What’s the quickest and safest way to borrow money if you don’t have any supporting financial documents? Having a hard time getting approved for a bank loan? Know that there are other ways to apply for a personal loan online, like quick cash loans from private lenders.
One of the alternative loans to consider is Tala personal loan. Read on to learn more about this online lending company and the loan it offers.
Table of Contents
- What is Tala?
- How Much Can I Borrow From Tala?
- How Much are Tala Loan Interest Rates and Fees?
- Should I Borrow from Tala Philippines?
- Where Can I Use My Tala Loan?
- Tala Loan Requirements
- How to Apply for a Tala Loan in the Philippines
- Anti-Fraud Reminders From Tala Philippines
- Tala Loan Application FAQs
- Final Thoughts
What is Tala?
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 as Tala Financing Philippines Inc. Based in Santa Monica, California, this fintech company also operates in Mexico, Kenya, and India.
Tala 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.
How Much Can I Borrow From Tala?
Qualified first-time borrowers can get a Tala loan with a starting amount of ₱1,000 to ₱2,000. The initial amount you can borrow is small, but making timely repayments and frequently getting a Tala loan entitles you to higher loan amounts of up to ₱15,000 for your next loan.
According to Tala, most borrowers are able to get twice or thrice their loan limit in only a matter of months.
How Much are Tala Loan Interest Rates and Fees?
Monthly effective interest rates on Tala loans range from 14.54% to 15%. Meanwhile, the annual percentage rates (APR) are from 170.5% -182.5%.
Once you get a Tala loan approval, you’ll be charged a one-time service fee of 8.5% to 27.4% of the approved loan amount. Expect also to pay applicable taxes (documentary stamp tax and gross receipts tax) of 0.46% to 1.5%.
Tala doesn’t charge an early repayment penalty, so you can repay your loan before your due date without being charged a fee for it. But take note that the interest rate won’t change even if you make an advance payment.
What is the penalty for not paying Tala loan, you might wonder? There’s an 8% late payment fee that is 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 (The entire Tala loan application process is done online, so you can get a loan on the go.)
Where Can I Use My Tala Loan?
A Tala loan can be used for many purposes, such as starting a small business, funding an emergency, paying bills, purchasing groceries, paying tuition, and more. 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
- National ID
- 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. Only one valid ID is required for a Tala loan application.
How to Apply for a Tala Loan in the Philippines
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 Process
- 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 (15 days or 61 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 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.
Anti-Fraud Reminders From Tala Philippines
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:
1. 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.
2. Beware 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.
3. Pay Only Through Official Channels
7-Eleven, Cebuana Lhuillier, M Lhuillier, GCash, PayMaya, 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.
Tala Loan Application FAQs
1. How long does Tala take to process a loan?
Tala Philippines comes up with a loan decision in less than 5 minutes. That’s how fast the Tala loan approval time is. Prospective borrowers are informed through the app itself whether they’re approved or denied for a Tala loan.
2. 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 (Cebuana Lhuillier, M Lhuillier, or 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 other remittance channels, as long as you cash out before 12 p.m. on a business day. Cashouts placed after 12 p.m. are processed on the next day.
If you choose to have your loan proceeds credited to your bank account, you can get the cash within one business day if you cash out before 10 a.m. Cashouts placed after the cutoff are processed the next business day.
How to Claim Tala Loan at Palawan Express and Other Remittance Centers
- Prepare your transaction details and two 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.
3. Where to pay my Tala loan
You can make a Tala loan payment anytime on or before your due date through any of these payment channels:
- 7-Eleven stores (via Cliqq)
- Cebuana Lhuillier
- M Lhuillier
- Coins.ph app
4. How to pay 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’ll 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.
5. How to pay tala loan using GCash?
- Log in to your GCash app account.
- Tap Pay Bills > Loans.
- Scroll down until you find “Tala.” Or simply type “Tala” to search it.
- Select “Tala.”
- Enter the following details:
- Reference number (from the Tala app)
- Your mobile number
- Amount to pay
- Your email address (optional)
- Wait for the confirmation of your payment via SMS from GCash.
6. What is the contact number of Tala Philippines?
Have questions about your Tala loan application? You can talk to a customer care agent via the Tala app. Simply open this link from the Tala app on your mobile device: tala.page.link/ph-help.
You can reach Tala Philippines’ customer support team via email (firstname.lastname@example.org) or through the Tala Facebook Page.
When you need cash for an immediate need, Tala is one of your options for a quick, flexible, and secure loan. Before you start your Tala loan application, make sure to compute how much you’ll be repaying based on the amount you want to borrow. This way, you know if it’s the right loan to avail of and if you can afford the monthly repayments.
Check out other personal loan guides:
- Starting a Business? Here’s Your Guide to Esquire Financing Business Loan
- HSBC Personal Loan Application Guide: How to Get a Low-Interest Loan from HSBC
- How to Apply for a CIMB Personal Loan (It’s Easy, Quick, and Convenient!)
Below is a list of other best personal loan companies and their loan features. Compare your options and apply through Moneymax!
-  SEC List of Financing Companies with Certificate of Authority
-  Tala Philippines app
-  Paano ba makakaiwas sa scam? (Tala, 2020)
Venus is the Head of Editorial 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.