Tala Loan App Review – Is is Legit?

A mobile app-based lending company called Tala offers loans to people in developing countries who have little access to conventional banking institutions. The business was established in 2011 and has operations in a number of nations, including Mexico, the Philippines, Kenya, Tanzania, and Santa Monica, California.

Via its mobile app, Tala provides microloans from $10 to $500 that can be accessed online. The loan application procedure is quick and easy, and applicants can find out the outcome of their loan request in only a few minutes. To assess a borrower’s creditworthiness, Tala leverages additional data sources like social media activity and cell phone usage trends. In order to assist borrowers in strengthening their financial situation, the site also offers financial education and other services.

Tala Loan App Review By Customers

Positive reviews 👍

• The application procedure was simple to follow and navigate.
• The loan disbursement went well and quickly.
• The interest rates were fair and within reach.
• The app provides users with a number of flexible and convenient loan repayment choices.
• Any problems or questions were quickly and effectively resolved by the customer service staff.

Negative reviews 👎

• The conditions for loan acceptance were ambiguous, and the approval process was not transparent.
• The fact that the programme requests access to user data like contacts, messages, and phone logs raises privacy concerns for some users.
• While using the software, some users have reported experiencing technical difficulties.
• Reminders of loan payments can be both obtrusive and irritating.
• The app does not provide a grace period for late payments, and the late payment fines and penalties are considerable.

Pros and Cons of Tala Loan App

PROS

• Simple application procedure: The Tala loan app includes a simple, user-friendly application procedure that can be finished in a matter of minutes.
• Tala loans are disbursed quickly, within hours, making them the best choice for urgent emergencies.
• Versatile payment methods: Tala provides a number of payment options, including bank deposits, mobile money transfers, and payments made at their partner stores.
• Reasonable interest rates: Tala is a popular choice for borrowers due to its competitive and reasonable interest rates.
• Customer service: Tala offers a friendly and accommodating customer service team that may be contacted via a variety of ways.

CONS

• High late payment fees: Borrowers who are already having trouble repaying their loans may find it difficult to handle Tala’s high late payment rates.
• Privacy issues: As the programme requires access to user data like contacts and messages, some users may have privacy issues.
• Uncertain loan approval criteria: Because Tala withholds its loan approval criteria, it is challenging for borrowers to determine whether they are qualified for a loan or not.
• Restricted loan amounts: Tala offers relatively small maximum loan amounts, which may not be sufficient for all customers.
• Technical issues: Using the Tala app has occasionally been plagued by annoying and inconvenient technical issues, according to some users.

Alternatives of the App

• Branch: The branch is a mobile lending platform that offers loans to individuals and businesses. The app has a simple and user-friendly interface and offers flexible repayment options.
• M-Pesa: M-Pesa is a mobile money transfer service that allows users to send and receive money, pay bills, and access loans. The service is widely used in East Africa and has a large user base.
• Kiva: Kiva is a non-profit organization that offers microloans to entrepreneurs and small businesses in developing countries. The platform is unique in that it allows users to lend money directly to borrowers.
• Zidisha: Zidisha is a peer-to-peer lending platform that connects borrowers in developing countries with lenders worldwide. The platform uses a crowdfunding model to fund loans, making it a unique alternative to traditional lending institutions.
• PesaZone: PesaZone is a mobile lending platform that offers loans to individuals and businesses in Kenya. The platform has a fast and simple loan application process and offers flexible repayment options.

Frequently Asked Questions (FAQs)

Visit ThinkMoneyTrader for more financial bytes like this.