Tonik, the Philippines’ first digital-only neobank, has made a Quick Loan product available on its platform.
According to Tonik, the introduction of Quick Loan marks the company’s entry into the country’s vastly underserved consumer loan industry, where it hopes to establish itself as a market leader.
Furthermore, the Quick Loan does not necessitate the client having a past credit history or a pre-existing bank account with another bank. Instead, it makes credit decisions using different credit scoring technologies.
The Quick Loan is a 15-minute application process and requires only one valid ID and one month’s worth of pay stubs. According to Tonik, credit decisions are often completed within minutes using proprietary AI-driven underwriting.
When the funds are accepted, they are immediately credited to the client’s Tonik Account. The monies can then be withdrawn via OTC partners Cebuana and MLhuillier, transferred to the client’s other bank or e-wallet account, or paid out via ATM or merchant payment using the Tonik Debit Card.
Tonik’s Quick Loan has a set monthly interest rate of 7%. Those who attach their salary payroll ATM card, on the other hand, would receive a lesser monthly interest rate of 5.42 percent.
Quick Loan consumers can also apply for loans ranging from PHP 5,000 to PHP 50,000 with loan terms of up to 24 months. Clients can also choose their chosen monthly repayment dates, saving time and lowering their interest rate by attaching their salary payroll ATM card.
Go to this page to see whether you are eligible for a Quick Loan.