In today’s world, access to credit is more important than ever before.
Whether you’re looking to start a business, buy a car, or simply cover unexpected expenses, having access to quick and easy loans can be a lifesaver.
Tala is one such lender that provides fast and convenient loans to people who may not have access to traditional banking services.
In this article, we’ll go over the steps you need to take to apply for a Tala loan.
Tala is a mobile loan provider that offers loans to individuals in emerging markets who lack access to traditional banking services.
Founded in 2011, Tala uses a mobile app to assess creditworthiness, provide instant loans, and collect payments.
Tala’s mobile app uses machine learning algorithms to analyze various data points on a user’s phone, including financial transactions, text messages, and other behavioral patterns, to determine creditworthiness.
The app then offers personalized loan amounts and terms based on the user’s financial profile.
Tala’s loans are typically short-term, ranging from a few weeks to several months, and are designed to help users cover unexpected expenses or bridge financial gaps between paychecks.
The loans come with interest rates that vary depending on the user’s creditworthiness and other factors.
One of the unique features of Tala is that it provides financial education to its users through its mobile app.
The app offers tips on budgeting, saving, and other financial topics to help users improve their financial literacy and build healthier financial habits.
How to apply for a loan with Tala
To apply a loan with Tala, follow these steps below;
- Download the Tala app from Google PlayStore.
- Open the app and sign in to register.
- Proceed with the application process by answering a few questions.
- If your application is successful you’ll get a loan offer.
- Choose a repayment date.
- Receive your money.
How to repay Tala loan
To repay a Tala loan, follow these steps below;
- Open M-PESA.
- Select Lipa na M-PESA.
- Select PayBill.
- Enter 851900 as the Business Number.
- Enter your phone number as the Account Number.
- Enter the amount you would like to repay.
- Enter your PIN number and press OK.
In conclusion, applying for a Tala loan is a quick and easy process that can be completed in just a few steps.
Before starting the application, it’s important to check your eligibility and ensure you have all the required documents.
You can then proceed to download the Tala app, create an account, and submit your loan application.
Tala’s use of alternative data to determine creditworthiness makes it an accessible option for individuals who may not have traditional credit histories.
With its fast approval process and flexible repayment options, a Tala loan can provide the financial support needed to achieve your goals.
However, it’s important to use the loan responsibly and make payments on time to avoid late fees and potential damage to your credit score.