Declined Micro Loans: It’s All In The Details

Have you ever experienced being short of funds due to a salary delay, medical emergency, or something similar? It’s safe to say that we all have. Whether for bills, medication, or tuition, cash emergencies are hard to avoid. It’s a good thing that money-lending applications can now remedy such situations. It can get frustrating, however, since all loans are still subject to approval. Keep reading to find out how to improve your application and avoid declined micro loans.

How to Avoid Declined Micro Loans

Filling out the needed information is important. To help you, these are what need most attention:

1. Access to Contacts

A part that applicants are most skeptical of is the requirement to grant access to one’s contacts. Generally, companies request for this so that they have someone else to call in case of delayed payments. Applicants often agree since they prefer it over the collaterals that major banks ask for. Though it seems over-the-top, there’s really nothing to worry about as this requirement is approved by the SEC or the Securities and Exchange Commision of the Philippines. 

2. Validity of Contact Details

Contact numbers (mobile number, work phone, etc.) must all be functioning. There are instances when the numbers are uncontactable because they are expired, written incorrectly, or the phone is turned off. When this happens, your application is declined since transactions are done mainly via phone calls and/or SMS.

3. Accuracy of Personal Details

ID numbers, addresses, and other details must also be encoded properly. Verification teams are strictest with these and many declined micro loans happen simply because of wrong inputting. This is also why it’s important to double-check before submission.

A common mistake of users has to do with their name. Writing initials and/or nicknames instead of your registered birth name is a definite cause for a declined loan. An example is if the user’s name is John Carlo Luis Ignacio and upon filling up the form, he wrote down JC Luis Ignacio instead. For females, a common mistake is when her name includes the name Ma. (which is a shortened version of Maria). She might write down Ma. Rosario instead of Maria Rosario.

Bottom line is that you should write the exact same name seen on the ID you submitted. Middle initials and suffixes like Jr., Sr., and I, II, III, etc. must also be correct.

4. Valid IDs

Always check the list of qualified ID’s, as well as the validity of your own. Submission of an expired ID always leads to a declined loan. Most apps also ask for a selfie while holding up the ID. Some require them to send wide open mouth selfies, specific hand gestures, and various ID positions. Though silly, this is the only way for the system to verify that the user is a real person. The face and all parts of the ID must be clear.

5. Background and Credit History Checking

Issues with your background check are also a possible cause for decline but Atome assures complete confidentiality, whatever the outcome.

As you can see, it’s all in the details. Correct information guarantees approval. Now, here are other details that are also good to know:

Initial Loan Amount

Note that initial loan limit amount is standard for most lending apps. Atome allows first-time borrowers a limit of PHP 1,000 to PHP 4,000, payable from 7 to 14 days. This will eventually increase according to repayment behavior so make sure to settle dues on time.

Repeat Borrowers

For repeat borrowers who get declined on their next loan or for a limit increase, it all really depends on paying behavior. Paying on time is what guarantees increase and approval. However, for those with good paying behavior that still get disapproved, this may be due to technical glitches. Reach out to Customer Service and Atome will help sort things out.

Choose ATOME

ATOME is among the most credible money-lending apps in the country today. It offers quick and reliable cash loans through a customer-centered approach. Application takes as fast as 5 minutes while approval and disbursement happen within 24-48 hours. Atome also stands for the confidentiality of data so you can be sure that your private information will always be safe and secure with us.

In fact, Atome is proud to mention that it was not among the 67 money-lending apps that the SEC had recently investigated for shaming and disclosing their clients’ private loan details. The company upholds professionalism for all of its current and future clients.

With all these, may your next micro loan application go smoothly and swiftly. 

Choose safe. Choose dependable. Choose ATOME.

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