All Things Fintech in Africa

How To Increase Your Tala Loan Limit in 2022

You’ve come to the right place if you’re looking for ways to increase your Tala loan limit. We’ll discuss five different ways to do just that in this post.

So whether you’re looking for a quick fix or want to take more time and methodically increase your limit, we’ve got you covered.

Read on to learn more.

What you need to know about Tala Loan Limit

To best understand how to increase your Tala loan limit, it’s important to know how the limit is determined.

Your Tala loan limit is based on a few different factors, including:

  • Your credit score
  • Location
  • Your income.
  • Your repayment history.
  • The amount of money you have in your account.
  • The number of loans you have taken out
  • The amount of time you have been a Tala customer

These factors are used to create a risk profile for each customer. Based on this risk profile, Tala determines the maximum loan amount they are willing to extend to each individual.

Of course, this doesn’t mean that you will always be able to borrow the maximum amount. Your actual loan amount will also be determined by how much money you need and how much money is available in your account at the time of application.

10 Ways to Increase your Tala Loan Limit

There are a few different things that you can do to increase your Tala loan limit. We’ve listed five of the most effective methods below.

1. Improve your credit score

One of the best ways to improve your chances of getting a higher loan limit is to improve your credit score. If you have a good credit score, you’re a low-risk borrower, and Tala will be more likely to extend a higher loan amount to you.

There are a few different things that you can do to improve your credit score, including:

  • Paying your previous loans on time and in full.
  • Maintaining a good credit history.
  • Use less than 30% of your credit limit.
  • Keep your accounts open for a longer period.

2. Updating Tala App

Another way to improve your chances of getting a higher loan limit is to update your Tala app. By doing this, you will be able to access the latest features and improvements that Tala offers.

Make sure you’ve updated to the latest version of the Tala app. This step ensures that the App can get more information about your financial history and better assess your loan eligibility.

It’s also important to make sure that you’re using the latest version of the Tala app, as it may not support older versions.

3. Refer Friends and Family

You can also earn a higher loan limit by referring your friends and family to Tala. For every person that you refer who successfully takes out a loan, you will receive a bonus of Ksh 500 that they will add to your loan limit.

4. Make Timely Repayments

One of the best ways to improve your chances of getting a higher loan limit is to make timely repayments.

This action will show Tala that you’re a trustworthy borrower, and they’ll be more likely to give you a larger loan amount in the future.

5. Don’t delete the App from your phone just yet

If you delete the Tala App from your phone, it will hurt your loan limit. This is because Tala uses data from the App to assess your financial history and determine your loan amount.

By keeping the Tala App installed on your phone, you’re giving Tala access to more information about your financial history, which will improve your chances of getting a higher loan limit.

6. Use Tala often

Using Tala often will show us that you’re a responsible borrower, and we’ll be more likely to extend a higher loan amount to you.

7. Keep a high balance in your account

Another way to improve your chances of getting a higher loan limit is to keep a high balance in your account.

Doing this will show Tala that you’re a responsible borrower, and they’ll be more likely to extend a higher loan amount to you in the future.

8. Negotiate with Tala for a higher loan limit

If you feel that you deserve a higher loan limit, you can always negotiate with Tala for a higher amount.

9. Transact more on Mpesa.

Tala also looks at how active you are on M-Pesa when assessing your loan limit. If you transact more often on M-Pesa, This will help Tala to learn about your cash flow and better evaluate your loan eligibility.

10. Keep call and message logs clean

Tala also uses data from your call and message logs to assess your loan limit. If you have a lot of missed calls or unread messages, it will show Tala that you’re not a responsible borrower, and they’ll be less likely to extend a higher loan amount to you.

Frequently asked questions about Tala Loan App.

1. How much does Tala give for the first time?

The answer to this question depends on several factors, including your Mpesa transaction logs, location, credit score, and loan repayment history.

That said, Tala offers low-interest fast-growing mobile loans up to KSh 30,000 with fees as little as 4%.

Tala typically offers first-time borrowers loans between Ksh 1,000 and Ksh 30,000. The exact amount you’ll be eligible for will depend on several factors mentioned above.

2. How long does it take to get a Loan from Tala?

If you’re approved for a loan from Tala, the funds will typically be deposited into your M-Pesa account within minutes.

However, if it takes longer than that, know that you have run out of luck this time and will have to try again later.

3. What is the Maximum Loan in Tala?

The maximum loan amount you can borrow from Tala will depend on several factors: type of loan, your biodata, Phone type, location, credit score, and repayment history. That said, Tala typically offers loans of up to KSh 30,000.

4. How do I know my Tala Loan Limit?

If you’re unsure how much you can borrow from Tala, the best way is to apply for a loan and see what amount you’re approved for. The entire process is quick and easy, and you’ll have your answer in no time.

By following the tips above, you can improve your chances of getting a higher loan limit from Tala.

Just remember to always make your payments on time and in total, and you’ll be well on your way to borrowing more money from Tala. Try out a few and see which ones work best for you. Good luck!

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