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Philippines First Digital-Only Neobank Tonik Launches 15 Minute Quick Loan

Tonik, the Philippines’ first digital-only neobank, has launched a pioneering Quick Loan product on its platform. The launch of Quick Loan marks Tonik’s entry into the deeply underserved consumer lending market in the Philippines, in which it intends to establish itself as one of the market leaders. 

Tonik’s game-changing all-digital Quick Loan is designed to serve the vast unbanked and underbanked Filipino middle class with a quick and affordable bank credit proposition.

Tonik’s Quick Loan doesn’t require the client to have a prior credit history or a pre-existing bank account at another bank, relying instead on world-class alternative credit scoring technologies for credit decisions.

It also offers a market-leading rapid application path of under 15 minutes, based on an upload of only one ID and the latest payslip. 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 From there, the funds can be withdrawn through OTC partners Cebuana and MLhuillier, moved to the client’s other bank or e-wallet account or paid out through an ATM or merchant payment using the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.

By availing of up to 24 months loan duration, Quick Loan clients can comfortably spread up to P 50,000 of total loan principal across their monthly budgets. 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.

“Traditional banks require the applicant to have a credit history to approve a loan while 80%+ of the Filipinos don’t have any credit history. As a result, Filipino consumers are forced to borrow from friends and family or from payday loan providers at very high interest. This damages their long-term financial stability and undermines their future, and we think this is unfair. We estimate that there is USD 100 billion of potential market for consumer loans in the Philippines, which is currently 90% unserved. Our plan is to change this balance and make affordable loans accessible for the majority of Filipinos.” said Greg Krasnov, CEO and Founder of Tonik. 

“We have already attracted close to USD 80 million of consumer deposits since our launch six months ago. This has validated our ability to rapidly scale our resources for lending and therefore enables us to grow our loan book fast and without any reliance on third party wholesale funding. So, the Quick Loan is only the first in a range of all-digital consumer lending products that we will introduce over the coming months. Our plan is to use advanced digital technology to help solve financial inclusion in the country,” said Krasnov. 


  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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