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Over the past years, fintech has gradually become a strong trend in the Vietnamese economy, with a surge in lending activities on digital platforms.
The diversity and the development of fintech firms may be outpacing the awareness of clients about fintech. Therefore, in order to help clients have a better understanding about the methods and necessary experiences for seeking loans, ATM Online and its partners have introduced a preferential online loan with low values.
|ATM Online is providing new clients with easy to access micro-loans to help them get familiar with loans|
Accordingly, the “super small” loan is valued at only VND900,000 ($39.13), and offered to clients who seek loans for the first time at ATM Online. The lending rate is 1 per cent a month, with the lending period of two months. The loan will be immediately disbursed right after the client is provided detailed consultancy and agrees with the conditions.
With this low-value loan, ATM Online wishes to help clients have a good understanding and get accustomed to the firm’s online loans, as well as enjoy the services before they can become close clients of the firm via loans with bigger value and longer loaning time.
Thus, after the clients pays the first loan on time, they can enjoy larger loans at ATM Online, the same as those clients who have registered to re-borrow loans from ATM Online.
At the same time, ATM Online has also been implementing a loaning programme with a 14-day grace period applicable to all clients who register to seek loans from ATM Online for the first time. Within 14 days, as from the date the loan is disbursed, the clients can re-consider the loans. If they change their decision, they can pay back the disbursed money without any lending rates and consultancy and service fees. Through this programme, ATM Online wants all clients to feel comfortable with the loans. This 14-day period is considered the time for “experiencing the product”. ATM Online is the first fintech firm to offer low-value loans with such a 14-day experiencing period for new clients.
ATM Online director Do Minh Hai said, “With these new products, ATM Online and its partners almost place no focus on gaining profits. Despite the loans’ low values, all the processes regarding appraisal, approval, and disbursement are the same as those applied to other loans. This means that we still make the same work on the processes, while the lending rate is quite low. ATM Online wishes to maximise all opportunities in access to loans for clients who are inexperienced in seeking online loans, and we want to gradually help clients to have basic knowledge about the loans.”