Tonik Loan Application: 2024 Guide

Q: What is a Tonik Loan?

Tonik offers three types of non-collateral cash online loans, namely the Quick Loan, Shop Installment Loan, and Flex Loan. Recently, Tonik launched the Big Loan—its fully digital secured loan—that requires a title of a condominium in Metro Manila as collateral.

In 2021, Tonik was the first institution in the Philippines to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). This bank aims to transform the way people manage their finances not just in the Philippines but across Southeast Asia as a whole.

Tonik Digital Bank specifically targets a whopping 44% of Filipinos who remain unbanked. It ushers in a new digital era in banking by giving people more accessible options with just a few clicks.

This digital bank offers various financial products and solutions like deposits, savings, and loans, among others. If you need to pay for big-ticket items upfront or fulfill a major life goal, go for a hassle-free Tonik loan application. Learn more about Tonik loans below.

What is a Tonik Loan?

Tonik offers non-collateral cash online loans, namely the Quick Loan and Shop Installment Loan.

These loans are all 100% digital and accessible through the Tonik mobile app. What is the Tonik app? It's Tonik's handy mobile platform, which you can download via the App Store or Google Play Store.

Depending on the loan type, you can take out a loan amount of up to ₱100,000 and choose to pay between six to 12 months through a flexible payment scheme.

What Can I Use a Tonik Loan for?

You can use your Tonik loan any way you want:

Quick Loan - Good for debt consolidation, home renovation, travel, education, and emergencies
Shop Installment Loan - Ideal for purchasing appliances such as air conditioners, TVs, refrigerators, laptops, ovens, and washing machines

What are the Features and Benefits of a Tonik Loan?

With Tonik's loans, you can enjoy a fully digital experience and flexible payment terms. Plus, you don't need to have a credit history.

However, the features and benefits of a Tonik loan vary per type:

Tonik Quick Loan Features and Benefits

The Tonik Quick Loan is a competitive choice for borrowers, as it offers the following features:

☑️ Fast Approval Process

Tonik's loan approval time is one of the best in the market. Your loan can get approved in as fast as two days.

☑️ Flexible Loan Amount

You can borrow as low as ₱5,000 and as much as ₱20,000.

☑️ Competitive Monthly Interest Rate

The interest rate for this Tonik personal loan starts at 4.24% each month. To get an estimate of repayments, check out the Tonik loan calculator on its website.^[1]

☑️ Flexible Installment Plan

Choose between six, nine, and 12 months for your Tonik loan payment scheme.

☑️ Minimal Documents Required

For Tonik loan requirements, you just need to create a Tonik savings account and submit a valid ID.

Tonik Shop Installment Loan Features and Benefits

tonik loan application - shop installment

Eyeing that swanky new TV or that laptop with upgraded specs? Get them with the Tonik Shop Installment Loan:^[2]

☑️ Fast Approval Process

Your loan can get approved in just a couple of minutes! Just check the status of your loan application on the Tonik app.

☑️ Flexible Loan Amount

You can borrow as low as ₱5,000 and as much as ₱100,000.

☑️ Flexible Installment Plan

You can choose between three, six, nine, and 12 months for your loan payment scheme.

☑️ Competitive Monthly Interest Rate

The interest rate ranges from 2.00% to 4.00%. Note that the higher your downpayment, the lower the rate.

☑️ Minimal Documents Required

You just need at least 10% of your total amount as a downpayment, a valid ID, and a fully verified Tonik savings account.

Apply for a personal loan through Moneymax

Who is Eligible for a Tonik Loan Application?

Your eligibility hinges on the following criteria:

Filipino citizen
Philippine resident
23 to 58 years old
With a valid government-issued ID and TIN
With a Tonik Savings account

Here are the accepted valid government-issued IDs:^[3]

PhilID (National ID/PhilSys ID)
ePhilID
Philippine Passport
Philippine Driver’s License
Unified Multi-Purpose ID (UMID)
Social Security System (SSS) ID
Professional Regulation Commission Identification Card (PRC ID)
Postal ID (card type)

What are the Requirements for a Tonik Loan?

Tonik loan requirements vary slightly depending on the type of loan:

📝 Requirements for a Tonik Quick Loan

Valid ID
Tonik Savings account

📝 Requirements for a Tonik Shop Installment Loan

At least 10% of your total amount as a downpayment
Valid ID
Tonik Savings account

How Do I Start My Tonik Loan Application?

Wondering how to apply for a loan from Tonik? Just do so through the Tonik app. Tonik loan applications take only around 15 minutes to complete.

But before that, you need to create a Tonik account first.

👉 How to Create a Tonik Account

To create a Tonik account, follow the steps below:

Download the Tonik app from the App Store or the Google Play Store.
Launch the app and enter your registered Philippine mobile number. Click Next.
Read the Terms and Conditions. Click Agree and Continue.
Input the one-time password (OTP) sent to your mobile number.
Take a photo of yourself for verification purposes.
- Make sure you’re in a well-lit area with a plain background.
- Remove anything that blocks any part of your face (e.g., glasses, mask).
- Keep your photo in portrait mode.
- Put your face within the purple oval frame.
Follow the instructions (e.g., nodding or shaking your head) indicated in the app as you take the photo).
Scan your valid government ID in portrait mode and without using a camera flash. Make sure the whole ID is captured within the purple frame before clicking the capture button.
Scan both the front and the back of your ID.
Confirm your ID details (e.g., ID number, expiry date, etc.).
Enter your personal details (e.g., full name, sex, birth date, place of residence, work, source of income, email address, mother’s full maiden name). Click Continue.
Answer the Foreign Account Tax Compliance Act (FATCA) question to verify your citizenship. This is just a simple multiple-choice question.
Add your signature using your finger or a compatible stylus pen. Click Next.
Create a strong password that is eight to 26 characters long and has at least one special character, an uppercase letter, a lowercase letter, and a number. Click Continue.

👉 How to Apply for a Tonik Loan

Once you’ve successfully created a Tonik account, you can proceed with your loan application. Here's how to get a loan from Tonik:

Click Loans from the main dashboard.
Choose between the loans.
Indicate the amount you wish to borrow by moving the slider.
Choose your preferred installment period.
Review the computed monthly installment based on your preferences. Click Continue.
Review the loan summary, including the interest rate and the processing fee. Click Apply for this loan.
Select the type of ID you can present. Click Let’s scan this ID.
Upload a photo of your ID. It will take about 24 to 48 hours for your ID to be verified. You’ll receive an email confirming verification.
Go to the Tonik app and repeat steps one to five.
Identify what you need the loan for by choosing among the options provided. Click Next.
Indicate which industry you work in.
Indicate how many dependents you have.
Verify your current city of residence.
Indicate your monthly income.
Indicate which bank you use.
Provide proof of your income (e.g., payslip or bank statement).
Wait for a notification regarding your application status.

Find out other easy ways to get a personal loan online:

How to Repay Your Tonik Loan

Launch your app and double-check your loan details.
Top up your linked debit card or Tonik account if you don't have enough funds to pay off your pending balance. You can top up via GCash, Instapay, or PESONet.
Tap Pay Now and select Tonik Account as your payment option.

Tonik Loan Application: FAQs

1. Is the Tonik loan app legit? Is it safe to use?

Yes. Tonik has a strong security infrastructure in place that protects the platform against any threat of account theft or fraud. It’s also regulated and licensed by the BSP and protected by the Philippine Deposit Insurance Corporation (PDIC), which insures your money for up to ₱500,000.^[4]

2. Can you change your due date and loan term?

No. Tonik allows you to be flexible in choosing your due date, but you can set it only once at the beginning of your application. Before you take out a loan, make sure you choose the most ideal repayment date and scheme, as you can’t change these details once your loan is approved and you’re midway through repayment.

3. What is Tonik Payhinga?

PayHinga^[5] is an add-on service that customers can use to take a break from repayments for up to a month. PayHinga also comes with Credit Life Insurance from Sun Life Grepa Financial, Inc.

Note that you can only avail of Payhinga while applying for the loan, not after you've received the proceeds.

4. I was declined for a Tonik loan. Can I reapply?

There is no one answer to this—it depends on Tonik's assessment of your personal data.

Final Thoughts

Loans are handy when you need extra cash. Fortunately, the Tonik loan application process takes the stress out of the equation. The flexibility of Tonik loans is a godsend when you need to fill a void in your budget.

Just make sure you don’t get too excited and waste your money on unnecessary things. Be wise in spending, and be just as responsible in repaying your loan.

💸 Check Out Other Legit Personal Loans in the Philippines

Still exploring other options for borrowing money? Let Moneymax help! Compare personal loans from the country's reputable providers:

Provider	Loan Amount	Monthly Add-on Rate	Loan Term	Minimum Annual Income	Approval Time
UnionBank Personal Loan	Up to ₱2 million	26.9% per annum	12 to 60 months	₱250,000	As fast as 5 minutes
UNO Digital Bank Personal Loan	₱10,000 to ₱500,000	1.79% per month (corresponds to annual contractual rates or annual percentage rates ranging from 35.78% to 37.54%)	Six to 36 months	₱240,000	Five to seven banking days
Metrobank Personal Loan	₱20,000 to ₱2 million	1.25% to 1.75%	36 months	₱350,000	Seven banking days
BPI Personal Loan	₱20,000 to ₱3 million	Maximum annual contractual rate of 28.67%	12 to 36 months	Inquire with BPI	Five to seven banking days
Tonik Credit Builder	₱5,000 to ₱20,000	4.84%	Six to 12 months	Inquire with Tonik	Two banking days
Tala	₱1,000 to ₱25,000	0.43% daily	Up to 61 days	None	Five minutes to 24 hours
HSBC Personal Loan	₱30,000 to ₱500,000	0.65%	Six to 36 months	₱168,000	Five to seven banking days
CIMB Personal Loan	₱30,000 to ₱1 million	As low as 0.83%	12 to 60 months	₱180,000	One to two banking days
Maybank Personal Loan	Up to ₱1 million	1.3%	Up to 36 months	₱300,000	Inquire with Maybank
RCBC Bank Personal Loan	₱50,000 to ₱1 million	1.3%	Six to 36 months	₱360,000	5 to 7 banking days
PSBank Personal Loan	₱20,000 to ₱250,000	42.88% Effective Interest Rate per annum for a 24-month term (term loan) 41.29% Effective Interest Rate per annum for a 36-month term (Term Loan) 34.49% Effective Interest Rate per annum for 12 months (Revolving Loan	24 or 36 months	₱180,000	Five to nine banking days