Tonik, the Philippines’s first digital-only neobank, has launched a Quick Loan product on its platform.
According to Tonik, the launch of Quick Loan marks the company’s entry into the deeply underserved consumer lending market in the country, in which it intends to establish itself as one of the market leaders.
Moreover, the Quick Loan doesn’t require the client to have a prior credit history or a pre-existing bank account at another bank. Instead, it relies on alternative credit scoring technologies for the credit decision.
The Quick Loan offers a quick application of under 15 minutes with minimal documents required – only one valid ID and 1-month latest payslip. As per Tonik, 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 From there, the funds can be withdrawn through OTC partners Cebuana and MLhuillier, moved to the client’s other bank or e-wallet account, or paid out through an ATM or merchant payment using the Tonik Debit Card.
Tonik’s Quick Loan comes with a 7% fixed monthly interest rate. However, those who will have their salary payroll ATM card linked would get a lower monthly interest rate of 5.42%.
Further, by availing of up to 24 months loan duration, Quick Loan clients can apply for loans from PHP 5,000 to PHP 50,000. The clients can also set their own preferred monthly repayment dates, as well as save time and reduce their interest rate by linking their salary payroll ATM card.
To check if you are qualified for Quick Loan, head over to this link.