Last updated on January 25th, 2024 at 11:31 pm
Recently, because of technology like that of Tala loans Kenya, the world is at the advent of a mobile technological revolution. This is evident especially when it comes to the increase in the use of mobile smartphones.
Enter Tala loan app which is a mobile application that uses mobile data to create a financial identity. With this financial identity, Tala can give quick mobile loans via mpesa to its customers. Tala is one of the services that aim to take advantage of this mobile technology revolution and was founded by Shivani Siroya.
To start getting instant loans from the service, all you need to do is download the Tala app from the android store. Once you install the Tala app, you’ll be taken through an easy registration process. Check out our tutorial on how to install the Tala app.
Tala Loans Kenya Interest Rate and Loan Limits
Tala loans Kenya service allows you to qualify for loans of between Ksh 500 and Ksh 50,000. It categorizes the loans you qualify for into three tires.
These tires are bronze, silver, and gold. Once you repay your loan, your limit increases. Tala charges an interest rate of between 11% and 15%. you have a repayment period of either 28 days or 31 days. This makes it flexible for you to make a payment. See how to apply for a Tala instant mpesa loan.
How Tala app by Tala loans Kenya works:
Tala smartphone app prides itself on being able to offer the ability to deliver instant credit and help customers have a financial identity. With this financial identity, Tala can create trust with its customers without having to use traditional methods.
The company behind the app believes that everyone deserves financial access, choice and control. Tala app does this by credit scoring the user using their proprietary underwriting models. This model works by drawing on up to 10,000 data points per customer to build a new kind of credit score.
What this means is that the Tala app doesn’t have to rely on traditional methods of credit scoring like the CRB. This puts them at an advantage because they can offer loans to unbanked communities, especially in developing countries.
With this service, loans are offered instantly via mpesa and are received within 20 seconds. Talk about an instant mpesa loan. This mobile app allows anyone to access mobile loans without having a bank account. All that is required is that you have a smartphone and an M-Pesa enabled on your phone.
How to install Tala on your android phone.
- Make sure your phone is connected to the internet either via data or Wi-Fi.
- Go to the Google Play store on your smartphone and open it by clicking on it.
- Once the Google play store has opened, click on the search bar and type ‘tala Kenya’ and press enter.
- Select ‘tala Kenya’ from the results.
- Click on the install button and wait for the tala Kenya app to complete downloading and installing on your phone.
- Open the tala app by clicking ‘open’
Tala Mobile App Achievements
Tala recently surpassed the 1 million mark in customers. They have achieved this by targeting over 2.5 Billion users in the world who do not have a credit score. Their model reaches out to over a third of the world. This is because they don’t have formal public records, bank accounts, credit history, or a social security number.