Who would ever have thought that I would actually use an online lending or pautang app. I guess I’m just at the lowest point of my financial life right now that I can no longer stretch out my last peso until the next payday.
There are countless of horrible stories about these kinds of apps. In fact, they are now being investigated for their downright intrusiveness and ubod ng kabastusan in debt collection on delinquent accounts. These apps are known to read your phone contacts and then blasting them with spam text messages telling your friends and family to remind you of your long overdue payments.
But I have not read anything like that with Tala. Either I have not scoured the web thoroughly just yet or Tala is not doing this at all.
But enough of it, let’s go right down to the meat. When I signed up with Tala, they asked me to take photos of my documents. If I’m not mistaken, I sent them my SSS ID. Filled in the form and after a day of waiting, I’m able to loan as much as 1,500 pesos (starting amount for newbies).
My first loan was 1,000.00 pesos and after 30 days, I would have to pay 1,150.00 that’s 15% interest. The loanable amount will eventually increase as I continue to use it and build my credit score.
If you ask me, Tala is not something you will use to buy things that you “want.” The interest rate is just too high because it’s an unsecured loan, meaning there’s no collateral involved. If you need stuff, however, like smartphones, tablets and whatnot, there’s BillEase of Lazada.
Would I recommend Tala? Definitely yes. Even if it’s just 1,000.00 pesos it would make a lot of difference for a person who needed that help.