TALA’s Loans Your Way has made it easier for Filipinos, especially the unbanked, to access credit when they need it most. However, obtaining a microloan is only the beginning, because it is always up to the borrower to be responsible and to make good use of it.
Here are 5 things to keep in mind before getting a loan online:
Have a well-defined reason for the loan. Start by determining if a loan is even necessary for your current situation and if you can repay it. Some loans are for personal, business, or emergency use, and having a clear idea of where you’re going to spend the money will make it easier for you to decide if you’re going to get a microloan. TALA’s Loans Your Way is designed to make it easy to borrow money in any situation with its speed, ease of use and flexible repayment terms.
Make a SMART financial plan. When setting a financial goal, remember to make it specific, measurable, achievable, relevant, and time-bound (SMART). The SMART framework is an easy-to-use breakdown of the ideas you need to consider to properly plan your finances – knowing the exact outcome you want to achieve (specific), setting financial milestones (measurable), ensuring it can be realistically achieved (Achievable), determine its importance to you (Relevant) and know when you will achieve the goal (Timebound).
Check interest rates, fees and transparency. An interest rate is an amount that the bank or financial institution charges in addition to the money lent. Interest rates are an important part of loans, and different financial institutions will have different rates and sometimes even charge hidden fees such as origination fees and late fees. Be sure to use a lender that pays all interest and fees up front, so you know what you’re obligated to pay. TALA has no surprise fees and complies with the Truth in Lending Act (Republic Act No. 3765).
Schedule your repayment date. One of the biggest worries when getting any loan is being able to repay it. Properly planning the repayment date by aligning it with when you will receive your cash will ensure that you don’t end up with too many obligations at once. With TALA’s Loans Your Way, you can align your repayment date with a time when you know you have money coming your way, like your paycheck.
Only look for trusted lenders. Always consider the credibility of the lender. Check reviews from other customers in places like Google Play and other review sites and look for lenders that are officially licensed or part of large business organizations. TALA is a finance company duly licensed and authorized by the SEC to operate an online lending platform and also a member of FinTech Alliance.ph. It also enjoys great trust among its customers as it maintains a 95%+ refund rate.