This is a step by step of how to repay your Tala loan, which you applied for and qualified using the android app. It is a straight forward process which you can complete through M-Pesa using the M-Pesa paybill function offered by Safaricom.
Repay your Tala loan step by step video guide:
Find the steps below:
How to repay your Tala loan | Tala Mpesa paybill number
- Go to your ‘M-pesa’ menu
- Select ‘Lipa na M-pesa’ option.
- Select ‘Paybill’
- Proceed to Enter ‘Business number no.’ 851900
- Next, Enter Account no. [Enter The Mobile number you registered on Tala App]
- Enter amount [type the loan amount to pay]
- Key in M-pesa PIN and Press OK
- Confirm that you are sending your money to Tala Mobile.
Tala have also provided additional ways which their loan borrowers can repay money borrowed through the app.
How to repay your tala loan using m-pesa xpress inside tala app:
Here are the steps to follow:
- Open The Tala Loan app.
- Now, enter your PIN
- Confirm the amount of money you will need to make a payment for.
- Press ‘make a payment’.
- Press ‘Open M-PESA MENU’
- Select ‘MPESA’
- Then Select ‘Lipa na mpesa’
- Select pay Bill
- Type paybill number ‘851900’
- Select account number and type your mobile phone number which is your account
- Input amount due and press OK
- Enter mpesa PIN and press OK.
- Confirm the details Pay Bill, Account no. and amount and press OK
- Press send to finalize transaction.
Need to make a payment for a tala loan for someone else? Maybe it’s your spouse, your child or a friend. Tala allows you to repay a loan for someone else using another number.
How to repay your tala loan from another number:
Follow the steps below:
- On the other phone, select the safaricom SIM tool Kit.
- Now, proceed to open the ‘M-PESA’ menu
- Select ‘Lipa na M-Pesa’ option
- Choose ‘Paybill’ and press OK
- At this point enter ‘Business number’ 851900
- Enter Tala ‘Account number’ which is the safaricom mobile number that is registered on Tala.
- proceed to Enter ‘amount’ this should be equivalent to the loan you are repaying.
- Now Key in ‘m-pesa PIN’ and press ‘OK’
- Confirm that you are sending your money to Tala Mobile
Note: When making a loan repayment from another number, the process is the same as repaying the Tala loan from your phone. But there is just one small additional step.
That step is when you come to adding the account number, make sure you select one that belongs to the account you are paying for i.e. the mpesa enabled phone number that was registered with Tala.
After this await confirmation SMS from safaricom M-Pesa about the payment. Without a doubt, we are done making repayment of our loan borrowed from Tala app. You will also receive a message from Tala SMS 21991 saying they have received your payment.
How long do you have to repay a Tala Loan?
With Tala, if you applied for the 21 day loan, then you can repay the loan within 21 days. There is also the 30 day loan option. For this type of loan,you need to make loan repayment before 30 days are over.
Here is the thing, this app gives you options when it comes to repaying your Tala loan. Meaning that when you are applying for your loan, you can select two options to repay the money borrowed.
What do you do if you can’t repay your Tala loan on time?
In case you are not able to repay your tala loan on time, there are consequences that come with it. If you pass the deadline of repayment date by 7 days, Tala charges an 8% fee on your remaining amount. Once the penalty fee is added however, Tala adds an extra 14 days to repay your loan.
Let’s be honest:
Sometimes financial responsibilities can overwhelm us. This happens especially having to meet everyday expenses like house rent, school fees and utility payments. This may lead us to not be in a position to repay your loan.However, Tala are very understanding and only charge a small percentage for loan defaults.
To negotiate further terms with Tala terms in case of difficulty repaying your borrowed money, you can easily contact them and find a way forward.
What happens when you pay loan late?
If you miss making your tala loan payment, it may result in you being fined a fee. Not only that, it will affect your loan limit in that you will be getting lower loan limits when applying for an instant loan. Also, having this trend of late payments may lead you to not get a loan in the long run, not only from Tala but other lenders like Branch, Timiza and Berry.
Non-payment of Tala loan and being listed on CRB:
This will lead to you being contacted by collection agents whom your loan has been handed over to. This collection agents are like GILCHERYLTD who will send messages to your registered line. They will also have their agents call you to find out why you haven’t made payment and when you will be making plans to repay the tala loan app.
Not only that, long periods of non-payment of the loan facility will make you be listed with the credit reference bureaus (CRB). The consequences of this are very serious, one of them being you will not be able to apply for loans from other institutions like banks or micro finance lenders etc.
I can’t insist enough:
Not repaying your Tala loan has serious consequences.
NOTE: For a smooth tala payment process, make sure you confirm the amount you are going to pay to tala. You can do this by checking the tala loan app which will indicate the loan balance you owe.