Home Loans Tonik Loan Review, App Download, How to Apply

Tonik Loan Review, App Download, How to Apply

It’s true that getting fast and easy access to loans can be truly life-changing. 

With Tonik Loan, you can obtain financing on your terms through their user-friendly mobile app. 

In today’s article, we’ll cover everything you need to know about the company, from how to download the app and understand the loan application process to getting approved and funds deposited quickly. 

By the end, you’ll be well-versed in this promising fintech startup and whether it’s the right choice for your needs. Let’s get started

What is Tonik Loan 

Tonik is a digital bank licensed by the Bangko Sentral ng Pilipinas (BSP) that launched in 2017. It aims to streamline the borrowing process and make getting a loan more transparent and convenient through its mobile-first approach. Some key things to know about Tonik is that they offer personal loans ranging from ₱000 to ₱100,000 with terms of 3-12 months. Interest rates start at 1.5% per month. Also, they are one of the first neobanks to receive a full digital banking license in the Philippines. 

In fact, Tonik has helped distribute over ₱5.4 billion in loans to date.

How to Download the Tonik Loan App

Downloading the Tonik app is free and only takes a couple of minutes. Here are the quick steps

1. Open the Google Play Store or Apple App Store on your mobile device.

2. Search for “Tonik” and then select “Tonik: Bank, Borrow, Invest.” 

3. Tap the green “Install” or “Get” button to download. 

4. Once installed, open the app and sign up by providing your basic details. 

5. Verify your identity by uploading clear photos of your government ID.

6. Create a strong, unique password for optimal security. 

7. You’re now all set to start exploring Tonik Loan’s borrowing products and services!

How to apply for Tonic loan

Now that you have the Tonik app, let’s go through how to actually apply for a loan

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1. Select “Borrow” from the bottom navigation menu. 

2. Choose the loan amount you need from the available options. 

3. Enter your personal and employment details on the application form. 

4. Review and sign the loan agreement electronically. 

5. Upload proof of income like recent pay slips for credit assessment.

6. Tonik will process your application within 24 hours and notify you of the decision. 

7. Approved loans can be disbursed directly to your registered bank account.

8. Setup automated repayment deductions from your account each month.

9. Pay on time to enjoy lower interest rates on future loans.

Eligibility Criteria 

To qualify for a Tonik loan, you’ll need to meet a few minimum requirements

  • Be employed full-time with a verifiable source of income for at least 6 months. Freelancers are also eligible.
  • Have a valid government-issued photo ID like a passport or driver’s license. 
  • Be between 21-65 years old at the time of application. 
  • Have a working mobile number and bank account registered in your name.
  • Pass Tonik’s credit assessment evaluation based on your profile and score.

How do Tonic Credit Assess users?

One unique thing about Tonik’s credit scoring model is that it doesn’t rely solely on traditional credit bureau data. Here are some factors considered

  • Employment history and income stability over time 
  • Banking transaction patterns and account management behavior
  • Digital footprint and social network insights 
  • On-time repayment history of existing and past loans  
  • Demographic attributes like age, location, marital status, etc.
  • This alternative risk assessment approach helps expand financial access to more customers as required collateral isn’t factored in.

Once approved for a loan, funds are promptly deposited within 1-3 banking days through the automated transfer

Repayment Process 

Repaying your Tonik loan smoothly is important to enjoy lower interest on future loans. How can you do this? 

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1. Choose your preferred repayment date between the 1st-28th each month.

2. Tonik automatically deducts the monthly due from your registered bank account. 

3. You’ll receive loan statements showing amounts paid, interest, balance due, etc.

4. Ensure sufficient balance is available in your account 1 day before the due date. 

5. Settle on time to avoid penalties and negative credit reports. 

6. Clear loan as per your selected tenor to ultimately become debt-free.

7. Promptly reach out to Tonik if unable to pay due to unforeseen circumstances.

Is Tonik Legit and Safe to Use?

As one of the first digital banks regulated by the BSP, Tonik adheres to high compliance and security standards. 


Tbnks for reading to the very end. I appreciate. 

In summary, Tonik Loan is a promising neobank startup disrupting legacy systems through its intuitive mobile platform and alternative credit models. 

For qualified applicants looking for fast, affordable personal loans, it’s worth considering this transparent, end-to-end digital option. 

Downloading the app takes minutes and could get you the funds you need in as little as 24 hours. 


Can loan app access my contacts if uninstalled?

No, a loan app cannot access your contacts after it’s uninstalled from your phone. Once you uninstall an app, all the permissions it previously had, including access to your contacts, are revoked. However, if the app cached a copy of your contacts before being uninstalled, it might still have access to it on the device’s internal storage.

Can a loan app lock my phone?

A loan app cannot lock your phone. However, there is a Google app called Device Lock Controller that allows creditors to remotely lock a financed device if the customer does not make payments.

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