Published: June 17, 2019 | Updated: October 19, 2020 | Posted by: Venus Zoleta | Personal Loan
What’s the quickest and safest way to borrow money if you don’t have any supporting financial documents? If you’re having difficulty getting approved for a bank loan, know that there are alternatives you can turn to, like quick cash loans from private lenders.
One of the alternative loans to consider is Tala Loan from Tala Philippines. Read on to learn more about this lending company and the loan it offers.
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Tala is one of the top quick cash loan providers in the Philippines. It’s a legitimate online lender that’s registered with the Securities and Exchange Commission. Based in Santa Monica, California, this fintech company also operates in Mexico, Kenya, Tanzania, and India.
Tala Philippines provides instant loans through a mobile app where the entire process happens, from loan application to funds release and status tracking. It allows Filipinos with an Android device to conveniently get a cash loan anytime and anywhere regardless of their credit history.
Qualified first-time borrowers can loan from PHP 1,000 to PHP 2,000. The initial loan amount is small, but making timely repayments and frequently borrowing from Tala entitles you to higher loan amounts up to PHP 15,000.
Borrowers can choose between these one-time repayment terms:
For example, if Tala lends you PHP 1,000 within a 30-day period, you have to repay PHP 1,160 to PHP 1,180. The payment include the service fee at PHP 152 to PHP 171 and the applicable tax at PHP 8 to PHP 9. See the table below to better understand Tala Philippines loan interest rates.
|Tala Loan Amount||Loan Repayment Term||Loan Amount to Pay|
|PHP 1,000||30 Days||PHP 1,160 to PHP 1,180|
|PHP 2,000||21 Days||PHP 2,388 to PHP 2.426|
Tala doesn’t charge an early repayment penalty, so you can repay your loan in advance.
What are the consequences of not paying your Tala Loan, you might wonder. There’s an 8% late payment fee added to your total loan balance if you fail to repay your loan seven days after your due date.
Are you eligible to apply for an instant cash loan from Tala Philippines? Is this the right loan for you?
Tala Loan is ideal for these borrowers:
A Tala Loan has many purposes. You can use it for paying bills, purchasing groceries, paying tuition, and even setting up a small business at home. The possibilities are endless after your first, second, or even on the third time you borrow money from Tala Philippines.
The requirements for Tala Loan applications are simple. You just need to use an Android smartphone with OS 4.0.3 or higher. Also, you must upload images of your valid ID to the Tala Philippines app for verification purposes.
Tala accepts any of the following valid IDs:
The ID you’ll use for your Tala Loan application must not be expired and shows your correct birthdate.
Tala doesn’t require any proof of income, bank account, credit card, or collateral to secure a loan.
Applying for a Tala Loan is quick and easy using the Tala mobile app. It takes only a few minutes to register for an account, accomplish a loan application form, and have your identity verified.
Tala Philippines will review your submitted ID and reply through text within one working day. Once you receive the message (which contains a transaction number for claiming your funds), you can claim your loan proceeds.
Tala Philippines comes up with a loan decision in less than 5 minutes. Prospective borrowers are informed through the app itself whether they’re approved or denied for a Tala Loan.
Once you’re approved for a Tala Loan, you can have the cash deposited to your bank account, transferred to your Coins.ph wallet, or claimed at the nearest remittance center within 24 hours. Here are your options if you choose to claim your loan at a remittance center:
If you need to get your cash immediately, Cebuana is the fastest cash-out option, as it releases Tala Loan proceeds within an hour only. Same-day funds release is also possible with these channels:
Other cash-out options allow borrowers to receive cash on the next working day.
You can pay anytime on or before your due date through any of these payment channels:
Have questions about your Tala Loan application? You can reach Tala Philippines’ customer support team via email (email@example.com) or Tala Facebook Page .