Now, Tala gives you continuous, always-on access to money when you need it, flexible repayment scheduling, more control over interest, and the opportunity to save. With Tala, you borrow when you need, repay when you can, and pay less interest when you repay early. It’s as simple as that!
Here are 5 tips to help you save:
1. Select a date to repay near your next pay day. Make repayment easy!
The best way to consistently save money on interest is to repay when you intend, and the easiest way to do that is to plan well and make repayment as easy and stress-free as possible. Schedule repayment with your predictable cash flow and hold yourself accountable.
2. Pay small and pay early!
Getting into the practice of making small, partial repayments along the way will help you to reduce your loan burden and ultimately make it easier to repay what you owe. Remember that you only pay for the days you use, so if you can repay your loan balance in full ahead of schedule, you will save on interest!
3. Repay early and pay less!
Now, your loans will have a daily rate, which means the earlier you repay, the less interest you will pay. Only pay for the days you need! Some lenders will charge you penalties if you pay off your loan balance ahead of schedule — at Tala, we want to enable you to avoid additional interest and save money whenever you can.
4. Remember that you can borrow again immediately after you repay what you owe
Tala aspires to be your most reliable financial partner. With Tala, you’ll always be able to borrow again when you repay what you owe. Getting into the habit of repaying as soon as you can and starting fresh will help you to save money, grow your financial skills, and increase your loan limit over time!
5. Avoid a late fee — remember to repay before 60 days
Tala knows that life can be unpredictable — that’s why we don’t lock you into your selected date to repay. If you need more time, there are no late interest before the max due date of 60 days, you’ll simply be charged the daily fee for the few extra days you need. But remember to repay before 60 days to avoid a one-time 8% late fee.
Life can be unpredictable, and through our experience serving millions globally, we know that building toward financial stability not only requires consistent access to money to cover shortfalls, but also the ability to save whenever possible. Tala’s new always-on cash loans are designed for dependability and flexibility, so you’re in control of your finances through prosperous times and challenging ones.