At Tala, we listen to the needs of our customers. That’s why we’ve been working to make our loans more flexible so that you can manage your finances better.
With our new loan features, you have more freedom over when to repay your loan.
You can monitor and control how much you spend, and you can have peace of mind knowing that you have continuous access and growth opportunities with Tala loans.
Our new daily fees allow you to manage exactly how much you spend.
What is the daily fee?
Tala loans now charge a standard daily fee. You will only be charged for the days when you are using the loan service.
Tala’s interest rates are from as low as 0.3% per day and you decide how long you need the loan for — the earlier you repay, the less interest you pay.
While the rate will not change if you repay early, the interest you pay will only be for the days that you use the service.
If you need more time, there is no late payment interest before the 61st day (max due date); you’ll simply be charged the daily interest for the few extra days you need.
How does the Tala flat, daily fee work?
For example, if you initially selected to repay on day 30, but you unexpectedly have the capability to pay earlier, you can pay sooner and pay less. Why do you end up paying less? That’s because we only charge interest for the days that you use a loan! You save the interest you would have been charged had you paid on day 30, by paying early.
However, if you need more than 30 days to repay, you can also pay at a later time. Your daily rate will simply continue to apply until you repay your full balance or until day 61. You’re never locked into your selected date and the new daily interest rate allows you to manage exactly how much you spend.
You can always check your daily rate in-app.
What happens to the daily fee if I don’t pay before the 61st day?
If you are not able to pay your loan within the 61 days, you will be charged a one-time late payment interest of 8% on your remaining balance
Now that you know how the new Tala loan gives you more flexibility, control, and a chance to save money, you can maximize its features to your advantage. Borrow what you need, set a personal target to repay, repay early when you can pay less, and practice healthy financial habits to lead you on the path to financial growth and success! Don’t be trapped in the many fixed term mobile loans in Kenya. Tala is here to support you!
You can learn more about our new Tala loans here.