Philippines digital-based neobank, Tonik, announced the launch of Quick Loan, which delves into underserved consumer lending markets.
Existing bank account and credit history are not necessary to benefit from this service. Instead, it relies on alternative credit scoring tech for the decision.
It offers fast and easy application and minimal document requirements – applicants would only need one valid ID and one-month latest payslip. Afterwhich, the credit decision rests upon proprietary AI-driven underwriting, which will be processed within minutes.
Funds will then be credited instantly to the customer’s Tonik account, which could be withdrawn through OTC partners Cebuana and MLhuillier. It’s also transferable to the other bank or e-wallet accounts or paid out through an ATM or merchant payment using Tonik Debit Card.
Quick Loan will have a 7% fixed monthly interest rate, but customers with their salary payroll ATM card linked can get a lower monthly interest rate of 5.42%. Furthermore, they can also choose their preferred monthly repayment dates, save time and reduce their interest rate
Tonik Quick Loan clients can apply for loans minimum of PHP5,000 and up to PHP50,000. To know if you’re qualified for Quick Loan, check out Tonik’s official site here.