Acom Loan Review: Requirements, How to Pay
Pros and Cons of Acom Loan
An ACOM Loan is a financial product offered by ACOM Consumer Finance Corporation, a financing company in the Philippines. Here are the pros and cons of an ACOM Loan:
Pros
- Fast Approval: ACOM Loans can be approved quickly, sometimes within one day, depending on your credit evaluation.
- No Collateral or Co-Maker Required: You don’t need to provide collateral or have a co-maker. You must only provide a valid government-issued ID, proof of income and employment, and your Tax Identification Number (TIN).
- Easy Monthly Repayments: You can make payments before your due date and pay more than the required installment.
- Flexible Terms: You can repay your ACOM Loan over six to ten months.
- Increasing Loan Coverage: Depending on your credit evaluation and payment history, you can increase your credit limit to up to ₱500,000.
- Competitive Interest Rates: ACOM’s fast cash loan interest rates range from 3.315% to 4.563%, which is relatively competitive.
- Multi-Purpose: You can use the loan proceeds for various purposes, including paying for tuition, funding a small business, upgrading appliances or furniture, renovating your house, or covering travel expenses.
Cons
- Interest Costs: While the interest rates are competitive, borrowing money through a loan will still incur interest costs, which can add up over time.
- Eligibility Requirements: You must meet specific eligibility criteria, including being a Filipino citizen, having a stable job for at least three months, and earning at least ₱7,000 per month.
- Fees: There is a one-time processing fee of ₱1,000 and a lending fee of ₱500. If your loan application is not approved, there are no fees, but these fees are non-refundable once the loan is processed.
- Late Payment Charges: For every month of unpaid ACOM Loan, you’ll be charged ₱500. It’s essential to make payments on time to avoid late fees and additional interest charges.
- Credit Evaluation: Your credit evaluation will determine your loan amount and credit limit. If you have a poor credit history, you may not qualify for a high loan amount or a low interest rate.
- Limited Geographical Availability: ACOM may have branch locations and booths primarily in Luzon. Depending on your location, accessing their services in person may not be convenient.
In summary, ACOM Loans offer fast approval, flexible terms, and competitive interest rates. However, borrowers should know the eligibility criteria, fees, and potential interest costs. It’s essential to evaluate your financial situation and ability to repay the loan before applying.
Key Points
| Features | Details |
| Interest rate | Ranges from 3.315% to 4.563% |
| Loan Amount | Up to ₱500,000 (initial limit may vary) |
| Loan Tenure | 6 to 10 months |
| Approval Time | Typically within one day (credit evaluation) |
| Processing Fee | One-time charge of ₱1,000 as a processing fee |
What is ACOM?
ACOM is a financial company that provides various lending and financing services. Based on the information provided in your previous message, ACOM Consumer Finance Corporation is a financing company in the Philippines. It’s a subsidiary of ACOM Co., Ltd., a Japanese company established in 1978. ACOM specializes in offering fast cash loans and other financial products to consumers in the Philippines.
ACOM’s services in the Philippines include the REVOMAX Loan, an online loan offering features such as low interest rates, an extended repayment period, and the potential for an increasing credit limit based on your credit assessment.
ACOM is registered with the Securities and Exchange Commission (SEC) in the Philippines, which means it is authorized to operate as a financing company in accordance with the Financing Company Act of 1998. The company is considered a legitimate and regulated financial institution in the Philippines.
ACOM offers various financial products and services to meet the borrowing needs of Filipinos, and it has branches and booths in different cities and provinces in Luzon. If you want their services, you can visit their locations or apply for a loan online through their website or mobile app.
Loans provided by ACOM
REVOMAX Loan
The REVOMAX Loan is an online loan product offered by ACOM. It typically features low interest rates, a longer repayment period, and an increasing credit limit based on your credit assessment. You can borrow varying amounts, ranging from ₱3,500 to ₱500,000 for your first ACOM loan. This type of loan allows you to borrow additional amounts within your credit limit during the repayment period, making it a revolving loan.
Fast Cash Loan
ACOM may offer fast cash loans with relatively quick approval and disbursement. These loans are designed to give borrowers access to funds for various purposes.
Personal Loans
ACOM may provide personal loans to individuals who meet their eligibility criteria. Personal loans are typically unsecured loans that can be used for a wide range of purposes, such as debt consolidation, home improvement, travel, and more.
Salary Loans
Salary loans are offered to employed individuals based on their monthly income and employment status. Borrowers must have a stable job and meet specific income requirements to qualify for these loans.
Multi-Purpose Loans
ACOM’s loans can often be used for various purposes, including paying for education, funding a small business, home renovations, travel expenses, or any other financial need you may have.
Best Online Loans Similar to Acom
The table we will display offers a curated list of premier online loan services in the Philippines, akin to what Acom provides.
| Company | Loan Amount (PHP) | Interest Rate | Loan Term |
|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days |
| Cashspace | 1000 – 25,000 | 1.3% per month | 2 – 4 months |
Interest Rate for ACOM
ACOM’s fast cash loans, the interest rates ranged from 3.315% to 4.563%. These rates can be considered relatively competitive compared to some other lending institutions. However, the specific rate you may be offered can depend on your credit evaluation and other factors.
ACOM Cash Loan Requirements
Here are some typical requirements for an ACOM cash loan:
- Filipino Citizenship: You need to be a Filipino citizen to qualify for an ACOM cash loan.
- Age: Typically, applicants should be between 21 and 65 years old. This age range may vary depending on the specific loan product.
- Employment: You should be employed for a certain duration, often at least three months, to be eligible for an ACOM cash loan.
- Monthly Income: ACOM may require borrowers to have a minimum monthly income, which could be around ₱7,000 or higher, depending on the loan product.
- Work Landline and Mobile Phone Number: Applicants may need to provide a work landline number and a personal mobile phone number as part of the contact information.
Specific loan products from ACOM may have additional requirements or variations in these requirements. It’s essential to inquire directly with ACOM or visit their official website for the most current and detailed information regarding their cash loan requirements.
The application process may also involve providing specific documents, such as a valid government-issued ID (e.g., PhilSys ID, UMID, passport), proof of employment (e.g., company ID or Certificate of Employment), and proof of Tax Identification Number (TIN), such as a TIN card, recent BIR 2316, or other relevant documents.
How Do You Get Approved for ACOM Loan?
While the specific requirements and approval process may vary based on the type of loan you’re applying for, here are general steps to increase your chances of approval:
- Meet Eligibility Criteria: Ensure you meet ACOM’s eligibility requirements, which commonly include being a Filipino citizen, having a certain age range (e.g., 21 to 65 years old), having stable employment for a specified period, and meeting minimum income requirements.
- Gather Required Documents: Prepare the necessary documents, such as a valid government-issued ID, proof of employment, and proof of Tax Identification Number (TIN). Make sure your documents are up-to-date and accurate.
- Apply Online or In Person: ACOM offers online and in-person application options. You can choose the method that’s most convenient for you. Follow the application process outlined on their website or at their branch or booth.
- Submit Your Application: Provide accurate and complete information on your loan application, ensuring that it matches the details in your documents.
- Wait for Approval: ACOM will evaluate your application, including your creditworthiness, employment status, and income. The approval process may take one day or more, depending on your credit evaluation.
- Receive Approval Notification: Once your loan is approved, you will receive a notification from ACOM confirming the approval and providing details about your loan, including the loan amount and terms.
- Review and Sign the Agreement: Carefully review the loan agreement, including the terms and conditions, interest rates, and repayment schedule. If you agree with the terms, sign the agreement as instructed.
- Receive Funds: After signing the agreement, you will receive the loan funds in your designated account. You can use the funds for your intended purpose.
- Repay the Loan: Ensure you make your loan payments on time according to the agreed-upon schedule to maintain a positive payment history.
ID`s accepted by ACOM
- Philippine Passport: A valid passport is a widely accepted form of identification.
- Unified Multi-Purpose ID (UMID): The UMID card is a government-issued ID that combines multiple government services and agencies into a single card. It’s often accepted as a valid ID.
- Philippine Identification System (PhilSys) ID: The PhilSys ID, also known as the national ID, is a government-issued ID that aims to provide a single and standardized identification system in the Philippines.
- Driver’s License: A valid driver’s license issued by the Land Transportation Office (LTO) is commonly accepted as a valid ID.
- Social Security System (SSS) ID: An SSS ID issued by the Social Security System can be used as an identification document.
- Government-issued IDs: Other government-issued IDs, such as postal IDs, voter’s IDs, and other recognized government-issued documents, may also be accepted.
How Can You Repay a Loan in ACOM?
ACOM typically offers various repayment methods for borrowers to make it convenient for them to repay their loans.
- Bayad Center: You can make loan payments at Bayad Center outlets, widely available in the Philippines. Visit a Bayad Center branch and provide the necessary details to process your loan payment.
- 7-Eleven: Payments can be made at 7-Eleven stores through the CLiQQ App or CLiQQ Kiosk. You’ll need to provide your loan account details to complete the payment.
- GCash: ACOM may accept loan repayments through GCash, a popular mobile wallet in the Philippines. You can log in to your GCash account and navigate to the “Bills” section to make your loan payment.
- Maya: Similar to GCash, you may be able to use the Maya mobile wallet to make loan repayments.
- ShopeePay: ACOM may also accept loan payments through ShopeePay, another mobile wallet in the Philippines.
- Lazada Wallet: Some loan repayments can be made using Lazada Wallet, the wallet associated with the Lazada e-commerce platform.
Exclusive Features of ACOM Loan
Discover a world of financial flexibility with ACOM Loan, where convenience meets your unique borrowing needs. ACOM stands out with an array of exclusive features that empower borrowers in the Philippines. These features are tailored to offer quick solutions, flexibility, and competitive rates.
Fast Approval
ACOM loans are known for their relatively quick approval process, which means you can access the funds you need promptly, often within one day, depending on your credit evaluation.
No Collateral or Co-Maker Required
ACOM loans typically do not require borrowers to provide collateral or have a co-maker, making it more accessible to individuals who may not have these assets or guarantees.
Easy Monthly Repayments
Borrowers can make monthly repayments before the due date and pay more than the required installment, providing greater control over the repayment process.
Flexible Terms
ACOM loans offer flexible repayment terms, allowing you to choose a repayment period that suits your financial situation, usually six to ten months.
Increasing Loan Coverage
Depending on your credit evaluation and payment history with ACOM, you can increase your credit limit for subsequent loans, potentially up to ₱500,000.
Competitive Interest Rates
ACOM loans feature competitive interest rates ranging from 3.315% to 4.563%, which may be more favorable than other lending institutions.
Multi-Purpose Use
ACOM loans can be used for various purposes, such as paying for tuition, funding a small business, upgrading appliances or furniture, home renovation, travel expenses, and more, giving borrowers flexibility in utilizing the loan proceeds.
ACOM Customer Support
Here are some common customer support options for ACOM in the Philippines:
- Customer Service Hotline: ACOM usually offers a customer service hotline to call to speak with a representative for assistance. The contact number for customer support should be available on their official website or loan documents.
- Email: You may contact ACOM’s customer support team via email. They often provide an email address where you can send inquiries and receive assistance. The email address is typically available on their official website.
- Social Media: ACOM may have an official presence on social media platforms like Facebook. You can send messages or inquire through their social media channels.
- Branch and Booth Locations: If you prefer in-person assistance, you can visit an ACOM branch or booth. They typically have locations in various cities and provinces, which you can find on their official website.
- Official Website: ACOM’s official website often provides detailed information about their services, frequently asked questions (FAQs), and contact information. You can visit their website for information and to contact them electronically.
- Mobile App: ACOM may offer a mobile app that allows you to access their services and contact customer support.
Whom ACOM Loan Suits Better?
ACOM loans may be a suitable financial option for many individuals in the Philippines, but they are particularly well-suited for certain groups or situations. The suitability of an ACOM loan depends on your financial needs, eligibility, and preferences. Here are some scenarios in which an ACOM loan may be a good fit:
- ACOM loans are known for their fast approval process. If you need quick access to funds to cover unexpected expenses or financial emergencies, an ACOM loan can be a suitable choice.
- ACOM loans typically do not require collateral or a co-maker. If you don’t have assets to pledge as collateral or prefer not to involve a co-maker, ACOM loans offer a more accessible option.
- ACOM loans provide flexibility in choosing repayment terms, allowing you to select a period that aligns with your financial capacity. This can make them suitable for borrowers who want to tailor their repayment schedule.
- ACOM offers the potential for an increasing credit limit with a good payment history. This feature can benefit borrowers who may need access to higher loan amounts.
- ACOM loans often come with competitive interest rates, making them a cost-effective option for affordable financing.
- ACOM loans can be used for various purposes, from paying for education to funding a small business or covering home renovation costs. This versatility suits borrowers with different financial needs.
- ACOM loans often require borrowers to be employed for a certain duration and have a minimum monthly income. They can be a good choice for individuals with stable employment.
- The availability of online loan application options can make ACOM loans convenient for individuals who prefer to apply for loans from the comfort of their homes.
FAQ about Acom Loan
Is ACOM Loan legal in the Philippines?
Yes, ACOM loans are legal in the Philippines. ACOM is a well-established financial company registered with the Securities and Exchange Commission (SEC) in the Philippines. It operates as a financing company in compliance with the Financing Company Act of 1998. As a registered financial institution, ACOM is authorized to provide loan products and financial services to consumers in the Philippines, and its operations are subject to regulatory oversight to ensure compliance with the country’s financial laws and regulations.
Is It Okay to Pay in Advance in ACOM Loan?
Yes, it’s generally okay to make advance payments on your ACOM loan. ACOM typically offers the flexibility for borrowers to make payments before the scheduled due date and to pay more than the required installment. Making advance payments can help you reduce the outstanding balance of your loan and potentially save on interest charges. However, it’s advisable to confirm the terms and conditions related to advance payments with ACOM directly, as specific policies may vary based on the loan agreement and product.
How Do I Edit Information on ACOM?
To edit your personal information with ACOM or update details on your loan account, contact ACOM’s customer support or visit their official website for specific instructions. They will guide you through the process and provide the necessary steps to make changes or updates to your information. Remember that the process may involve providing updated documentation and verifying your identity to ensure the accuracy of the changes made. It’s important to follow ACOM’s official procedures to ensure that your information is updated accurately and securely.
What Is the Highest Credit Limit for ACOM Loan?
The maximum credit limit for an ACOM loan could be up to ₱500,000.
Acom Competitors
| Company | Loan Amount (PHP) | Interest Rate | Loan Term | Our Review |
|---|---|---|---|---|
| Digido | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read Digido Review |
| MoneyCat | 500 – 20,000 | Up to 11.9% per month | Up to 180 days | Read MoneyCat Review |
| CashMart | 3,000 – 150,000 | From 0,8% to 3,5% | Up to 6 months for new loan | Read CashMart Review |
| EasyCash | 5,000 – 25,000 | 0,33%-1% | From 1 to 300 days | Read EasyCash Review |
| Crezu | 1,000 – 25,000 | From 1.5% per month to 30% per year | From 3 to 12 months | Read Crezu Review |
| CashMe | 2,000 – 20,000 | 0,08% per day | Up to 3 months | Read CashMe Review |
| Blend | 50000 – 2 million | From 1,5% to 3% monthly | Up to 36 months | Read Blend Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| Asteria Lending Inc | 2000 – 50000 | 0.2% per day | From 30 days to 120 days | Read Asteria Review |
| Loanmoto | 1,000 – 12,000 | 4% – 6% per month | Read Loanmoto Review | |
| Finbro | 1,000 – 50,000 | 0.5% – 1.25% per day | Up to 12 months | Read Finbro Review |
| Kviku | 500 – 25,000 | 1.2% per month | Up to 180 days | Read Kviku Review |
| Binixo | 2000 – 30000 | 1% per day | From 7 days to 30 days | Read Binixo Review |
| PesoQ | 5,000 – 20,000 | 4% – 6% per month | 91 – 365 days | Read PesoQ Review |
| GCash | 5,000 – 25,000 | From 3% to 15% | From 15 to 90 days | Read GCash Review |
| CashBee | 2,000 – 20,000 | 0,3% daily | From 30 to 120 days | Read CashBee Review |
| Revi Credit Philippines | 1000 – 250,000 | 1% – 5% | From 6 to 36 months | Read Revi Credit Review |
| Tala | 1,000 – 25,000 | 15% – 15.7% | From 15 to 61 days | Read Tala Review |
| OKPeso | Up to 24% | From 96 to 365 days | Read OKPeso Review | |
| Vamo | 1,000 – 30,000 | From 1,3% | From 10 to 3000 days | Read Vamo Review |
| Flexi Finance | Up to 25,000 | From 365 to 1460 days | Read Flexi Finance Review | |
| JuanHand | Up to 50,000 | 14.7% per month | From 14 to 90 days | Read JuanHand Review |
| Moca Moca | 2,000 – 35,000 | 0.83% per month | From 180 to 365 days | Read Moca Moca Review |
| RoboCash | 1,000 – 25,000 | From 0% to 11.9% | Up to 30 days | Read RoboCash Review |
