Among Filipino-based lenders, Tala stands apart. We don't even talk about traditional banks or gov firms that are pretty slow in implementing innovations. But modern online companies also look a bit outdated in comparison to Tala. This brand opts for app-only deals. It doesn’t issue online loans via the website so users who want to get the money should get the app. It’s convenient, simple, and modern. But is it really the best mobile lending offer? Let’s figure out!
First and foremost, it’s a good idea to check the lender’s site. Tala has one basic platform and four sites for the areas where it operates: the Philippines, Mexico, India, and Kenya. Surely, we’re interested in the Filipino version. It helps customers to learn how to get loans, find answers to common questions, and contact Tala customer support.
Here are core sections of the site:
Moving to the main product of this lender, let’s check out key T&C with other valuable points. Actually, the firm delivers only one product – quick and small online loans. They are available through the application only. Users can apply online by filling simple forms, then get the money in the most convenient way. Repayments are made through affiliate networks, too. Thus, Tala branches don’t even exist and everything is digital with this lender.
Further, we reveal more detailed information about rates, amounts, requirements, and application steps.
See also: Personal Loan from GSIS
As with other short-term basic personal loans, Tala’s offers feature only three important characteristics. Here they are:
Note that first borrowers always have the smallest amount possible. Tala says that the company wants to build mutual trust so repeat users can increase limits regularly. The company doesn’t disclose exact increase steps but we analyzed Tala feedback and may assume that each new loan expands the amount limit by P1,000 – P2,000.
Also, there are requirements and fees that we will talk about in the next sections.
Focusing on high affordability, Tala delivers loans to unbanked persons. That’s why customers need only one government-issued ID to apply! Really, that’s it. The lender notes that you should create an account, submit ID photos (front, back, and selfie), and then choose suitable withdrawal/repayment methods. Approved clients will receive the money in 24 hours.
Thus, you can easily apply for and check Tala loan status in the app if you’re eligible. Traditional requirements are applied, too. It means that customers should be at least 18 years old and be Filipino citizens. Finally, the last tech requirement refers to your gadget. The app works on Android platforms with OS 4 or higher only.
See also: How To Apply For A Personal Loan: A First-Time Borrower’s Guide
The firm distributes its loans through the official app only. That’s why you should download it, sign up, and submit a form.
The exact application step-by-step guide is right here:
Simultaneously, existing customers can apply for the next loan once they’ve paid the previous one fully. They don’t have to create a new account, obviously. Moreover, they get better Tala online loan percentage and amount, as usual.
To cash out, borrowers should select the most appropriate method. Here they are:
There are several methods of repaying the loan
There are several methods of repaying the loan. It is convenient as you can select the one that suits you best. Step one is to choose the sum in the app and receive your request link. Step to is to use this link to be redirected to the page where you will be able to choose a payment option: 7-11, Cebuana, M Lhuillier or Coins.ph. Once the method is chosen, confirm it to receive another message with your unique payment number. Show it to the cashier and transfer funds. Then, you will get the final confirmation info.
Don’t forget that Tala has fees that may affect your repayments. The lender charges a one-time processing fee for each offer. It may be 11% for 21-day loans and 15% for 30-day loans. Thus, Tala online loan calculator shows that for the amount of P1,000 taken for 30 days, the fee will be P150. As well, the company takes 8% of the remaining balance for late payments. The good news is that Tala doesn’t have fees for early payments.
As you should know by now, Tala delivers its services via official applications only. For different markets, there are different apps. You can find the Filipino version in Google Play. Sadly, Tala doesn’t offer its application for iOS users so one of the main requirements to get the loan is to have an Android gadget with OS 4 or higher.
The local Tala app allows borrowers to sign up, initially. New users can apply for the first loan immediately after this. Existing customers can log in to check the loan status, find repayment calendars, request the next payment info, etc. Also, the app shows various spending/saving tips and allows to participate in the referral program.
While Tala is a unique lender, it can be compared to other online firms that focus on instant short-term offers. All of these companies try to deliver money as quickly as possible. Of course, they can’t provide as large sums as banks do but they target underbanked customers. Overall, Tala is one of the smallest lenders in terms of amounts but also one of the fastest.
|Lender||Max. Amount||Max. Tenure||Interest||Disbursement|
|Tala||P10,000||1 month||0.5% p.d.||Up to 1 day|
|Robocash||P25,000||6 month||0.4% p.d.||Up to 2 days|
|Asteria||P20,000||3 month||0.8% p.d.||Up to 1 day|
|Cash Mart||P30,000||1 month||2.1% p.d.||Up to 1 day|
|Cashwagon||P40,000||6 months||0.4% p.d.||Up to 2 days|
|Loanranger||P10,000||1 month||0.65% p.d.||Up to 1 day|
|Online Loans Pilipinas||P20,000||1 month||1% p.d.||Up to 2 days|
It delivers financial support to customers through online apps. It’s just like other online lenders but without branches and even without website-based applications.
A traditional short-term and small package. The maximum amount is the only P10,000 but the lender tries to keep rates low and deliver loans quickly.
For this, you should register via the official application. It’s the only possible option. Don’t forget to provide a valid ID.
Similarly to registration, it’s possible to do through the app. Once you have signed up, you will be asked to fill a form, submit an ID, and choose the loan conditions.
See also: Personal Loan from Pag-IBIG
Yes. As far as Tala doesn’t require proofs of income, a student can apply and have good chances to be approved.
Yes. Similarly to students’ cases, Tala accepts applications from housewives who have valid IDs and Android gadgets.
Yes. It’s just like students and housewives. Unemployed citizens with IDs and Android devices are free to apply.
We assume that Tala may analyze your credit history and other lending actions. That’s why the suggestion is similar: keep paying your credits/loans regularly.
All you should do is to download an application, sign up, and complete the application. Tala delivers loans to bank accounts or through affiliate networks like Cebuana or Coins.ph.
You can easily get the full amount to your account, cash out using Coins.ph apps or get cash in partner stores: Cebuana, M Lhuillier, and LBC.
To get a repayment receipt, find the corresponding section in the application, choose the desired payment method, and get your number.
Tala accepts direct payments through affiliate locations: Cebuana, M Lhuillier, 7-11, and Coins.ph services.
With each next loan, customers get increased limits. However, the repayment algorithm remains the same – you should choose the method and get the number in the app.
Tala charges 0.75% per day for 21-day loans and 0.5% per day for 30-day loans. In total, it’s either 15.7% or 15% interest for the entire period.
The lender encourages customers to get new loans to increase limits. Nonetheless, you can get only one loan at a time – you will have to repay previous debts to get new offers.
See also: Robocash loan Review
You can use any suitable calculator. Just find 15.7% or 15% from the final loan amount and add the processing fee of 11% or 15% depending on the term.
Balances are available in the official app. You can find more valuable info there, e.g. saving tips and tricks.
Fully. Tala is an officially registered financial enterprise that has its own number on the SEC’s list: CS201710582.
Tala works 24/7 as it relies on online applications. You can download the tool or contact the hotline whenever you want.