Tonik is adding two new loan products to its suite of banking tools.The new offerings include Flex Loan, an unsecured personal loan, and Big Loan, a home equity line of credit.Tonik received the first digital bank license issued by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP).
Tonik is one of the first neobanks in the Philippines. Today, the Singapore-based fintech announced it is adding two new lending products to its existing suite of digital banking tools.
The new offerings are called Flex Loan and Big Loan. Flex Loan is an unsecured personal loan that doesn’t require collateral and offers borrowers up to $4,300 (Php 250,000) at a rate of 2.49% monthly interest for a term of up to 24 months. Big Loan is a home equity line of credit of up to $43,000 (Php 2,500,000) that enables users to borrow against the equity on their home when they offer their property to the bank as collateral.
“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,” said Tonik Founder and CEO Greg Krasnov. “With these new loans, we are excited to speed up efforts in accelerating credit inclusion in the country.”
Big Loan may be Tonik’s most notable new product. That’s because home equity lines of credit are relatively new to the Philippines. Tonik’s Big Loan offering marks one of the first fully digitalized collateral product available in the Philippines. Once the borrower applies for the loan and submits the necessary paperwork, Tonik makes the funds available within seven business days.
Tonik’s other banking tools include Stash, a savings account; Group Stash, a group savings account; Time Deposit, a high-interest savings account; Quick Loan, its flagship personal loan; and physical and virtual debit cards.
Tonik received the first digital bank license issued by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP). Founded in 2018, and with offices in Singapore, Manila, and Chennai, Tonik has raised $175 million from top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank.
Photo by Gino on Unsplash
