Digital credit provider, Tala, will now allow borrowers to access a loan top-up besides their outstanding loan.
Tala General Manager, Annstella Mumbi said the top-up feature will ensure customers are able to borrow multiple times within their pre-approved loan limit without the need to re-apply for loan facility.
“This is about giving power of choice and control back to the customer’s financial lives while also inching further into our responsible lending principles. 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 MumbThe new feature on the Tala App is also backed to help consumers access credit easily to meet their daily expenses such as school supplies, and utility bills.
Previously, when customers needed a loan, they had to repay in full and reapply. The top-up loan feature enables customers to have a credit limit to withdraw from multiple times as long as it’s within their due date, without having to reapply.
“At Tala, we are cognizant of the current financial challenges being faced by Kenyans at all levels of the social strata and we want to work for and with Kenyans to help erase credit barriers that have for so long cut off customers, including small businesses from their survival life raft that is access to affordable credit,” she added.
To date, Tala says it has disbursed more than Ksh 405 billion ($2.7b) in digital loans to iits 8 million customers in Kenya, India, Philippines and Mexico.