Building on the success of its first lending product, Quick Loan, Tonik, the Philippines’ first neobank, continues to accelerate financial and credit inclusion with the launch of two new lending products.
Quick, convenient, and coupled with fixed low-interest rates, Flex Loan empowers customers with both freedom and flexibility to chase their dream purchases and experiences.
Flex Loan offers 2.49% monthly interest for up to 24 months, for a loan as much as P250,000. No collateral is needed as employed customers would only need to provide their latest bank statement and proof of income.
Meanwhile, Big Loan offers a one-time multipurpose installment loan that allows a borrower to use the equity value of their home. This property is then pledged to the bank as collateral, securing an amount of up to P2,500,000.
With Big Loan, the first fully digitalized collateral product in the market, customers only need to come to the Tonik Hub once to formally sign the loan and mortgage documents.
It offers the fastest-in-market approval time in a fully digital manner within minutes of the application, and disbursement of loans in seven business days from submission of documents. Proceeds of the loan are disbursed into customers’ Tonik Savings Accounts. No property appraisal fees are charged and no third-party appraisal is required.
Flex Loan and Big Loan are now available in the latest version of the Tonik app (iOS, Android).
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