Tala Loan Guide: Everything About Borrowing from Tala Philippines
By: Venus Zoleta
Published on: October 26, 2020 . Last updated: November 18, 2020 Category: 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.
Table of Contents
- What is Tala Philippines?
- How Much Money Can I Borrow?
- What are Tala Philippines Loan Interest Rates and Terms?
- Should I Borrow from Tala Philippines?
- Where Can I Use My Tala Loan?
- Tala Loan Requirements
- How to Apply for a Tala Loan
- How Long Does Tala Take to Approve a Loan?
- How Do I Receive My Tala Loan?
- How Do I Repay My Tala Loan?
- Anti-Fraud Reminders from Tala
- Final Thoughts
What is Tala Philippines?
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, 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.
Read more: How Fast Cash Loans Work
How Much Money Can I Borrow?
Qualified first-time borrowers can have a 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 for your second-time loan.
What are Tala Philippines Loan Interest Rates and Terms?
Tala interest rates range from 11.4% to 17.1% depending on the repayment period. Take note that 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 that may be added to your total loan balance if you fail to repay your loan after your due date.
Should I Borrow from Tala Philippines?
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:
- Filipinos 18 years old and above with an Android mobile device
- People who need urgent cash for an emergency
- Borrowers with no or bad credit history who don’t qualify for personal loans from banks
- Busy people who don’t have time to prepare various documents and line up at a bank to apply for a personal loan (Tala’s loan application process is purely digital, so you can get a loan on the go.)
Where Can I Use My Tala Loan?
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.
Tala Loan Requirements
The requirements for Tala Loan applications are simple. You just need to use an Android smartphone with OS 4.1 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:
- Driver’s license
- Postal ID
- PRC card
- UMID/SSS ID
- Voter’s ID
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.
How to Apply for a Tala 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 Loan Application Procedure
- Download the Tala Philippines app on Google Play Store.
- Open the app. On the home screen, tap the Sign Up button.
- Enter your mobile number and tap the Verify button. Tala will send a four-digit verification code to your phone number.
- Enter the verification code. Tap the Next button.
- Input a four-digit PIN, which you’ll use to access your Tala account. Tap the Continue button.
- Tap the Apply Now button on the menu screen.
- Read the loan application steps. Once done, tap the Get Started button at the bottom of the screen.
- Fill out the Tala Loan application form.
- Review your answers. Tap the Continue button and wait for the result of your loan application.
- If your application is approved, tap the View Loan Offer button.
- Tap the Choose When to Repay button if you’re okay with the approved loan amount. If not, tap the Decline Loan Offer button.
- If you’ll accept the loan offer, pick between the two repayment options (30 days or 21 days).
- Tap the Accept button.
- Read the instructions on uploading your valid ID. Tap the Continue button.
- Enter your ID number. Tap the Continue button.
- Review your ID number and tap “Confirm” if it’s correct.
- Take photos of your ID (front, back, and your selfie holding the ID card) or upload image files of it stored in your phone. Tap the Take Photo or Upload Photo to proceed.
- Tap the Continue button. The screen will show a short message that Tala has received the photos of your ID.
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.
How Long Does Tala Take to Approve a Loan?
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.
How Do I Receive My 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:
- M Lhuillier
- Cebuana Lhuillier
- Palawan Express Pera Padala
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:
- Palawan Express – for loans processed until 3 p.m., from Monday to Saturday
- M Lhuillier – for loans processed before 12 p.m. from Monday to Sunday
- Banks – for loans processed before 10 a.m., from Monday to Friday
Other cash-out options allow borrowers to receive cash on the next working day.
How to Claim Your Tala Loan at Palawan Express and Other Remittance Centers
- Prepare your transaction details and two (2) valid IDs.
- Head to your nearest remittance center and let the attendant know you’re receiving money.
- Fill up the necessary forms. Write the reference number, name of sender, and the exact amount.
- Submit the form with your valid IDs to the teller and wait for your name to be called.
- Receive your cash along with the transaction receipt.
How Do I Repay My Tala Loan?
- From the Tala dashboard, tap Make a Payment under your loan details.
- Enter the amount you want to pay back and tap Submit Payment.
- You will receive a text message containing the payment request link.
- Click the link and choose your preferred payment channel.
- Wait for another text message containing the reference number.
- Head to your chosen payment center and present the reference number.
- Pay the amount and wait for the payment confirmation text.
Where to Pay My Tala Loan
You can pay anytime on or before your due date through any of these payment channels:
- 7-Eleven stores (via Cliqq)
- Cebuana Lhuillier
- Coins.ph app
- M Lhuillier
Anti-Fraud Reminders from Tala
Scammers have become more creative, especially now that getting a loan is easier and can be done 100% online. Be extra careful when applying or paying for your Tala loan. Here’s a couple of anti-fraud reminders from Tala Philippines:
Keep your personal information safe
Never share your personal information (full name, date of birth, phone number, email address, etc.) on Facebook, Instagram, and other social media channels. If you take a screenshot of your Tala loan, don’t share it online and delete the photo immediately.
Be wary of fake Tala pages
There is only one Tala Facebook page: www.facebook.com/talaphilippines. Do not communicate or share your personal information with individuals or pages that claim to be associated with Tala. The official Tala Facebook page has a blue check mark beside the page name–always check this.
Only pay your Tala loan through official payment channels
You cannot pay your Tala loan through GCash, Smart Padala, or bank transfer. 7-Eleven, Cebuana Lhuillier, M Lhuillier, and Coins.ph are the only payment channels authorized by Tala. If you have issues with repaying your loan, contact Tala through email at email@example.com.
To read more anti-fraud reminders, click here.
Have questions about your Tala Loan application? You can reach Tala Philippines’ customer support team via email (firstname.lastname@example.org) or through the Tala Facebook Page .
-  List of Financing Companies with Certificate of Authority
-  Tala Philippines Official Facebook Page
Venus is the Head of Content at Moneymax, with 15+ years of experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.