Tala is an app that enables users to get small short term loans. To qualify for loans using this app, you’ll need to upload a valid Philippines ID card and add your bank account or coins.ph wallet. You’ll then wait up to 24 hours before the money reaches your account, and you’ll have up to 90 days for.
Once you get the initial account set up, you can apply for short term loans. They start at loan amounts of 1000 to 2000 Philippines Pesos, and the terms of repayment can be anywhere from three weeks to three months. Depending on the time frame you’ll have different one-time fee you have to pay on top of the initial amount.
Repaying your loan
You can pay back the loan early, but if you’re late on a payment, then you’ll have to pay an 8% late fee that is attached to the initial loan amount.
Over time you can build up your credit line, and you can take out loans of up to 10,000 pesos, and have a max limit of 15,000 pesos. You can pay back the loan by going to a Cebuana Lhuillier Store, 7-Eleven, or the Coins.ph app.
Soft on your device
Installing or using Tala will not significantly impact your device’s performance. The app is 8.51 megabytes, and you can install this app on devices with Android 4.0.3 or a newer operating system.