The smart management of debt is among the main concerns of Filipinos. Many have little or no experience with formal credit due to exclusion from formal financial institutions.
The New Tala Loan addresses these challenges and shows that debt management need not be difficult, with customizable loans that let borrowers only pay for the days they use for as low as P5 per day for a P1,000 loan.
Moreover, customers can choose to repay their loan between 1 to 61 days.
“The New Tala Loan is an evolution of our microloan services made to be even more accessible and flexible for a wider variety of lifestyles,” Tala Country Manager Donald Evangelista said.
“We have made loans more accessible, as customers can now attain peace of mind when doing what they want, making them more productive and happier with their lives,” he added.
Evangelista said that since the Philippines is its biggest market in Asia, Tala introduced the New Tala Loan to Filipino consumers first.
In the past, the lowest fee for a P1,000 Tala loan was P100 for a minimum period of 20 days.
With the New Tala Loan, customers could choose an easy-on-the-pocket repayment option of only P5 per day and pay as early as 1 day after securing the loan.
The greater flexibility and money-saving benefits are even more apparent for higher loan amounts in this pay-per-use option. For instance, a P15,000 loan will incur a repayment fee as low as P75 if settled after 1 day, unlike waiting for what used to be the earliest schedule of 20 days with a repayment fee of P1,500.
With borrowers having more opportunities to navigate their financial journey, Tala fulfills its global mission of providing financial access and credit growth for credit-invisible consumers here in the Philippines.
“We started in the Philippines in 2017. We’re very happy we made this choice and we hope more Filipinos can achieve their dreams with Tala. We’re here for the long haul,” Evangelista said.
Tala’s award-winning app leverages leading mobile technology and data science to provide underbanked customers with flexible, convenient, digital credit options.
It has given more than 41 million loans totaling more than $3 billion to more than 7 million people across three different continents.
Start your journey into financial freedom: https://tala.ph/borrow/
