Tala supports Govt actions on predatory lenders

Global fintech company Tala has reinforced its commitment to continue providing safe, affordable access to credit among unbanked Filipinos amid the Government's crackdown against predatory lending practices.

As the rise of illegal loan companies put pressure on borrowers to settle their debts, several lawmakers have been pushing investigation on unauthorized lending companies including Senate Majority Leader Joel Villanueva and Senator Raffy Tulfo.

“As the Government strengthens its call to fair and transparent lending practices, Tala remains committed to advocating for ethical and responsible lending and collection practices. Tala assures its customers that it will continue to provide the underserved population with secure, fair, and affordable financial services and condemns the unscrupulous practices adopted by illegal lenders,” Tala Senior Director and Global Customer Experience Operations Iona Iñigo-Mayo said.

“We will continue to work with industry regulators and stakeholders to ensure that digital lending platforms in the country provide fair and transparent terms and conditions and protect borrowers’ data,” Iñigo-Mayo added.

Tala keeps customers informed of data security practices through its App Privacy Policy and through regular reminders to its customers via its official website and social media platforms. The company values borrowers’ privacy and will never sell their personal data to third parties under any circumstances. Borrowers are assured that their information is only used for legitimate purposes that are fully disclosed and clearly explained in the Privacy Policy.

Through Tala’s data privacy measures and fair and transparent pricing, customers can exercise greater flexibility and control over their loans and have a more pleasant user experience.

Transparent pricing and terms
Beyond protection, transparency empowers customers to make informed financial decisions. Customers and potential borrowers alike can easily access details about credit, delivered in a straightforward and easy-to-understand manner, on Tala’s website, in-app and on social media platforms.

Borrowers can be confident that they will get the full amount of their loans with no hidden fees. The company, as a Securities and Exchange Commission (SEC) regulated and supervised financing company with a recorded online lending platform, follows government regulations on lending along with the interest rate caps.

Flexibility and control
Tala borrowers are given more control over their credit growth and repayment options. They can choose their repayment dates ranging from 1 to 61 days to suit their lifestyle and specific needs. They also can save more money by paying early, and can boost their credit standing by settling payments on time.

Treating customers with fairness and respect
Seeking solutions together based on the foundation of trust is Tala’s cornerstone. Its collection practices are based on fairness and respect for customers. Tala’s commitment to fairness is evident in its adherence to SEC Regulations on Collections Practices and the FinTech Alliance's Code of Conduct. Tala, a trusted partner in financial management, has a long history of making customers feel comfortable and valued in their financial journey. About 98% of Filipino borrowers agree that they understand the terms and conditions of their loans, and 99% of them trust Tala with their personal information.