Tonik rolls out new all-digital loans
Tonik, the Philippines’ first neobank, continues to accelerate financial and credit inclusion with the launch of its two new loan products, Flex Loan and Big Loan.
Building on the success of its all-digital savings wallet and the successful launch of its first loan product, Quick Loan, the new products are expected to position Tonik among the nation’s pioneering digital lenders with loans to suit all needs. .
Fast, convenient, and paired with low fixed interest rates, Flex Loan gives customers the freedom and flexibility to pursue their dream purchases and have the perfect experiences for the start of another year. Tonik’s best priced unsecured loan to date, Flex Loan offers 2.49% monthly interest for up to 24 months, on a loan of up to Php 250,000. No collateral is needed as employed clients would only need to provide their latest bank statement and proof of income.
A type of home equity loan, Big Loan offers a unique versatile installment loan that allows a borrower to utilize the equity in their home. This property is then pledged to the bank as collateral, securing an amount of up to Php 2,500,000.
Relatively new to the Philippines, this type of loan product continues to be popular in more developed markets like the United States. It is mainly used for home improvement, investment for family businesses and debt consolidation under a low interest rate product.
With Big Loan, the first fully digitized collateral product on the market, customers only need to visit the Tonik Hub once to officially sign loan and mortgage documents. Offering the fastest approval time in the market in a fully digital manner within minutes of loan application and disbursement within seven (7) working days of submission of documents, loan proceeds are disbursed to the accounts of Tonik savings from customers. No property appraisal fees are charged and no third party appraisals are required.
“Powered by our pure digital platform and the most competitive rates on the market, Flex Loan and Big Loan provide accessible, secure and much-needed credit for the huge underserved market in the Philippines,” said Tonik Founder and CEO. , Greg Krasnov. “With these new loans, we are excited to accelerate efforts to accelerate credit inclusion in the country.”