Flex Loan is an unsecured personal loan that is coupled with fixed, low-interest rates. Borrowers are offered up to USD 4,300 (Php 250,000) at monthly interest rate of 2.49% for a period of up to 24 months. No collateral is needed, as employed customers are required to provide only their most recent bank statements and proof of income.
Big Loan is a home equity line of credit of up to USD 43,000 (Php 2,500,000) and offers borrowers a one-time multipurpose instalment loan that enables them to use the equity value of their home and pledge it at collateral to the bank to secure the needed amount. This type of lending product is relatively new in the Philippines and is known to be popular in more developed markets, such as the US, and is predominantly used for home improvement, family businesses’ investment, and debt consolidation under a lower interest product.
With Big Loan being the first fully digitalised collateral product in the market, customers need to be present at the Tonik Hub only once, when formally signing loan and mortgage-related documents. The approval time is done in a fully digital manner within minutes of the application, the disbursement of loans in seven business days following the documents’ submission, the proceeds of the loan being disbursed into the customers’ Tonik Savings Accounts, with no property appraisal fees being charged or third-party appraisal being required.
Speaking of the launch of these products, company officials have stated that they aim to offer with Flex Loan and Big Loan accessible and safe credit to the Filipino underserved market and further their efforts in accelerating credit inclusion in the country.
Flex Loan and Big Loan are available in Tonik’s most recent version of the app, which is available for download on the Apple App Store and Google Play Store.
Tonik is the first digital-only neobank in the Philippines and provides loan, deposit, and payment products to its consumers through means of a secure digital banking platform; the company’s digital bank license was issued by the Bangko Sentral ng Pilipinas (BSP).
Other banking tools included in Tonik’s offering are: ‘Stash’, a savings accounts; ‘Group Stash’, a group savings account; ‘Time Deposit’, a high-interest savings account; ‘Quick Loan’, its flagship personal loan, as well as physical and virtual debit cards.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now