With over 10 million downloads on Google Play alone, the Tala online loan app is certainly taking the Philippines by storm!
Why not?
Regarding legitimacy and quick release of money, Tala is always on the frontline.
Tala is registered under the Securities and Exchange Commission with SEC Registration Number CS201710582.
Of course, we know that legitimacy and quick disbursements are not enough reasons to borrow money from an online loan app. You should also factor in interest rates, fees, and loan terms.
Don’t worry; PeraMax got you covered!
In this post, we will discuss everything you need to know about Tala online loan!
What is Tala Online Loan?
Tala online loan app is another app in the Philippines that offers quick cash loans to the masses.
Yes, Tala online loan is a perfect option for most Filipinos short of funds!
Since it’s an unsecured loan, you don’t need to present collateral if you apply for a Tala online loan.
You just need one cellphone and a valid ID to apply for a loan immediately —anytime, anywhere!
What is Tala Online Loan Interest Rate?
- Monthly Effective Interest Rate (EIR): 15.00%
- Maximum Annual Percentage Rate (APR): 182.5%
What is Tala Online Loan Term?
- Seven days (first-time borrowers)
- 15- 61 days (repeat borrowers)
Tala Online Loan Credit Limit
- ₱500- ₱1,000 (first-time borrowers)
- Up to ₱15,000 (repeat borrowers)
Tala Online Loan Requirements
- Tala loan app
- One valid ID
- Employed/ stable source of income
Tala Online Loan Application Process
- Download Tala on Google Play or the App Store
- Input your mobile number
- Enter the OTP sent by Tala, Click ‘Next’
- Allow Tala to access your device, including phone calls, contacts, and location; click ‘Start My Application’
- Indicate where you hear about Tala, click ‘Next’
- On the next page, you need to input your personal information, including First Name, Middle Name, Last Name, Date of Birth, Place of Birth, Civil Status, Mother’s Maiden Name, Gender
- Click ‘Save and Continue’
- Next, input your address: Province/ City, Barangay, Permanent Address, Postal Code
- Click ‘Save and Continue’
- Then, specify the valid ID that you will use in your application. Accepted IDs are the following: Driver’s License, UMID, Passport, Voter’s ID, SSS ID, Postal ID, PhilSys/ National ID
- Click ‘Save and Continue’
- Indicate the purpose of your loan; options are Business Expense, Personal Expense, or Pay Bill
- Click ‘Save and Continue’
- The next page will ask you about your educational attainment and the type of work
- Click ‘Save and Continue’
- Input details of your primary source of income
- Indicate what other sources of income you have, click ‘Save and Continue’
- Review your answers and other information you’ve provided, and click ‘Submit Application’
- Read the ‘Tala App User Agreement’ and click ‘Agree’
- Next step is ID Verification. In this step, you need to upload front, back, and selfie (with you holding the valid ID) photos of the valid ID you use in your loan application. Then, click ‘Submit Photos’
- The following pop-up will require you to input the ID Number
- Wait for a few minutes, as Tala will evaluate your application. Tala will send an SMS if your application is approved. Once approved, you will also see the credit limit for which you can apply.
How Long is Tala Online Loan Evaluation?
Loan applications are approved within minutes. Borrowers can receive the loan proceeds in less than 24 hours after their application has been approved
Tala Online Loan Fess and Charges
- One-time processing fee= 3.99% of the loan amount
- Daily Service Fees= 0.43-0.5% per day
Tala Online Loan Pros and Cons
Pros
- SEC-registered loan app
- Charges one-time processing fee
- Fast loan evaluation and decision
Cons
- Lengthy loan application process
- Poor customer service
Takeaway
Tala online loan app is a safe option for immediate cash, especially during emergencies.
You can borrow cash in minutes as long as you provide one valid ID and prove that you are employed.
But then again, just like other loan apps in the Philippines, Tala online loans charge a high-interest rate. Also, if you are a first-time borrower, you will only be offered a low credit limit and a short-term loan.
We do not recommend a Tala online loan if you still have other options to explore. However, if you’re out of cash and can’t find help, don’t hesitate to borrow money from Tala!