ACOM Revomax Cash Loan Review: What’s The Real Deal?

Written by Marc Adrian

What is ACOM Revomax Cash loan?

ACOM is a non-bank financial institution that originated from Japan. They offer financial services to consumers in a form of unsecured loans. 

Familiar with quick cash loans? This loan is one but with an even better offer. Just like every quick cash loans, ACOM Revomax Cash Loan promises a one-day loan approval and relatively less stringent requirement and application process. What sets this apart from others is that the amount you loan can increase over time until ₱500,000 whenever you complete a loan term.  

One of the most unique offerings of ACOM’s instant cash loan is the ability to pay only the minimum amount (8%) of your outstanding balance. They have three channels where customers can apply for a loan – their mobile App, website, and their physical branches.

Interest rate

3.315% – 4.563% per month (39.78% – 54.756% APR)

Loan term and repayment

The initial loan will only be on a six-month term, but the succeeding loans can be up to five years. ACOM allows borrowers to repay as little as 8% of the outstanding amount each month through the minimum payment option. However, the total loan amount must still be settled by the end of the tenure.

Fees

• Processing fee – ₱1,000.00
• Disbursement & misc. fee – ₱500.00 (Lending Fee)
• Remittance Fee (depends on remittance costs)

What makes ACOM Revomax Cash Loan different from other loans?

On the surface, this loan product seems similar to the products that came before it, however, it differentiates itself with a unique repayment scheme, renewal policy, requirements, and catering to specific self-employed individuals such as ESL teachers and Grab partners. 

You also have the option to apply in person or online, depending on which one you’re more comfortable with. However, the in-person application is only limited to Metro Manila as they don’t have any branches outside the region. 

The ability to pay only a minimum amount of your outstanding balance that is lower than the monthly installment is a feature that’s unique to ACOM. It’s the same as credit card payment schemes that offer you flexible monthly payments. This gives you the option to pay less in months where money is tight and gives you some options to manage your budget. That said, you run the risk of your debt snowballing as you will still need to settle the entire sum of the loan by the end of the tenure. 

The loan amount also starts small, but you’ll unlock larger amounts when you’ve proven your capacity to pay and build a good payment record with ACOM. This means that you will need to slowly build up your loan history with the company before being allowed to take larger loans.

For an unsecured loan, the ₱500,000 maximum loan amount is also very uncommon for this type of loan. Although, it will come with a hefty interest considering the rate for their loan isn’t the best in the market. So make sure you loan only the amount you can afford to pay. 

What we like about ACOM Revomax Cash Loan (advantages)

• The only non-bank unsecured personal loan that grants a loan amount up to ₱500,000. Even though it can take some time and credit building to get to that amount, the fact that it is offered as an unsecured loan, all the more from a non-bank institution, already put ACOM ahead of its competitors. 
• 1-day approval of your application provided that you’ve complied with all the requirements on the same day.
• ESL freelancers, food delivery riders, and car-sharing partners are specifically mentioned in their qualified professions, making them more inclusive to non-conventional workers. 
• Requirements are very minimal and paperless since you just need to upload everything on the website or app. 
• Their repayment scheme which allows borrowers to only pay the minimum amount of their outstanding balance is also a unique approach. While we don’t recommend you to only pay the minimum amount, it does give you borrowers a more flexible payment option. 

Things to consider before applying for this loan

All things considered, this personal loan is a very consumer-friendly and inclusive product, but not without its share of conditions that you should carefully ponder on. 

• Their marketing and ads are upfront with the rates, although they downplay it by highlighting the monthly equivalent of their annual rates. 
• Your initial loan will start at ₱10,000 and the loan term is locked to 6 months with an interest rate of 3.315% – 4.563% per month. Assuming upon the evaluation of your loan you get the higher end of the interest rate which is 4.563, the estimate of your 6-month interest would at least be ₱2,737. This may not seem much when you split it into a 6-month installment plan together with the principal amount, but if you’re going for a bigger amount eventually, the interest rate will get bigger the principal amount and the longer the payment term. So, before deciding, sleep on it first and do the math to see how it will affect your cash flow and how much you’re paying.
• Another important aspect of this loan to also take note of is their repayment scheme which allows you to pay only a minimum amount of the outstanding balance (8%). It does make payment more flexible but it also reinforces a bad financial habit, because as much as possible you should promptly pay off your debts to avoid other fees and not reinforce such a payment habit.

ACOM Revomax Cash Loan is one of the many quick cash loans that are offered in the market today. It has its pros and cons, but ultimately, whether or not this loan is best for you will depend on the urgency of your needs and your cash flow. If you just need quick cash to cover some emergency expenses that can’t wait until payday, this loan might just work for you. If you want a loan that’s loan term will reasonable rates, this loan can work, but there might be other offers in the market that are better suited to your cash flow.