Neobank Tonik launches new fully digital loan products – Back End News
Digital bank Tonik has started offering two new loan products, Flex Loan and Big Loan, with the aim of accelerating financial and credit inclusion in the country.
Tonik’s best priced unsecured loan to date, Flex Loan offers 2.49% monthly interest for up to 24 months, on a loan of up to P250,000. just need to provide their latest bank statement and proof of income.
A type of home equity loan, Big Loan offers a unique versatile installment loan that allows a borrower to utilize the equity in their home. This property is then pledged to the bank, securing an amount of up to 2.5 million pesos.
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With Big Loan, the first fully digitized collateral product on the market, customers only need to visit the Tonik Hub once to officially sign loan and mortgage documents. Offering the fastest approval time in the market in a fully digital manner within minutes of applying and disbursing loans within seven business days of submitting documents, loan proceeds are paid into the Tonik savings accounts of the clients. No property appraisal fees are charged and no third party appraisals are required.
“Powered by our pure digital platform and the most competitive rates on the market, Flex Loan and Big Loan provide accessible, secure and much-needed credit for the huge underserved market in the Philippines,” said Greg Krasnov, Founder and CEO. by Tonik. “With these new loans, we are excited to accelerate efforts to accelerate 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 through the Apple App Store and Google Play Store.
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