Tonik Quick Loan lets users apply for a loan even without credit history

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Digital-only neobank Tonik enters the deeply underserved consumer lending market in the Philippines with the launch of its all-digital Quick Loan service.

Designed to serve the vast unbanked and underbanked Filipino middle class, Quick Loan allows clients to borrow money even without a credit history or a pre-existing bank account at another bank. Instead, Quick Loan relies on world-class alternative credit scoring technologies for credit decision.

Applying for a loan is fast. Clients only need to upload one valid ID and their latest pay slip. 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 From there, the funds can be withdrawn through OTC partners Cebuana and MLhuillier, moved to client’s other bank or e-wallet account, or paid out through an ATM or merchant payment using the Tonik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 P50,000 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.

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