Tonik Bank Loan Review 2024: Legit or Scam? Interest Rates, Requirements, and More

In the ever-evolving landscape of financial technology, Tonik Bank emerges as a prominent player in the Philippines, offering a range of financial services, including high-interest savings accounts and quick online cash loans.

Don’t overlook:

Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in July 2024 

Rank Lender Name & Application Link Loan Amount Loan Term Interest Rate Repayment ID Required Age Range Special Feature

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₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 70 Receive money in 15 mins

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₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only National ID required 20 – 70 Receive money in 15 mins

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₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval

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₱1,000 – ₱50,000 1 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 65 Receive money in 10 mins
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₱1,000 – ₱25,000 1 – 180 days 0.1% Monthly or End of term Only ID Card required All accepted Approve Bad credit
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₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval
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₱1,000 – ₱25,000 3 – 6 months 0% for 7 days Monthly or End of term Only ID Card required 21 – 70 Receive money in 4 mins
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₱500 – ₱25,000 60 – 180 days 1.2% per month Monthly or End of term Only ID Card required 18 – 65 Receive money in 5 mins
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₱1,000 – ₱20,000 7 – 30 days 0% for first loan End of term Only ID Card required 21 – 70 Receive money in 5 mins
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₱500 – ₱20,000 7 – 180 days 0% for first loan End of term Only ID Card required 22 – 65 Easy loan approval

In this comprehensive review, CashExpress will delve into the intricacies of Tonik Bank’s loan offerings in 2024, shedding light on its legitimacy, interest rates, requirements, and the process of using GCash for payments.

Summary of Tonik Loan App

  • Maximum Loan: Tonik offers loan amounts ranging from 1,000 to 100,000 PHP.
  • Eligibility Age: Applicants must be between 20 to 65 years old.
  • Loan Terms: The loan terms span from 1 to 12 months.
  • Interest Rate: Tonik Bank imposes an interest rate of 7% per month.
  • Requirements: To apply for a Tonik loan, you’ll need a National ID.
  • Pros: Tonik offers a user-friendly application process with no victimization.
  • Cons: The service may come with additional fees.
  • Effectiveness: Generally, Tonik’s loan app is considered effective.
  • Bad Debt Policy: Tonik may permit borrowers with bad debt histories.
  • Harassment: Borrowers have reported instances of harassment through phone calls and emails.
  • Legitimacy: Tonik Bank is deemed legitimate.
  • Payment: GCash is the recommended payment method.
  • Contact Number: +63 2 5322 264
  • Tonik Loan App Download:
  • Email Address:

What is Tonik Loan?

Tonik is the pioneering neobank in the Philippines with a digital bank license. It strives to provide accessible financial services, including high-yield savings accounts and flexible loans, aiming to simplify financial management for all.

Pros of Tonik App

Tonik Bank offers several advantages:

  • High-Interest Savings Account: Tonik provides competitive interest rates on savings accounts.
  • No Minimum Deposit or Balance: Users aren’t required to maintain a minimum balance.
  • Convenient Mobile Banking: The Tonik app offers 24/7 access to financial services.
  • Variety of Financial Products: In addition to savings accounts, Tonik may offer loans and insurance.
  • No Traditional Branches: Tonik operates exclusively in the digital realm.

Cons of Tonik Loan App

However, there are certain limitations:

  • Limited Service Availability: Tonik may not be accessible in all regions.
  • Limited Product Offerings: It may not offer as many financial products as traditional banks.
  • No Physical Branches: The absence of physical branches could pose challenges for some users.
  • Technology Reliance: As a digital bank, Tonik is vulnerable to technical outages.
  • Less Personalized Customer Service: Traditional banks often provide more personalized service.

Tonik Interest Rate

Tonik Bank charges an interest rate of 7% per month, translating to an APR of 84%. Linked card loans have a lower interest rate at 5.416% (APR of 65%).

Example of Tonik Bank Loan Interest Rate Calculation

For a better understanding, let’s calculate an example loan:

  • Loan Amount: 100,000 PHP
  • Interest Rate: 10%
  • Loan Term: 1 year

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

Monthly Interest = Annual Interest / 12 Monthly Interest = PHP 10,000 / 12 ≈ PHP 833.33

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

Please note that actual loan terms and interest rates can vary.

Tonik Loan Requirements

Typical requirements for Tonik loans include:

  • Age eligibility (usually 18 or older)
  • Residency in the service area
  • Government-issued identification (e.g., passport or driver’s license)
  • Proof of income (e.g., pay stubs or bank statements)

For subsequent loans, you may need to provide updated income verification and undergo a credit check.

How to Apply for Tonik Loan?

The application process is straightforward:

  1. Download the Tonik Loan App from the Google Play Store or Apple App Store.
  2. Create an account, providing your mobile number and creating a password.
  3. Complete your profile, including personal and financial information.
  4. Apply for a loan by specifying the amount and loan duration.

Tonik Loan Repayment

Repayment involves the following steps:

  1. Familiarize yourself with the loan terms, including the amount, interest rate, and repayment schedule.
  2. Set up a payment method, such as automatic transfers or online payments.
  3. Ensure timely payments to avoid late fees and maintain a good credit history.
  4. Monitor your loan payments and remaining balances online.
  5. Consider making extra payments to reduce interest costs over the loan term.

Compare Tonik Loan App Philippines to Other Banks

Here’s a comparison of Tonik’s loan offerings with other financial institutions:

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

Source: State Bank reporting and research

Tonik Customer Service

For inquiries and assistance, you can reach Tonik Bank through:

  • Phone Number: +63 2 5322 264
  • Email Address:

FAQs – Tonik Loan Bank Loan

For further information, consult the following frequently asked questions:

How to pay Tonik loan using GCash?

You can initiate payment through the GCash app by selecting “Bank Transfer” and choosing Tonik as the recipient. Enter the desired amount and Tonik Account information.

How long does Tonik loan approval take?

The approval process can be swift, with applicants often receiving confirmation within minutes if eligibility criteria are met.


Tonik Bank’s loan review in 2024 reflects a mobile loan service dedicated to helping individuals, including those with limited credit history, access financial support in the Philippines. Tonik stands out with its easy application process and flexible loan terms, making it a viable alternative to traditional banks. However, it’s essential to be prepared for potential technological challenges and varying levels of customer service. Conduct thorough research and consider your financial needs before opting for Tonik Bank’s services.

With a strong commitment to financial inclusion and digital convenience, Tonik Bank continues to shape the future of personal finance in the Philippines. Stay informed, make informed financial decisions, and explore the possibilities offered by Tonik in 2024.

5/5 - (7 votes)

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