the Tala Paybill number - 851900
- Input the account number - this is the mobile number that you registered with
- Enter the amount, then your mobile money PIN number, click ok to submit
- You will receive a confirmation number from both Mpesa and Tala
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