Tala is one of the best mobile loan companies in Kenya. They offer loans through MPESA to the tune of Ksh 50,000. The interest rate is 0.3%.
Below are important details you need to know about Tala Loan:
Minimum loan—Ksh 1,000 to Ksh 2,000
Maximum loan—Ksh 50,000
The interest rate ranges between o.3% and 0.6%. The amount of money you will pay as interest is dependent on the interest charged. The longer you take to pay, the higher the interest you are charged.
Download Tala Loan App. You need your National ID number and phone number to sign up.Then apply for the loan through the App.
During registration, Tala will send you a pin number that you will be using whenever you log-in to the App.
Tala Paybill Number is 851900.This is the number to use when paying your loan.
How to repay the loan:
- 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
- Confirm that all details are correct and press \’OK\’
If you refuse to pay your loan, Tala will forward your name and details to CRB.You will not be able to get a loan from Tala or other Loan Apps unless you repay the loan in future. Repaying the loan will attract higher interest.
It’s important that you repay the loan in time so as to avoid penalties and high interest charged on late repayment.
Text number: 21991
Email at hellokenya@talamobile.com
Phone contact: 0800720597
There are things to do in order to increase Tala Loan limit to up to Ksh 50,000. The first one is to repay the loan in time. If you are given a week to repay the loan, ensure that you repay before one week is over. You should also apply for another loan immediately. The more you apply and repay immediately, the higher the limit is adjusted.
You should also avoid being penalized for late repayment or avoiding to repay. This will increase your credit score.
Whenever you apply for a loan, always take the maximum loan. This will show Tala that you need maximum loan for your need, hence they increase the limit.
It will take 6 months to 2 years for Tala to increase the loan to a maximum of Ksh 50,000.
Ksh 1,000—20% to 30% per year
Ksh 3,000—18% to 25% per year
Ksh 5,000—15% to 24% per year
Ksh 10,000—12% to 20% per year
Ksh 20,000—-12% to 18% per year
Ksh 50,000—10% to 15% per year
Tala gives a loan of Ksh 1,000 to Ksh 2,000 for the first time.The loan limits increase as you take more loans and repay in time.
