Credit-led digital bank Tonik teamed up with Robinsons Appliances, one of the country’s top three market leaders in consumer durables retail, to expand its Shop Installment Loan offering.
The collaboration is a major addition to the bank’s network of over 2,500 stores nationwide, enhancing its position and impact as the only digital bank with a significant focus on Shop Installment Loans.
The Shop Installment Loan features a fully digital application process, minimal requirements, and fast approvals, allowing more consumers to access financing for essential home appliances. The loan is seamlessly integrated into the Tonik App, ensuring a straightforward and secure borrowing experience.
“At Tonik, we believe in breaking barriers to financial access. Our partnership with Robinsons Appliances enables more Filipinos to access regulated credit with convenience, giving them the financial flexibility they need to improve their everyday lives,” said Greg Krasnov, founder and president of Tonik.
More than 80 percent of Tonik’s Shop Installment Loan customers are new to credit, marking the product as their inclusion into the formal financial system and offering a safe alternative to informal lending options.