#tonik

(Solo Stash) Rate cap: no limit Promo period: not specified The default interest rate of a Tonik savings account is only 1% p.a., but it also offers ‘Stashes’ (similar to Maya Goals) with 4% p.a. Click here for more info about Tonik stashes. With the successful launch of its first lending product Quick Loan, Tonik is now accelerating its financial and credit inclusion by now introducing two new lending products Flex Loan and Big Loan. Tonik has said these types of lending products are popular in more developed markets such as the United States and are used for purposes such as home improvement, investment for family businesses, and debt consolidation under a lower-interest product. With Big Loan being 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. Tonik says that they offer the fastest-in-market approval time within minutes of the application, and with the disbursement of loans in 7 business days from the submission of documents. Proceeds of the loan will then be disbursed into the customer's Tonik Savings Account. Tonik also says that no property appraisal fees are charged and no third-party appraisal is required. Read more in our articles including "10 Digital Banks in the Philippines Ranked Based on Interest Rates" and "Tonik launches new Flex Loan & Big Loan lending products in the Philippines".