Everyone has experienced needing extra cash at some point, especially during occasions that require sudden expenditures like an illness or an accident. While your savings may cover for most of your requirements, you may need to borrow money if you’re beginning to stretch your resources too thin.

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Enter TALA, an online loaning app which you can download on your phone. It’s pretty straight-forward: you register, and you’re good to go. You only need to wait a few minutes to see if your financial request has been approved or not.

During your first loan, you’ll only be allowed to borrow for P1,000 to P2,000, but as you maintain good credit standing by paying on time, the value can increase to P10,000. Once your application gets greenlit, you'll need to wait for around 24 hours before you can pick up your money from Padala Center (LBC, Palawan, Cebuana, and M Lhuillier), or through your Coins.ph account. Don’t forget to bring a valid government ID if you’re physically claiming your cash!

Now, this may all seem exciting, but remember—this is still a loan, meaning, you’ll be paying back the amount you borrowed with interestTALA offers a 21-day payment option which has a one-time interest of 11 percent, and a 30-day option with a 15 percent interest.

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Basically, if you’re borrowing P10,000 and returning the money within 21 days, you’ll have to pay P11,100, which includes the 11 percent interest. If you’re going with 39 days, you’ll have to pay P 11,500: that’s your P10,000 plus the 15 percent interest.

If you’re not able to clear your debt within the time frame you chose, you’ll need to pay an additional 8 percent on top of your existing balance. You’ll then be given an additional 14 days to settle everything.

The key, as with every loan, is to pay on time and to avoid borrowing more than you can returnThis way, you won't only be free of the burden of a ballooning interest, but you'll also keep your credit standing good, which means banks and financial institutions will be more willing to lend you cash in the future.

Single mom Kaye Policarpio who shared her story for TALA’s #NgitingTagumpay campaign, which was launched in celebration of the just-ended Women’s Month, said that she uses the app to help augment her kids’ school expenses: "Pangarap ko lang makapagtapos lahat ng kids ko and lahat sila makakuha ng good jobs."

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FN Tip: Looking for other options especially if you’re planning a bigger loan? You can try heading to eCompareMo.com. It’s not a financial lending app, but a platform where you can compare different rates from different loan providers to find out which one has the best and lowest interest rates. From banks to borrowing institutions, you've got bulks of data you can study and compare to help you make the smartest and most economical decision. They even have info on insurance policies, so might as well check those out in case they come in handy in the future.

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