tonik loan application | Moneymax

Tonik is the first institution in the Philippines to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). This digital bank aims to transform the way people manage their finances not just in the Philippines but across Southeast Asia.

Tonik specifically targets the whopping 70% of Filipinos who remain unbanked. In doing so, it’s ushering in a new digital era in banking by giving people better and accessible options with just a few clicks. Filipinos are avid internet and social media users, so Tonik is leveraging technology to encourage people to revolutionize how they handle money.

This digital bank offers various financial products and solutions like deposits, savings, and loans, among others. If you need to pay for big-ticket items upfront, you can try going for a Tonik loan application, which guarantees a stress-free experience. Learn more about Tonik loans below.

What is a Tonik Loan?

tonik loan application - what is tonik loan

Tonik offers two types of non-collateral cash loan products, namely the Quick Loan and the Shop Installment Loan. Both are 100% digital and accessible through the Tonik mobile app, which you can download from the App Store and Google Play Store.

Depending on the loan type, you can take out a loan amount ranging from ₱5,000 to ₱100,000 and choose to pay for it between 3 and 24 months through a flexible payment scheme.

You can use your Tonik loan any way you want, just like you would when you apply for a personal loan. The Quick Loan is good for debt consolidation, business expansion, home renovation, travel, education, emergencies, and other purposes. 

The Shop Installment Loan, on the other hand, can be used to purchase appliances such as air conditioners, TVs, refrigerators, laptops, ovens, and washing machines.

What are the Features and Benefits of a Tonik Loan?

The features and benefits of a Tonik loan slightly vary per type of loan.

Tonik Quick Loan Features and Benefits

The Tonik Quick Loan[1] is a competitive choice for borrowers, as it has the following features:

☑️ Fast Approval Process

Tonik loan processing time and fees are some of the best in the market. Your loan can get approved in as fast as 30 minutes. Once your loan is approved, you’ll get a call from an authorized Tonik representative confirming the disbursement of the cash to your Tonik account.

☑️ Easy Application

You don’t need a credit history to apply. You also don’t have to pledge a collateral as a form of repayment.

☑️ Flexible Loan Amount

You can borrow as low as ₱5,000 and as much as ₱50,000. Tonik’s maximum Quick Loan amount is twice as much as that of a GCash Loan, which only goes up to ₱25,000.

☑️ Minimal Documents Required

No need to worry about getting your hands on too many documents. One valid ID and one full-month payslip are all you need to take out a Tonik loan.

☑️ Flexible Payment Date

You can name your own preferred salary payout date.

☑️ Flexible Installment Plan

You can choose between 6, 9, 12, 18, and 24 months for your Tonik loan payment time scheme.

☑️ Fully Digital Experience

You can get all information about your loan through the Tonik app, which you can download from the Google Play Store or App Store.

☑️ Real-Time Encashment

You can get the full loan amount disbursed to your Tonik account in real time.

☑️ Only One Bank Account Needed

No need to create another bank account if you already have one. You can use the same bank account for application and cash disbursement.

☑️ Fixed Monthly Interest Rate

The interest rate is fixed at 7%, but you can bring it down to 5.42% if you link your salary payroll ATM card.

☑️ No Hidden Fees

You won’t be asked for any pre-termination or early payment fee.

☑️ Auto-Debit Feature

You can top up your main account and get auto-debited on your due date.

Tonik Shop Installment Loan Features and Benefits

tonik loan application - shop installment features

The Tonik Shop Installment Loan[2] is a competitive choice for borrowers, as it has the following features:

☑️ Fast Approval Process

The Tonik loan processing time and date are some of the best in the market. Your loan can get approved in as fast as 30 minutes, and you can set your own date of repayment. You can also check the status of your loan application from the Tonik app. 

☑️ Fixed Monthly Interest Rate

The interest rate is fixed at 7%, but you can bring it down to 4.25% if you present the official receipt of your purchase.

☑️ Minimal Documents Required

No need to worry about getting your hands on too many documents. One valid ID and one full-month payslip are all you need to take out a Tonik loan.

☑️ Flexible Loan Amount

You can borrow as low as ₱5,000 and as much as ₱100,000. If you need a higher loan amount, you can pursue an EastWest Bank Personal Loan application, which allows you to borrow up to ₱2 million. Or if you need funds for your business, go for the Esquire Financing Business Loan, which can lend you up to ₱10 million.

☑️ Flexible Payment Date

You can choose your own preferred due date.

☑️ No Credit History Needed

You don’t need a credit history to apply. You also don’t need a credit card for your Tonik loan application.

☑️ Easy Application

You don’t have to pledge a collateral as a form of repayment. There’s also no need to pay for a down payment.

☑️ Flexible Installment Plan

You can choose between 3, 6, 9, 12, 18, and 24 months for your loan payment time scheme.

☑️ Fully Digital Experience

You can get all information about your loan through the Tonik app, which you can download from the Google Play Store or App Store.

☑️Real-Time Encashment

You can get the full loan amount disbursed to your Tonik account in real-time.

☑️ Only One Bank Account Needed

No need to create another bank account if you already have one. You can use the same bank account for application and cash disbursement.

☑️ No Hidden Fees

If you want to pay earlier, you won’t be charged extra.

☑️ Auto-Debit Feature

You can top up your main account and get auto-debited on your due date.

Personal loan in the Philippines

Who is Eligible for a Tonik Loan?

The Tonik loan approval process starts with a pre-qualification questionnaire, which you can answer from the website. Your eligibility hinges on the following criteria:

  • Filipino citizen
  • Residing in the Philippines
  • 23 to 58 years old
  • Presently employed
  • With a one-month payslip or payroll account bank statement
  • Ideally has a valid salary payroll card if availing of the Quick Cash Loan
  • Ideally has an official receipt of purchase if availing of the Shop Installment Loan
  • With a valid government-issued ID

Your valid government-issued ID[3] must be one of the following:

  • Philippine Passport
  • Philippine Driver’s License
  • Unified Multipurpose ID (UMID)
  • Social Security System (SSS) ID
  • Professional Regulation Commission Identification Card (PRC ID)
  • Postal ID (card type)
  • Phil ID (National ID or PhilSys ID)

If you meet all of these qualifications, you can download the Tonik app, create an account, and start applying for a loan.

What are the Requirements for a Tonik Loan?

Tonik loan requirements slightly vary depending on the type of loan you will avail of and whether you’re getting one with a linked card or not.

📝 Requirements for a Quick Loan with a Linked Card

Successfully linking your payroll ATM card will get you a lower interest rate. You must prepare the following requirements to get a Quick Loan with a linked card:

  • Valid government ID (i.e., Philippine passport, driver’s license, UMID, SSS ID, PRC ID, Phil ID (national ID/PhilSys ID), and postal ID)
  • Salary ATM payroll card
  • Latest one full-month salary bank statement of account or payslip
  • Tonik account

📝 Requirements for a Quick Loan Without a Linked Card

You need the following to qualify for a Quick Loan without a linked card:

  • Valid government ID (i.e., Philippine passport, driver’s license, UMID, SSS ID, PRC ID, Phil ID (national ID/PhilSys ID), and postal ID)
  • Latest one full-month salary bank statement of account or payslip
  • Tonik account

📝 Requirements for a Shop Installment Loan

Secure the following documents beforehand to apply for a Shop Installment Loan:

  • Valid government ID (i.e., Philippine passport, driver’s license, UMID, SSS ID, PRC ID, Phil ID (national ID/PhilSys ID), and postal ID)
  • Latest one full-month salary bank statement of account or payslip
  • Tonik account

How Do I Borrow Money from Tonik Bank?

You can apply for a loan online through the Tonik app. A Tonik loan application takes only 15 minutes to complete. But before that, you need to create a Tonik account first.

How to Create a Tonik Account 

tonik loan application - how to crate tonik account

To create a Tonik account, follow the steps below:

  1. Download the Tonik app from the App Store or the Google Play Store.
  2. Launch the app and enter your registered Philippine mobile number. Click “Next.”
  3. Read the Terms and Conditions. Click “Agree and Continue.”
  4. Input the one-time password (OTP) sent to your mobile number.
  5. Take a photo of yourself for verification purposes.
    1. Make sure you’re in a well-lit area with a plain background.
    2. Remove anything that blocks any part of your face (e.g., glasses, mask).
    3. Keep your photo in portrait mode.
    4. Put your face within the purple oval frame.
  6. Follow the instructions (e.g., nodding or shaking your head) indicated in the app as you take the photo).
  7. Scan your valid government ID in portrait mode and without using a camera flash. Make sure the whole ID is captured within the purple frame before clicking the capture button.
  8. Scan both the front and back of your ID.
  9. Confirm your ID details (e.g., ID number, expiry date, etc.).
  10. Enter your personal details (e.g., full name, sex, birth date, place of residence, work, source of income, email address, mother’s full maiden name). Click “Continue.”
  11. Answer the Foreign Account Tax Compliance Act (FATCA) question to verify your citizenship. This is just a simple multiple-choice question.
  12. Add your signature using your finger or a compatible stylus pen. Click ‘Next.’
  13. Create a strong password that is eight to 26 characters long and has at least one special character, an uppercase letter, a lowercase letter, and a number. Click “Continue.”

How to Apply for a Tonik Loan 

tonik loan application process

Once you’ve successfully created a Tonik account, you can proceed with your loan application. Follow these steps:

  1. Click “Loans” from the main dashboard. 
  2. Choose between the Quick Loan and the Shop Installment Loan
  3. Indicate the amount you wish to borrow by moving the slider. 
  4. Choose your preferred installment period.
  5. Review the computed monthly installment based on your preferences. Click “Continue.”
  6. Review the loan summary, including the interest rate and the processing fee. Click “Apply for this loan.”
  7. Select the type of ID you can present. Click “Let’s scan this ID.”
  8. Upload a photo of your ID. It will take about 24 to 48 hours for your ID to be verified. You’ll receive an email confirming verification.
  9. Go to the Tonik app and repeat steps 1 to 5.
  10. You’ll have an option to link your payroll ATM account for a chance to score lower monthly payments. Select either “Skip this” or “Link my payroll ATM.” 
  11. Identify what you need the loan for by choosing among the options provided. Click “Next.”
  12. Indicate which industry you work in. Click “Next.”
  13. Indicate how many dependents you have. Click “Next.”
  14. Verify your current city of residence. Click either “I live in another city” or “Yes, I live in this city.”
  15. Indicate your monthly income. Click “Next.”
  16. Indicate which bank you use. Click “Next.”
  17. Provide proof of your income (e.g., payslip or bank statement). 
  18. Wait to be notified about your application status.

Find out other easy ways to get a personal loan online:

How Do You Make a Repayment for Your Tonik Loan?

There are two ways on how to pay your Tonik loan. The first one uses the auto-debit feature, where your monthly amount is auto-debited from your enrolled payroll ATM card on the due date you have set. This is especially true for a Quick Loan with a linked card.[4]

The second one is through the Tonik app. This is especially true for a Shop Installment Loan,[5] but it can also apply when repaying for a Quick Loan, as there can be instances when the auto-debit feature isn’t possible due to certain factors.

It could be that you don’t have a linked card, your payroll bank is offline, your ATM card is expired/lost/stolen, or you don’t have your salary ATM payroll card yet because you’re newly employed. In such cases, you will have to top up your Tonik account so that your repayments can be debited from there.

Tonik Loan FAQs 

tonik loan application faqs

1. Is Tonik loan app legit? Is it safe to use?

Yes. Tonik has a strong security infrastructure in place that protects the platform against any threat of account theft or fraud. It’s also regulated and licensed by the BSP and protected by the Philippine Deposit Insurance Corporation (PDIC), which insures your money for up to ₱500,000. 

If you don’t find your question here, you can explore other Frequently Asked Questions on the website.[6]

2. Where can you top up your Tonik account?

You can top up using the following channels: BPI Direct, UnionBank Direct, Local Bank Debit Card, PESONet, GCash, 7-Connect, CLIQQ, SM Business Center, and M Lhuillier.[7]

3. Can you change your due date and loan term?

No. Tonik allows you to be flexible in choosing your due date, but you can set it only once at the beginning of your application. Before you take out a loan, make sure you choose the most ideal repayment date and scheme for you, as you can’t change these details once your loan is approved and you’re midway through repayment.

Final Thoughts

Loans are handy when you need extra cash for whatever justifiable reason. The flexibility and versatility they offer make them an attractive option when you need to fill a void in your budget. A Tonik loan application is an easy process that takes the stress out of the equation. Just make sure that you don’t get too excited and waste your money on unnecessary things. Be wise in spending, and be just as responsible in repaying your loan.

Check Out Other Legit Personal Loans in the Philippines

Still exploring your options for borrowing money? Let Moneymax help you! Here’s a table of personal loan features from the country’s reputable providers.

Personal Loan ProvidersMinimum Loan AmountMinimum Annual IncomeApproval Time
Citibank Personal Loan
(This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.)

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100,000250,000Fast approval time in as fast as 24 hours
Maybank Personal Loan

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50,000300,000Apply for a loan online in just a few clicks
RCBC Bank Personal Loan

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50,000360,000Get approved within 5 to 7 banking days
PBCOM Personal Loan

₱40,000₱420,000Get approved within 3 banking days
SB Finance Personal Loan

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₱30,000₱360,000Get approved within five banking days
CIMB Bank Personal Loan

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30,000180,000Apply within 10 minutes and get approved in 24 hours
HSBC Personal Loan

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30,000168,000Get approved within 5 to 7 banking days
EastWest Bank Personal Loan

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₱25,000₱180,000Get approved within five to seven banking days
BPI Personal Loan

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20,000300,000Get approved within 5-7 banking days
CTBC Bank Personal Loan

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10,000180,000Get approved within 3 to 5 banking days
EasyRFC Multi-Purpose Loan

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10,000120,000Fast approval time in as fast as 24 hours

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