Tala is a financing company registered with the SEC that lends small amounts through its app, with limits from ₱1,000 to ₱25,000. You need only one valid ID and a mobile number: no payslip, no collateral and no bank account.
Why do we recommend Tala?
The application takes about five minutes, with an instant decision in the app. You start with a modest limit, and each on-time repayment unlocks a higher one, which suits freelancers, vendors and others banks cannot evaluate.
Transparency is what sets it apart in a crowded market. Tala charges a processing fee of 3.99% to 9.99% plus a daily service fee of 0.23% to 0.43%, only for the days you use the money, and it prints a maximum annual percentage rate of 141.76%.
Its own sample: ₱1,000 at a 3.99% processing fee and 0.43% a day for 61 days is repaid with ₱1,240.20.
You pick the repayment date, with terms of up to 120 days, and can pay early, partially or in full, through wallets such as Maya and GCash or banks such as BPI.
Author’s opinion
We see Tala as a tool for a specific job: a small amount, for a short time, when a bank loan or credit card is out of reach. Rolled over month after month, the daily fee becomes very expensive.
The late fee is 5% of the outstanding balance once the term ends unpaid, on top of the daily fee already accrued. Choose a date after your next payday and set a reminder.
Borrow only what you can repay in one cycle, and move to a bank product once you have a payslip or account history.
I want to learn more about the Tala loan app!
Who can apply, what the app asks for and how release and repayment work are explained step by step on the next page. Tap the button.
