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, do not are still not banked.
Heeding BSP’s call for financial inclusion, Tala said it 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 loan applications through the app allowing them to build their digital credit history, increasing their loan limits over time.
“Over 5.2 billion Filipinos own cell phones and over 4.6 billion are connected to the Internet and yet only 12% of cell phone owners use their devices for financial transactions,” said Angelo Madrid, Managing Director of Tala PH. “We believe everyone needs access to financial systems and control their money. By making loans simpler and more accessible, we can promote financial agency and empower 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 an Android smartphone and valid ID. Applicants will know if their application is approved within minutes. The 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 government-issued ID for verification. Once their ID has been verified and the load request approved, they can cash and repay their loan at over 40,000 locations across the country. Applicants can receive the amount via remittance centers, bank transfers, or their Coins.ph wallet within 24 hours.
Refunds are just as simple. On the app, users have the freedom to choose how they want to pay. They can choose to settle their loan through 7-Eleven, money transfer centers or electronic wallets such as Coins.ph or GCash.
Tala offers minimal, up-front, and one-time fees with no hidden charges. This reinforces the importance of transparency when it comes to sound financial decisions, customer protection and empowerment.
Worldwide, Tala has disbursed more than $ 2 billion in loans to more than 6 million customers.
In addition to providing accessible loans, Tala also offers other services to help clients grow in all aspects of their financial lives. The personal finance service app offers free financial education through its strong library of personalized educational content. It also hosts in-person and online communities to help Tala users connect and learn from each other.