Atome Loan is a type of financing which allows users to buy goods or services in installments without interest. Implementing the “buy now, pay later” (BNPL) concept, Atome Loan enables users to enjoy convenience as they make payments over time for shopping at either online or physical stores. In this article, we’ll explain the workings of Atome Loan, compare it to traditional loans, as well as the terms and fees, and the risks to watch out for should you choose to utilize this service.
How Atome Loan Works
Atome Loan simply breaks down the purchase cost into 3 fixed interest-free payments. So, you only have to pay for the first payment when you buy, and then the other 2 payments the following 2 months. In other words, if you bought something that costs RM1,500, then on that day you will pay RM500, and then RM500 next month, and the last RM500 the month after.
Atome Loan also has options for longer payment terms, like 6 or 12 months, with a service fee of 1.5% on a monthly basis. These plans are suitable for users that want more time to pay off their dues.
Main Steps in Processing Atome Loan
- Choose Goods or Services Select The Goods/Services Select the goods/services you want. Atome is partnered with multiple online & offline stores, major partners include Zalora and Sephora. When you are checking out, select Atome as your payment method.
- Choose A Payment Plan Next you need to choose a payment plan. The 3 month interest free plan is the most popular, but Atome also offers even longer payment plans for a service fee.
- Make the First Payment This payment is made at the point of purchase and is a third of the total purchase.
- Next Payments Next payments are scheduled after 30 days from the first. We will be sending payments through the Atome app with obvious notifications!
- Complete the Payment The last payment is due two months from now, therefore this process is quite simple and orderly.
Requirements to Apply for Atome Loan
There are several requirements that are needed to use Atome Loan. Here are the main requirements:
- 18 years and above: To apply for Atome Loan, users must be 18 years or older.
- Credit/Debit Card: Users must have a valid card for payment.
- Registered MyKad: Users must possess a registered phone number through MyKad.
- Residents of Malaysia: Only residents of Malaysia can apply for Atome Loan.
If all of these are checked out, users can get started applying by verifying their personal information through the Atome app.
Comparision of Atome Loan with Traditional Loans.
Atome Loan is a more flexible alternative to your more traditional loans. For a conventional loan, you will have to meet a number of strict terms and be processed through a longer approval process. Atome Loan provides faster approval and no interest for the three month period.
Advantages and disadvantages of Atome loan
Advantages:
- Fast Approval: The application process is fast and easy through the Atome app.
- No Interest: There’s no interest charge for the three-month plan, which is great for users who want to avoid fees.
- Flexibility: If you need more time to settle your payments, longer payment plans are available.
Disadvantages:
- Service charges for long plans: If you are in a 6 or 12 months plan you incur a service fee of 1.5% per month.
- Purchase limits: Not all purchases can be financed by Atome Loan. If your account is linked to a debit card, you’ll only be able to make purchases that totals RM4,099. Credit cards will incur purchases up to the value of RM6,000.
Terms and fees for Atome Loan
Each loan given through Atome comes with some terms and fees that users should be aware of in the payment process.
How to Avoid Additional Charges?
Avoid late fees by making timely payments. Atome sends out notifications prior to the payment date, and checking your loan balance on the app is your best bet to ensure you don’t miss a payment.
If your payment is late or missed on the due date, a RM50 administration fee will be added and your account will be frozen. Complete all payments within seven days to avoid incurring an additional RM25.
Application Process and Loan Verification
Applying for an Atome Loan is super simple! Download the Atome app and fill in your personal details to start your application!
How to Check the Status of Your Application
You can also find out your application status through the Atome app in either the “Bills” or “Check and Pay” section, depending on the country in which you live. An accepted application will show as Accepted, a not-yet-complete one as being processed, and a declined application will give you the option to reach out to Atome’s support team.
Risks and How to Minimize Risks When Using Atome Loan
Although Atome Loan offers many conveniences, there are some risks to consider before deciding to use it.
Atome Loan can serve as an extremely helpful app when you need short-term financing, just remember to make the payments before the due date to avoid paying extra fees. Would you prefer a more immediate loan? If you’re looking for a faster and easier way to access cash, you might also want to check out the RM500 Immediate Loan from Amanahkredit.