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How to save money with Tala’s new loans

Now, Tala gives you continuous, always-on access to money when you need it, flexible repayment scheduling, more control over fees, and the opportunity to save. With Tala, you borrow when you need, repay when you can, and pay less fees 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 fees 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. Tala now charges daily interest based on your balance, so by reducing your loan balance, you reduce your daily interest. 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 pay less 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 61 days

Tala knows that life can be unpredictable and sometimes you can miss your repayment date. However, whe you miss your repayment date, you will be charged daily interest that will add to the total amount you owe until you repay. Kindly ensure you repay as soon as possible. Reach out to us if you need help repaying and we can come up with a plan together. Remember to repay before 61 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.

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