At Tala, we listen to the needs of our customers. That’s why we’ve been working to make our loans more flexible so that you can manage your finances better.
With our new loan features, you have full control; you have more options on when to repay.
You can monitor and control how much you spend, and you can have peace of mind knowing that you have continuous access and growth opportunities with Tala loans.
Our new daily fees allow you to manage exactly how much you spend.
What is the daily fee?
Tala loans charge a standard daily fee. You will only be charged for the days when you are using the loan service.
Loan interest rates are from as low as 0.5% PH per day and you decide how long you need the loan for — the earlier you repay, the less interest you pay.
While the rate will not change if you repay early, the interest you pay will only be for the days that you use.
If you need more time, there is no late payment interest before the 61th day (max due date); you’ll simply be charged the daily interest for the few extra days you need.
How does the flat, daily fee work?
For example, if you initially selected to repay on day 30, but you unexpectedly have the capability to pay earlier, you can pay sooner and pay less. Why do you end up paying less? That’s because we only charge interest for the days that you use a loan!
However, if you need more than 30 days to repay, you can also pay at a later time. Your daily rate will simply continue to apply until you repay your full balance or until day 61. You can always check your daily rate in-app. You’re never locked into your selected date and the new daily interest rate allows you to manage exactly how much you spend.
What happens to the daily fee if I don’t pay before the 61 days?
If you are not able to pay your loan within the 61 days, you will be charged a late payment interest of 8% on your remaining balance
Now that you know how the new Tala loans give you more flexibility and control, you can maximize its features to your advantage. Borrow what you need, set a personal target to repay, repay early when you can to pay less, and practice healthy financial habits to lead you on the path to financial growth and success! Tala is here to support you!
You can learn more about our new Tala loans here.