Tala – The Loan Application (How To)
When it comes to loans in Kenya especially via mobile applications, Tala is one name that just keeps coming up. Whether it is through ads on Youtube, Twitter, or Google’s suggestions, it certainly has a way of being… present.
Tala, is a mobile loan app that is run and developed by Tala Mobile which was formerly Inventure. As at 26th February 2019, The Tala Kenya App has over five (5) million downloads on Google Play Store and a 4.8 out of 5 average rating, from 302,000 reviews. Impressive right?
Upon installation, the 7.30.0 version is a total of 19.18MB in size which is not bad as it barely cause a dent on your device’s internal storage. Even if you have a 16GB device (Like myself, yes we still exist).
The app’s description claims Tala is Kenya’s Number One Finance app and that they (Tala), provide credit at your fingertips, whenever, wherever. All with low fees and an easy repayment schedule.
It also says applying for loans via Tala takes five minutes, you can get approval in seconds, the money will be sent directly to you via M-Pesa and that you can build your credit to figures as high as 30,000ksh by making loan payment on time.
How To Request For A Loan
Once you select the ‘Sign Up’ option you will be prompted to enter your mobile number in order to receive an SMS to verify said number.
The registration process is short and you will be ready for a loan in a matter of minutes. Yes, Tala’s five minute claim is very legit.
First time Loan applicants, are required to verify their identity, by filling their information in a five step form provided in the app. Personal information like your name, date of birth, email address, etc. After that, the app asks for permission to access your contacts, location. You cannot receive a loan without first granting access to those three.
Tala then proceeds to ask for your education level, employment status, what you want to use the loan for (describing this part in detail is very important) and whether you have any outstanding loans.
Next, you are asked to disclose your income which includes your main source of income, side hustle, how long you have been doing that, the amounts you have earned, etc.
Finally, you are allowed to confirm all of the answers you gave, before finally submitting your loan application.
With all of that done and dusted, you are good to go.
Let’s say you take a loan of 10,000ksh from Tala. You will pay 11,500ksh back, which consists of 10,000 (the amount you were given initially) and 1,500 (the 15% service fee that comes with your loan).
Tala will not charge you more than the amount of your service fee (plus, if you do not repay on time, a one-time default fee). Interests and fees, do not compound or accrue.
If for whatever reason your loan application is not approved, just leave the Tala App installed on your phone for a period of time, it increases your chances of getting a loan. This is because the app will keep monitoring your phone information and phone activity. This phone information and phone activity is the app will use to build a credit rating for you.
There you have it! The Tala App How-To. Let us know your experience with the app.
