With the release of Flex Loan and Big Loan, Tonik is making it easier for people to get money and credit.
Building on the success of its all-digital savings portfolio and the launch of its first lending product, Quick Loan. The new products will make Tonik one of the first digital lenders in the country to offer loans for every need.
Flex Loan gives customers the freedom and flexibility to pursue their dream purchases and experiences that are perfect for the start of a new year. It is quick, easy, and has fixed low-interest rates. Flex Loan is Tonik’s best-price unsecure loan yet. It has a monthly interest rate of 2.49% for up to 24 months. And can be use to borrow up to Php 250,000. Working customers only need to show their most recent bank statement and proof of income, and there is no need for collateral.
Big Loan is a type of loan that lets you use the value of your home’s equity. It is a one-time, multipurpose installment loan. Then, this property is give to the bank as security for a loan of up to P2,500,000.
This type of loan is relatively new in the Philippines, but it is still prevalent in more developed markets like the United States. Most of the time, it is use for home improvements. Investments in family businesses, and consolidating debt under a product with a lower interest rate.
With Big Loan, the first fully digitalized collateral product on the market, customers only need to come to the Tonik Hub once to sign the loan and mortgage papers. The loan is approve in minutes, the fastest in the market. And the money is sent to the customer’s Tonik Savings Account seven (7) business days after the documents are turne in. There are no appraisal fees, and there is no need for a third-party appraisal.
Check out this full list of Loan Product Featurs below:
According to CEO Greg Krasnov, Flex Loan and Big Loan offer accessible, safe. And urgently needed finance for the Philippines’ underserved market. This will speed up credit inclusion with these new loans.
The most recent version of the Tonik app, which can be located in the Apple App Store and the Google Play Store. Now includes the Flex Loan and the Big Loan options.
Deposits are insure by PDIC up to ₱500,000 per depositor.
