Tala has launched a new feature dubbed ‘top-up loan’ that will allow its users to borrow multiple times until they exhaust their pre-approved loan limit.
Lenders will not be required to reapply for new loans, saving time and reducing the application process through the feature.
Initially, customers who needed to apply for new loans were required to fully repay existing loans before reapplying.
The digital lending platform said that the unveiling of the new solution seeks to support clients in running their day-to-day activities for school supplies and utility bills, among others.
Tala General Manager (GM) Annstella Mumbi noted that the feature gives the power of choice and control back to the customer’s financial lives while also inching further into the firm’s responsible lending principles.
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“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,” said.
“Every shilling a customer repays is added back to their available credit for them to use whenever they like.”
Tala has disbursed over $2.7 billion in loans to its 8 million customers across Kenya, India, the Philippines, and Mexico.
“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.
“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.”
