With the new Tala loan features, you have the freedom to select your repayment date, up to a max of 61 days. The good thing is, you will pay less total interest if you repay your loan earlier than your repayment date. Below are some tips on how to repay early to pay less with Tala;
1. The earlier you repay, the less interest you will owe
Your interest is charged daily, so when you repay earlier, you’ll pay less interest. This way, you will be able to save more and use your cash for other important expenses.
2. Repaying earlier or on time can help grow your Tala loan limits over time
The best way to grow your Tala loan limit is to consistently repay your loans on or before your selected date. Over time your loan limit will grow. Your first loan with Tala is only the first step towards your journey.
Most Tala customers double their loan limits in only 2 months. You can achieve that too!
3. Make partial payments
You will now pay less interest after you make a partial payment towards your loan. This is because your daily interest is now charged based on your outstanding balance. Make a partial payment to reduce your interest. Every shilling counts!
Now that you know how the new Tala loans give you more flexibility and control, you can maximize its features to your advantage.
Borrow what you need, set a personal target date to repay, repay early when you can to pay less, and practice healthy financial habits to lead you on the path to financial growth and success!
You can learn more about our new Tala loans here.