With the recent COVID-19 pandemic causing a drastic change in the lives of Filipino families all over the country, most have to clamor just to make ends meet. Online lending applications has become the go-to solution for most working class Pinoy who are in need of fast and hassle-free loan service.
Among these emerging online apps, TALA Philippines has swiftly become one of the most popular and talked-about company, garnering more buzz in comparison to their competition. One would wonder whether they’re legit at all or just a scam waiting to happen? To answer these questions, here is everything you need to know about TALA Philippines and whether it’s worth your time and money at all.
Table of Contents
A brief background
TALA is a money lending company based in Kenya which first started its operation back in 2011, and has since then expanded its services to Mexico, India, Tanzania and the Philippines. The company’s goal is to provide microfinancing or loans to customers without credit history or income proof, and providing top-notch service to these populations. Due to its customers typically having no formal credit history, the company relies on its own data analysis from the client’s cellphone to assess the client’s risk factors.
TALA has lent over 1 billion USD to more than 4 million customers from all the countries it provides service to. The company has continued to grow over the years and has been consistently trusted by its patrons for years since its operation, and why exactly is that? Here are the company’s best qualities:
PROS
- Trust-worthy
In TALA Philippines you will have your mind at ease with the company’s legibility. The company is SEC registered and is fully licensed to operate as a financing company.
- Light and User-friendly Application
TALA is available to anyone with an Android smartphone, offering a service that provides instant credit scoring, lending, and other personalized financial services in the Philippines and around the world. Through the company’s app, the customers can apply for a loan and receive an instant decision, even if you don’t have any credit history.
Other than the app is very easy to use and accessible to most people, its customer service is superb as well which can be directly used through the app. Their replies usually take only a maximum of 24 hours with a guaranteed response to any inquiry that you might have regarding your loans, a huge plus compared to its competitors where customer service is often found lacking.
- Easy and Fast Transaction
On top of the application process being easily accessed online, through the app or TALA’s website, the process itself is relatively easy to finish as well. It is easily done if you are someone who meets the requirement of being aged 21-60 with at least one (1) valid ID as requirement, which can either be one of the following:
- SSS ID
- UMID
- voter ID
- passport
- driver’s license
- PRC ID
- Postal ID
TALA’s loan parameters can be seen in the following:
| Min amount | Max amount | Min terms | Max terms | Rate |
| 1000 PHP | 15000 PHP | 21 | 30 | 0.5% per day |
After completing all the information needed and the applicable loan terms for you, all you have to do now is wait. The company’s approval process is very fast and can usually be received within 5 to 20 minutes. Finally, once your loan and ID requirements have been approved, you can choose to receive the funds from Padala centers (Cebuana, Palawan, M Lhuillier, or Palawan), your own bank account, or the Coins.ph app.
- Convenient Payment Options
The company provided many options for its users. They can repay their loan at 7-Eleven, GCash, Cebuana, M Lhuillier, or Coins.ph. The payment can be done in full or in partial payments. All they have to do is follow the following process:
- Login to the Tala app
- On the Tala app home page, click on the “Make A Payment” button
- Enter “AMOUNT” then click submit
- Choose your preferred payment method: Cebuana Lhuillier, MLhuillier, Coins.ph, 7eleven (CLiQQ machine / CLiQQ App) or GCash
- If you choose Mlhuillier or Coins.ph as your payment channel, you will receive an SMS with the payment link.
- If you choose Cebuana Lhuillier, 7eleven (CliQQ), or GCash – Pay Bills as your payment channel, the payment details will show in the Tala app and the validity period of the reference number.
- Use the reference number to pay via teller (Cebuana Lhuillier, MLhuillier, 7-Eleven CLiQQ Machine) or via the app (Coins, 7-Eleven CLiQQ app, or GCash). Just follow the instructions in the app to settle your loan to your preferred payment option.
- As soon as the payment is complete, you will receive a notification via SMS and in the Tala app.
- Reasonable rate and flexible repayment terms
The company offers one of the most reasonable rates when it comes to online money lending services. Upon initial application Tala only charges a one-time fee of:
- 4% plus applicable taxes for loans with a term of 21 days
- 2% plus applicable taxes for loans with a term of 30 days
And if in the instance that you won’t be able to pay on time, they are very accommodating and understanding with their customers. There are no reports of harassment or threats being made to late payers, and even according to some testimonies customer service agents often negotiate with their clients for the schedule of repayment, to change the date of payments that would be more convenient for them as long as they pay on time by then. Upon missing a due payment, Tala will only charge a one-time late fee of 8% of the total amount outstanding as of the date the late fee is charged.
With all of those things said, what are the pitfalls of TALA loans which may discourage some users?
CONS
- Susceptibility to Fraud
With the rise of online money lending services, there has also been a rise in the fraudsters targeting the consumers of these services. They often use different emails or Facebook pages and accounts that try to imitate TALA loans. In order to avoid this, be sure to contact agents of the company only through the application itself, making sure to check the sender’s name, and email address of the email you received. Only the following are supported by the company:
- [email protected]
- [email protected]
- http://tala.ph
- https://www.facebook.com/talaphilippines
- Not available for IOS users
Unfortunately for apple users, TALA is only available on Android smartphones running OS 4.0.3 and higher. This is huge setback because there are still a lot of potential customers that they are yet to provide service to. So if you are one of these users then you have to wait a little longer if you want to avail of TALA’s services.
- Limited offered loans
If you are in need of a big loan for your expenses then this isn’t the app for you. TALA only offers loans starting from 1,000.00 Php up to 15,000.00 Php. But if you are a new customer, you can only loan up to 2,000.00 Php, because they start you off with a smaller amount at first which can grow if you pay early or on-time. Additionally, TALA offers only a 30-day loan and a 21-day loan.
- Loan application process is tedious
First time loan applicants may complain about the long process of filling out the information needed to be approved for a loan. The 1st step consisting of personal details, the 2nd asks for permission to your contacts, messages, and location which they use as a substitute for credit history, the 3rd step is where you expound upon your education level, employment, reason for the loan, and previous outstanding loans, the 4th step disclosing your income and amount earned, and finally the 5th step is the confirmation. All of which may be time-consuming to some if you don’t like filling out online forms.
OVERALL THOUGHTS…
TALA provides the everyday Pinoy a simple option to order and get a loan 24/7, by simply downloading an app which can be done whenever and wherever you are. It provides a quick and easy solution for paying bills, extra money for purchasing necessities, and many more! The company is a trusted company, with many positive testimonies to its effectivity available online (garnering a score of 4.7 on its app on the google playstore). But even so, before availing of the loan services of TALA, you should always check first whether or not it’s the company best fit for you and your expenses. We hope that this article is able to help with that!
