What is Tala Loan
The most accessible digital financial services are provided by Tala. there consumer credit instantly underwrites and disburses loans to customers regardless of their credit history. Loan amounts ranging from 2,000 to 30,000 Kenyan Shillings, with interest rates as low as 5%.
They started from scratch to create a cutting-edge credit infrastructure, powered by cutting-edge data science and machine learning. Anyone with an Android smartphone may submit a loan application, receive an immediate decision, and have money deposited into their account. To assist users in managing their finances and achieving their objectives, they are creating new tools.
If you're seeking for strategies to raise your Tala loan limit, you've come to the perfect spot. In this piece, we'll go through five alternative approaches of accomplishing that.
Therefore, we can help whether you want a quick fix or want to take your time and gradually raise your limit.
Learn more by reading on.
What you should know regarding the Tala Loan Limit
It's critical to comprehend how the Tala loan limit is established in order to increase it.
Your Tala loan limit is determined by a number of variables, including:
- Your credit rating Position
- Your earnings.
- Your history of payments.
- how much money you currently have in your account.
- How many loans have you taken out?
- How long have you been a Tala customer?
Each customer has a unique risk profile that is based on these variables. The maximum loan amount Tala is willing to offer to each borrower is based on their risk profile.
This does not necessarily imply that you will be able to borrow the maximum amount every time. The quantity of money you need and the amount of money in your account at the time of application will both affect the actual loan amount.
10 Strategies for Raising Your Tala Loan Limit
You can do a number of different things to raise your Tala loan limit. Below, we've included a list of the top five strategies.
1,Improve your credit score
Increasing your credit score is one of the best strategies to increase your chances of receiving a greater loan limit. Your low risk status as a borrower makes Tala more likely to provide you a larger loan amount if you have a strong credit score.
You can take a number of various actions to raise your credit score, such as:
- paying off your previous loans completely and on time.
- preserving a positive credit history.
- Utilize no more than 30% of your credit limit.
- Continually keep your accounts open.
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2, Updating Tala App
Update your Tala app as another approach to increase your chances of receiving a bigger loan limit. You will gain access to Tala's most recent features and enhancements by doing this.
Ensure that the Tala app is updated to the most recent version. This ensures that the App can learn more about your financial background and more accurately determine your loan eligibility.
As the Tala app may not support earlier versions, it's also crucial to make sure you're using the most recent version.
3,Refer Friends and Family
Additionally, if you recommend Tala to your friends and family, you could receive a greater loan limit. You will receive a bonus of Ksh 500 that will be added to your loan limit for each referral that successfully obtains a loan.
4,Make Timely Repayments
Making prompt repayments is one of the best strategies to increase your chances of receiving a greater credit limit.
By doing this, you'll convince Tala that you're a reliable borrower, and they'll be more inclined to extend you a larger loan in the future.
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5, Don’t delete the App from your phone just yet
Your loan limit will decrease if you remove the Tala App from your phone. This is so that Tala may evaluate your financial history and establish the appropriate loan amount using information from the App.
Maintaining the Tala App on your phone gives Tala access to more data about your financial background, increasing your chances of receiving a bigger loan limit.
6 , Use Tala app often
By frequently using Tala, you'll be able to convince them that you're a trustworthy borrower, and we'll be more inclined to give you a larger loan.
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7 , Keep your account balance high.
Maintaining a high balance in your account is an additional approach to raise your chances of receiving a greater loan limit.
By doing this, you'll demonstrate to Tala that you're a trustworthy borrower, increasing the likelihood that they'll grant you a larger loan in the future.
8, Talk to Tala about raising the loan limit.
You can always bargain with Tala for a bigger loan limit if you believe you merit one.
9. Make additional Mpesa transactions.
When determining your loan limit, Tala also considers how active you are on M-Pesa. If you use M-Pesa more frequently, Tala will be able to better assess your loan eligibility by getting to know your financial flow.
10. Maintain orderly call and message logs
Tala determines your loan limit by using information from your call and message histories. Tala will think you're not a serious borrower if you frequently skip calls or leave unread messages, and they won't be as inclined to grant you a larger loan.
Tala Loan Limit
Three Tala loan limits exist:
Bronze: This level is for beginners. The loan amount offered at this level ranges from 500 to 4,999 Kenyan shillings.
Silver. The minimum credit limit at this level is Ksh 5,000, while the highest loan limit is Ksh 9,999.
Gold: This category has a minimum loan limit of Ksh10,000 and a maximum loan limit of Ksh50,000.
For each loan, Tala charges a fixed service fee:
The service charge for a 30-day loan ranges from 7 to 19 percent.
The service charge for a 21-day loan ranges from 5 to 14 percent.
What is the amount I can borrow?
According to Tala, judgments about its loans are made by an automated algorithm, which considers a number of variables before determining whether to approve your application and for how much. Your loan limit will be displayed on the App after you submit your application.
How do I raise my loan limit?
The best strategy to increase your loan limit is to make timely or early payments. However, Tala claims that it cannot guarantee whether or by how much your loan limit will grow because it takes a number of factors into account while establishing it.
Review Legit or Scam
“The app gives out loans at low interest rates, favorable repayment period, and increases loan limit for early repayment.” One user says on Play Store.
On the flip side, another user says, “ For the past one year, I have been trying to borrow, filling in all requirements, but they usually tell me to wait after 30 days.”
My final word
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