MANILA, Philippines, Nov. 9, 2022 /PRNewswire/ -- Tonik, the Philippines' first neobank, continues to accelerate financial and credit inclusion with the launch of its two new lending products, Flex Loan and Big Loan.
Building on the success of its all-digital savings portfolio and 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 as much as Php 250,000. No collateral is needed as employed customers would 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 Php 2,500,000.
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.
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 (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.
"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," shared Tonik Founder and CEO Greg Krasnov. "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.
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank 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 in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.