Tala formerly Mkopo Rahisi Loan App Review
Tala formerly Mkopo Rahisi loan app was launched in Kenya in 2014. It was founded by Shivani who is also the current CEO. According to a research done by Djiaji Company, Mkopo Rahisi has been ranked second in terms of market share, therefore, boasting a high number of 75,000 customers on the platform since there launch.
The firm relaunched and re-branded as Tala, with plans to expand to other regions. It also updated its app so as to include additional features such as credit score, personalized credit, and an improved user interface.
How do you register for Tala Loan
The first step is to download the Tala app on play store. You will be asked to verify your number so as to receive a verification code. The app will collect some data which will be used to determine your creditworthiness. It will also determine your loan limit and the interest rate.
After submitting the information, you may not qualify for a loan on day one. Keep on checking after every week to see if you have qualified.
Advantages of using Tala
The biggest advantage of using Tala is when loan repayment date elapses without you paying. After 60 days have elapsed after the date you were supposed to pay, they call you to remind you. You are given a good report as long as you repay the loan and still maintain a relationship with Tala for 6 months.
You are also given one month to repay your loan. This gives you enough time to be able to repay your loan without stress.
There are two ways to increasing loan limit in Tala. The first option is to pay your loan on time. This automatically increases your creditworthiness, therefore, increasing loan limit. The second option is to keep the app installed on your device and install any new updates. When Tala formerly mkopo rahisi upgraded, the app also upgraded its interface and became user-friendly.
Users are able to read other people success stories and their experiences. You are also able to communicate with the support staff in case of a technical issue. You also earn credit by referring someone to use the app. There is also a new feature that was installed for checking your credit limit.
Disadvantages of using Tala
The biggest downside of Tala formerly Mkopo Rahisi is that you cannot register two accounts with the same device. Users have tried deleting previous accounts so as to create new ones in vain. The developer has to confirm first with the previous owner before deleting.
It also has an interest rate of 11% and 15% which is way high compared to its competitors. The other lender’s interest rate range from 4.6% to 8.4%.
With Tala, you cannot estimate your loan interest because interest varies from one customer to another. It determines your creditworthiness by checking your data on social media, financial transactions, and repayments of your loan.
Tala can be contacted by sending an SMS to 21991 or an email to email@example.com