With the growing demand for instant digital loans in Kenya, mobile loan apps like Tala and Lendplus have become popular choices for borrowers seeking quick financial assistance. Both platforms offer convenient access to funds, but how do they compare in terms of interest rates, loan limits, and user experience?
Here’s a breakdown to help you decide which mobile loan app best suits your financial needs.
- Loan Limits and Accessibility
Tala offers a flexible credit limit ranging from KSh 1,000 to KSh 50,000. Users can borrow against a pre-approved credit limit with a simple one-time application, making it a reliable option for those who need continuous access to funds.
On the other hand, Lendplus also provides loans between KSh 1,000 and KSh 50,000, catering to both small and large financial needs.
However, Lendplus strictly approves loans only for employed individuals or those with a stable source of income, whereas Tala is more accessible to a wider range of borrowers.
- Interest Rates and Repayment Terms
Tala interest rates range from 0.3% to 0.6% per day, applied only to the borrowed amount. Additionally, late payments attract an 8% penalty on the outstanding balance. Borrowers must also account for a 20% Excise Duty on daily interest and late payment interest as per tax regulations.
In contrast, Lendplus charges an interest rate of 2.2% per day, making it one of the more expensive loan options. However, its repayment period is more flexible, spanning between 61 and 365 days, including loan extensions.
While Tala offers dynamic credit limits that can be increased based on repayment history, Lendplus allows users to boost their limits by making timely payments, thereby improving their credit rating.
Read: 10 Loan Apps in Kenya with the Lowest Interest Rates in 2025
- Loan Approval and Disbursement Speed
Tala boasts a fast approval process, typically taking just five minutes. Once approved, funds are disbursed instantly, making it an excellent choice for urgent financial needs.
Lendplus also processes loans in real-time, with disbursements made to M-Pesa within 15 minutes of approval.
However, since Lendplus has stricter eligibility requirements, not all applicants may qualify as quickly as with Tala.
- Eligibility Criteria
To apply for a Tala loan, users must be Kenyan residents aged 18 years or older with a valid national ID and an active mobile phone number. No collateral, paperwork, or bank account is required, making it highly accessible to a broader audience.
Lendplus, on the other hand, has stricter eligibility conditions. Applicants must be between 23 and 60 years old, currently employed, or have a verifiable source of income.
Like Tala, only a national ID and mobile phone are required during application, but the employment requirement limits accessibility for informal workers and students.
- Privacy and Security
Both Tala and Lendplus prioritize user data privacy. Tala follows strict data protection policies and does not sell or share customer data without consent.
Lendplus also allows users to delete their accounts and personal information upon request by contacting customer service.