Getting approved for a mobile loan and qualifying for an increase are two mutually exclusive scenarios with the latter requiring several prerequisites since it is largely dependent on automated systems linked to the customer’s ‘behaviour’.
Due to this, one could easily stagnate on a single loan limit for months and as a result opt to consolidate several loans from different lenders in order to attain a reasonable amount.
This could be ingenious and likewise risky since interest rates and repayment periods differ with each lender and this would ultimately lead to a ‘Rob Peter to pay Paul’ scenario which is basically borrowing from one lender to pay the other once repayment dates are due.
One popular lender that employs such sophisticated systems is Tala offered by Tala Mobile, Their least borrowing amount is KES 500 while the highest is KES 30,000 categorized into ranks bronze and gold respectively. However, attaining gold status is no easy feat as it requires certain factors in order to advance.
Below, we look at 7 tips on how to reach gold status in Tala.
1. Frequent use of Mpesa services
Many mobile carriers offer a wide range of mobile payment services e.g Mpesa, Lipa Na Mpesa etc
Ensure you frequently use these services whether buying airtime credit or paying for goods or services. Doing this enables you to leave behind transaction trails in the system database that proves that you actually use that particular service.
2. Retain sms messages sent to your phone
Whenever you receive or send money via any mobile payment service (Mpesa, Airtel Money, Orange Money etc) do NOT delete the messages.
This goes for when you purchase airtime or pay for goods and services via these platforms.
Most of the loan apps actually scan your SMS messages for proof that you indeed transact via this channel and hence sees your ability in repaying the loan.
3. Activate your social media status
In this digital age, it would be almost criminal to lack any online footprint of your existence. Being in social networks e.g Facebook and Twitter pose a great advantage because most loan apps require one to link the app with Facebook in-order to make one eligible for a loan via the app.
4. Invest in a reliable smartphone device
It is great to keep up with the ever changing trends of technology. However, do not misinterpret us. We are not telling you to buy the most expensive and latest phone or tablet in-order to stay technologically relevant.
Try and invest in a low budget smartphone preferably android phone to be on the safe side because most loan apps require a compatible smartphone as a prerequisite to enable you access a loan via their app.
5. Early loan repayments
Like we said earlier, mobile loan provider services are mostly run by automated systems. The nicer the trail you leave in their database, the nicer they will ‘treat’ you.
6. Request for a loan occasionally
Requesting for a loan and making early repayments increases your digital footprint in their system, thereby increasing your credit worthiness thus providing you access to a much larger loan amount in the future.