Check Out The Tonik Flex Loan | Have A Need Cash ASAP
Tonik Flex Loan
A Tonik flex loan refers to an open line of loans that is typically unsecured. It allows you to Loan what you need up to your credit limit, pay back that amount with interest, and refresh the funds available. When pursuing our goals, no matter how big or small, we occasionally require a little financial help. This might be upgrading appliances, buying new furniture for the house, or even setting aside money for hobbies like setting up a home gym.
Flex Loan Latest Update
But when it comes to loans, the majority of conventional banks want an overwhelming amount of documentation. Peer-to-peer lending platforms, pawnshops, and other informal lenders that demand little or no documentation are preferred by many Filipinos for borrowing money, as indicated by the results of the Bangko Sentral ng Pilipinas (BSP)’s most recent Financial Inclusion Survey [1].
Also Read: How To Get a Commercial Loan And Increase Business
Luckily, there are a lot of simple, respectable, and trustworthy solutions available to you these days. One of the easiest loans on the market is the Flex Loan, provided by Tonik, the first fully digital bank in the Philippines.
Curious? Continue reading for an analysis of the Tonik Flex Loan and an overview of the application procedure.
What Is A Tonik Flex Loan?
Probably on your mind right now is, “How does a Tonik Flex Loan work?” Tonik Flex’s most recent loan offering is the Flex Loan[2]. You won’t need to pledge any assets as security because the Flex Loan is an unsecured loan product, so you may take advantage of its large loan amounts and affordable interest rates.
There’s no need to worry about Tonik Loan Flex being a safe and reliable online lending alternative because it complies with Data Privacy and BSP rules. Additionally, Tonik uses security features including encryption, two-factor authentication, biometrics and facial recognition, and more.
Features of a Tonik Flex Loan Explained
If you’re searching for easily accessible internet loans, the Flex Loan is the best non-collateral loan offered by Tonik yet. See the following qualities and advantages of it:
✔️ Excessive Loan Sums
Tonik provides adjustable loan amounts to accommodate a range of purposes, including financing home renovations and the acquisition of appliances and other expensive goods. You can borrow anything between ₱20,000 and ₱250,000.
✔️ Low and Fixed Interest Rates
Your monthly payment amount for a Flex Loan remains constant for the duration of the loan thanks to its fixed interest rate. You can easily manage your budget because you are aware of your monthly expenses.
Get the Tonik Flex Loan with a maximum period of 24 months at an add-on interest rate as low as 1.7%. As a result, it has one of the lowest interest rates among Philippine online loans.
✔️ Versatile Terms of Repayment
Pay back your loan in six, nine, twelve, eighteen, or twenty-four monthly installments. There’s no rush. The deadline that you choose is also up to you. Since you may schedule your payments closer to payday, this is convenient.
✔️ No Unexpected Charges
Please be aware that Tonik charges a ₱1,000 one-time processing fee, which is subtracted at the time of cash release. You will also be responsible for a late payment fee of ₱500 if you do not make your payment on time.
✔️ No Security Required
For Filipinos, providing collateral can be a huge financial burden because not everyone has enough valued possessions. Employed borrowers only need to submit their most recent bank statement and proof of income to apply for a Tonik Flex Loan.
✔️ Simple and Practical Application
To apply for a loan, you won’t have to leave your home and wait in a big line at a bank branch for hours. Tonik is an all-digital bank that uses its mobile app to process and approve all loan applications online. The Flex Loan application is available anywhere, at any time.
Just download the Tonik app[3] from the Google Play or App Store, complete the loan application, upload all necessary documentation, and wait for Tonik to process and fund your request for the money.
✔️ Fast Approval
Tonik processes loan applications for Flex Loans in as little as one day, in contrast to certain traditional banks which might take up to five or seven days. This implies that you can cover any pressing expenses right away.
However, be aware that the length of time it takes for your Tonik Flex Loan to be approved will depend on how promptly you submit all necessary documentation.
Also Read: Requirements For Cup Loan Program
Eligibility Criteria for a Tonik Flex Loan?
Should you fulfill the subsequent qualifying standards, you are eligible to apply for a Tonik Flex Loan:
- Filipino nationals and citizens, aged 23 to 58
- Currently working and making at least ₱15,000 a month
- With any legitimate official ID and a valid TIN
- Using a savings account from Tonik
Documents Required For Tonik Flex Loan
Obtaining many documents is not necessary to apply for a Tonik Flex Loan. The following are all the files you must upload with your online application:
A legitimate government identification card, any kind
- Passport from the Philippines
- Philippine driver’s license
- UMID, or Unified Multi-Purpose ID
- SSS ID (Social Security System)
- Identification card issued by the Professional Regulation Commission (PRC ID)
- Postal ID
- national identification
- EPhilID
- PhilHealth ID in digital format
- Voter ID including two QR codes
- TIN ID in digital form
A Credit Card
The most recent account statement from the bank
- include the account number, the full name, and the name of the bank
- Using the transaction history from last month
Tonik Savings Account
Evidence of income (in any form):
- Most recent payslip
- BIR Form 2316
- Employment Certificate
How To Apply for Loan?
Completing your Tonik Loan application only requires five simple actions. Note these down below:
- Install the Tonik application. If you don’t already have an account, create one.
- After that, select Loans and then click on Flex Loan.
- Observe the directions displayed on the screen. Complete the necessary fields and attach the supporting documentation.
- Verify every detail. Select Accept and sign the document.
- If your application is accepted, watch for the in-app message from Tonik. Once that happens, the funds will be transferred to your Tonik Savings Account. And that’s it!
Simply select Cancel in the upper right corner of the app if you decide to change your mind midway through the procedure.
How to Repay Off Flex Loan?
Simply link your ATM account, and Tonik will take out the monthly repayment to pay off your debt.
As an alternative, you can decide to have your Tonik Savings Account credited with the amount. To avoid late payment penalties, make sure you replenish your account with sufficient currency.
Repay the Flex Loan by doing the following:
- BPI Direct
- UnionBank Direct
- Debit card for local bank
- PESONet
- QuickPay
- 7. LINK
- CLiQQ
- Business Centers SM
- M. Lhuillier
You can use the app to settle your debt in full before the end of your term if you’re ready to do so. After selecting I want to close my loan and reviewing your remaining balance, hit Close my loan. Make sure there are adequate funds in your account once more. A Certificate of Full Loan Repayment will subsequently be given to you.
Final Thoughts For Flex Loan
One of the quickest and most straightforward methods to get money for any passion you’re pursuing is with a Tonik Flex Loan. It offers some of the most alluring terms and lowest interest rates on the market. But before you take out a loan, be sure you have the self-control and the resources to repay it.
