Tala – Loans & Whatever You Need to Know
You may have heard of the World Bank’s annual report, which gives a number of indicators as to how countries around the world rank. The most important statistic, when it comes to fintech in emerging markets (EM), is the level of financial inclusion. Tala, the financial services company founded by Shivani Siroya.
It has provided cutting-edge financial services to millions of individuals and small businesses across emerging markets since 2011. The company’s focus on providing accessible financial services has enabled it to achieve great success at a time when most organizations are still struggling with these goals.
What is Tala?
Tala is a fintech company that provides accessible financial services to underserved individuals and small businesses in emerging markets. The company was founded in 2011 by Shivani Siroya and is headquartered in Santa Monica, California. Tala’s mission is to provide financial access, choice, and control to those who are often excluded from the traditional financial system.
They do this by leveraging alternative data and mobile technology to provide affordable loans, credit scoring, and other financial products to people who may not have access to credit through traditional means. Tala has operations in several countries, including Kenya, Tanzania, Mexico, India, and the Philippines, and has disbursed over $2 billion in credit to more than 6 million customers. The company has received several awards and recognition for its innovative approach to financial inclusion, including being named one of the World’s Most Innovative Companies by Fast Company in 2020.
Tala Services
Tala offers a range of financial services aimed at providing accessible and affordable credit to underserved individuals and small businesses in emerging markets. Some of the key services offered by Tala include:
- Loans: Tala loan ranges from P 500 to more than P 27, 000, depending on the customer’s creditworthiness and repayment history. The loans are disbursed directly to the borrower’s mobile wallet, and the repayment period typically ranges from 21 to 30 days.
- Credit scoring: Tala uses alternative data and machine learning algorithms to assess a customer’s creditworthiness and determine their eligibility for loans. This approach allows Tala to provide credit to individuals who may not have a formal credit history or collateral.
- Financial education: Tala provides financial education to its customers to help them better understand financial concepts and manage their finances effectively.
- Referral program: Tala has a referral program that rewards customers who refer new customers to the platform with bonuses and discounts on future loans.
- Bill payments: Tala allows customers to pay their bills, such as utilities and mobile phone bills, directly through the app.
Overall, Tala’s services are designed to provide accessible and affordable financial services to underserved individuals and small businesses in emerging markets. If you want to read more about their services, you can check out their website here.
Tala Cash Loan
Tala offers cash loans to eligible individuals in emerging markets. The loan amounts range from P 500 to P 27, 000, and the repayment periods typically range from 21 to 30 days, depending on the customer’s repayment history and creditworthiness. To apply for a Tala loan, customers need to download the Tala app on their mobile phones and create an account.
They will then be prompted to provide personal information and other details, such as their employment status and income level which is also the tala loan application form online. Tala apps loan uses alternative data and machine learning algorithms to assess the customer’s creditworthiness and determine their eligibility for a loan. If the customer’s Tala loan application is approved, the funds are disbursed directly to their mobile wallet, and they can use the money for any purpose, such as paying bills, covering unexpected expenses, or investing in their businesses.
To repay the Tala online loan, customers can use the Tala loan app download available online to make payments directly from their mobile wallet. Tala also offers flexible repayment options and may provide customers with longer repayment periods or lower interest rates for timely repayment. Overall, Tala’s cash loan services provide accessible and affordable credit to individuals who may not have access to formal credit systems or traditional banking services.
Is Tala a Low Interest Loan App?
Tala’s loan interest rates vary depending on the borrower’s creditworthiness, repayment history, and other factors. The interest rates can range from 11% to 35%, and the average interest rate for Tala loans is around 15%. It’s important to note that Tala uses alternative data and machine learning algorithms to assess a borrower’s creditworthiness, which means that their interest rates may be lower than those offered by traditional lenders.
Tala also offers flexible repayment options and may provide customers with longer repayment periods or lower interest rates for timely repayment. Additionally, Tala is transparent about its fees and charges, and customers can view their loan terms and repayment schedule directly within the Tala app. Overall, Tala is not necessarily a loan app with low interest but has competitive one versus the more known ones in the market. Tala app loan is designed to provide affordable credit to underserved individuals and small businesses in emerging markets.
Why Loan App Philippines became A Trend?
Loan apps in the Philippines have become a trend due to several reasons. First, because they have easy and convenient application process. Loan apps offer a convenient way for Filipinos to apply for loans anytime and anywhere. With just a few clicks on their mobile phones, borrowers can complete the loan application process and receive their funds in a matter of hours.
Second, their quick approval and disbursement. Loan apps typically have a fast approval process, and borrowers can receive their funds within hours or even minutes of being approved. This makes it an attractive option for Filipinos who need quick access to cash. Also, because they are accessible and inclusive. Loan apps in the Philippines offer loans to a wide range of customers, including those who may not have access to traditional banking services or have no credit history. Loan apps use alternative data and machine learning algorithms to assess borrowers’ creditworthiness, making it easier for more people to get approved for loans.
Moreover, they have lower interest rates. Loan apps in the Philippines offer competitive interest rates, making them an attractive option for borrowers who are looking for affordable loans. Lastly, its because of the current innovation and technology the world has been so fond of. Loan apps in the Philippines are leveraging innovative technologies, such as digital payments and e-wallets, to provide a seamless and hassle-free loan application and disbursement process.
Overall, loan apps in the Philippines have become a trend because they offer a convenient, accessible, and affordable way for Filipinos to get access to credit, which is essential for meeting their financial needs and achieving their goals.