Atome Loan is a financing solution that allows users to purchase goods or services in installments without interest. With the Buy Now, Pay Later (BNPL) concept, Atome Loan offers convenience to users to make payments over a flexible period, both online and in physical stores. In this article, we will explain how Atome Loan works, compare it to traditional loans, as well as the terms, fees, and risks to consider before deciding to use this service.
How Atome Loan Works
Atome Loan works by dividing the purchase amount into three fixed, interest-free payments. When users buy goods or services, they only need to make the first payment at the time of purchase, followed by two subsequent payments over the next two months. In brief, if a user buys items worth RM1,500, they will pay RM500 on the first day, then another RM500 the next month, and the final payment of RM500 the following month.
Atome Loan also offers longer payment plans, such as 6 or 12 months, with a service fee of 1.5% per month. These plans provide more flexibility for users who need more time to settle their payments.
Main Steps in Using Atome Loan
- Choose Goods or Services
The first step is to select the desired goods or services. Atome’s platform operates with various online and physical stores, including major partners like Zalora and Sephora. Once the goods are selected, users can choose Atome as the payment method during checkout. - Choose a Payment Plan
Users can then choose a suitable payment plan. The three-month, interest-free plan is the most popular, but Atome also provides longer payment plans with additional service fees. - Make the First Payment
The first payment is made at the time of purchase. This payment is one-third of the total purchase amount. - Subsequent Payments
Subsequent payments are scheduled 30 days after the first payment. Payments will be sent to users through the Atome app with clear notifications. - Complete the Payment
The final payment is made after two months, making this process simple and orderly.
Requirements to Apply for Atome Loan
To use Atome Loan, there are several requirements that users must meet. Here are the main criteria:
- 18 years and above: Users must be at least 18 years old to apply for Atome Loan.
- Credit or Debit Card: Users must have a valid credit or debit card for payment.
- Registered MyKad: Users must have a registered phone number with MyKad for verification purposes.
- Residents of Malaysia: Only residents of Malaysia can apply for Atome Loan.
If these requirements are met, users can start applying through the Atome app by verifying their personal information.
Comparison of Atome Loan with Traditional Loans
Atome Loan offers a more flexible alternative compared to traditional loans. In traditional loans, users typically need to meet several strict criteria and undergo a longer approval process. Atome Loan, on the other hand, provides quicker approval and no interest for the three-month period.
Advantages and Disadvantages of Atome Loan
Advantages:
- Fast Approval: The application process is quick and easy through the Atome app.
- No Interest: For the three-month plan, no interest is charged, making it an attractive option for users who want to avoid additional costs.
- Flexibility: Users can choose longer payment plans if they need more time to pay.
Disadvantages:
- Service Fees for Longer Plans: If users choose a longer plan (6 or 12 months), a service fee of 1.5% per month is applied.
- Purchase Limits: Atome Loan is only suitable for purchases within certain limits. For users with debit cards, the limit is RM4,099, while credit cards allow purchases up to 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?
To avoid additional charges, make sure payments are made on time. Atome sends notifications before the payment date, and using the app to monitor the loan balance is the best way to avoid missing a payment.
If a payment is delayed or missed on the specified date, a RM50 administration fee will be imposed, and the account will be frozen. To avoid an additional RM25 fee, ensure that all payments are completed within seven days.
Application Process and Loan Verification
The application process for Atome Loan is simple and quick. Users just need to download the Atome app and fill in their personal information to start the application.
How to Check the Status of Your Application
Users can check the status of their application through the Atome app under the "Bills" or "Check and Pay" section. The app will show whether the application has been accepted, is being processed, or has been declined. If the application is declined, users can contact Atome's support team for further assistance.
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 be a very useful option for those needing short-term financing, but it’s important to ensure payments are made on time to avoid additional fees. For those needing immediate loans, the RM500 Immediate Loan from Amanahkredit could be a good alternative if users are looking for quicker and easier financing.