|Name of Organization||Vamo|
|Full Name of Organization||Vamo|
Vamo - Product Features
|Min. financing amount||1000 php|
|Max. financing amount||20000 php|
|Max. financing amount||30 days|
|Approval duration||Average time from 2 to 12 hours|
Fees & Charges
|Debt consolidation||Information on debt consolidation is not listed on the site. You need to contact representatives of the organization through any source and clarify|
|Processing fee||One-time fee is not charged when making a loan|
|Stamp duty||Stamp duty is not provided in the organization|
|Annual fee||Annual fee ranges from 180% to 365% depending on the percentage under which you borrowed|
|Other fees||Other fees are not listed on the site. However, when applying for a loan, you can include insurance or any other services. For more information, you need to consult with representatives of the organization.|
|Early settlement||Early debt settlement does not charge you extra fees. For more information contact the credit organization.|
|Late payment charges||6% of overdue amount|
|Other penalties||Not provided|
|Need to bind a bank account||No|
|Other details||Payment on the loan occurs through a bank card|
What is Vamo PH?
Vamo PH is an all-digital lending platform that offers an innovative solution for Filipinos to access loans quickly and easily without the need for collateral or a guarantor. It is a part of the VIA SMS Group, which is a leading financial solutions provider in Europe and Asia.
Here are some details about the platform:
- The company was established in 2020 and provides loan amounts ranging from ₱1000 to ₱30000 with a loan term of 10 to 300 days. It offers digital loan applications, with approval usually within 24 hours, and various repayment methods.
- Vamo is registered with the exchange commission to provide lending services to Filipinos. It offers personal loans that can be used for a wide range of purposes, from utilities to medical emergencies. The loan amount increases over time, with the first loan having a fixed term of 10 days. The interest rate is 1.3% per day.
- The platform has simplified the application process and allows for the option of making minimum monthly payments. The service has certification from the Securities and Exchange Commission, and its website is secured to protect customer information. The company’s services are primarily aimed at the underserved and unbanked population of the country.
- To apply for a loan, you need to be a Filipino citizen living in the country, between 20 and 65 years old, and have a valid ID, employment, and a bank account or digital wallet. The application process is simple and can be done online. It includes providing work details, current income information, and contact references.
Overall, Vamo PH aims to provide easy and manageable credit lines to Filipinos through its fully digitized services, offering an efficient and secure way to secure a loan.
Vamo loan, how does it work?
Vamo PH operates as a digital lending platform, offering an innovative and quick solution for Filipinos to access loans. Here is how the loan process works:
- Eligibility: To be eligible for a Vamo loan, you must be a Filipino citizen living in the country, between 20 and 65 years old. You need to have a valid ID (such as a national ID, passport, driver’s license, GSIS or SSS number), be employed or self-employed, and have a bank account or a digital wallet, like PayMaya, GCash or GrabPay.
- Application: You can apply for a loan online, either on a PC or mobile device. The lending institution doesn’t require traditional credit ratings, so having a poor credit score won’t necessarily be a problem. When sending your application, you need to provide work details, financial information (including your current income), and contact references who can speak to customer representatives.
- Loan Approval: The company provides fast unsecured loans, with the loan approval process usually taking around 24 hours.
- Loan Amount and Term: The company offers loan amounts ranging from ₱1000 to ₱30000, with a loan term of 10 to 300 days. The first loan comes with a fixed term of 10 days, and the loan amount can increase over time. The interest rate is 1.3% per day.
- Repayment: Vamo provides various methods to repay the loan. You can opt to pay back the loan in its entirety or with a minimum monthly payment. It’s important to ensure that you have a budget to cover the full or minimum monthly payments before applying for a loan.
- Security: The platform is registered with the Securities and Exchange Commission, ensuring its legitimacy. It has advanced data security to protect every piece of information you provide, and it adheres to specific standards to protect its customers.
Remember, always borrow responsibly and ensure that you’re capable of repaying any loan you take out to avoid financial difficulties in the future.
Is Vamo legit? Is SEC Registered?
Yes, Vamo is a legitimate company. It’s part of the VIA SMS Group, a prominent financial enterprise operating in Europe and Asia. The company holds a Certificate of Authority from the Securities and Exchange Commission (SEC) and is authorized to do business in the Philippines. It adheres to specific standards set by the SEC, providing additional protection to its customers.
|Company Name||Vamo Lending Inc.|
|Certificate of Authority||3261|
Furthermore, it offers advanced data security to protect the information you provide, giving customers reassurance when submitting personal data. It’s important to always ensure that any financial services company you deal with is properly licensed and regulated to provide the services they offer.
To be eligible for a loan from Vamo PH, you need to meet the following requirements:
- You must be a Filipino citizen living in the country.
- You should be between 20 and 65 years old.
- You must have a valid ID – this could be a national ID, passport, driver’s license, GSIS, or SSS number.
- You need to be employed or self-employed.
- You must have a bank account or a digital wallet, like PayMaya, GCash, or GrabPay.
When submitting your loan application, you will need to provide the following information:
- Work details – this includes the nature of your employment or business.
- Financial information, which should include your current income.
- Contact references who can speak to customer representatives.
Make sure to have all these requirements and information ready when you apply for a loan from Vamo PH to ensure a smooth application process.
How to pay the Vamo loan?
Here is how to pay a Vamo loan:
- Login to your Vamo account.
- Decide on the amount of your payment. You can pay the minimum monthly payment, make a full repayment, or make a partial repayment if you wish to pay more than the minimum monthly payment.
- Click on “MAKE A PAYMENT” and enter the payment window.
- Choose your payment method – via online banking, over-the-counter banking, or e-wallets like Gcash, Grabpay, or Paymaya.
- Some online banks and e-wallets will automatically redirect you to their interfaces for payment.
- For other online banks and over-the-counter banking, you will receive payment instructions via email.
- Always ensure that your reference number is correct for the payment to be correctly recognized.
- Save the receipt or other confirmation details and validate the payment according to the instructions from the email. It’s important to validate your payments within 60 minutes for online banks and within 48 hours for over-the-counter and ATM payments.
- If you need any help during the payment process, contact DragonPay customer service as indicated in your email.
- Upon successful payment, you will receive a confirmation via email and your loan information will automatically be updated in your account.
|Your loan||5.000 PHP|
|Interest until 2022-04-11||I650 PHP|
|Processing Fee||100 PHP|
|First Payment Date||2022-04-11|
|Minimum Payment||705 PHP|
|Full Payment||5.750 PHP|
|Your loan||30.000 PHP|
|Interest until 2022-04-11||3.900 PHP|
|Processing Fee||100 PHP|
|First Payment Date||2022-04-11|
|Minimum Payment||3.730 PHP|
|Full Payment||34.000 PHP|
What happens if you can’t pay?
In 2023, the lender charges an interest of 1.3% per day. It’s possible that these rates have changed since then. For the most current and accurate information, I recommend contacting Vamo directly or checking their website. You can reach them via email at email@example.com, or by phone through Globe Telecom at +63 917-706-9834 or Smart Telecom at +63 947-896-4568 from Monday to Friday between 09:00 – 18.
Why Should You Choose Vamo?
There are several reasons why you might consider choosing Vamo as your lending platform:
- Fast and efficient application process: Vamo offers an all-digital loan application, which means that you can complete the entire loan application process online. This can be a significant advantage if you need funds quickly, as the approval process takes just 24 hours.
- Flexible loan amounts and terms: Vamo offers loans ranging from ₱1000 to ₱30000, with loan terms between 10 and 300 days. This flexibility allows you to choose a loan amount and term that best suits your needs.
- No collateral or guarantor needed: Vamo offers unsecured loans, which means you don’t need to provide any collateral or a guarantor to secure a loan.
- Accessible to many: To apply for a loan, you must be a Filipino citizen living in the country, be between 20 and 65 years old, have a valid ID, be employed or self-employed, and have a bank account or a digital wallet like PayMaya, GCash or GrabPay. These requirements make the service accessible to a wide range of people.
- Flexible repayment options: Vamo offers the option to make a full repayment, pay a minimum monthly payment, or make a partial repayment if you wish to pay more than the minimum monthly payment.
- Registered with the Securities and Exchange Commission: Vamo is a part of the VIA SMS Group, which is a leading financial solutions provider in Europe and Asia. Vamo holds a Certificate of Authority from the Securities and Exchange Commission, which means it is authorized to do business in the Philippines and must abide by specific standards.
- Customer support: Vamo offers support options via email and telephone, which means that you can get assistance if you have any questions or issues.
However, it’s also important to note that like many other online loans, Vamo has a higher interest rate compared to other online loans, and a processing fee applies to every invoice. As with any financial decision, you should carefully consider your own financial situation and needs before deciding to take out a loan.
How to take a loan in Vamo?
- Fill in the application for a loan.
- Confirm the offer. The offer is signed by an SMS code sent to your Get the solution instantly!
- Transfer money to a bank account or card in one day!
Additional conditions for granting loans:
- the whole process through the Internet, without leaving home;
- for Filipino citizens who have reached the age of 21 (majority);
- the presence of a permanent registration in the territory of the Philippines;
Reasons for a loan denial:
- Poor credit score
- You are blacklisted, on debt review or had a judgement against your name
- You don’t have enough income for the loan you requestedd
- Poor track record of credit card or loan repayments