Consumer ratings rose by 15%
Amid mounting complaints of borrowers due to predatory rates and debt collectors’ threats and public shaming, global Fintech company Tala shines with a positive trust rating from its consumers, restoring confidence in digital lending.
The digital lending app has earned a positive trust rating from consumers as seen in a study conducted by a third party. On a scale of 0-5 stars, with 5 being the highest, 86% of consumers gave Tala a rating between 4-5 stars for trustworthiness. About 77% of the respondents also gave Tala a rating between 4-5 stars when asked about its fair collection practices even if they are late in repayments.
“I am happy to share that Tala’s consumer trust rating rose by 15% in the past year,” Tala Philippines General Manager Donald Evangelista said. “The extent of trust we’ve received inspires us to continue providing access to financial services and extending opportunities to guide and uplift Filipinos in their path towards financial growth.”
One customer shared how their experience with Tala overcame their fears of dealing with lending platforms. They found the digital app after a search triggered by the need for medical funds for their father who had suffered a bad accident. At first, they were “hesitant” in using Tala “because I have been hearing about abusive online lenders that humiliate you on social media when you’re not able to pay on time. I trusted Tala because I really needed money. My loan with Tala allowed me to have extra funds for my dad’s hospital bills and medicine. As my family’s breadwinner, this is a big help to me.”
The digital lending app’s sterling collections standards and transparent pricing assure Filipino customers of the security of their transactions and their repayment amount with no hidden fees. Compliance with government regulators like SEC reinforces Tala’s trustworthiness by proactively reminding customers to transact only through official channels of licensed and registered credit providers to avoid harmful practices and scams. The consistently positive customer ratings show the care with which Tala handles their customers.
Beyond the loan disbursement and debt collection side of the business, Tala also stood out in the eyes of borrowers for providing customers with valuable information to guide them in their financial journey. Content such as building healthy financial habits with tips on choosing the right lending platform aids consumers in money management.
Evangelista said that the platform’s integrity will be maintained by continuing compliance with regulations and placing the borrowers’ financial growth at the heart of their strategies.
“We value the trust that Tala has earned while serving Filipinos for the past five years. We remain steadfast in serving our borrowers with nothing but fair practices and the customers’ financial wellbeing in mind,” he said.