Loan application through online is easy!
There are different loan products in the Philippines that won’t require you to visit a bank and queue for application. In fact, you can have your cash loan without leaving your home!
What is Tala?
Image source: Tala Philippines Website | https://tala.ph/
Tala Philippines provide instant cash loan assistance through a mobile application.The process of application, disbursement, payment, and track of your loan can be done altogether with Tala.
According to Tala, anyone with an Android smartphone can apply for a loan and receive an instant decision, regardless of their financial history. Tala promises to provide quick, personalized loans to approved borrowers and build a digital credit history.
Resource: Tala Philippines
Where can I download the App?
If you’re an Android smartphone user, just visit Google Play Store and search Tala Philippines. Tala App is free for everyone and won’t require a download fee.
How to Apply for a Loan through Tala App?
Applying for a loan application through a mobile phone can be a bit tiring but it’s worth it!
Step 1: Download the App through Google Play Store
Step 2: Register your information in the app and just answer some questions. No bank account or paperwork required. There is an answer right away!
Step 3: Once the registration is complete, wait for the system to save your data. Don’t worry because your personal information is safe with Tala.
Step 4: If you’re qualified, you’ll receive a notice that your loan has been approved. Choose where you want to cash out and get your loan within a day.
Resource: Tala Philippines
FAQs about Tala Philippines
It’s advisable to always do research when you’re applying for a loan. Below are few FAQs about Tala and hope it might help you:
Can I apply for a Loan anytime?
Yes. With Tala App, application and registration is 24/7.No need to leave your home. Just click the app and submit your application.
What are the requirements for Loan application?
Just your android phone and 1 valid government issued ID.Tala doesn’t require additional requirements nor collateral.
How much can I borrow?
If you’re a first-time applicant, initial loans will range from Php 1,000 – 2,000 and can grow up to Php 15,000 if you are a good loan payer. Loan amounts are still subject to Tala’s credit and underwriting procedures.
How can I increase my credit limit?
Your credit limit may grow with regular on-time repayment. A lot of Tala users’ quality for one limit increase per month with regular use of Tala.
For more updates, visit Tala Philippines website
Payment Terms, Fees and Charges
Tala charges a one-time fee of:
- 11.4%-13.3% plus applicable taxes for loans with a term of 21 days (APR: 198%-231%; EIR*: 12-14%)
- 15.2%-17.1% plus applicable taxes for loans with a term of 30 days (APR: 185%-208%; EIR*: 16%-18%)
For example, for a 30-day loan with a principal amount of Php 1,000, the service fee would be Php 152-171, the applicable tax would be Php 8-9, and the total amount due would be Php 1,160-1,180.
If you do not repay on time, Tala may charge a one-time late fee of 8% of the total amount outstanding as of the date the late fee is charged.
*Effective Interest Rate (EIR): expressed as interest rate per month
Resource: Tala Philippines
Where to Receive Funds
If your registration and application have been approved, you may opt to claim your funds at any Remittance Center like Cebuana, Palawan, and M Lhuillier.There’s also an option to download “Coins.Ph” app if you prefer receiving it while at home.
Who are qualified to Apply for Loan
You must be at least 21 years old with 1 valid government-issued ID to be qualified in the loan application.
Final Thoughts
Borrowing money or applying for a loan shouldn’t be too complicated. With just your android phone, loan application and loan approval are easy! Remember to follow the guides above to ensure the approval of your application.
