At Tala, we listen to the needs of our customers. That’s why we’ve been working to make our loans more flexible so that you can manage your finances better.
With our new loan features, you have full control—you have more options on when to repay.
You can monitor and control how much you spend, and you can have peace of mind knowing that you have continuous access and growth opportunities with Tala loans.
Our new daily fees allow you to manage exactly how much you spend.
What is the daily service fee?
Tala loans charge a standard daily service fee. You will only be charged for the days when you are using the loan service.
Loan fees are from as low as 0.30% per day, and you decide how long you need the loan for — the earlier you repay, the less daily fee you pay.
While the fee will not change if you repay early, the total amount you pay will only cover the days that you use the loan.
If you need more time, there are no late payment fees before the 61st day (the maximum due date); you’ll simply continue to be charged the daily service fee for the extra days you need.
How does the flat, daily fee work?
For example, if you initially selected to repay on day 30, but you’re able to repay earlier, you can do so and end up paying less. Why? Because we only charge fees for the days you actually use the loan!
If you need more than 30 days to repay, that’s fine too. Your daily fee will continue to apply until you repay your full balance or until day 61. You can always check your daily fee in-app. You’re never locked into your selected date, and the daily service fee gives you full control over how much you pay.
What happens to the daily service fee if I don’t pay before the 61 days?
If you’re unable to pay your loan within 61 days, a one-time late payment fee will apply. Check out this blog post to learn more about how it works.
Now that you know how the new Tala loans give you more flexibility and control, you can make the most of these features to your advantage. Borrow what you need, set a personal target to repay, repay early when you can to pay less, and practice healthy financial habits to lead you on the path to financial growth and success.
Tala is here to support you!
Learn more about our new Tala loans here.