The description of TALA - Play With New Friends
Borrowing Money Is Now Only an App AwayTala is a finance app that takes a rather unconventional approach to lending money to the financially deprived. Unlike traditional lenders, the app resorts to alternative information to ascertain an individual’s creditworthiness.Real-Time UnderwritingTala’s Android app underwrites its patrons real time using alternative data. This makes it easier for them to deliver affordable credit quickly. According to the company’s website, 85 percent of its customers have received credit within 10 minutes till date. The best part probably is that there is no collateral or paperwork needed to avail credit. Also, the doors of Tala are open to its customers 24/7. The credit limit of an individual is determined by his/her credit history and score. There are zero rollovers and penalties, and the credit limit increases with each successful repayment done. The applying, processing and funds disbursement happen online, which make things a lot more convenient.Working MechanismThough based in Santa Monica, California, Tala offers micro loans to its users in Kenya, Philippines and Tanzania. To check eligibility, you must download the Tala app on your cellphone. The application gives Tala access to a variety of information, from basic biographical data to the loan applications that come through daily.Once all the checks have been made, the money is disbursed within minutes upon request. The interest rates are similar to the rates charged by traditional lenders, but the convenience associated with the borrowing is what makes services like Tala stand out.
)
