How to Borrow Money on Vamo

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If you're in need of quickly borrowing a small amount of money, under 10 million dong, Vamo is the app for quick and simple loan choices. Learn about borrowing money on Vamo in the article below by Mytour, and discover an overview of the steps needed to borrow money online on Vamo quickly and easily.

Vamo is an online financial platform connecting borrowers and investors, supporting loans up to 10 million dong in a short period. Signing up to borrow money on Vamo simplifies the borrowing process significantly through entering personal information, ID numbers, bank cards, etc., online.

Borrowing Money on Vamo? Guide to Borrowing Money Online on Vamo

If you're looking to borrow a small amount of money with a low limit on Vamo but unsure where to start, you can find the answer in the article sharing how to borrow money on Vamo below.

1. What is Vamo?

Vamo is an online intermediary lending platform operating on a P2P model, catering to your emergency financial needs with a maximum borrowing limit of 10 million dong.

Here, Vamo acts as a connector between borrowers and investors. On average, the interest rate for borrowing on Vamo is 20% per annum, with a minimum borrowing period of 7 days and a maximum of 30 days.

On your first loan with Vamo, you can borrow a maximum of 1.5 million dong at 0% interest. For subsequent loans, with a good credit score, you can borrow up to 10 million dong per time. Not only does Vamo support extending your loan period when facing difficulties in repayment, but it also offers support for additional borrowing before the repayment deadline with extremely favorable interest rates.

Ranked among the top online loan apps with small limits, with a maximum amount of 10 million dong per time, Moneycat is also a well-loved online lending brand. If you want to explore and compare features, fees, and loan interest rates between Vamo and Moneycat, you can refer to our guide on How to Borrow Money on Moneycat.

2. Loan Requirements at Vamo

Currently, you can only borrow money at Vamo if you meet the following requirements:

- Vietnamese citizens, aged 20 to 60, with stable employment (Note: Citizens with registered residency except those in Hai Phong and rural/insular areas not eligible for loans at Vamo)

- Possessing a valid ID card/citizen identity card

3. Steps to Apply for a Loan at Vamo

To quickly apply for a loan at Vamo, follow these steps for Vamo loan application guidance:

Step 1: Visit the Vamo.vn website (Click Here for quick access).

Step 2:

Drag to select the amount you wish to borrow (from 500,000 - 10,000,000) and the loan duration (7-30 days). Then, enter your personal phone number, click on the 'register now' box to proceed to the next step.

Note: After following the registration steps for borrowing money on Vamo above, an overview of loan information, loan amount will be displayed briefly on the registration screen as shown below.

Step 3: Set Up Account Information

At this step, you need to input information such as full name, gender, password for accessing your Vamo account, email address, and press 'continue'.

A notification will pop up confirming that your account information has been set up, click on the 'continue' box to proceed to complete your loan application information.

Note:

- To increase the chances of loan application approval, you can connect your personal Facebook account with your Vamo account information

- Vamo account login password must be at least 6 characters long, including both uppercase letters and numbers

Step 4: Fill in Information about Address, Occupation, and Financial Information

Here, you continue to input information about your address, occupation, job, income level, etc. After each information entry cycle, click on the 'continue' box to proceed to the next step.

Fill in Personal Information

Fill in Occupation Information

Fill in Additional Information

Fill in Financial Information, Bank Account Information

Note:

- Currently, Vamo only supports lending to customers who are employed, with income exceeding 3 million dong/month. Groups such as students, freelancers, housewives, etc., will have fewer opportunities to access loans here.

- To increase your loan approval chances, you need to fill in complete and accurate personal information for Vamo to verify when needed.

Step 5: Provide Personal Information and Verify ID Card

In this section, you need to enter the confirmation code sent to your mobile phone by Vamo, then press 'continue' to proceed to the next step.

- Enter detailed information about your date of birth, ID card number, date of issue, etc., then press 'continue'

- Finally, to complete the loan application, you need to verify your ID card by providing Vamo with photos of the front and back of your ID card, along with a photo of yourself holding the ID card. Press 'continue' and then 'submit my application' to finish the registration process.

Upload images of your identity card, complete the registration process

After completing the loan registration process, you need to wait about 30 minutes for your loan application to be processed.

If your profile meets the standard, you will receive an SMS notification of successful loan approval. If your profile does not meet the requirements, you will receive a rejection message from Vamo and a Vamo staff member will call you to advise, guide you to reapply, or provide additional necessary documents.

Immediately after approval, the money will be transferred to your account within 1 hour.

4. How to Repay Your Loan on Vamo

To repay your Vamo loan, use your personal phone number and account registration password to log in to the system, select the active loan, and proceed with the payment. Specifically as follows:

Step 1: Log in to your personal account on Vamo

Step 2: Select the active loan and proceed with the payment as instructed

Note:

- You can repay your Vamo loan by online bank transfer or bank transfer.

- To determine the exact amount to be paid, you can verify it in the customer information section.

- During the payment process, you need to provide information about 'contract number + ID number + full name' and keep the payment receipt until you receive a confirmation message of successful debt repayment from Vamo.

5. Some Frequently Asked Questions when Borrowing Money on Vamo

5.1. Other Contact Channels of Vamo

If you have followed the instructions on how to borrow money on Vamo above but encounter errors or get stuck at any step, you can contact the Vamo loan hotline for direct advice and support.

- Hotline: 1900 6334 82

- Email: [email protected]

- Online Working Hours: Monday to Friday (9:00 AM - 6:00 PM)

5.2. Can I borrow money on Vamo under someone else's name?

At Vamo, you cannot apply for an online loan under someone else's name

5.3. When is the best time to repay a loan at Vamo?

After borrowing money from Vamo, details of the repayment amount and loan repayment period will be sent to your registered email by Vamo. You need to repay the loan on time to avoid penalties for contract violations.

Additionally, if you manage to gather the money earlier, you can also repay the loan early to Vamo without incurring any penalties.

In case you are unable to repay on time, you can contact the Vamo hotline or access your personal account on the Vamo system to extend the loan term, avoiding additional fees or high interest charges.

Here, Mytour has shared with you the steps, ways to borrow money quickly and easily on Vamo. Because the amount borrowed from Vamo is relatively small and the borrowing period is short, before borrowing from Vamo, you should carefully consider your actual borrowing needs and your financial ability to make the most appropriate borrowing decision for yourself. Wish you luck.

Frequently Asked Questions

What are the basic requirements to borrow money on Vamo?

To borrow money on Vamo, you must be a Vietnamese citizen aged 20 to 60 with stable employment. Additionally, you need a valid ID card and must reside in eligible areas.

How do I quickly apply for a loan through Vamo?

To apply for a loan on Vamo, visit their website, select your desired loan amount and duration, and follow the registration steps, including entering personal and financial information.

Can I borrow money on Vamo if I am a student or freelancer?

No, students and freelancers typically do not qualify for loans on Vamo, as the platform primarily supports employed individuals with a minimum income of 3 million dong per month.

How can I repay my loan on the Vamo platform?

To repay your loan on Vamo, log in to your account, select the active loan, and follow the payment instructions. You can repay via online bank transfer or direct bank transfer.

What is the maximum amount I can borrow on Vamo?

The maximum amount you can borrow on Vamo is 10 million dong, depending on your creditworthiness and repayment history. New users can borrow up to 1.5 million dong at 0% interest.

What should I do if my loan application is rejected by Vamo?

If your loan application is rejected, you will receive a notification from Vamo. A staff member may contact you to discuss the reasons and provide guidance for reapplying.

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