Since the moment my husband and I knew of the existence of loan apps, we also checked other loan apps to see if they are offering the same benefits as Tala.
To our dismay, we found that other loan apps are requiring so many documents and even require personal references, either an employer, coworker, or friend.
Who would want to trouble your friends or employers, right? Most importantly, you would not want to let other people know you're borrowing money.
Though I really have not borrowed from other loan apps, I found out that Tala is still the best when it comes to loan approval, requirements, interest rate, and service fee.
Tala is recommended not just by me but even by other users or borrowers.
To our dismay, we found that other loan apps are requiring so many documents and even require personal references, either an employer, coworker, or friend.
Who would want to trouble your friends or employers, right? Most importantly, you would not want to let other people know you're borrowing money.
Though I really have not borrowed from other loan apps, I found out that Tala is still the best when it comes to loan approval, requirements, interest rate, and service fee.
Tala is recommended not just by me but even by other users or borrowers.
Why Tala Is The Best Loan App In The Philippines
Here are the reasons why Tala is the best loan app since its foundation in 2011.
1. Lowest Interest Rate and Service Fee
As a borrower, the first thing I would be considering when borrowing money is the interest rate and service fee. I have to make sure that it's reasonable if not the lowest rate.
With Tala, you only get a 15% interest rate for 30 days payment term with a service fee of not more than 3% of the loaned amount.
So, if I were to borrow PHP2,500 from Tala, I would be paying PHP2,875 only after 30 days. That condition for me is more reasonable than getting just 50% of the loaned amount from other loan apps.
With Tala, you only get a 15% interest rate for 30 days payment term with a service fee of not more than 3% of the loaned amount.
So, if I were to borrow PHP2,500 from Tala, I would be paying PHP2,875 only after 30 days. That condition for me is more reasonable than getting just 50% of the loaned amount from other loan apps.
2. Reasonable Payment Terms
Tala's payment term may not be longer than borrowing in banks, but it's way better than repaying a loan in just 7-14 days and getting only 50% of the borrowed amount with other loan apps.
3. Fast Approval
With regards to loan approval, Tala is by far the fastest among the loan apps I have tried.
Though I have not really borrowed from other apps due to the payment terms and interest rate, I did try to apply for a loan.
Thus, I can tell if they approve faster or not. As with my experience with Tala, it only takes minutes to be able to apply and claim my loan.
4. Fewer Requirements
One of the things that stop us from getting what we want is the number of requirements to submit.
But with Tala, you only need a smartphone, a government ID, and an internet connection to be able to borrow money.
You don't have to submit more documents like a certificate of employment, payslip, and proof of billing.
5. Easy User Interface
What I like most about Tala apart from its interest rate is its friendly user interface.
I find it simple, clean, and easy to use. For me, the interface is just right, especially for those non-techy borrowers.
6. Multiple Payment Options
What's the use of getting loan approval and accepting the interest rate and payment terms if you can only claim the borrowed amount through the bank? It's definitely useless and not practical for those who do not have a bank account.
Good for Tala as they offer multiple payment options for cash-pickup and repayment.
Aside from bank options, they also partnered with known payment centers like Cebuana Lhuillier, M Lhuillier, and Palawan Express.
Tala is indeed recommended by me and my husband. Whenever we need instant cash for medical expenses or for personal use, Tala is absolutely our partner.
You may get the Tala app here!
If you have questions regarding the Tala loan app, you may use the comments section below and we will try to get to you as soon as possible.
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