About lender
Tala is a trusted financial partner providing instant scoring and lending services, among other personalized financial services in the Philippines. The company offers a convenient mobile application for current devices that provides 24/7 financial assistance to its users. Tala is a licensed personal cash loan lending platform in the Philippines specializing in mobile technologies and providing financial services to firms in developing markets via a credit rating and reporting platform.
The company offers quick loans through a smartphone app that manages the whole process, from loan application to cash release and status monitoring. It enables Filipinos with an Android phone to easily get a cash loan regardless of their credit background.
To get a loan from the online lending platform, download Tala Philippines app, go through the application process, wait for about five minutes, and use the urgent crediting services available 24 hours a day. After activation, online loans are available within a few minutes.
Pros and cons
Tala enables users to get secure, inexpensive, and timely peso loans. You may borrow money and apply for fast cash loans with the personal loan app to suit your financial lending demands. You may use Tala Philippines to borrow money at a low interest rate.
Pros
- Easy to use
- Fast loan processing
- Flexible loan terms
- Secure loan
- Easy payment schedules
- Responsive customer care
- No collateral required
- Low processing fee
Cons
- High penalties for defaulting
- Can encourage impulse buying
- Late payment fees are high
Loan conditions
Conditions for the first loan
Tala can approve or reject loan applications within minutes. The good thing is that even individuals with poor credit history can apply for Tala loans and get money within a few minutes. The flexible qualification requirements make Tala loans suitable for millions of borrowers who cannot access loans from other lenders with stringent requirements. Tala loans start from ₱2,000 for qualified first-time borrowers.
Conditions for following loans
While the first loan amount you can borrow is small, making timely payment and applying for Tala loans frequently can enable you to get higher loan amount of up to ₱15,000 for your next loan.
According to Tala, the majority of borrowers may get twice or even three times their loan limit in a couple of months.
Methods of a loan funding
Once approved for a Tala loan, borrowers may request the funds to be placed into their bank account and transferred to their Coins.ph wallet or claimed at the local remittance center (Cebuana Lhuillier, M Lhuillier, or Palawan Express Pera Padala). Tala charges a flat service fee of 5-14% for 21-day loan and 7-19% for 30-day loans.
Borrowers in need of emergency cash can cash out using Cebuana because it is the quickest cash-out option. Cebuana releases Tala loan funds within an hour.
