The loan being borrowed will now be borrowed multiple times within the pre-approaved loan limit without having to reapply.
The said customers will also have a credit limit to withdraw from as many times as they want, as long as they are within their due date.
The new feature dubbed as “top-up loan feature” aims at giving its customers access to multiple borrowing.
For instance, a borrower with a loan limit of Sh30,000 can top up Sh10,000 on an initial credit of Sh15,000 without necessarily reapplying.
The loan being borrowed will now be accessed multiple times within the pre-approved loan limit without having to reapply.
The said customers will also have a credit limit to withdraw from as many times as they want, as long as they are within their due date.
Tala’s General Manager, Annstella Mumbi, stated that they are now aiming at giving the power of choice and control back to the customers’ financial lives.
“A customer is now able to borrow a specific amount of money for a particular need without having to use their full credit limit in one go if they don’t wish to.
Every shilling a customer repays is added back to their available credit for them to use whenever they like,” said Mumbi.
Tala conveyed that they were cognizant of the then-current financial challenges faced by Kenyans at all levels of the social strata.
They expressed the intention to work for and with Kenyans to help erase credit barriers that had long cut off customers, including small businesses, from their survival life raft, which is access to affordable credit.
“Our true measure of success and the transformation of Kenya’s financial system will only come from the changed lives of our customers and through shared growth and prosperity with every financially underserved Kenyan,” Mumbi said.
That is why we will keep on adding features and introducing new flexible products tailored to each individual’s needs to ensure no Kenyan is left behind,” she added.
Tala has disbursed over Sh410.4 billion ($2.7B) of loans to its eight million customers across Kenya, India, the Philippines and Mexico
