The launch of the new product marks Tonik's entry into the consumer lending market in the Philippines, in which it intends to establish itself as one of the market leaders. Tonik's solution is designed to serve the unbanked and underbanked Filipino middle class with a bank credit proposition.
Mass Market Appeal. Tonik's Quick Loan doesn't require the client to have a prior credit history or a pre-existing bank account at another bank, relying instead on alternative credit scoring technologies for credit decision. Quick Loan offers an application path of under 15 minutes, based on an upload of one ID and the latest pay slip. The credit decision is typically made within minutes through proprietary AI-driven underwriting.
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