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Tala Loan Limit

By Oluchukwu Ikemefuna

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Imagine a world where financial security is just a click away. With Tala loans, it’s possible.

Source: Tala Official Instagram Page

But let us face it: taking a chance on a loan can feel like stepping into the unknown. That’s where we come in to guide you through the nitty-gritty of Tala loan applications. 

So come along as we reveal the nitty-gritty of Tala loans and clear the path to a better financial future. 

About Tala Loan

Tala is a lending app by Tala Mobile that is available for download through the Google Play Store. It is highly popular, with over 5 million downloads and an impressive 4.4 out of 5 star rating.

Tala, which has its headquarters in California, serves the Kenyan market (though it is also available in other countries like the Philippines) by offering financial services and enabling mobile device access to credit. 

The app provides low-cost loans with a simple repayment schedule. M-pesa is used to dispense loans, with Kshs. 50,000 is the maximum amount offered.

Tala, formerly known as Mkopo Rahisi, underwent a makeover and rename. The most recent version has features like the ability to view your credit limit and read success tales from other users.

You will be required to scan your M-Pesa SMS and submit other information for identity and credit verification when you download Tala. This ensures a swift loan approval process.

Eligibility for Tala Loan

  1. You need to have an active Tala Android app account.
  2. A working Facebook account that is connected to the Tala app is required.
  3. To be eligible for a loan, applicants must be prepared to share personal information.
  4. To evaluate a credit score, a mobile phone with call patterns and a mobile money history must be available.

Tala Loan Tiers

Tala offers three loan limits:

  1. Bronze: This is the starting level, where loans range from Ksh 500 to Ksh 4,999.
  2. Silver: Loans at this level start from Ksh 5,000 and go up to Ksh 9,999.
  3. Gold: This level offers loans starting from Ksh 10,000, up to a maximum of Ksh 50,000.

Additionally, Tala charges a flat service fee for each loan:

  • For a 30-day loan, the service fee ranges from 7% to 19%.
  • For a 21-day loan, the service fee ranges from 5% to 14%.

How to Register on the Tala Loan App

  1. Use your smartphone to look for the Tala loan application in the Play Store.
  2. To download and install it, tap the Install option.
  3. After the app has been installed, open it and press the “Sign Up” button.
  4. Enter your phone number to register on the app.
  5. Type the four-digit code that was texted to you for verification.
  6. Select a four-digit PIN that you will use to access the application.
  7. Verify your PIN
  8. Agree to the terms and conditions, which cover location, SMS, calls, and contacts. The application asks you to “allow” the aforementioned rights once you click “accept.”

Applying for Your First Tala Loan

Aside from using the app, you can connect with Tala using SMS by drafting a message about your loan emergency or any other queries and sending it to Tala’s SMS number 21991. Otherwise, here are the steps to apply for a Tala loan using the app:

  1. Select “Apply Now” from the Tala app’s homepage.
  2. When asked, allow the app’s collection, use, and storage of personal data. Press “continue.” Tala will request access to your phone’s camera, storage, location, SMS, and contacts.
  3. Correctly enter the requested data.
  4. Following the information entry, a confirmation page will show up. Press “continue.”
  5. Decide on the loan’s purpose: for business, personal expenses, or to pay bills
  6. Fill out the requested information about your work and educational background. Press the “proceed” button.
  7. Choose from the lists offered your area of expertise and the highest degree of education.
  8. In light of your choice, respond to inquiries about your work.
  9. If you have any other sources of income, please list them. Press the “proceed” button.
  10. When demanded, share facts about your financial spending.
  11. Type in the loan amount and select the 21- or 30-day payback period.
  12. Press “submit,” then wait while your loan request is handled.
  13. An SMS message about the status of your loan request approval will be sent to you. The loan money will be paid into your M-Pesa account in a matter of minutes if it is accepted.
  14. You will receive a notification if your loan request is denied.

How to Make Tala Loan App Repayments

  1. Open your phone’s M-Pesa menu. 
  2. After selecting Lipa na M-Pesa, choose Paybill. 
  3. Put in the pay bill number, 851900. 
  4. Enter the phone number you used to register on Tala in the account number field. To authorize the transaction, enter your PIN and the loan amount you wish to repay. Tala will send you an SMS shortly after to confirm that you have paid back your loan. 

Tala Loan Limit

Your loan limit is established by an automatic algorithm that takes into account multiple aspects when you apply for a Tala loan. Credit history, repayment patterns, and other information gathered throughout the application process are some of these variables. 

Your precise loan limit will be displayed on the Tala app after your application is complete. The maximum amount you can borrow using the Tala platform is indicated by this limit.

Increasing Your Tala Loan Limit

The best approach to increase the amount of your Tala loan is to make consistent early or on-time payments. You might prove to Tala that you are a reliable borrower by acting responsibly and paying back your loan on schedule. 

It is important to keep in mind that Tala considers a variety of factors when determining the maximum amount that can be borrowed, even though making your loan repayments on time may benefit you. 

Therefore, there is no guarantee that your loan limit will increase or by how much, even if you have a history of making your loan payments on time.

Tala Penalties and Fees

Tala charges an 8% fee on your outstanding balance and grants you an additional 14 days to make your repayment if you fail to pay within 7 days of the due date.

If you do not pay back the loan within the 60-day grace period following the due date, Tala Loans will have no choice but to report your information to the Credit Reference Bureau. A CRB blacklist could make it more difficult for you to get loans from other lenders.

Conclusion

In closing, Tala loans come in handy to get money when you need it. Whether it’s for bills or anything, Tala makes it easy. 

FAQs

Is Tala still giving loans in Kenya?

For over a decade, millions of Kenyans have relied on Tala get over financial challenges in their daily lives. Tala offers Ksh 50,000 in monetary limitations that are constantly rising. Daily minimum interest rates start at 0.3%.

What is the USSD code for Tala?

Please ensure the phone number you use matches the one you provided when registering for the Tala app. Use the USSD code *846# to dial.

How can I borrow from Tala without the app?

You must apply using the app to be eligible for a Tala loan.

How do I contact Tala Kenya?

Customers in Kenya who have previously used Tala can contact support through the app. If you are not a customer yet, please send an email to hellokenya@talamobile.com.

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Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

She excels in weaving content that not only informs, enlightens and impacts but but also optimize its online presence to rank on major web sites.

Pere brings a unique blend of linguistic proficiency and SEO knowledge, ensuring that each piece she crafts leave a lasting impact.

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