The way of solving a financial emergency in the middle of the month is getting a soft loan. You can apply for a short-term loan from your bank but that often takes several weeks before the request is approved. Fortunately, you can get a soft loan within a few minutes after registration on Tala App. The app has come as a relief to many Kenyans who are tired of the lengthy bank processes. Tala was previously known as Mkopo Rahisi. Hence, some app reviews Kenya still refer app with its previous name. If you are in need of a quick loan, this app might be all you need to solve your emergency. Read on for more details on the app’s features, pros, and cons.
Tala is among the top finance apps in Kenya that give you access to quick soft loans at low fees. The loans come with a friendly repayment schedule. The app is available at Google Play Store. Once you download and install, you will need to provide a scanned Mpesa SMS and other details to proof your identity. The providers use the information to proof creditworthiness as well. After providing the required information, you can apply for a loan within five minutes. If you qualify for the loan, the request is approved within seconds. You get an instant confirmation message indicating that your application was successful
When a loan is granted, the amount is credited to the user’s Mpesa account. Users can build their credit up to Ksh.50, 000. The way to build your credit limit is to pay each loan on time. Another way to increase the limit is to keep the app installed on your device and installing any new updates. Registration requires confidential information from the user. The app developers guarantee their clients of data security. The developers do not share data with third parties without the user’s permission. Users can check their borrowing history, communicate with the support staff, and review the financial services on the app.
Pros and cons
Using Tala app is easy because of the user-friendly interface. The app prompts the user throughout the installation and registration processes. Borrowing cash using the app is easy and fast. For most qualified users, the process takes about five minutes. Better still, users can request for a loan within their credit limit from any part of Kenya. You can check your credit limit easily on the app. The application process is safe as the developers promise users of data security. Users can forget about the endless questions and lengthy paperwork involved when applying for a conventional bank loan.
One of the downsides of using Tala app is that you cannot register two accounts with the same device. Hence, if you use a different SIM card on your device, accessing your previously account may be a challenge. Users have challenges in deleting accounts on their devices to create new accounts. The developers must confirm with the previous owner before deleting an account on a device. The amount borrowed should be repaid within 30 days after the loan is issued. Failure to repay on time attracts high interest and limits the borrower from accessing a higher amount in the future.
Tala App has become popular in Kenya because of the quick and convenient loans. Kenyans no longer have to queue in banks or wait for weeks to get financial help. In addition to fast loans, developers assure the users of data security, which is a major concern when applying for online loans. Tala will continue to transform the financial sector in Kenya as users can access up to Ksh 50,000 from any location. However, users must be committed to paying their loans on time to build their credit and avoid high interest rates.