Statistics show that only 1.9% of Filipinos ad a bank card in 2017, and with time, this indicator hasn’t changed significantly. The same situation is with the poverty level. More than 20% of people cannot afford the basics.
That’s why Atome credit sets as one of its aims providing access to easy and affordable financing to every citizen of the Philippines. The company offers fast loans for studies, setting up a business or anything else that can influence positively on the life quality of a person. In other words, Atom credit`s aim is to increase the level of financial inclusion of people, hence, improving their life level. And transparent and clear repayment policy without any hidden fees involved makes the company one of the trusted financial assistants for many Philippine citizens.
Just some years passed after KreditPintar, an Indonesia-based financial lending company, a subsidiary of Singapore managed Neuroncredit fintech company started operating in the Philippines. It was rebranded to Atome just in 2019. But the company is now one of the most popular fintech companies in the Philippines due to its accessibility and the transparency of all the processes. Its popularity is growing every coming day, making Atome credit one of the most popular lending companies in the country.
Atome uses financial technologies to make the loan application simple and hassle-free. All one needs is a mobile phone, from which one can download a special app and apply for a loan.
Features & Benefits
Atome offers its clients hassle-free transparent loans for all purposes: studies, the launch of a business, and so on. Here is what one gets when applies for a loan at Atome:
|Minimum loan sum||1,000 PHP|
|Maximum loan sum||10,000 PHP|
|Minimum period||7 days|
|Maximum period||3 months|
|Interest rates||0.90%, can be lower depending on relevant factors|
|Approval time||2 days|
Atom Credit has a minimum of requirements to approve a loan application. One should be:
- A Philippine citizen;
- From 18 to 55 years old;
And should have:
- An official ID (a number of options is available. For a loan application, one might submit a passport, a voter`s ID, a driver`s license, TIN ID, UMID, SSS ID, Postal ID Premium, PRC ID);
- A smartphone, Android OS;
- Access to the internet;
- Atome app.
As soon as all these things are available, one can register an account via a dedicated Atome App. There, the applicant provides the requested information, two references, and his/her photo with an ID scan. After that, the company Artificial Intelligence analyzes the information and makes a decision on whether to approve the requested loan or not. As well, the requested sum might be reconsidered based on the data you one has provided. Hence, it is recommended to double-check all the data to make sure it is correct.
Loan Amount and Fees
At Atome credit, one can get any sum within the range from 1,000 PHP up to 10,000 PHP, under the following conditions:
|Micro-loan||7-14 days||the daily rate of 0,90% on the main balance + 0,80% daily service fee|
It means, if you take 6,000 PHP, for example, you will need to repay 2538 Pesos monthly (3 months, each one will cost you 2,000 pesos of the loan body + 538 pesos in interests per month). And the company charges late payment fees, which are not low, either. One would pay up to 8% of service fee plus from 0.15% to 0,25% of the main balance.
One pleasant thing to consider is that if one pays on time, the following time the person can apply for a higher sum, with lower percent.
How to Get the Loan?
It is very easy to get a loan from Atome. All one needs to do is to download Atome app. After that, the following instruction needs to be followed:
- Fill in the loan application form. Please provide all the requested information: based on it, as well as on the references, the company will make their decision about the loan eligibility and the sum to be approved;
- Download your photo, the photo of your ID and the references from two people;
- Wait while the system is calculating the sum;
- Provide your bank account number or GCash account to receive the funds.
And that’s it, the loan is provided. Further, the borrower will receive reminders from the company before the payment date comes. It is recommended to pay on time in order to be able to get higher sums and a lower interest rate.
How to Pay Atome
Before the due date, Atome will send a borrower an SMS with a reminder. It means the time comes to repay the loan. For that, one should do the following:
- Select the Repay option;
- There, choose the option to replay, just click on the preferred one from the choice provided;
- Make the payment.
Make sure you repay on time in order to avoid late payment fees and to get an opportunity to request a higher loan with fewer interests in the future.
Atome Pros and Cons
The main advantage of Atome, which is former Kredit Pintar, is that it provides access to money to citizens who cannot get a loan from the bank. It means a wider financial inclusion for most people as well as an opportunity to improve the life level significantly by paying for studies or to start a business with the money received.
Loans are approved in most of the cases, moreover, they are approved really fast, within 2 days maximum. The applicant needs a minimum of documents to get the needed sum. However, there is one very significant disadvantage: rather high interests. They are not low at all, seriously. 0.9% daily means around 328% per year.
Trust & Reputation
Kredit Pintar is one of the most popular lending companies in the Philippines, and there are reasons for it. It is transparent, loyal to the applicants and efficient. its popularity among the Philippine population is growing rapidly, mostly due to the mentioned reasons and due to the fact that even those who cannot get a loan from the bank can count on success here.
Atome Credit is a company that is regarded by many Philippine citizens as a chance to start a better life or as an opportunity to overcome temporary difficulties. Here, one can get a loan without the need to provide piles of documents and proofs of income, reliability or anything else. With the minimum requirements, a loan is approved within 2 days maximum. Yes, the interest rates are high, but the company should compensate somehow high risks. All in all, this is a company that can be trusted if one needs fast financial assistance and ready to pay interests for it.