Quick Loan with Card Linking Terms and Conditions

Salary Backed Loan - Terms and Conditions


  1. “Bank” refers to Tonik Digital Bank.
  2. “Bank Savings Account” refers to the Tonik Savings Account of the Borrower with Tonik Digital Bank Inc.
  3. “Banking day” means a day, other than a Saturday, Sunday or public holiday, in which banks are generally open in Manila and Pasig City.
  4. “Loan” refers to the Quick Loan subject of these Terms & Conditions.
  5. “Loan Documents” collectively refers to the Disclosure Statement, Amortization Schedule, Promissory Note, and Direct Debit Form issued by the Bank in consideration of the loan application.
  6. “Monthly installment” refers to the principal amount due with the corresponding interest to be repaid by the Borrower on each due date.
  7. “Salary Bank Account” refers to the employment payroll account of the Borrower, which may be provided by any Bangko Sentral ng Pilipinas-registered bank in the Philippines.
  8. “Salary ATM Bank” refers to the Bangko Sentral ng Pilipinas-registered bank which the Borrower has a Salary Bank Account and Salary ATM Card with.
  9. “Salary ATM Card” refers to the Philippines-issued ATM debit card linked to the Borrower’s Salary Bank Account.
  10. In the event of any conflict or inconsistency between these Terms & Conditions and the other Loan Documents, the provisions set forth in these Terms & Conditions shall prevail, unless otherwise expressly provided.


  1. To apply for a Loan, the Borrower must be a Filipino citizen, aged between 23 to 58 years of age at the time of application, must be employed, have a valid TIN, must have an existing, valid, and local 3D-Secure (3DS) Salary ATM Card as a source of payment, and must have the legal capacity to enter into binding contracts.
  2. The Borrower must provide true and accurate information, requirements, and additional documentation if needed, for the processing of the application and which will be the basis of approval of the loan. The Bank has the right to approve, cancel at any stage prior to loan disbursement, or reject/decline the loan application based on the Bank’s Credit guidelines, and is not obligated to disclose any underlying reasons for cancelling, rejecting, or declining the loan application.
  3. At its sole discretion, the Bank may cancel any unutilized approved loan at any time.


  1. The Borrower represents and warrants:
    1. That s/he does not have any criminal record, and is freely and voluntarily entering into the loan agreement.
    2. That the Borrower’s existing loans and obligations with other lenders (including but not limited to the Bank, other banks, financing companies and credit cards companies) are updated and not delinquent or past due.
    3. That all documents, communication, and information provided are complete, accurate, and true.
  2. The warranties and representations made by the Borrower as of the effective date stated in the Disclosure Statement are deemed repeated throughout the duration of the Loan.


  1. The Borrower undertakes to properly and promptly inform the Bank’s Customer Care department via call or email regarding any updates in the Borrower’s necessary information such as place of residence and any changes in the contact information provided to the Bank. In case of any discrepancy in the Borrower’s name as stated in any of the Loan Documents, the Bank will provide Loan Documents with the corrected name. Any changes to the employment status of the Borrower should be provided to the Bank within two (2) business days.
  2. The Borrower agrees to abide by and be bound by these Terms and Conditions and those stated in the Loan Documents. The Borrower further agrees that once the loan is approved and credited to his/her Bank Savings Account, the Loan is effective and the Borrower is bound by these Terms and Conditions, and the provisions of the Loan Documents.
  3. The Borrower agrees to pay the Bank any outstanding amount and fees and finance charges, such as but not limited to the interest rate, or any other unpaid amount, as stated in the Loan Documents.
  4. The Borrower agrees to promptly provide and submit all required documents and information from time to time throughout the duration of the loan.
  5. The Borrower agrees to use the Loan solely for Personal Use and declared purpose as stated in the application and not for any unlawful purposes or activities.
  6. The Borrower agrees that the authorization for automatic direct debit from the linked Salary Bank Account shall remain effective notwithstanding the occurrence of any unfortunate event such as the death of the Borrower until notice of such death is received by the Bank.
  7. The Borrower agrees that these Terms and Conditions and Loan Documents shall be binding upon and inure to the benefit of the Bank and the Borrower, and their respective estate, heirs, personal representatives, assigns and/or successors-in-title and any other person for the time being deriving title under them.
  8. In the event of the Borrower’s death, the Borrower’s estate, heirs and personal representatives are required to pay and repay the outstanding obligations of the Borrower under the Loan from the assets of the estate of the deceased Borrower, and no action will be taken against the heirs and personal representatives of the deceased Borrower in their personal capacity.


  1. Prior to the effectivity of the Loan, the Borrower will be presented with interest rates stated in the Loan Documents, and the Borrower agrees to pay the fixed interest rate as provided therein.


  1. The Borrower agrees to pay each monthly installment, including any applicable charges and fees, on or before the due date, by providing sufficient funds in his/her Salary Bank Account. Loan payments shall be made in full (without deduction for bank fees or charges, which shall be for the account of the Borrower). The determination by the Bank of the amount of principal, interest, fees, and charges due and payable on each payment date shall be final and conclusive on the Borrower, except for manifest error in computation.
  2. Monthly installment amounts will be automatically debited from the linked Salary Bank Account on each due date as reflected in the Disclosure Statement, without need of any further notice or demand from the Bank. The debited payment will be transferred to his/her registered Bank Savings Account from which the said amounts will be debited on due date. The Borrower should ensure that there are sufficient funds in his/her Salary Bank Account to ensure the successful collection of monthly installment amounts. The Borrower undertakes to maintain sufficient funds in his/her Bank Savings account to ensure the successful debiting to and payment of the Loan.
  3. Prior to the disbursement of the Loan, the monthly due date to be reflected in the Disclosure Statement for the Loan shall be freely selected by the Borrower based on his/her payroll payment. Once selected and until further advisories of the Bank is issued, no change of due date by the Borrower shall be allowed.
  4. In the event that the Bank is unable to debit the monthly installment from the Borrower’s Salary Bank Account on the due date for any reason (such as, but not limited to, insufficiency of funds), the Bank shall have the right to collect and/or directly debit the monthly installment from the Borrower’s Bank Savings Account the following and succeeding days until the loan obligation has been fulfilled.
  5. The Borrower may also pay the monthly installments due or top up his/her Bank Savings Account using electronic transfer of payment or through other payment channels such as the use of other debit cards, E-wallets, transfers from other banks, or payments at designated remittance centers.
  6. In the event that the Borrower’s Salary ATM Card is deactivated, or a new Salary ATM Card is issued (e.g. because the Borrower’s Salary Bank Account has changed in case of transfer of employment), the Borrower must update his/her account details and link the new Salary ATM Card for purposes of the Loan. The Borrower must execute an updated Direct Debit Form and other necessary documents. In case of the unavailability of a new Salary ATM Card or prior to the updating of his/her account details, the Borrower must top up his/her Bank Savings Account so that the monthly installments may be debited from his/her Bank Savings Account in accordance with Sections 27 and 28.
  7. All applicable fees and charges as stated in the Loan documents will be debited from the Borrower's Bank Savings Account. At the Bank’s discretion and subject to future determination by the Bank, the applicable fees and charges due may be deducted from the Borrower’s Salary Bank Account and in the event that the Bank is unable to debit the applicable fees and charges from the Borrower’s Salary Bank Account (such as, but not limited to, insufficiency of funds), the Bank shall have the right to collect and/or directly debit from the Borrower’s Bank Savings Account.
  8. The Borrower understands, agrees, and undertakes that he/she will not close his/her Bank Savings Account until the full payment of the Loan including all applicable fees, charges, and penalties.
  9. In case any payment is not sufficient to pay the total amount payable on the applicable due date or any other given date, the Bank may at its discretion and subject to future determination by the Bank, apply the payment in the following order: first against applicable taxes (if any), then against interest, then against the principal amount due, then against penalty fees or penalty interest, and then against charges.


  1. The Borrower agrees to pay the late payment fee as specified in the Loan Documents, in the event that s/he is unable to fully pay the monthly installment on the due date.
  2. The Bank will collect the late payment fee, applicable penalties, and interest on the next calendar date after the missed due date stipulated in his/her Disclosure Statement, and on any date thereafter until all overdue amounts have been satisfied.


  1. At the sole discretion of the Bank, the Borrower shall be considered in default, irrespective of the reasons for its occurrence and regardless of whether it is voluntary of involuntary, when any of the following events occurs:
    1. The Borrower fails to pay any principal, interest and fees or any other sum payable by the Borrower under these Terms and Conditions and Loan Documents, as and when due and payable in the manner set out herein and therein;
    2. The Borrower provides any incorrect or misleading representation or warranty in connection with these Terms and Conditions, Loan Documents, and other documents required by or submitted to the Bank;
    3. The Borrower fails to perform or comply with any term, obligation or covenant contained in, or otherwise defaults under, the terms and conditions of any contract/evidence of indebtedness and related document with the Bank;
    4. The Borrower fails to pay or defaults in the payment of the principal or interest relative to, or fails to perform or comply with any term, obligation or covenant contained in, or otherwise defaults under, any contract for borrowed money with any other bank, person, corporation, or entity;
    5. The Borrower becomes insolvent or unable to pay his/her debts or other payment obligations when due or commits or suffers any act of insolvency, which term shall include: (i) the filing of a petition, by or against the Borrower in any insolvency, administration, receivership, suspension of payment, or any other proceeding analogous in purpose and effect; (ii) the making of a general assignment by the Borrower for the benefit of his/her creditors; (iii) the admission in writing by the Borrower of his/her general inability to pay his/her debts or other payment obligations; (iv) the entry of any order of judgment of any competent court, tribunal or administrative agency or body confirming the insolvency of, or inability to pay by, the Borrower; (v) the appointment of a receiver or trustee to take possession of a substantial portion of the properties of the Borrower; or (vi) the taking of any action by the Borrower to authorize any of the foregoing;
    6. The Borrower violates any of the terms and conditions of any contracts with any bank or other persons, corporations, entities, for the payment of borrower money or any other events of default;
    7. The Borrower applies for voluntary relief or receives involuntary reliefs under any bankruptcy or insolvency law, dies, or becomes legally incapacitated;
    8. Any of the Borrower’s properties, real or personal, becomes the subject of garnishment, attachment, levy, expropriation, seizure, execution, or other legal processes;
    9. The Borrower contests the validity or enforceability of these Terms and Conditions and/or the Loan Documents or shall deny in writing the general liability of the Borrower under any of the foregoing;
    10. The Bank believes on reasonable grounds that the Borrower fraudulently misrepresented any information in order to facilitate the granting of the Loan; or
    11. Any event or circumstance transpires that, in the Bank’s reasonable opinion, will adversely affect the Borrower’s performance or ability to pay the obligations as they fall due under the Loan.


  1. Upon the occurrence of an Event of Default, the Bank has the right, but not the obligation, to declare the entire unpaid principal amount of the Loan and all interest accrued and unpaid thereon along with any unpaid penalties to be forthwith due and payable, whereupon the same shall become immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower. Should the Borrower fail to comply with the demand for payment of all its outstanding obligations to the Bank, the Bank shall have full power and authority to proceed against the Borrower and to take such other steps or actions against the Borrower as are provided under these Terms and Conditions and Loan Documents, or under any applicable law, as the Bank may deem necessary and proper for the full protection or enforcement of its rights and remedies.
  2. Upon default and in addition to the principal amount, interest and late payment charges, the Borrower agrees to pay the charges on the outstanding amount due as stated in the Loan Documents. Such charges may consist of the following:
    1. Liquidated damages;
    2. Collection fee;
    3. Attorney’s fees; and
    4. Cost and expenses of litigation.
  3.    The aforementioned fees or charges are fully indicated in the Disclosure Statement and Amortization Schedule.
  4. The Borrower does hereby assign and transfer to the Bank, without need of demand and effective upon the Borrower’s failure to pay the Loan or any portion thereof, and by these presents have assigned and transferred to the Bank, any money, security, property (real or personal) and thing of value which are now or may hereafter be in the possession, custody or control of the Bank or any of its affiliates, on deposit or collateral or otherwise to the credit of and belonging to the Borrower (the “Assigned Properties”). For this purpose, the Borrower does hereby consent, authorize, appoint, and irrevocably constitute, and by these presents have appointed and constituted, the Bank as its ATTORNEY-IN-FACT with full power and authority (a) to inquire about, or to assert its lien or legal claim on, any of such Assigned Properties, and/or (b) to sell at public or private sale any of such Assigned Properties and to apply the proceeds thereof, in whole or in part, to such obligations. In the absence of such monies, securities, properties (real or personal) or things of value, or if the Borrower’s total outstanding balance of the Loan exceeds the proceeds of the sale, the Borrower hereby agrees to assign and deliver any deposit or fund the Borrower may have with any other banks or financial institutions to the extent of said Borrower’s obligations to the Bank. For this purpose, the Borrower does hereby consent and authorize said bank or financial institution to disclose to the Bank or its duly authorized representative any information relative to any deposit/placement the Borrower may have with any such banks or financial institutions.
  5. The Borrower likewise agrees that in case of default hereunder, the Bank, at its sole discretion, may also appoint or designate representatives, agents, attorney-in-fact, or upon prior written notice, a third-party collection agency or legal counsel to perform any and all acts which may be required or necessary to enforce its rights under the Loan and any security given thereon. For such purpose, the Borrower hereby gives consent to the disclosure of all relevant information in connection with the Loan or account to such authorized representative, agent or attorney-in-fact and agrees to hold the Bank free and harmless against any and all damage, cost or liability arising from such disclosure. 


  1. In the event an Event of Default has occurred, the Bank has the right to recall and demand repayment of all sums owing by the Borrower to the Bank in respect of other facilities granted by the Bank.


  1. Once the Borrower fails to pay the full amount due on any due date, the account shall be considered “delinquent”.
  2. In the event of any delinquency, the Borrower hereby authorizes the Bank to report and/or include the Borrower’s name, loan details and any other necessary information, in the negative listings of any credit bureau or institution, and/or databases of financial industry associations or financial industry bodies.


  1. All fees and charges applicable to the Loan application shall be payable by the Borrower. The Borrower shall indemnify and agree to hold harmless the Bank and each of its officers, directors and employees (each, an “Indemnified Party”) from and against any and all actual losses, judgments, liabilities, fees, awards, claims, demands damages, costs, and expenses, including legal expenses (collectively, “Losses”) that may be incurred by or awarded against any Indemnified Party, in each case arising out of or in connection with any claims, investigation, litigation or proceeding (or the preparation of any defense with respect thereto) commenced in relation to these Terms and Conditions and/or the Loan Documents, or the transactions contemplated hereby, or the use of the proceeds of the Loan, whether or not such claim, investigation, litigation or proceeding is brought by the Borrower, an Indemnified Party or any other person or entity.


  1. No remedy referred to in these Terms and Conditions or in any Loan Document is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in these Terms and Conditions, the Loan Documents, or otherwise available under law or equity.


  1. The Borrower authorizes the Bank to obtain and verify the information collected through government agencies or third parties including banks, financial institutions, financial industry associations and/or financial industry bodies and credit bureaus at any time throughout the duration and existence of the Loan. Pursuant to Republic Act No. 9510 or the Credit Information System Act (“Republic Act No. 9510”), the Borrower agrees that the Bank is required and allowed to disclose and shall disclose from time to time, to the Credit Information Corporation and/or the Negative File Information System of the regulatory-accredited organizations, the Borrower’s basic credit data, as defined under Section 4.4 of the implementing rules and regulations of Republic Act No. 9510, and such information regarding the Borrower as may be required by Republic Act No. 9510 and its implementing rules and regulations, which the Bank is required to disclose to the Philippine Credit Information Corporation, and such information as the Bank may deem necessary or as may be required or allowed by applicable laws, rules and regulations. The Borrower also allows the Bank to conduct background checks on his/her financial capability, personal references, or any other legitimate purpose the Bank may deem necessary for the application process and/or approval of the Loan, including the use of third party vendors or partners, and applications.
  2. The Borrower represents and warrants that the third-party reference persons whose information are provided to the Bank are personally known to him/her, are of legal age, have sufficient legal capacity, are residents of the Philippines, and have existing local mobile numbers. The Borrower further warrants that he or she has obtained their prior consent before submitting the third parties’ names and contact details to the Bank and such third parties have also consented to be contacted by the Bank for any verification purposes. The Borrower agrees that such reference persons may be contacted by the Bank in the event of a) delinquency, b) default of the Borrower, c) in the event the Borrower may not be contacted or d) any verification that the Bank may want to perform as regards the Borrower. The Borrower authorizes the Bank and the reference persons to share information and communicate with each other regarding the Loan.
  3. Pursuant to applicable BSP regulations and circulars, the Borrower waives the confidentiality of client information for the purpose provided under such BSP regulations and circulars. In addition, the Bank is authorized to conduct random verification with the Bureau of Internal Revenue in order to establish authenticity of any and all income tax returns and accompanying financial statements submitted by the Borrower. Further, should the document(s) submitted prove to be spurious or incorrect in any material detail, the Bank may terminate the Loan or other credit accommodation granted on the basis of said document(s) and shall have the right to demand immediate repayment or liquidation of the obligation. Moreover, the Bank may seek redress from the court for any harm done by the Borrower’s submission of spurious documents.
  4. The Borrower hereby waives his/her rights under existing laws relative to the confidentiality of the Loan, the Promissory Note, and such other information or documents relative thereto in favor of the Bank, the Bangko Sentral ng Pilipinas, the proper courts and such other administrative and government offices which may require the disclosure of the aforementioned information and documents.
  5. The Borrower agrees that the Bank, directly or through its affiliates, or third-party partners, may collect, retrieve, process, use and store his/her personal data such as name, age, photographs, fingerprints, other biometric data (e.g., facial recognition and voice recognition), mobile number/s, mobile phone usage data, mobile phone device data, employment details, income, financial data, financial profile, credit standing, loan payment history, and other information required in the application form for the purpose of reviewing and processing the Borrower’s Loan application. The Borrower consents to the collection of his/her personal data from the Borrower her/himself, or from other personal information controllers such as, but not limited to, telecommunications companies (such as Globe Telecom Inc., SMART Communications, Inc.) for credit scoring purposes. The Borrower’s personal data such as mobile number, email address, and address, will be shared to a credit scoring service provider for credit investigation, credit scoring(including Telco Score), data analytics, and data profiling, which includes the regular updating of the Borrower’s credit score.
  6. Throughout the processing of the Borrower’s personal data, his/her rights under the Data Privacy Act of 2012, such as the: (1) right to be informed, (2) right to object to processing of his/her personal data, (3) right to access, (4) right to rectification of his/her data, (5) right to erasure or blocking, (6) right to complain, and (7) right to damages, shall be upheld. Entities to whom we share your data will also respect the same rights.
  7. Borrower agrees and gives his/her continuing consent to the authorizations contained herein throughout the duration and existence of the Loan.


  1. The Borrower agrees to receive updates and notification in relation to his/her Loan application or Loan. The Borrower agrees that the Bank and third-party service provider, as well as their authorized representative may reach out to the Borrower for any marketing initiatives and communications, special offers, or promotional activities through e-email, SMS, telephone calls, social media, e-commerce or other means of communication or channels. The Bank will obtain the consent of the Borrower prior to the sending of marketing and promotional communications, and the Borrower may opt to no longer receive said communications at any time by informing the Bank through the contact details provided.


  1. The Borrower shall not assign any of his/her rights and obligations under these Terms and Conditions or the Loan Documents. The Bank may at any time, and from time to time, transfer, assign, or grant a participation or allow the grant of a sub-participation to one or more persons or entities all or any part of its rights, benefits, and obligations under these Terms and Conditions and the Loan Documents without need of consent or notice to the Borrower. Upon any assignment, participation, or sub participation by the Bank, the assignee, participant, or sub participant shall be entitled, to the extent of the interest assigned, participated, or sub participated, to the benefit of the indemnities, reimbursements, and rights of set-off of the Bank pursuant to the provisions of this Terms and Conditions.
  2. In the event of such transfer, assignment or grant by the Bank to an assignee or any successor-in-interest, the Borrower shall not assert against the assignee or the successor-in-interest the right to set-off any obligations owed by the Bank to the Borrower.
  3. In the event of such transfer, assignment, or grant, the Borrower further agrees that he/she shall remain liable to the Bank’s assignee or successor-in-interest for all obligations under these Terms and Conditions and the Loan Documents.
  4. In the event of the acquisition of the Bank by another entity or the sale of the Loan obligations of the Borrower to another entity by the Bank, the Borrower also agrees that he/she shall be liable to the acquiring entity for all obligations under these Terms and Conditions and the Loan Documents. The Borrower further agrees that the Bank may act as a via-media between him/her and the acquiring entity to facilitate the fulfilment of his/her liabilities/obligations towards the acquiring entity and shall follow the necessary directions from the Bank or the acquiring entity on the subject.


  1. No failure, omission or delay on the Bank in exercising any right, power, privilege or remedy accruing to the Bank under these Terms and Conditions shall impair any such right, power, privilege or remedy nor shall it be construed as a waiver of any such breach or default thereafter occurring, nor shall a waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, either under the Promissory Note or by law or otherwise afforded the Bank shall be cumulative and not alternative. No notice to or demand on the Borrower in any case shall entitle it to any other or further notice or demand in similar or other circumstances.


  1. In compliance with the Data Privacy Act of 2012 (DPA), the Borrower hereby agrees to give his/her true, correct information and consent to gather, process, verify and use his/her personal data or information to process, the Loan application, and to implement, grant, monitor, and enforce the Loan, these Terms and Conditions, and Loan Documents. The Borrower agrees to waive the confidentially of his/her personal data or information to process his/her eligibility of this Loan application and to be used in any market research or study of the Bank on its loan products. The Borrower allows the Bank, to use his/her personal data to disclose and verify information to agents/third party service providers, the Banker’s Association of the Philippines – Credit Bureau (BAP – CB) or to any similar central monitoring entity or recipients as defined in Republic Act No. 9510, which processes information, transactions, services, or accounts, on behalf of the Bank. The Borrower also agrees to treat as confidential information any information of the Bank obtained during the course of the loan application process, including but without limitation, the loan products and services offered by the Bank, as well as any information pertaining to the Bank, its business, its operations, its processes, its affiliates, the Bank’s and its affiliates’ shareholders, directors, officers, employees, advisors, and agents. The Borrower hereby undertakes to hold all confidential information in strict confidence, and not directly or indirectly disclose or permit to be disclosed any confidential information to any other person or entity.


  1. If any one or more of the provisions contained in these Terms and Conditions or any document executed in connection therewith shall be declared by any court of competent jurisdiction as invalid, illegal or unenforceable under any applicable law, the validity, legality and enforceability of the remaining provisions contained therein or such document executed in connection therewith shall not in any way be affected or impaired.


  1. These Terms and Conditions and Loan Documents shall be governed by, and construed in accordance with, the laws of the Republic of the Philippines. The Borrower irrevocably agrees that any legal action, suit or proceeding arising out of or relating to this Agreement shall be instituted before the proper court in the City of Pasig, and the Borrower submits to and accepts with regard to any such action or proceeding for himself/herself and in respect of his/her properties or assets, generally and unconditionally, the jurisdiction of any such court, to the exclusion of all other courts and venue. The Borrower hereby waives any objection which he/she may now or hereafter have to the laying of the venue of any such action, suit or proceeding, and further waives any claim that any such suit, action or proceeding has been brought in an inconvenient forum. The foregoing, however, shall not limit or be construed to limit the rights of the Bank to commence proceedings or to obtain execution of judgment against the Borrower in any venue or jurisdiction where assets of the latter may be found.


  1. The Bank reserves the right to change these Terms and Conditions by way of addition, modification, amendment, etc. (“Changes”) at any time and from time to time; provided that notice shall be given to the Borrower at least (30) calendar days prior to its effectivity. The Borrower shall be notified of such Changes as provided in the methods of communication enumerated under these Terms and Conditions. The Changes shall apply on the effective date specified by the Bank in the Bank’s notice.


  1. In the event of any concerns or inquiries relating to these Terms and Conditions, the Borrower may contact Tonik through the following:
  2.    Borrower Service Hotline:  +63 253222645
       Borrower Service Email Address:  customercare@tonikbank.com

  3. The Borrower acknowledges and declares that the foregoing terms, authorizations, covenants, undertakings, consents, and waivers have been fully explained to him/her. The Borrower further confirms that s/he has fully understood and unconditionally agrees to be bound by the same. S/He further acknowledges, agrees, and declares that these Terms and Conditions are binding on her/him and her/his heirs, successors, and assigns. The Bank shall be entitled to rely up and enforce this document against the Borrower and his/her properties and assets.