Tala, which claims it can process and approve loans in one day, is claiming to have 95-percent repayment rate.
The lender also claims to have served that more than 6 million people across Kenya, the Philippines, Mexico, and India, have used Tala products to start and expand small businesses, manage day-to-day needs, and pursue their financial goals with confidence.
With that, Tala is advising the following for those who want to avail of loans:
Know why you need to avail of the loan – Determine if a loan is necessary and if you can repay it. Personal, corporate, and emergency loans exist. Knowing where you'll spend the money will help you decide. Loans Tala Your Way's speed, the convenience of use, and customizable repayment periods make borrowing money easy.
Make a SMART financial plan to visualize how you'll use the microloan - SMART stands for Specific, Measurable, Attainable, Relevant, and Timebound. Tala Loans pointed out that your financial strategy is SMART if you specifically know the exact result you want to get, measure and establish your financial milestones, if your financial goals are attainable, how relevant or essential the loan is to you, and if you meet the timebound objectives.
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Check prices, fees, and transparency - Several banks and financial institutions impose interest on loaned money. Some financial institutions charge different interest rates, origination costs, and late fees. Tala suggests finding a lender who discloses all interest and fees, so you know what you owe. Tala has no hidden costs and complies with the Truth in Lending Act (Republic Act 3765).
Know your repayment date - Aligning the repayment date with your cash flow, like a regular income, prevents you from having too many responsibilities at once. Tala's Loans Your Way lets you adjust your repayment schedule with your salary.
Coordinate with reputable lenders - Consider the lender's credibility. Check Google Play and other review sites for user feedback, and look for licensed or trade-affiliated lenders.
Tala is a regulated financing firm and Securities and Exchange-approved to run an online lending platform. It's also a member of FinTech Alliance.ph.