As many as 81 percent of Filipino customers of Tala, a global digital lending platform, reported improved quality of lives after utilizing the company’s services, a recent study showed.
Of the 81 percent who reported quality of life improvements, at least 55 percent talked about having improved access to finance, 31 percent reported being able to better afford household expenses and 17 percent reported the ability to face emergency expenses.
The “Lender’s 2022 Impact Report,” which surveyed 250 Filipino Tala borrowers, was conducted by 60 Decibels, a global, tech-enabled impact measurement company, between October to November 2022.
“We’re happy to see that our services have granted our customers confidence where they didn’t have before, gave them the ability to better withstand emergencies, and provided them the avenue to pursue their dreams. Tala has definitely made a big impact in the Philippines,” said Missy Santos, Marketing Manager of Tala.
Since its inception in 2014, Tala’s mission has been to create a world where even the unbanked and marginalized can have access to basic financial services, enabling them to safely and efficiently manage their finances with ease and confidence.
“Tala continues to provide a unique micro-loan service to the underserved market in the Philippines. Many of our kababayan’s challenges include paying off their bills, having the confidence to avail a loan, and being able to have financial independence,” said Donald Evangelista, General Manager of Tala Philippines.
“Helping them address these challenges has been part of Tala’s mission.” Evangelista said.
Tala respondents also reported improvements in how they manage their finances. As a result of Tala’s micro-loans, about 45 percent of the respondents said they increased their savings, 69 percent were able to reduce their financial stress, and 89 percent improved their financial management skills.
Iona Iñigo-Mayo, Tala’s Senior Director and Global Customer Experience Operations, said Tala has made a significant impact in the lives of Filipino women, in particular.
“It gives me great pride to share that 70 percent of female borrowers cite an increase in their influence on household decision-making thanks to financial access. For these women, their financial independence (56 percent), capability to pay for household bills/expenses (53 percent), and money for education (15 percent) improved the most because of Tala. Moreover, the self-confidence of 86 percent of Tala’s female borrowers increased while another 78 percent experienced a rise in respect from their household,” she said.
About 98 percent of the borrowers also agreed that they understand the terms and conditions of their loan, while 99 percent said they Tala with their personal information.
“The Philippines is a key market for Tala as it provides opportunities for growth. All the figures and statistics we’ve shown today showcase the love, dedication, and care we have for our Filipino customers which, in turn, is returned by them in full. We strive to continue to be a trustworthy, transparent, and life-changing service to all Filipinos,” said Kunal Kaul, Chief Risk & Strategy Officer of Tala.