Tala Kenya has introduced a novel lending option that allows consumers to select a loan repayment date that best suits their income cycle or salary pay date.
The maximum loan term is 61 days, and borrowers who repay on time will not be charged a fee.
Most digital lenders currently have a one-month time limit, subjecting borrowers to significant daily penalties if they default.
“Our customers can now time their due date around their next payday and other financial obligations, making repayment easier, and enjoy lower fees depending on the duration they choose,” Tala’s Country Growth manager Annstella Mumbi said.
To keep up with its customers, the company aims to increase its credit limit. It presently lends up to Sh30,000 with a one-month repayment period.
The lender was the first to use risk-based loan pricing, offering consumers with high credit scores a flat rate as low as 4%.
Tala charges an interest rate ranging from 5% to 15%, depending on the length of the payback period.
Those who pay within 21 days of the due date will be charged a flat rate of 5-11 percent, while those who pay after 30 days will be charged between 7 and 15%.
How to apply for Jichagulie Due Date Tala Loan
- Apply for a loan – Download the Tala app and fill out a short application. It only takes minutes to apply.
- Confirm your loan amount – If approved, confirm your amount and get your loan directly sent to MPESA.
- Choose your due date – You’re in control with Tala. Select the due date that works best for you up to 61 days.