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3 questions you need to ask before committing to a loan

Tue, 03/01/2022 - 11:32

Loans sound like a great quick fix to fund dreams and solve financial problems. Still, a loan is a commitment. You may not be making a vow in front of a priest or a judge, but you’re promising the lender that you’ll pay back what you owe in a few months or years, no matter what.

Like every commitment, you have to know what you’re signing up for. Especially since now, you have a fair chance at getting approval with Tonik Quick Loan, our game-changing loan in Philippine digital banking.


Typically, Philippine banks use credit scores to gauge your ability to repay a loan based on your history of repaying previous loans, credit cards, and more. But where does that leave first-time borrowers and those with a very short credit history?


As the country’s first neobank (digital-only bank), Tonik believes that everyone deserves quick and easy access to loans. So with just a valid government ID, a month’s payslip, and a few taps on our money management app, you can apply and get approval in as fast as 30 minutes. No need for multiple visits. No need to show financial records. No need for experience in your credit score (a Philippine first!).


Sounds good, right? But before you sign “I do”, ask these 3 questions.




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1. How much can I afford to borrow?

With Tonik Quick Loan, you can access a higher loan amount than most lenders in Philippine digital banking. We offer 5,000 PHP to 50,000 PHP at a fixed monthly interest rate of 7 percent. (But if you link your salary payroll ATM card, that rate goes down to 5.42 percent.) You can repay us in installments of 6, 9, 12, 18, and 24 months--whichever works for you.


While it’s tempting to just go for the biggest amount, don’t forget, this is a commitment. You’ll need to pay it back eventually. So think about it: how much do you really need to borrow?


If you’re using your loan to pay for your sibling’s schooling, total the cost of their tuition fee, laptop, wi-fi, and more to support learning from home. Once it’s clear to you, you can borrow just enough.


Remember, your loan repayment will be among the expenses you’ll need to cover in the coming months. Use the calculator below and see what that may mean for you.


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2. When will I get my loan?

Remember when we said loan application and approval can be done in as fast as 30 minutes? Here’s even better news: once your loan is approved, you’re free to access the cash in your Tonik Account.


You don’t need to wait at all. As a neobank, all of Tonik’s transactions are housed in one money management app. Loan application, approval, and disbursement happen with just a few taps.


We understand that you need to act fast these days, so we’re making sure that Philippine digital banking keeps up.


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3. How can I repay my loan?

If you have little to no experience borrowing, Tonik Quick Loan may just be your starting point to building a strong Philippine credit score. The trick is paying on time.


You can set your preferred payment date and we can auto-debit the amount from your savings account/Tonik Account (which earns 1 percent interest per annum, btw). You just need to make sure you’ve topped up your account before the date.


We’ll remind you too. Our money management app has a repayment tracker that updates you every day on your loan status and deadlines. If you pay your loan early and in full, well, we’re happy for you! You don’t need to worry about early payment or pre-termination fees.


If you’re committed to paying on time, well, we’re committed to helping you succeed.


Does all that sound like a sure go for you? If it does, say “I do” to the Tonik app and hit download.


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