Citing the 2019 Financial Inclusion Survey, personal finance app Tala said the Bangko Sentral ng Pilipinas (BSP) reported that 51.2 million Filipinos, or 71% of the total adult population, n were still unbanked.
As he answers BSP’s call for financial inclusion, Tala said he aims to help unbanked Filipinos use, protect and grow their money by making it easier to apply for loans directly from their smartphones. . It now offers in-app loan applications allowing them to build their digital credit history, increasing their loan limits over time.
“Over 5.2 billion Filipinos own cellphones and over 4.6 billion are connected to the internet yet only 12% of cellphone owners use their devices for financial transactions,” said Angelo Madrid, director general of Tala PH. “We believe that everyone needs access to financial systems and control over their money. By making loans simpler and more accessible, we can promote financial agency and self-reliance for more Filipinos . »
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Applying for a loan using the Tala app can be done at any time without paperwork or a visit to the bank. All borrowers need is an Android smartphone and a valid ID. Applicants will know if their application is approved within minutes. Loans are personalized, with flexible sizes and dynamic credit limits. People don’t need to have a credit history, guarantees, guarantors, or a bank account to apply.
Applicants simply need to answer a few questions and upload a government-issued ID for verification. Once their identity is verified and the load request is approved, they can cash out and repay their loan at over 40,000 locations nationwide. Applicants can receive the amount via cashback centers, bank transfers or through their Coins.ph wallet within 24 hours.
Refunds are just as easy. On the app, users have the freedom to choose how they want to pay. They can choose to settle their loan through 7-Eleven, remittance centers or e-wallets such as Coins.ph or GCash.
Tala offers low, upfront and one-time fees with no hidden fees. This reinforces the importance of transparency when it comes to sound financial decisions, customer protection and empowerment.
Worldwide, Tala has disbursed over $2 billion in loans to over 6 million clients.
In addition to providing accessible loans, Tala also offers other services to help its customers thrive in all aspects of their financial lives. The personal finance service app offers free financial education through its robust library of personalized educational content. It also hosts in-person and online communities to help Tala users connect and learn from each other.