What Are the Requirements for a Shop Installment Loan in the Philippines?

Quick Take (TL;DR)

So, you're thinking about a Shop Installment Loan (aka Buy Now, Pay Later, or BNPL) in the Philippines? Here’s the scoop: To apply for Tonik’s Shop Installment Loan, you need to be 18 or older, a Filipino citizen, employed, and have at least one valid government-issued ID. Tonik keeps it simple with minimal paperwork and no credit history required—perfect for first-time borrowers!

Try Tonik Shop Installment Loan

Let’s talk Shop Installment Loans—also known as Buy Now, Pay Later (BNPL) options. Imagine buying that shiny new gadget or cool fashion item right now, but paying for it over time—how awesome is that? 😎

A lot of Filipinos are turning to BNPL services for in-store purchases because it makes life easier. No more stressing over big-ticket purchases when you can pay in bite-sized installments. And guess what? Tonik’s Shop Installment Loan makes it super easy to get started!

If you’re wondering about the installment loan requirements, don’t worry—we’ve got you covered. Keep reading to see if you qualify and how you can get started.

General eligibility requirements

Ready to get your BNPL on? Here's what you’ll need to qualify for a Tonik Shop Installment Loan:

1. Filipino Citizenship 
   Yep, you gotta be a Filipino citizen to apply.  
2. Age: 18 to 58 Years Old 
   You need to be at least 18, but don’t worry if you're on the more experienced side of things—our loans are available for anyone up to 58 years old!
3. A Job or Steady Income 
   Whether you’re employed or have a regular income source, that’s all you need. You just need to show that you’re able to handle your payments.
4. Philippine Residency 
   You must be living in the Philippines—makes sense, right?
5. A Mobile Number & Internet Access 
   Got a phone and Wi-Fi? Perfect! A working mobile number and internet are needed for the app-based application process.

These are some of the basic installment loan requirements that Tonik uses to help streamline your loan process. Super simple, right?

Required documents

Good news—Tonik keeps things super simple with minimal paperwork. Here’s what you’ll need to get started:

• 1 Valid Government-Issued ID 
  This could be a UMID, driver’s license, passport, or national ID. Easy peasy.
• Optional, But Helpful 
  You can also submit proof of income (like a payslip or COE) and a proof of billing address (like a utility bill) to make your application even smoother. But don't worry, Tonik still makes it easy for first-time borrowers with just the basics!

Credit history and collateral

One of the best things about Tonik’s Shop Installment Loan? No credit history required! 🎉 That means if you’ve never taken out a loan before or don’t have a credit card, you’re still good to go. Oh, and there’s no collateral needed, either! So, whether it’s your first loan or not, Tonik’s got you covered.

App-based application process

Applying for a loan with Tonik? It’s as easy as opening your phone. Check out how it works:

1. Download the Tonik App 
   First, grab the Tonik app from Google Play or the Apple App Store.
2. Complete Onboarding 
   Fill out a few simple details and verify your identity—it’s quick!
3. Head to a Partner Store & Scan the QR Code 
   Find something you like in a partner store, then scan the QR code with the Tonik app to start your Shop Installment Loan application.
4. Submit Your Loan Application in the App 
   Fill out the details, and boom—you’ll get a notification if you’re approved, usually in just a few minutes!

What’s even better? Tonik’s app is 100% digital, which means fast approvals and zero paper hassles. No lines, no waiting!

Additional considerations

Before you apply for your Shop Installment Loan, here are a few things to keep in mind:

• You’ll need to pick something from a partner store.
• A 10% down payment might be required for certain purchases.
• Loan amounts range from ₱5,000 to ₱100,000, so there’s a lot of flexibility depending on your needs.
• You can choose an installment term of 3, 6, 9, or 12 months.

Just make sure your device is updated and ready to roll, and you’re all set!

Common reasons for disqualification

While Tonik’s Shop Installment Loan process is straightforward, there are still a few things that could cause your application to be disqualified. Let’s break them down so you can avoid these mistakes:

1. Incomplete Application 
   Why it happens: Sometimes, a missed detail or skipped field on the application form can delay or even disqualify your application. 
   How to avoid it: Double-check your application before submitting! Ensure all fields are filled out correctly and completely. It's especially important to make sure that your contact details, loan amount, and payment terms are accurate.
2. Expired or Invalid ID 
   Why it happens: Your ID is one of the most critical documents in your application. If your ID is expired, damaged, or invalid, it can’t be used for verification, which means your application can’t be processed. 
   How to avoid it: Check the expiration date of your government-issued ID before submitting. If it’s near expiry or has any visible damage, it might be best to renew it or replace it before applying to avoid any delays.
3. Mismatched Personal Details 
   Why it happens: If the personal information on your application doesn’t exactly match the information on your ID (like spelling errors, wrong birthdates, or mismatched names), your application can be flagged or denied. 
   How to avoid it: Before you submit your application, make sure the name, birthdate, and other details on your form match your ID exactly. Also, double-check that your phone number, email, and address are accurate.
4. Employment or Residency Not Verified 
   Why it happens: Tonik will need to verify that you are a resident of the Philippines and that your employment or income is stable enough to support the loan. If this information is missing or incorrect, it could lead to disqualification. 
   How to avoid it: Make sure the details you provide about your employment and residency are truthful and up-to-date. If Tonik needs extra verification, respond quickly and provide the necessary documents like proof of income or a utility bill to verify your address.

Tips to increase approval chances

Now that we’ve covered the potential pitfalls, let’s talk about how you can boost your chances of approval for your Shop Installment Loan. These tips are designed to make your application stronger and smoother:

1. Prepare Your Valid ID in Advance 
   Why it helps: Submitting an up-to-date, valid ID is essential for verifying your identity. 
   Tip: Make sure your ID is ready and visible before you start the application. If your ID is expired or close to expiring, consider renewing it before applying to avoid any delays.
2. Ensure Your Tonik App Profile is Complete 
   Why it helps: A fully completed app profile shows that you’re organized and serious about the loan application. It also speeds up the approval process. 
   Tip: Fill out your profile details completely and truthfully. If you’ve recently changed your address, phone number, or job, update the app to reflect those changes. The more accurate your information, the smoother your application will go.
3. Apply During Store Hours When Tonik Store Promoters Are Available 
   Why it helps: Tonik store promoters are there to assist you with the application process and answer any questions you might have. They can help you troubleshoot if there are any issues with your application. 
   Tip: Try to apply during store hours so you can get assistance if needed. You’ll have an expert on hand to guide you, which could help prevent small errors from holding up your application.
4. Choose a Realistic Loan Amount That Aligns with Your Income 
   Why it helps: Tonik’s approval process considers your income when deciding how much you’re eligible to borrow. If you request too much, it could raise red flags about your ability to repay the loan. 
   Tip: Be realistic about your loan amount. Don’t overestimate your borrowing capacity. The goal is to choose an amount that’s within your means and aligns with your income, ensuring that repayments are manageable. You can always apply for a larger loan in the future once you’ve successfully completed your first Shop Installment Loan.
5. Double-Check Your Loan Application Before Submitting 
   Why it helps: Small mistakes, like typos or missing information, can delay the approval process or cause your application to be rejected. 
   Tip: Before hitting the submit button, take a final look at your application. Make sure all the details are correct, including your contact information, loan amount, and the store from which you’re purchasing.
6. Make Sure Your Device is Updated and App-Ready 
   Why it helps: A smoothly functioning device and app mean fewer hiccups during the application process. An outdated app or software could cause delays or errors. 
   Tip: Ensure that both your device and the Tonik app are up-to-date. If you haven’t updated your phone in a while, make sure to do so before you begin your application. A smooth, updated experience will reduce the chances of issues during submission.

By following these tips, you'll not only make the application process smoother, but you'll also increase your chances of getting approved quickly and easily for your Shop Installment Loan.

So there you have it! Tonik’s Shop Installment Loan is a fantastic, easy, and flexible way to shop now and pay later. With just a few simple installment loan requirements and a super easy application process, you can get the things you want—without the stress. 💸

Ready to give it a try?

Try Tonik Shop Installment Loan and start shopping smarter today!