Repaying on time keeps you in good standing with Tala, which allows you to increase your loan limits over time. Your first loan with Tala is only the initial stepping stone! When you consistently repay on time and remain in good standing, you see your loan limits climb higher and higher.
Now that Tala Flexible Loans empower you to select your own due date, you have the flexibility to schedule the due date that aligns with your income and financial commitments. Here are 5 tips to help set you up for success:
- Pick a due date near your next pay day. Make repayment easy!
You should always choose a loan amount and due date that you’re confident you’ll be able to repay on time. When selecting your repayment due date, we recommend that you carefully consider your income cycle and foreseeable financial commitments.
- Plan your repayment along with your other financial commitments
Assess when your other predictable financial commitments are due while you’re selecting the repayment due date of your Tala loan. This will help to ensure that you have funds available for repayment and prevent you from overstretching.
- Select the earliest date that you can realistically repay
Life can be unpredictable, especially when we look far into the future. It may be easier to forecast when you’ll have funds to repay your loan on a shorter timescale, so choosing a due date near your next pay day is usually easier than trying to plan further out. Plus, if you know you can pay back sooner, you can save money by getting a loan at a lower interest rate!
- Allow for an extra day or two if you think payday may come late
You want to be as realistic as possible when selecting your loan payment date. If you are worried that an important income source may have a delay, give yourself a little extra time to make sure that you account for that.
- Work with a budget
Plan and monitor your expenditures. Setting a budget helps you maintain financial discipline and avoid redirecting funds meant for loan repayment to other budget items. Operating within a budget can give you more control over your finances and help you to save!
Tala loans empower you with flexible financial access and the opportunity for growth. We’re not a simple loan provider – we strive to be your financial partner and help guide you through the ups and downs of managing your finances!