Digital bank Tonik started offering two new lending products, Flex Loan and Big Loan, in a bid to accelerate financial and credit inclusion in the country.
Tonik’s best priced unsecured loan yet, 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 only need to provide their latest bank statement and proof of income.
A home equity type of loan, 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 P2.5 million.
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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. Offering 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.
“Powered by our purely digital platform and the most competitive market rates, Flex Loan and Big Loan offer accessible, safe, and badly needed credit for the huge underserved market in the Philippines,” said Greg Krasnov, founder and CEO, Tonik. “With these new loans, we are excited to speed up efforts in accelerating credit inclusion in the country.”
Flex Loan and Big Loan are now available in the latest version of the Tonik app which can be found and downloaded via the Apple App Store and Google Play Store.