Tonik Loan Review Philippines Complaints? Requirements (2024)

Tonik Bank Loan review legit or not? interest rate? requirements? How to pay using gcash?

People can get loans easily from their phones with this app, so credit scores are no longer needed.

In this article at retailasiaonline.com, we will review it with many details for 2024.

Keeping this article to get more knowledge!

Overview of Tonik Loan App

✅ Tonik Loan Review	⭐ 4.3 stars
✅ Maximum Loan	⭐ 1000 – 100.000 PHP
✅ Age	⭐ 20 – 65 years old
✅ Term	⭐ 1 – 12 months
✅ Interest rate	⭐ 7 % per month
✅ Requirements	⭐ National ID
✅ Harassment	⭐ By phone, email
✅ Legit	⭐ Yes
✅ Tonik loan approval time	⭐ 1 hour
✅ Contact Number	⭐ +63 2 5322 264
✅ Tonik loan App Dowload	⭐ Link here
✅ Email address	⭐ customercare@tonikbank.com

What is Tonik Loan?

Tonik loan is the first neobank with a digital bank license in the Philippines. It offers savings accounts with sky-high interest rates, quick online cash loans, and shop installment loans for all of life’s needs. Its goal is to make financial services available to everyone and make it easier for people.

Some Benefits of Tonik loan App

Here are some benefits after Tonik loan app review:

High-Interest Savings Account: Tonik offered high-interest savings accounts with competitive interest rates compared to regular banks.
No Minimum Deposit or Balance: Tonik may not have required users to keep a minimum balance in their savings account.
Convenient mobile banking: The Tonik app made it easy for users to get to their funds and financial services 24 hours a day, 7 days a week from their phones.
Variety of Financial Products: Along with savings accounts, Tonik may have given other financial products or services, like loans or insurance, giving users a place to go for all their financial needs.
No Traditional Branches: Since Tonik was a digital-only bank, it didn’t have any real branches.

Cons of Tonik Loan App

In addition to its many advantages, Tonik loan review Philippines also has a number of drawbacks.

Limited Service Availability: Digital banks like Tonik might not be available in all areas or countries.
Limited goods: Depending on what it sells, Tonik may not have as many financial goods as traditional banks.
No physical branches: Not having physical branches can save you money, but it can also be a problem if you like to bank in person or need services that require you to be there.
Dependence on Technology: Digital banks depend heavily on technology, which can sometimes lead to outages or technical problems that make it hard to access your accounts or make deals.
Less personalized customer service: Some users may prefer the personalized service they get at standard banks, where they can talk to bank employees face-to-face.

Tonik interest rate

The interest rate at Tonik bank loan review is 7% per month, which comes out to an APR of 84%. On the other hand, loans with a linked card have an interest rate of 5.416% (APR of 65%). No matter how long the loan is for, Tonik offers a set interest rate.

Tonik Loan Calculator

To find the annual interest, you multiply the loan amount by the annual interest rate:

Annual Interest = Loan Amount × Annual Interest Rate
Annual Interest = PHP 100,000 × 10% = PHP 10,000

Monthly Interest: To find the monthly interest for a one-year loan, you divide the annual interest by 12 (the number of months in a year):

Monthly Interest = Annual Interest / 12
Monthly Interest = PHP 10,000 / 12 = PHP 833.33 (approximately)

Monthly Payment: To determine your monthly payment, you also need to account for repaying the principal (the loan amount). In this case, you’re paying back the principal over 12 months:

Monthly Payment = (Loan Amount / Loan Term) + Monthly Interest
Monthly Payment = (PHP 100,000 / 12) + PHP 833.33
Monthly Payment = PHP 8,333.33 (approximately)

So, in this example, your monthly payment for a one-year loan of PHP 100,000 at a 10% annual interest rate would be approximately PHP 8,333.33.

This is a simplified calculation, and actual loan terms and interest rates can vary widely based on the lender’s policies and the type of loan product being offered.

Tonik loan requirements

Here are some general requirements that are often associated with Tonik loans app:

Tonik first loan

Age: You may need to be of a certain age (usually 18 or older) to apply for your first loan.
Residency: Typically, you must be a resident of the country or region where Tonik operates.
Identification: You will likely need to provide government-issued identification, such as a passport or driver’s license.
Income: Lenders often require borrowers to have a regular source of income to ensure Tonik personal loan in Philippines. You may need to provide proof of income, such as pay stubs or bank statements.

Tonik 2nd loan

Income Verification: You may need to provide updated income verification to ensure you can afford the additional loan.
Credit Check: Lenders may recheck your credit history to assess your creditworthiness for the second loan.
Loan-to-Income Ratio: Lenders often consider Tonik loan in progress total debt obligations to your income, to determine your ability to handle another loan.
Loan Limits: There may be limits on how much you can borrow for a second loan, which could depend on your repayment history and income.

How to apply Tonik loan?

Here are Step-by-step to apply for Tonik Loan App:

Step #1: Download the Tonik Loan App

Visit the Google Play Store (if you have an Android phone) or the Apple App Store (if you have an iPhone or iPad).
Search for “Tonik Philippines” and then download the Tonik loan app.
Install the app, then start it up.

Step #2: Create an Account

Open the Tonik Loan app and sign up for an account.
You’ll typically need to provide your mobile number and create a password.
Tonik loan may send a verification code to your mobile number to confirm your identity.

Step #3: Complete Your Profile

After making an account, you will need to fill out your biography. This could mean giving out personal information like your name, birth date, and location.
Tonik may also ask for more information about your income and spending to figure out if you are a good credit risk.

Step #4: Apply for a Loan

After you fill out your profile, you can use the Tonik app to ask for a loan.
Enter the amount you want to borrow and choose how long you want the loan to last.

For more details about application using Tonik loan app, you can watch these videos:

Tonik loan reviews Complaints

Tonik Loan review is rated 4.5 stars in Philippines. It is safe to use, is one that I find to be quite quick and uncomplicated.

Applicants can also immediately ascertain if they are eligible for the requested loan amount through the use of the app, and they can gain approval time in a matter of minutes after completing all of the appropriate papers.

If you have a consistent source of income and are in need of a substantial sum of money in a short amount of time, I feel that applying for a Tonik loan might be a good alternative for you. However, you should be prepared for issues with technology as well as poor service to avoid Tonik loan declined.

Here’s an example of a Tonik bank loan review from a customer:

Tonik Loan repayment

Here are five steps you might take when paying Tonik loan app:

#1. Know the Terms of Your Loan

Get to know the terms of your loan.
This includes the amount of the loan, the interest rate, how long you have to pay back the loan, and any other specific terms.

#2. Set up a way to pay back the loan

Usually, you’ll need to set up a way to pay back the loan.
This could mean setting up automatic payments from your bank account, making direct payments through the lender’s website or app, or using one of the other accepted payment methods.

#3. Make payments on time

Make sure you pay back your loan on the agreed-upon plan.
You can escape late fees and keep a good credit history if you pay on time.

#4. Keep track of your account

Keep track of your loan payments and how much you still owe.
Many lenders let you log in to your loan account online, where you can see how much you’ve paid and how much you still owe.

#5. Make Extra Payments

Depending on your financial situation, you may choose to make only the minimum payments or pay more to pay down your loan amount faster.
If you pay more than the minimum, you can save money and Tonik loan renewal on interest over the life of the loan.

How to Pay Tonik Loan Using Gcash?

Compare Tonik loan App philippines to other Banks

Loan App	Tonik App	Tala loan	Peso Buffet
Interest Rate	7% per month	3.315% – 4.563% per month	10% – 20% per year
Loan Amount	Up to PHP 100,000	Up to PHP 500,000	Up to PHP 10,000
Loan Term	Up to 6 months	Up to 6 months	Up to 6 months

Sources: Refer to Sate Bank reporting and research

Tonik customer service

Here are the contact for Tonik app loan:

Phone number: +63 2 5322 264.

Email address: customercare@tonikbank.com.

Bottom line

In general, Tonik bank loan review is a mobile loan service that helps poor people all over the world, including the Philippines. With this app, people can ask for loans from their phones even if they don’t have credit scores.

People with bad credit can get small loans fast through the program because it looks at how they use their cell phones and how much money they spend. Tonik gives loans with flexible amounts, terms, and interest rates.

One of the best things about this loan is that it is usually easier to get than a loan from a bank. Most of the time, you can get a loan in a few minutes without having to go through a background check.

3.8/5 - (5 votes)