The Philippines’ first neobank, Tonik, has just launched two new lending products, Flex Loan and Big Loan, in an effort to further accelerate its financial and credit inclusion leadership in the country.
Building on the success of its all-digital savings portfolio and the successful launch of its first lending product, Quick Loan, the new products are set to position Tonik as among the pioneering digital lenders in the country with loans catering to every need.
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 perfect for the start of another year.
Tonik’s best-priced unsecured loan yet, Flex Loan offers 2.49% monthly interest for up to 24 months, for a loan of 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.
Big Loan, meanwhile, is a home equity type of loan. It offers a one-time, multi-purpose instalment loan package 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.
All-new digital loan products offer a safe, easily accessible, and badly-needed credit
“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 of Tonik.
“With these new loans, we are excited to speed up efforts in accelerating credit inclusion in the country,” he adds.
Relatively new in the Philippines, this type of lending product continues to be popular in more developed markets such as the United States. It is mostly used for home improvement, investment for family businesses, and debt consolidation under a lower-interest product.
Offering the fastest-in-market approval time in a fully digital manner within minutes of the application, and disbursement of loans in seven (7) 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 which can be found and downloaded via the Apple App Store and Google Play Store.
Tonik operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets.
It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated with and is in partnership with world-class banktech vendors that include Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon.
Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai. To learn more about the neobank and the different loan packages that they offer, visit https://tonikbank.com.