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.
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