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Philippines' Tonik enters consumer lending market

Wednesday 15 September 2021 13:21 CET | News

Philippines-based neobank Tonik has launched the Quick Loan product on its platform.

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.

Once approved, the funds are instantly credited to the client's Tonik Account. From there, the funds can be withdrawn through OTC partners Cebuana and MLhuillier, moved to client's other bank or e-wallet account, or paid out through an ATM or merchant payment using the Tonik Debit Card.

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Keywords: product launch, digital banking, neobanks, lending
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Philippines
This article is part of category

Banking & Fintech