The Wala philosophy is different. We know that everyone wants and needs loans to improve their lives or in times of emergency. There is no shortage of companies that are willing to offer you loans and that’s because they can do so at HIGH interest rates that end up costing you an arm and a leg. Loan businesses are very profitable as long as they are run properly and loan businesses that target the poor or people with bad credit can even be predatory, making it worse for the consumer long-term.

There are many banks and other companies that do provide good loans but we believe financial health starts with something more basic: a bank account. A bank account allows you to safely store your income, grow your savings, and even hold your loan money. Having an account helps you build a financial history which will allow you get loans at lower interest rates (lower cost) in the future. The right type of account with the right bank (WALA!) will allow you to easily send payments to your community, pay your bills, and access other great financial tools. But again, it all starts with a bank account!

So should you run out and sign-up for an account? No, not exactly. Unfortunately most banks are charging you enormous fees to have a bank account and even more for basic services on top of that. Your bank account should be free. Your savings account should pay YOU money. Soon, Wala will be bringing you exactly that so you can safely hold your money, grow it, and improve your financial life!

- Samer -