Tala México is one of the most recognizable mobile lending apps, offering unsecured loans up to $22,000 MXN with terms up to 120 days. Interest rates are fixed from 11% and annualized from 203% to 438% (excluding taxes). Approval is quick, and no income verification or collateral is needed, making it accessible even to those with no credit history.

Applicants can apply via the app, which has over 10 million downloads and a strong user rating. Loan amounts start at $300 MXN, and well-timed repayments may qualify you for larger future loans. Funds are deposited directly to your bank account, and repayment is possible via SPEI transfer, OXXO, or Red Paynet locations.

How to Apply for a Tala Loan

1. Download the Tala app and register with your phone number
2. Fill out a brief questionnaire and upload your valid INE
3. Select your preferred loan amount and repayment term (up to 120 days)
4. Enter your bank account information for deposit
5. Submit your application and receive a quick decision

Advantages of Tala Loan

Obtaining funding is streamlined—no proof of income or collateral is required, making it ideal for self-employed individuals or anyone with an irregular income.

Flexible terms and a transparent, easy-to-understand fee structure are also positives. Additionally, there is a $100 MXN referral bonus for inviting friends and family.

Disadvantages of Tala Loan

The interest rates, while fixed, are relatively high compared to traditional banks. The CAT (Costo Anual Total) reaches up to 851% annually.

If you miss payments, there’s a 10% penalty fee. In rare cases, customer support could be improved, according to some user reviews.

Verdict

Tala México stands out for its accessibility and speed, especially for those underserved by traditional banks. While rates are high, prompt repayment and responsible borrowing ensure a positive experience. Consider your repayment ability before applying.