Gone are the days when you had to go to a bank or a lending office to borrow money. With various online lending apps, all you need are a few taps on your smartphone to get quick cash.
Tala is one of those apps. Using it is easy, and you don’t need to worry about supporting financial documents.
If it’s your first time hearing about this loan or you have a slight idea about it, this guide will give you a comprehensive walk-through. Let’s roll!
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.[1] Based in Santa Monica, California, this fintech company also operates in Mexico, Kenya, and India.
Tala provides instant loans through a mobile app through which the entire process happens, from loan application to funds release and status tracking. It allows Filipinos with Android devices to conveniently get a cash loan, regardless of their credit history. The entire Tala loan application process is online, so you can get a loan while on the go.
Key Features of Tala Loan
Tala takes pride in providing fast, flexible, and secure loans in the Philippines. When you borrow money using a Tala loan, you can expect the following:
- Quick online loan application and approval - Conveniently apply for a loan through the Tala app in just a few minutes, get an instant decision, cash out your loan, and repay it at Tala's payment channels nationwide.
- Flexible loan terms - Based on your income and cash flow, choose your own repayment date up to 61 days from the day you availed of the loan.
- Secured transactions - The Tala app has SSL encryption, which means your personal information will be protected against data breaches.
- Continuous access to loans - After paying off your current balance, you can borrow again from Tala. Remember that a re-approval is only guaranteed when you pay your loan on time.
- No deductions from loan proceeds - Many online lending apps automatically deduct the fees from the borrowed amount. Tala, however, doesn’t practice that. There are no hidden fees and charges, which means that you will get the full amount that you borrow.
- Access to Tala Wallet - The Tala app isn’t just an online loan app. It also has a mobile wallet aptly called Tala Wallet. Customers who have access to Tala Wallet can use it to transfer or send money, pay bills, buy load, and more. It doesn’t have a maintaining balance, so you don’t have to feel pressured keeping it loaded at all times. It also lets you keep money up to ₱100,000.
How Much Can I Borrow From Tala?
Qualified first-time borrowers can get a Tala loan with a starting amount of ₱1,000. The Tala first loan limit is small, but if you make timely repayments, you can qualify for up to ₱25,000 for your Tala second loan amount.
According to Tala, borrowers who make on-time repayments can increase their loan limit in only a matter of months.
What are the Tala Loan Fees?
Borrowing money from Tala comes with fees, with the major ones such as the following:
- Processing fee - This fee is the cost of processing your loan application. This one-time payment has a rate of 3.99% of the principal.
- Service fees – Tala charges borrowers a daily fixed rate of 0.43% of the principal. Since it’s fixed, it doesn’t go higher or lower.
- Late payment fee - If you can't pay your loan within the maximum due date of 61 days, you'll be charged a one-time late payment fee of 5%. Once the late fee is applied, your balance won’t grow over time, ensuring that you don’t end up paying more.
Again, none of these fees will be charged during the disbursement of the loan proceeds. This means that you’ll get the full amount that you borrow.
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 instant loan approval for an urgent cash need or 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
Check out other loans in the Philippines with an online application process:
- RFC Loan Guide: How to Get an Online Loan from Radiowealth Finance
- Blend PH Loan Review: Everything to Know About This Online Personal Loan
- Getting a GCash Loan in Minutes: Here’s What You Need to Know
- Tonik Loan Guide: Features, Requirements, and Application Process
- Zuki by SB Finance: How to Get a Loan in Just a Few Taps
Where Can I Use My Tala Loan?
You can use your Tala loan 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 the first, second, or even 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 need just one valid ID. Tala doesn't require any proof of income, bank account, credit card, or collateral to secure a loan.
Tala accepts any of the following valid IDs:
- Driver’s license
- National ID or PhilSys ID
- Passport
- Postal ID
- PRC card
- UMID/SSS ID
- Voter’s ID
In addition, your ID must show your correct birthdate and not be expired.
Tala Loan Application Guide in the Philippines
Tala loan application is quick and easy with the Tala mobile app. It takes only a few minutes to register for an account, accomplish a Tala loan application form, and verify your identity.
Tala Loan Application Process
- Download the Tala Philippines app[2] on Google Play Store.
- Apply for a loan through the mobile app. Fill out the online Tala loan application form and upload pictures of your valid ID.
- Wait for a message from Tala regarding the loan approval.
- Once you're approved for the loan, you can pick out your own loan terms and choose a due date from one up to 61 days.
- Cash out your loan from any Tala partners nationwide:
E-wallets - GCash, Coins.ph
Bank transfers - UnionBank, BPI, EastWest Bank, Security Bank, and PSBank, among others
Payment centers: Cebuana Lhuillier
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 for or paying for your Tala loan.
Here are a couple of anti-fraud reminders from Tala:[3]
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.
Here are other tips for keeping your personal information safe:
- Submit your loan application only through the official Tala app.
- Don’t download the app from other unauthorized platforms. Remember, the Tala app is only available on Google Play; if you find it on other online app stores, chances are it’s fake.
- Don’t share your account PIN with people claiming they’re Tala personnel. Tala will never ask their clients to share their account PIN.
- Some people claiming they’re Tala personnel may contact you on Facebook, Messenger, Viber, Telegram, Gmail, Yahoo Mail, and Outlook. If they do, disregard them; Tala will never contact you via those channels.
- Don’t transact with people asking you to make a down payment to apply for a loan or cash out your proceeds. Tala will never require clients to pay those fees.
2. Beware of Fake Tala Pages
Scammers may create fake Tala pages to victimize people. The following are Tala’s ONLY official channels online:
- Tala website - http://tala.ph
- Tala Customer Support - gotala.co/help
- Official Facebook page - https://www.facebook.com/talaphilippines (always look for the blue check mark)
- Email for general concerns - support@talaphilippines.zendesk.com
- Email for payment concerns - paymentsupport@tala.ph
- Email for the Tala Wallet - accountsupport@tala.ph
3. Pay Only Through Official Channels
You have two ways to pay your loan: online and offline. Tala’s official payment channels are the following:
- Online (mobile wallets) - Tala Wallet, Coins.ph, Maya, GCash, Lazada, or ShopeePay,
- Offline (payment centers) - 7-Eleven, Cebuana Lhuillier, and ECPay Partner Outlets
If you have issues with repaying your loan, contact Tala through this form. You may also email them via paymentsupport@tala.ph.
Tala Loan Application FAQs
1. How long does Tala take to approve a loan?
As long as you already have the app in your phone and the required ID, you can finish and submit your application within 10 to 15 minutes. That’s how fast it is!
Regarding loan approval, that will depend on a host of factors like the volume of applications and your circumstances. Nevertheless, approval is quick. It can happen between a few minutes to up to 24 hours.
2. How do I cash out my Tala loan?
Once your Tala loan application is approved, you can receive the loan proceeds via the following channels:
- E-wallets - GCash, Coins.ph
- Bank transfers - UnionBank, BPI, EastWest Bank, Security Bank, and PSBank, among others
- Payment centers: Cebuana Lhuillier
Here's how to claim your Tala loan in Palawan Express, Cebuana, 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, sender name, 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 do I pay my Tala loan?
You can make a Tala loan payment through any of these payment channels:
- Online (mobile wallets) - Tala Wallet, Coins.ph, Maya, GCash, Lazada, or ShopeePay,
- Offline (payment centers) - 7-Eleven, Cebuana Lhuillier, and ECPay Partner Outlets
4. How do I pay my Tala loan?
To repay your Tala loan, follow these steps:
- From the Tala home screen, tap Make a Payment under your loan details.
- Enter the amount you want to pay back and tap Choose Where to Pay.
- On the next page, choose your preferred payment channel.
- After choosing the payment channel, you’ll see the payment instructions. Take note of the reference number and its validity.
- Follow the payment instructions. Once your payment is successful, you’ll receive a notification from Tala. Check your app to see if your balance has been updated.
5. How do I pay my Tala loan via GCash?
To pay your Tala loan via GCash, follow these instructions:
- Log in to your GCash app account.
- Tap Pay Bills > Loans.
- Scroll down until you find Tala. Or simply type Tala to search for it.
- Enter the following details:
- Amount to pay
- Reference number (from the Tala app)
- Your 11-digit mobile number
- Your email address (optional)
- Wait for the confirmation of your payment via SMS from GCash.
6. What happens if I miss my payments?
Tala assures its customers that it won't resort to unfair practices like threats and harassment. Your personal information will be kept secure and confidential. Also, your family and friends won't be contacted.
The online lender will contact you only through your email address and phone numbers you submitted during your Tala registration.
While you’re at it, you should be aware of your responsibilities as a borrower. Pay on time since the daily service fee continues to accumulate until the loan is fully repaid or reaches 61 days. After this, you’ll be charged with a one-time late payment fee of 5%.
However, your balance will no longer increase afterwards. You’ll be allowed to borrow again once the existing loan is fully paid.
7. Can I negotiate my Tala loan if I can't pay on time?
If you miss a due date or can't pay your Tala loan in full, don't fret. Tala is open to working with delinquent clients to come up with a fair solution. Just fill out the customer contact form on Tala’s website and wait for a representative to get in touch with you.
8. I have some loan application concerns. How can I reach Tala?
Got questions about your Tala loan application? The fastest way to address your issue is to visit Tala’s Help Center. If your concern is still not resolved, contact Tala via its customer contact form. Just fill it out and wait for a representative to get in touch with you.
You can also use the official channels stated above to contact Tala. Make sure the links and email addresses are correct to avoid interacting with fraudsters.
Final Thoughts
When you need cash for an immediate need, Tala is one of your best options for a quick, flexible, and secure loan. It’s also convenient since you can apply via your smartphone anytime, anywhere.
Tala is also transparent with their transactions. For instance, you can already see your total repayment amount on your home screen. There are no hidden fees, which means that you get the full loan amount.
Below is a list of other best personal loan companies and their loan features. Compare your options and apply through Moneymax!
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