Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

ACOM

Advertiser Disclosure

About Lender

ACOM Consumer Finance Corporation is a prominent financing company in the Philippines that introduced ACOM cash loan, a swift cash solution designed to meet the urgent financial needs of Filipinos. Established in July 2017, ACOM Consumer Finance Corporation started its operations with a substantial capital of PHP 500 million, signaling a robust foundation for its financial services.

Presently, ACOM Consumer Finance Corporation operates through approximately 29 branches and booths strategically located in Luzon. Additionally, the company provides an online loan facility, offering a convenient platform for Filipinos to apply for various financial solutions, with a focus on the REVOMAX Loan. This online accessibility enhances the reach of ACOM's services, catering to the diverse needs of borrowers across the region.

ACOM

Key Features

  1. Flexible Terms. ACOM understands the diverse financial needs of its customers. With flexible terms, borrowers have the freedom to tailor their repayment plans to better suit their individual circumstances, ensuring a more personalized and manageable lending experience.

  2. Competitive APR. ACOM offers its financial solutions with an Annual Percentage Rate (APR) of 59.86%. This competitive rate reflects ACOM's commitment to providing accessible and affordable financial assistance to its customers.

  3. Multi-purpose. ACOM's financial products are designed to be multi-purpose. Whether it's for unforeseen expenses, education, medical bills, or any other financial need, ACOM provides a versatile solution to address a wide array of requirements.

  4. No Collateral or Co-maker Required. A standout feature of ACOM's offerings is the absence of the need for collateral or a co-maker. This streamlines the application process and makes financial assistance more accessible to a broader range of individuals, eliminating some of the common barriers to obtaining a loan.

Pros and Cons

Pros

Fast Approval. Your loan application can be approved in one day, depending on your credit evaluation.

Easy Monthly Repayments. Enjoy the flexibility of paying before your due date and opting for higher payments than the required amount, making it convenient to manage your finances.

Multi-purpose. Use your ACOM loan proceeds for a variety of purposes, whether it's paying for your children’s tuition, funding your small business, upgrading your appliances or furniture, renovating your house, covering travel expenses, and more.

Cons

Fees May Apply. Be aware that there are fees associated with ACOM loans. There is a one-time charge of PHP 1,000 as a processing fee and an additional PHP 500 as a lending fee, which should be considered when assessing the overall cost of the loan.

Not Suitable for Short-Term Borrowers. ACOM's loan structure may not be ideal for those seeking short-term borrowing solutions. It's important to evaluate your needs and the repayment terms to ensure they align with your financial goals.

Minimum Monthly Earnings Required. ACOM has a minimum monthly income requirement of at least PHP 10,000. Potential borrowers should take this into account to determine eligibility and assess whether their income meets the stipulated criteria for loan approval.

Reliability

ACOM Consumer Finance Corporation is officially registered with the Securities and Exchange Commission (SEC) under the registration number CS201724897. This registration signifies that the company has met the regulatory requirements set by the SEC, enhancing its credibility and legal standing.

ACOM Consumer Finance Corporation holds a Certificate of Authority to Operate as a Financing Company, with the designated number 1140. This certificate is a testament to the company's compliance with the necessary regulations governing financing activities, providing further assurance of its legitimacy and reliability.

How to Apply for an ACOM Consumer Finance Corporation Loan?

Apply for a Loan

  1. Visit the ACOM Website. Navigate to the ACOM website and locate the "Apply Now" option.

  2. Choose Loan Amount. Slide the bar to select the desired loan amount.

  3. Agree to Terms. Tick the Privacy Policy and Terms and Conditions boxes.

  4. Initiate Application. Click on "Apply New" to begin the application process.

  5. Sign In. Choose your preferred sign-in method (email, for example).

  6. Provide Personal Information. If using email, enter your email address, first and last name, and set a password. Click on "Save."

  7. Select Branch. Choose your location code, indicating the ACOM branch that will handle your loan application. Click on "OK."

  8. Complete the Online Form. Fill out the online application form with personal details, work/business information, loan purpose, Facebook account, and preferred borrowing method (LBC, bank transfer, GCash, or Maya). Provide additional details such as bank name, branch, account name, and account number based on your chosen borrowing method.

  9. Agree to Terms and Conditions. On the Declaration page, tick the Terms and Conditions, Privacy Policy, agreement, and Letter of Authorization boxes. Affix your signature.

  10. Submit Documents. Upload a photo of your valid ID, proof of income and employment, and a selfie with your ID.

  11. Complete Application. Click on "Next" to proceed. Review the information and documentation provided.

  12. Finalize Application. Click on "Finish" to submit your loan application.

Conditions and Requirements

Conditions

  • Terms. Flexible repayment terms range from 6 to 10 months.

  • Amount. Borrow any amount between PHP 3,500 and PHP 500,000, offering a broad spectrum to meet various financial needs.

  • Interest Rate. Enjoy a competitive monthly interest rate of 4.988%. The Annual Percentage Rate (APR) is set at 59.86%, ensuring transparency in the overall cost of the loan.

  • Fees. A one-time processing fee of PHP 1,000 is applicable. Additionally, a lending fee of PHP 500 is charged.

Requirements

  • Age. Applicants must be between 21 to 65 years old.

  • Employment Status. Employed individuals should have a working tenure of at least 3 months.

  • Salary Range. Monthly net pay should be at least PHP 10,000 or above.

  • Address. The present address must be within the whole of Luzon.

  • Contact. Applicants should have an active workplace landline phone and a personal mobile number.

You will also be required to provide these documents for ACOM loan approval:

  • 1 Valid ID. Acceptable government IDs include PHILSYS ID, SSS, GSIS, UMID (Unified Multipurpose ID), passport, driver’s license, postal ID, voter’s ID, PRC, or NBI Clearance.

  • Proof of Employment. Original Certificate of Employment issued within the last 3 months or company ID. For those working under an agency, provide the original certificate of employment or employee ID issued by the Agency. The latest payslips issued within the last 2 months, reflecting the 1st and 16th of the cut-offs of one month. Recommended with TIN.

  • Proof of TIN/SSS. Choose any of the following documents that show TIN/SSS: TIN Card, SSS Card, recent BIR2316, company ID, or payslip.

Ways to Receive the Money

Once your ACOM loan application is approved, you have various convenient channels through which you can receive your funds. Here's how you can access your loan amount:

  1. LBC Branch. Visit any LBC branch to receive your loan amount. ACOM has partnered with LBC to provide a physical location where you can conveniently collect your funds.

  2. Personal Bank Account via Dragonpay. Utilize Dragonpay to transfer the loan amount directly to your personal bank account. This online transaction method ensures a secure and efficient transfer of funds.

  3. GCash. If you prefer a digital solution, you can opt to receive your loan amount through GCash. This provides a fast and convenient way to access your funds using your mobile device.

  4. PayMaya. Another digital option is PayMaya. ACOM allows you to receive your loan amount directly through this platform, offering flexibility in managing your finances.

You will receive an SMS notification from both LBC and Dragonpay when your funds are ready and available for collection or transfer. This notification ensures that you are promptly informed about the status of your loan disbursement.

Products

The REVOMAX loan is a flagship financial product offered by ACOM. It is designed to provide fast and flexible cash solutions to meet the diverse financial needs of borrowers.

  1. Loan Flexibility. Enjoy flexible repayment terms ranging from 6 to 10 months.

  2. Loan Amount Range. Borrow any amount between PHP 3,500 and PHP 500,000.

  3. Competitive Interest Rate. Benefit from a competitive monthly interest rate of 4.988% and an Annual Percentage Rate (APR) of 59.86%.

  4. Transparent Fees. A one-time processing fee of PHP 1,000 and a lending fee of PHP 500 apply.

Other Loans

Reasons for Getting Rejected for a Loan

  1. Inadequate Income. If the applicant's income does not meet the minimum requirements set by ACOM, the loan may be refused. Insufficient income may raise concerns about the borrower's ability to repay the loan.

  2. Incomplete Documentation. Failure to provide the required documents, such as valid government IDs, proof of employment, and proof of TIN/SSS, can result in a loan refusal. Complete documentation is crucial for assessing the borrower's eligibility.

  3. Credit History Issues. ACOM may consider the applicant's credit history during the evaluation process. Poor credit history, defaults on previous loans, or a high debt-to-income ratio could lead to loan refusal.

  4. Unstable Employment. If the applicant has a short or unstable employment history, it may raise concerns about the ability to maintain a consistent income for loan repayment.

  5. Age Restrictions. ACOM has specific age criteria for loan applicants. If the applicant does not fall within the designated age range, the loan may be refused.

  6. Failure to Meet Basic Eligibility Criteria. Non-compliance with basic eligibility criteria, such as being a Filipino citizen, may result in loan refusal.

How to Repay an ACOM Consumer Finance Corporation Loan?

  • Bayad Center. Visit any Bayad Center to pay the ACOM loan. Fill in your membership number, which starts with "0001" (ensure a total of 11 digits).

  • Cliqq App by 7-Eleven. Access the Cliqq App by 7-Eleven. Navigate to Bills Payment, Loans, and select ACOM. Fill in your membership number starting with "0001" (ensure a total of 11 digits), your registered mobile number, the repayment amount, and your receiving mobile number. Verify the details, receive the payment stub, and proceed to pay at the 7-Eleven counter.

  • Cliqq Kiosk (7-Eleven). Go to a 7-Eleven Cliqq Kiosk. Select Bills Payment, Loans, and choose ACOM. Fill in your membership number starting with "0001" (ensure a total of 11 digits), your registered mobile number, the repayment amount, and your receiving mobile number. Verify the details, receive the payment stub, and proceed to pay at the 7-Eleven counter.

  • GCash, Lazada Wallet, Maya, Shopee Pay. For Cliqq App, GCash, Lazada Wallet, Maya, and Shopee Pay, go to Pay Bills/Bills. Under Loans, select ACOM or ACOM Consumer Finance. Fill in your membership number starting with "0001" (ensure a total of 11 digits), your registered mobile number, and the repayment amount.

Alternatives

JuanHand

Apply for a Loan

JuanHand offers online loans in the Philippines, providing individuals with access to up to ₱15,000 for a repayment period of up to 3 months. The lending platform stands out with competitive interest rates ranging from 9% to 12%. With a focus on simplicity and convenience, JuanHand aims to meet the short-term financial needs of borrowers through a streamlined application process and timely disbursement of funds.

JuanHand

Cashalo

Apply for a Loan

Cashalo is a prominent player in the online lending landscape in the Philippines, offering loan amounts ranging from ₱1,000 to ₱7,000 with repayment terms extending up to 90 days. Known for its accessibility, Cashalo provides borrowers with a starting interest rate of 3.95%. The platform's commitment to financial inclusion is evident in its user-friendly app, quick approval processes, and the flexibility it provides to individuals seeking smaller loan amounts for various purposes.

Cashalo

SB Finance

Apply for a Loan

SB Finance stands as a significant financial institution in the Philippines, providing substantial loan amounts ranging from ₱30,000 to ₱2 million. With flexible repayment periods spanning 2 to 48 months, borrowers can tailor their loan terms to fit their financial goals. SB Finance boasts competitive interest rates, starting at 1.2% and going up to 3.5%. This lending institution combines the strength of its parent company with a commitment to offering diverse loan products to meet the evolving needs of Filipino borrowers.

SB Finance

Online Loans Pilipinas

Apply for a Loan

Online Loans Pilipinas caters to a range of borrowing needs with initial loan amounts of ₱1,000 to ₱7,000 for first-time borrowers. Repeat borrowers can access higher loan amounts, reaching up to ₱30,000. This lending platform emphasizes a quick turnaround, with loan terms starting at 10 days. Notably, Online Loans Pilipinas distinguishes itself by not imposing any processing fees for first-time borrowers, providing an incentive for those exploring online lending options for the first time.

Online Loans Pilipinas

Editorial Opinion

ACOM Consumer Finance Corporation has established itself as a prominent player in the financial landscape, offering a range of solutions that cater to the diverse needs of borrowers. One noteworthy product is the ACOM REVOMAX cash loan, which stands out for its flexibility and accessibility allowing borrowers to access funds tailored to their specific requirements. The company's commitment to providing innovative financial solutions is evident, particularly with the user-friendly ACOM app, available on platforms like Google Play and App Store.

While ACOM caters to a broad spectrum of clients, from first-time applicants to repeat borrowers, it is essential to note the importance of meeting eligibility requirements, including the minimum wage criteria, employment, and age. Also, borrowers should remain vigilant about late payment charges and ensure timely repayments to avoid any potential pitfalls associated with unpaid ACOM loans.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender in the Philippines

  1. Ensure that the lender is registered with the Securities and Exchange Commission (SEC) of the Philippines.

  2. Investigate if the lender is a member of recognized industry associations in the Philippines, such as the Chamber of Thrift Banks or the Philippines Finance Association.

  3. Carefully examine all terms and conditions of your loan contract. This includes understanding the repayment schedule, fees, and any penalties for late or missed payments.

  4. Payday loans can have high-interest rates. Make sure the contract clearly outlines the interest rate and total cost of the loan, including any processing fees or additional charges.

  5. Familiarize yourself with your rights regarding cancellation. In the Philippines, consumers may have the right to rescind the loan within a specific period after signing the agreement.

  6. Research the lender's reputation through customer reviews, complaints, and feedback available online.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

We carefully considered the most critical factors in selecting a lender in each category. These factors include interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Sources

FAQ

Who owns ACOM Consumer Finance Corporation?

ACOM Consumer Finance Corporation is a subsidiary of ACOM Co., Ltd., a Japanese financial services company, listed on the Tokyo Stock Exchange. ACOM Co., Ltd., which was incorporated in 1978, is the parent company of ACOM Consumer Finance Corporation.

What credit score do you need for an ACOM Consumer Finance Corporation loan?

ACOM Consumer Finance Corporation, like many other alternative lenders, may not explicitly require a traditional credit score for loan approval. Alternative lenders often use a combination of other factors, such as income, employment history, and the borrower's ability to repay, to assess creditworthiness.

What bank does ACOM Consumer Finance Corporation use?

ACOM Consumer Finance Corporation does not publicly disclose specific details about the banks it uses for its financial operations, including loan disbursements and repayments. Financial institutions often work with a network of banks for various services, but these details are typically considered internal and may not be publicly disclosed.

Does ACOM Consumer Finance Corporation Approve Everyone?

While ACOM Consumer Finance Corporation may have a more inclusive approach to lending compared to traditional banks, it's important to note that approval for a loan is not guaranteed for everyone. The approval process typically involves assessing various factors, including the applicant's income, employment history, and ability to repay the loan.

Is ACOM Consumer Finance Corporation a legitimate company?

ACOM Consumer Finance Corporation is a legitimate company. The company is officially registered with the Securities and Exchange Commission (SEC) under the registration number CS201724897. This registration demonstrates that ACOM Consumer Finance Corporation has met the regulatory requirements set by the SEC, contributing to its credibility and legal standing.

Furthermore, ACOM Consumer Finance Corporation holds a Certificate of Authority to Operate as a Financing Company, identified by the designated number 1140. This certificate serves as evidence of the company's adherence to the requisite regulations governing financing activities, further reinforcing its legitimacy and reliability. The combination of SEC registration and a Certificate of Authority underscores ACOM Consumer Finance Corporation's commitment to regulatory compliance and establishes its status as a legitimate financial institution.

Financial products
ACOM
REVOMAX loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 500000.00 ₱
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Loan term for the financial product

to 1 years
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