Filipinos are increasingly turning to digital lending solutions for quick and accessible financial solutions, according to a financial technology company.
A recent survey conducted by fintech firm Tala reveals that 59 percent of Filipinos prioritize digital lending options, highlighting the growing demand for innovative financial services in the country.
“This shift towards digital alternatives demonstrates the need for flexible and reliable financial tools that empower Filipinos to navigate unforeseen circumstances,” said Iona Iñigo-Mayo, senior director for global customer experience operations at Tala.
“As a pioneer in the digital lending space, Tala is committed to providing responsible and accessible credit solutions that help Filipinos achieve their financial goals,” said Mayo.
The survey also sheds light on the financial realities faced by Filipinos in today’s economic climate. About 84 percent of customers feel the pinch of inflation, with 59 percent citing rising living expenses as their primary financial challenge.
Unexpected medical expenses and seasonal expenditures add to the pressure, with 38 percent struggling to meet their monthly income. To cope with these challenges, Filipinos are showing resilience and resourcefulness. About 58 percent have taken on side hustles or started businesses to generate additional income, while 72 percent believe they have the necessary tools to manage their finances.
Tala empowers individuals to build their credit scores by leveraging data they choose to share. Privacy remains a top priority, and the company implements robust security measures to safeguard entrusted information.
“Empowering Filipinos through responsible and accessible financial solutions is at the heart of Tala’s mission. With technology and data-driven insights, we help individuals build credit history, gain financial flexibility, and achieve their goals,” said Mayo.