How to get a loan from Tala Loan App

Tala Mobile Loan offers an accessible loan limit ranging from Kshs. 2,000 to Kshs. 50,000 with a repayment period of up to 61 days. Approvals are instant, and interest rates range from 5% to 15%, based on your credit profile. Users can check their loan limit through the Tala app. The Tala loans are unsecured.

Disbursement Details: How to Access/Register for the Loan

Desktop screenshot of Tala Loan App in Play Store

How to Access the Tala Loan App

Tala only accepts loan applications made from the App. One cannot access Tala loans without downloading the Tala Loan App.

How to Apply for the Loan

Have an Android Phone with an M-PESA Line
Download the Tala App: Go to the Google Play Store to download the app.
Sign In to Register with Tala: Use your valid national ID to sign up. Enter your details accurately; you’ll receive a one-time PIN to change to your unique PIN.
Complete the Short Application: Answer a few questions. This process takes only a few minutes, and you’ll get an instant decision.
Choose a Repayment Date: If approved, select the loan amount you need and set a due date that works for you.
Receive Your Money via M-PESA: Your loan amount will be sent to your M-PESA account moments after finalizing your selections.

Total Cost Breakdown (Loan Fees)

The total cost of a Tala loan includes:

Processing Fee: 5–15%, depending on your profile and loan amount
Taxes and Insurance: Included in the processing fee.
Withdrawal Fee: Normal M-Pesa charges may apply.
Late Payment Penalties: Potential blacklisting for non-payment over 90 days.

From the beginning, the cost of your loan is clear. For more details on the Loan Fees, check the Tala Loan App.

Repayment Details

Repayment is straightforward with Tala, offering various options through M-Pesa. You can make payments weekly or monthly. Early repayment is allowed with no additional costs, potentially improving your credit score. The flexibility ensures that you can manage your repayment schedule effectively.

All repayments are made via M-Pesa using the following process:

Open the M-Pesa menu on your phone.
Select “Lipa na M-Pesa.”
Choose “Paybill” and enter the business number 851900.
Enter your Tala account number (your phone number).
Input the amount you wish to repay.
Enter your M-Pesa PIN and confirm the transaction.

Eligibility Requirements

To qualify for a Tala loan, applicants must:

Be a Kenyan resident.
Have an active M-Pesa account.
Provide personal information for credit scoring.
Maintain a good repayment history for higher loan limits.

Download the app on Play Store

Advantages and Disadvantages

Advantages of Tala loans

If your loan is overdue and you do not want to be blacklisted, Tala offers a notification to all their customers with loans that are overdue by more than 60 days so that they can repay by 8th July.As long as you repay your loans and maintain a relationship with Tala for 6 months you are eligible for a good report, even if you have been late before.

Secondly once your qualified for a loan you a given a fast loan meaning the loan is disbursed in a matter of minutes making Tala a reliable way to get urgent money. Lastly Tala gives you enough time to repay your loan.

Disadvantages of Tala loans

Tala has a very high interest rate compared to other mobile loan operators. Secondly the interest varies from one customer to another depending on your creditworthiness making it very hard to estimate your loan interest rate.