UPDATE: Atome Credit Company closed!

UPDATE: Atome Credit Company closed!

This is article from the Cashcat archive and has outdated information.

Lending is a highly popular activity in the Philippines. Hundreds of thousands of citizens apply for bank loans regularly or open credit lines to cover various needs. That’s why the country lists a lot of lending firms. The question is: how to select the most reliable and appropriate company to meet your goals? First and foremost, read about lenders to know them.

In this article, we’re reviewing a FinTech startup called Atome Credit. We will talk about its history, unique offerings, loan/credit products, terms, applications, and other essential criteria that help to evaluate each lending group. Don’t forget to conduct your research in addition to our reviews. It’s important as conditions may change over time.

Atome Credit Philippines

Historically, Atome Credit was launched as a subsidiary of Singapore-based financial company. This parental group was established in 2015 while the Filipino firm was created in 2018. Atome Credit feedback shows that the company tries to deliver simple and accessible financial offers to locals. It focuses on underbanked people. The lender has easy-to-meet requirements, interaction via the app, and relatively low rates.

As for now, Atome offers two products: a traditional cash loan and a so-called Paylater package in the form of installments. Further, we discover the loans’ details. If you’re interested in Paylater, proceed to the section with other products.

The lender is registered at the SEC of the Philippines as NeuronCredit

Atome Credit Loan Review

The company has fast and convenient loans for customers. Everything is processed online thanks to the app-based interaction. The major product – Atome Credit online loan – is available to all registered users. To obtain it, you have to get the application for Android (no iOS version, as for now), sign up, choose the loan terms, and apply. Then, it’s easy to get cash and repay in the most suitable way, including bank accounts and kiosks. Remember that the firm encourages repeat borrowers with lower rates and simpler application processes.

Atome Credit Loan Terms

Let’s move to the exact T&C. As with all other modern FinTech lenders, loans delivered by Atome have three major parameters:

1. Amount. From P1,000 to P12,000.
2. Interest. From 0.14% to 0.9% per day.
3. Tenure. From 7 days to 3 months.

Atome Credit loan calculator shows that first-time borrowers have to pay more than existing clients. Extra payments are related to fees and interest rates together. Thus, a minimum of 0.14% per day is available for customers who’ve built long and loyal relationships with Atome. Also, we will cover existing fees for different users in the section about repayments. Thus, you will see how much is it required to repay in each case.

Atome Credit Loan Requirements

All the requirements for online lenders are pretty regular. The company lists them at the official site, in the Atome Credit customer service section – Help Center. Key points are as follows (applicable for all borrowers):

• A person aged 18 to 55.
• A resident of the Philippines.
• Has an official ID (e.g. passport, a driver’s license, UMID, etc.).
• Has a phone with Android OS and Internet connection.
• Has the official Atome app.

Note that the lender can ask for other proofs or information depending on your starting conditions. Mainly, extra requirements vary based on the financial capacity of each borrower. Of course, it’s possible that you will have to meet only basic criteria, without extra ones.

Note that the lender can ask for other proofs or information depending on your starting conditions

The most common additional docs the lender asks for include recent payslips and utility bills or other address proofs. Don’t be afraid to provide them. Atome Credit app is pretty convenient so you can easily do this through its interface.

Atome Credit Loan application

The only way to apply for the loan is online. For this, the first step requires you to get the application for Android OS. It will greet you with some introductory screens and then offer a range of loans classified by tenures (7 days to 3 months) and amounts (P1,000 to P 12,000). Choose the product you want and proceed to registration.

The only way to apply for the loan is online

Here are the main steps each new borrower takes to complete the Atome Credit online loan application form:

1. Register by entering your mobile phone and password.
2. Verify your number by entering the code received in SMS.
3. Allow the app to access your phone info.
4. Enter personal data: name, birth date, gender, email, family, dependent(s), education.
5. Enter work data: status, sphere, position, employer(s), income, contact details.
6. Enter bank account data.
7. Choose the ID type and submit its photo.
8. Submit also your selfie with the provided ID.

You can check the Atome Credit online loan status in the app. After verification, the funds will be delivered to you via the chosen disbursement way. For repeat borrowers, the whole application process will include only the selection of products and withdrawal options.

Withdrawals and Repayments

Disbursement and repayment channels are the same so you can easily choose the most suitable options for each action. Generally, Atome supports these ways:

• Bank transfers.
• Cebuana Lhuillier.
• GCash.
• PayMaya.

In addition to these options, repayments are accepted offline through Robinsons, 7-11, LBC, Bayad Center, ECPay, and SM. Borrowers can choose the preferred methods in the application. For each new loan, it’s possible to select a new delivery/payment option.

When it comes to fees, the Atome Credit hotline mentions a few of them. For first-time borrowers, there’s a single signup fee of P100. Existing users don’t have to pay it. There’s also a late payment fee of 1% from the balance per each day of debt.

Atome Credit – Other Products

Apart from the traditional cash loan, the lender delivers installments known as Paylater. This product is available both offline and online. In the first case, customers can set a credit limit using the application and then purchase any goods like appliances or gadgets in stores. As for online Paylater services, they work similarly but are designed for web purchases.

In addition, the Atome Credit review shows that the site has a section for businesses. However, it doesn’t disclose any specific options. Instead, it looks like that Atome just delivers the same personal loans or credit lines to enterprises. There are a few products marked as «coming soon» so we can find more offers later.  

Atome Credit App

This is the main interaction channel for users. While the website includes some interface parts that look like application forms, the lender clearly states that loans are delivered via the app only. It simply means that you can get financing using a mobile phone, which is pretty convenient. All the details can be found in this program, too.

Atome Credit app comes with the next functions:

• Register and activate your account.
• Apply for the first and next loans.
• Choose payment options.
• Track the application and loan statuses.
• Share referral links.
• Reach customer support.

Android users can get the tool in Google Play. However, iPhone users can’t download Atome app from App Store as it simply does not exist yet.

How Does Atome Credit Work?

It’s an online lender that operates without branches. Using the native app, customers can receive quick loans, track status, and repay them.

What Is an Atome Credit Loan?

A basic package of money delivered online. Loans vary between P1,000 and P12,000 with interest rates from 0.14% to 0.9% per day.

How Can I Open Account Atome Credit?

To do this, one should download the application, sign up, and fill the requested fields. It’s also required to show at least one valid ID.

What Should I Do If I Want To Get an Atome Credit Loan?

Atome provides its users with a convenient app that has a relevant application. Users with registered accounts can choose the desired amount and tenure.

Can a Housewife Get Approved to Borrow?

If a housewife is a local resident aged from 18 to 55, she can do it. But be ready for additional requirements related to regular income.

Is it Possible to apply for Atome Credit Loan if I Have No Job?

It’s the same situation. If a borrower is a Filipino in a valid age, he/she can apply. Extra documents that prove income will be very helpful, though.

What are the Requirements of Getting Approved for Loan?

Basic requirements are really simple: you should be a citizen in a valid age with at least one ID. To increase chances, prepare payslips, utility bills, and credit rating stories.

How to Get Atome Credit Loan?

This is a pretty easy task. Atome Credit site has an online application for it. Upon registration, select the desired option of borrowing, and provide all the needed info.

How to Avail?

Atome doesn’t limit borrowers in ways they can use loans. Thus, feel free to invest in personal development or education, cover expenses or even grow business.

How to Pay?

The company accepts several methods. Generally, there are online options (through bank transfers) and offline ones (in various affiliate centers and kiosks).

How to Repay?

For repeat borrowers, Atome offers better conditions. Still, repayment ways remain the same so you can choose the way you’ve paid previous loans or find a new one.

Where to Pay Atome Credit?

The list of physical places includes 7-11 branches, LBC, Bayad Center, SM, and ECPay points. As well, you can pay in the app if you want to use a bank account.

How Much Money Will I Need to Repay After Borrowing?

The interest rates are depending on several things, such as the borrower’s starting conditions and history of payments. Generally, Atome suggests interest rates varying from 0.14% to 0.9% per day.

Is There any Limit in a Number of Lending Options I Can Ask for from Atome Credit?

The number is unlimited. To receive the next offer, you must return the previous sum. It’s also applicable to other lending products.

How to Measure How Much I Can Borrow From Atome Credit?

The site has a convenient tool made exactly for such calculations. So, this is a pretty easy thing to do.

How to Check Balance?

This feature is available in the app, too. Just log in, find your loan, and check the extensive info related to it. The application also allows contacting the lender’s support.

Is It Safe to Borrow from Atome Credit?

Of course. The lender is registered at the SEC of the Philippines as NeuronCredit. You can check the registration number: CS201816338.

Is Atome Credit Open Right Now?

The company operates online so it’s open always. Feel free to register at any time and day to get your loan.