In the 2019 Financial Inclusion Survey, the Bangko Sentral ng Pilipinas announced that 51.2 million Filipinos, or 71% of the total adult population, remain unbanked. In the report, Filipinos shared that they do not have enough money (45%), that they do not need an account (27%), or that they do not have the documentary requirements (26%).
This is not a situation unique to the Philippines. More than 1.6 billion adults around the world are unbanked, excluding them from financial products such as insurance, loans, or mortgages, and protection for their money.
Tala, the leading personal finance app, is helping unbanked Filipinos use, protect, and grow their money by making loans easier to apply right from your smartphone. By tapping on the far-reaching presence of technology, more Filipinos can apply for loans and build their digital credit history, increasing their loan limits over time.
“More than 5.2 billion Filipinos own mobile phones and more than 4.6 billion are connected to the internet. And yet only 12% of mobile phone owners use their devices to perform financial transactions. We believe that everyone needs access to financial systems and for them to be in control of their money. By making loans simpler and more accessible, we can promote financial agency and autonomy for more Filipinos,” says Angelo Madrid, Managing Director of Tala PH.
Applying for a loan using the Tala app can be done anytime, with no paperwork or visits to the bank. All they need is an Android smartphone and a valid ID. Candidates will know if their application is approved in minutes. Loans are personalized, with flexible sizes and dynamic credit limits. Moreover, users don’t need to have credit history, collateral, guarantors, or a bank account to apply.
Applicants must simply answer some questions and upload a government-issued ID for verification. Once their ID is verified, and load application approved, they can cash out and repay their loan in over 40,000 locations across the country. Applicants can receive the amount via remittance centers, bank transfer, or through their Coins.ph wallet within 24 hours.
Repayments are just as straightforward. On the app, users have the freedom to select how they wish to pay. They can choose to settle their loan via 7-Eleven, remittance centers, or e-Wallets such as Coins.ph or GCash.
Tala offers a minimal, upfront, and one-time fee with no hidden charges. This reinforces the importance of transparency when it comes to healthy financial decisions, customer protection, and empowerment.
“It’s so easy to get a loan from Tala. I can always count on it. Tala is really like a companion that supports me and helps me achieve my goals,” says Aimee, a Tala Gold member, the app’s highest borrowing status.
Aimee is just one of Tala’s one million customers in the Philippines. The mom and entrepreneur started her business selling food products like tocino and longganisa. She grew her business after securing a loan, and she was able to finance a second venture focusing on beauty products.
Worldwide, Tala’s trusted, accessible, and secure mobile app has disbursed over $2 billion worth of loans to over 6 million customers.
Apart from providing accessible loans, Tala also offers other services to help its customers grow in all aspects of their financial lives. The personal finance service app has free financial education through its robust library of tailored educational content. It also hosts in-person and online communities to help Tala users connect and learn from each other.
“We want to position ourselves as the unbanked Filipino’s safe and trusted partner in achieving financial autonomy. Through our commitment to fair and ethical lending, we hope to give everyone the opportunity to pursue life’s greater goals and advance their financial health,” ends Madrid.