Need a quick loan? Download Tala app for instant unsecured loan

Digital banking is with us and it is already kicking arse. Out with the old as the Tala app, branch, M-shwari, and similar credit models gradually replace traditional lending models causing their fortunes to dwindle. 

The high adoption of mobile phones in Kenya has changed a lot of things. First, it has led to a high penetration of the internet which has, in turn, enabled mobile phones to do much of what banks, booking offices, shopping malls, and other service providers can do.

One of the areas that have significantly changed courtesy of the high smartphone adoption and internet penetration is loan requests and issuance. Traditional credit models no longer adequately meet the needs of the modern lenders who seek instant and unsecured loans. This explains why various financial institutions have expanded lending processes to accommodate this category of lenders.

Click here to download tala app from the play store.

One of the most significant things about these changes is the convenience that comes with digital banking.  Today, you do not have to wait in long meandering queues at the bank. Or, fill out lots of paperwork. Or, have a long credit history. A new era is upon us.

Tala app,  formerly Mkopo Rahisi, is among the newbies, in the context of modern lending facilities. It is here to ensure that you are not down and out. This loan app is among credit facilities that will not come for your pound of flesh as their repayment periods are reasonable. This credit model has changed the issuance and distribution of loans in various parts of the world.

Tala loan application procedure

If you are on Android, simply download the Tala app, apply for credit and within minutes get a reply on whether you qualify. Here is a breakdown of the steps:

Tala loan app download and getting started

1. Head over to the Google Play Store and download the Tala loan app
2. To register, link the app to your active Facebook account
3. Answer a few personal questions provided such as giving your active mobile phone number
4. Leave the rest to Tala. Check after several minutes to confirm whether you qualify for a loan and also the amount of loan.

Tala determines creditworthiness using data in the applicant’s mobile devices. The M-Pesa SMS’s is among information used to determine applicant’s qualifications. According to Shivani Siroya, the founder and chief executive of Tala, the company may also use data on how applicants organize their phone book to learn more about them. On this, she hints that there is a possible link between personal organization and creditworthiness. She adds that customers who have listed over 40% of their contacts with their first and last names are more likely to be good borrowers.

Tala customers can build their credit up to Kshs. 50,000 based on their repayment history: if you repay on time, your creditworthiness improves. If a loan application is approved, the money is sent to the customer’s M-Pesa account. The minimum loan amount disbursed is Ksh. 500. One of the most interesting things about this app is that all customers get a personalized financial experience.

The best part yet?

The applicant does not have to possess formal credit or banking history for them to qualify for a loan.

Tala loan amounts and categories

Bronze

Ksh 500 – Ksh 4,999

Silver

Ksh 5,000 – Ksh 9,999

Gold

Ksh 10,000 – Ksh 50,000

The repayment procedure

A Tala app loan is only repaid via Mpesa. The paybill number is 851900. Your registered Tala phone number is the account number.

Steps:

• Head over to the Mpesa menu on your phone
• Select Lipa na Mpesa menu option and select Paybill
• Select Business number, key in 851900
• Enter your phone number as the account number
• Follow the provided Mpesa system prompt (amount and M-Pesa pin) to complete your transaction – note that M-Pesa charges apply.
• An SMS from Inventure Mobile Kenya will confirm your loan repayment

Note: You can use another person’s number to pay the loan as long as it is registered by M-PESA. To do this, enter the registered phone number as the account number.

Other loan apps:

1. Branch

This loan app is no longer on the come up. It has taken top spots for the most popular apps in the county. Play Store data shows that Brach boosts 1 million downloads.

1. Saida

2. Zidisha

3. Stawika

4. Utunzi