ACOM Loan App has emerged as a viable option for Filipinos seeking quick and convenient access to personal loans. In this review, we will delve into the key aspects of ACOM Loan, including its requirements, interest rates, application process, pros, and cons. By the end of this article, you will have a clear understanding of what ACOM Loan offers in 2023.
Summary of ACOM Loan Reviews
ACOM Loan is a financial lifeline for many Filipinos, offering a range of loan options to suit various financial needs. Here is a summarized overview of the key details:
- Loan Amount: ACOM offers loans ranging from 5,000 to 500,000 PHP, catering to both small and substantial financial requirements.
- Age Requirement: Applicants must be between 21 and 65 years old, ensuring accessibility to a wide age group.
- Loan Term: With flexible repayment terms spanning from 6 to 10 months, borrowers have the freedom to choose a term that suits their financial capabilities.
- Interest Rate: A competitive monthly interest rate of 4.988% ensures that borrowers don’t have to bear exorbitant interest charges.
- Requirements: To apply for an ACOM Loan, you only need a valid government-issued ID, simplifying the application process.
- Payment Methods: ACOM provides multiple payment options, including Gcash, 7-Eleven, and more, ensuring convenience for borrowers.
- Pros: One of the standout advantages of ACOM Loan is its quick processing time for loan approval, making it an attractive choice for those in urgent need of funds.
- Cons: The primary drawback is the limited loan disbursement options. However, this may be a minor inconvenience compared to the benefits.
- Effectiveness: Overall, ACOM Loan has garnered a reputation for being an effective financial solution for many Filipinos.
- Bad Credit: ACOM Loan accommodates borrowers with less-than-ideal credit histories, offering a lifeline to those who may be excluded by traditional lenders.
- Harassment: Borrowers may encounter communication via phone and email, which could be seen as a minor drawback for some.
- ACOM App Download: The ACOM App is readily available for both Android and iOS users, ensuring accessibility for a wide range of mobile devices.
What is an ACOM Loan?
ACOM Loan is a financial product offered by ACOM Consumer Finance Corporation, specifically tailored to the needs of Filipinos. One of its defining features is that it is a non-collateralized loan, which means that borrowers do not need to provide any assets or security for the loan. This feature makes ACOM Loan accessible to a broader audience, especially those who may not possess valuable collateral.
Additionally, one of the key selling points of ACOM Loan is its quick processing time. Borrowers can often receive approval for their loan application in as little as one day, making it an attractive option for those in urgent need of funds. This rapid turnaround time sets it apart from traditional lending institutions, which often have lengthy approval processes.
Pros of ACOM Loan
ACOM Loan offers several notable advantages that make it a compelling choice for many borrowers:
- Ease of Application: Filling out an application is simple and quick, reducing the administrative burden on borrowers.
- Competitive Interest Rates: Compared to other lenders, the rate of interest is low, ensuring that borrowers do not have to contend with exorbitant interest charges.
- Flexible Payment Terms: ACOM Loan offers flexible repayment terms, spanning from 6 to 12 months. This flexibility allows borrowers to choose a repayment schedule that aligns with their financial capabilities.
- No Penalty for Early Repayment: Borrowers who wish to pay off their loan early can do so without incurring any penalties, providing them with financial flexibility and savings.
Cons of ACOM App
However, like any financial product, ACOM Loan has its limitations and potential drawbacks, including:
- Loan Amount Limitation: Loan amounts are limited to a range between 5,000 and 500,000 PHP. While this range caters to various financial needs, it may not be sufficient for those with more substantial requirements.
- Late Payment Fee: ACOM imposes a high late payment fee, amounting to 10% of the missing amount when a borrower has an unpaid loan. Borrowers need to be diligent in meeting their repayment obligations to avoid these additional costs.
- Co-Maker Requirement: To secure an ACOM Loan, borrowers typically require a co-maker who is employed and holds a bank account. This co-maker requirement may pose challenges for some individuals who do not have access to a suitable co-maker.
- Eligibility Restriction: ACOM Loan is available exclusively to Filipino citizens who are employed and possess a valid government-issued ID. This means that non-citizens or those without employment may not qualify.
ACOM Loan Interest Rate
The interest rate for ACOM Loans is a critical factor for borrowers to consider. As of 2023, ACOM offers competitive interest rates ranging from 3.315% to 4.563% per month. This rate structure ensures that borrowers do not face exorbitant monthly interest charges, making the loans more manageable.
It’s important to note that the specific interest rate a borrower receives is contingent on their credit history and other relevant factors. ACOM evaluates each application individually to determine the appropriate interest rate, which means that some borrowers may receive more favorable rates than others.
Example of ACOM Loan Interest Rate Calculation
To better understand how ACOM Loan interest rates work, let’s consider an example:
Assume you borrow PHP 10,000 for 6 months at an interest rate of 4.563% per month.
- Monthly Interest Calculation: Principal Amount (PHP 10,000) * Interest Rate per Month (4.563%) = PHP 456.30
- Total Interest for the 6-Month Loan Term: Monthly Interest (PHP 456.30) * Number of Months (6) = PHP 2,737.80
- Total Amount to Repay: Principal Amount (PHP 10,000) + Total Interest (PHP 2,737.80) = PHP 12,737.80
Borrowers can easily calculate their monthly loan payments using the ACOM loan calculator, which is available on the ACOM website. By entering the loan amount, interest rate, and desired repayment period, borrowers can obtain a clear estimate of their monthly obligations.
ACOM Loan Requirements
Eligibility requirements play a pivotal role in determining who can access ACOM Loans. These requirements are designed to ensure that borrowers have the financial stability to repay their loans. The eligibility criteria for an ACOM Loan are consistent for both first-time and second-time borrowers. To be eligible, applicants must meet the following criteria:
- Filipino Citizenship: Borrowers must be Filipino citizens.
- Age Range: Applicants must be between 21 and 65 years old.
- Employment: Borrowers must be employed for at least three months, demonstrating a stable source of income.
- Minimum Monthly Income: Borrowers are required to earn at least ₱10,000 per month, ensuring that they have the financial capacity to meet their repayment obligations.
- Contact Information: Borrowers must have a work landline and a personal mobile phone number.
- Residential Address: Borrowers are required to have a present address within the entirety of Luzon.
ACOM First Loan
For those applying for their first ACOM Loan, the required documents typically include:
- Valid Government-Issued ID: This serves as proof of identity.
- Proof of Employment: Evidence of stable employment is necessary to assess the borrower’s ability to repay the loan.
- Proof of Tax Identification Number (TIN): The TIN is an essential component of the application process, as it contributes to the lender’s assessment of the borrower’s financial status.
ACOM 2nd Loan
For individuals seeking a second ACOM Loan, the required documents are generally similar to those for first-time applicants:
- Valid Government-Issued ID
- Proof of Employment
- Proof of Tax Identification Number (TIN)
- Latest Statement of Account (SOA) from Your Previous ACOM Loan: This document provides insight into the borrower’s history with ACOM and their repayment behavior.
Guide to ACOM Loan Application Step-by-Step
The application process for an ACOM Loan is designed to be straightforward and user-friendly. Here are the steps to follow when applying for an ACOM Loan:
Step #1: Visit the Official Website
Begin by visiting the official ACOM website at https://www.ACOM.com.ph. The website serves as the gateway to the loan application process.
Step #2: Apply Now
Once on the website, locate the “APPLY NOW!” button and click on it to initiate the application process.
Step #3: Select Your Loan Amount
Step #4: Log into Your Account
To access the application process, you will need to log in. ACOM offers various login methods, including Google, Facebook, email, phone, or Apple accounts. Choose the login method that is most convenient for you.
Step #5: Provide Your Personal Information
Once logged in, you will need to provide personal information such as your location code, name, date of birth, address, and other relevant details. After completing this section, click “NEXT” to continue with the application.
Step #6: Provide Work/Business Information
The next step involves providing information about your income, work situation, and other relevant details related to your employment or business. After providing this information, click “NEXT” and follow the prompts on the website to complete your ACOM Loan application.
For borrowers seeking a more detailed guide on the application process using the ACOM Loan app, instructional videos are available for reference on the website.
ACOM Loan Review and Feedback
To gain a more comprehensive understanding of the borrower experience, it’s essential to consider the feedback and reviews of those who have utilized the ACOM Loan. Here is an overview of some key observations:
- Generous Loan Amount: One standout feature of ACOM Loan is the availability of loan amounts of up to 500,000 PHP. This maximum loan limit surpasses what many other online lenders offer, making ACOM Loan an attractive option for those with significant financial needs.
- Competitive Interest Rates: ACOM Loan’s interest rates, starting at 3.315% per month, are viewed favorably by borrowers. The competitive rates help to keep the cost of borrowing manageable.
- Efficient Application Process: The application process for ACOM Loan is described as quick and easy, minimizing the administrative burden on borrowers. The simplicity of the process is considered a significant advantage.
- No Collateral Required: A notable advantage is the absence of a requirement for borrowers to provide collateral. This feature makes ACOM Loan accessible to a broader range of individuals who may not possess valuable assets to pledge.
- Challenges with Customer Assistance: Some borrowers have reported challenges with the responsiveness and helpfulness of customer service. Timely and effective customer support is an area where improvements may be needed.
- Technical Issues with the App: Occasional technical issues and app malfunctions have been noted. While these may not be widespread, they can be frustrating for borrowers relying on the app for their loan transactions.
- Approval Not Guaranteed: It’s important to note that loan approval with ACOM is not guaranteed. Approval is contingent on factors such as income and credit background, and not all applicants may be approved.
- Overall Assessment: Overall, ACOM Loan is viewed as a good choice for borrowers who require a substantial loan quickly and have a steady source of income. However, borrowers should be prepared for potential technology-related challenges and variable service quality.
To gain further insights into the borrower experience, it’s advisable to review customer feedback and testimonials regarding ACOM Cash Loan.
ACOM Loan Payment
One of the critical aspects of any loan agreement is the ease and convenience of making loan repayments. ACOM Loan offers multiple payment options to cater to the diverse needs and preferences of borrowers. Here are the ways in which borrowers can make ACOM Loan disbursements:
1. Bayad Center
- Borrowers can visit any Bayad Center branch to make their ACOM Loan payments.
- To complete the payment, borrowers need to provide their ACOM membership number, specify the payment amount, and present a valid ID for verification.
2. CliQQ App by 7-Eleven
- The CliQQ App by 7-Eleven offers a convenient option for ACOM Loan repayments.
- To use this method, borrowers should follow these steps:
- Open the CliQQ App.
- Select “Pay Bills,” then choose “Loans,” and finally “ACOM.”
- Enter the ACOM membership number and the desired payment amount.
- Confirm the payment.
- Present the generated barcode to the 7-Eleven cashier to complete the payment.
3. CliQQ Kiosk (7-Eleven)
- Borrowers can also make ACOM Loan payments through the CliQQ Kiosk located in 7-Eleven stores.
- The process involves:
- Going to the CliQQ Kiosk.
- Selecting “Bills Payment,” then “Loans,” and choosing “ACOM.”
- Entering the ACOM membership number and the payment amount.
- Completing the payment.
- Collecting the receipt as proof of payment.
- GCash provides a digital payment option for ACOM Loan repayments.
- To utilize GCash for payments, borrowers should:
- Open the GCash app.
- Select “Pay Bills,” then choose “Loans,” and finally “ACOM.”
- Enter the ACOM membership number and specify the payment amount.
- Confirm the payment by entering their GCash PIN.
5. Lazada Wallet
- The Lazada app offers another digital avenue for ACOM Loan payments.
- To make payments through Lazada Wallet, borrowers should:
- Open the Lazada app.
- Navigate to “Me,” then “Wallet,” followed by “Bills Payment,” “Loans,” and finally “ACOM.”
- Input the ACOM membership number and the payment amount.
- Confirm the payment.
- PayMaya serves as another digital payment platform for ACOM Loan repayments.
- To make payments using PayMaya, borrowers should:
- Open the PayMaya app.
- Choose “Pay Bills,” then “Loans,” and select “ACOM.”
- Provide the ACOM membership number and specify the payment amount.
- Confirm the payment by entering the PayMaya PIN.
7. Shopee Pay
- Shopee Pay offers a digital payment solution for ACOM Loan borrowers.
- To use Shopee Pay for payments, borrowers should:
- Open the Shopee app.
- Access “Me,” then “Wallet,” followed by “Bills Payment,” “Loans,” and “ACOM.”
- Enter the ACOM membership number and the payment amount.
- Confirm the payment.
Compare ACOM Loan with Other Apps
When considering a financial product like ACOM Loan, it’s essential to weigh the options and compare it with alternative lending apps in the market. Below is a comparative analysis of ACOM Loan with other financial apps like Juanhand and Unacash:
|Interest Rate||3.315% – 4.563% per month||9% – 15% per month||9% – 12% per month|
|Loan Amount||Up to PHP 500,000||Up to PHP 50,000||Up to PHP 10,000|
|Loan Term||Up to 6 months||Up to 3 months||Up to 3 months|
Sources: Refer to State Bank reporting and research
Comparing these lending apps reveals several key distinctions. ACOM Loan stands out with its competitive interest rates and significantly higher maximum loan amount, making it an appealing choice for those with larger financial needs. Additionally, ACOM Loan offers longer loan terms, providing borrowers with greater flexibility in repaying their loans.
Juanhand and Unacash, while offering accessible loan amounts, come with higher interest rates and shorter repayment terms, which may be less favorable for borrowers seeking more extended financial support.
ACOM Contact Number
For borrowers requiring assistance or seeking to contact ACOM in the Philippines, the following contact channels are available:
- Phone Number: (02) 5304-5200
- Email: customer_service@ACOM.com.ph
- Address: 10th Floor, 45 San Miguel Bldg, 45 San Miguel Ave, Ortigas Center, 1605 Pasig
These contact options ensure that borrowers can reach out to ACOM for inquiries, support, or assistance with their loans.
FAQs – ACOM Loan App
Frequently Asked Questions about the ACOM Loan App:
How to Pay ACOM Loan?
Borrowers can make payments through various channels, including Bayad Center, CliQQ App by 7-Eleven, GCash, Lazada Wallet, PayMaya, Shopee Pay, or at an ACOM branch.
How to Check ACOM Loan Status?
To check the status of an ACOM Loan, borrowers can call the contact line or log in to their account on the ACOM website, providing necessary personal information.
How to Check ACOM Loan Balance
Borrowers can check their ACOM Loan balance via SMS, online account access, or by calling the customer service hotline.
How Many Days for ACOM Loan Approval
The approval process for ACOM Loan typically ranges from one day to five days, depending on factors such as credit evaluation and verification processes.
How to Pay ACOM Loan Using GCash
Borrowers can pay off their ACOM Loan through GCash by signing in, clicking on “Bills,” selecting “Loans,” and entering their ACOM details for payment confirmation.
How to Pay ACOM Loan in 7/11
Payments can be made at 7-Eleven stores with payment machines. Borrowers should choose ECPay, enter their 11-digit registration number, specify the amount, and complete the payment.
Where to Pay ACOM Loan
ACOM Loan payments can be made at 7-Eleven Cliqq Kiosks, through the Cliqq app, GCash, Lazada Wallet, PayMaya, Shopee Pay, or at an ACOM branch. Borrowers should ensure they have their 11-digit membership number and the cell number used to sign up when making payments.
In conclusion, ACOM Loan App stands as a reliable and convenient financial solution for Filipinos in need of swift access to loans. Its ease of application, competitive interest rates, and absence of collateral requirements make it an attractive choice for borrowers with various financial needs. However, borrowers should be aware of the maximum loan amount limitation, which is 500,000 PHP, and the fact that the approved loan amount depends on individual credit evaluations.
ACOM Loan has garnered positive feedback for its generous loan amounts, competitive interest rates, and efficient application process. However, challenges related to customer assistance and occasional technical issues with the app should be considered. Overall, ACOM Loan serves as a valuable option for those seeking quick financial support in the Philippines.
To gain a more comprehensive understanding of the borrower experience, it is advisable to review customer feedback and testimonials regarding ACOM Cash Loan. By considering all aspects, borrowers can make informed decisions about their financial needs and choose the best-suited lending option for their circumstances.