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Credit is a major factor in the financial lives of people. This credit goes beyond just giving money to someone and instead is a type of assurance that the person will pay back what they borrow.
Loan credit has been around for many years and it was mainly used by individuals who needed to borrow money at a low-interest rate.
Moreover, loan credit is important because it helps people who don’t have enough financial resources or collateral to borrow money from banks and other financial institutions. And the important part is it plays a crucial role in the economy.
In line with this, Home Credit Philippines provides financial assistance to people in need. Home Credit Philippines has been providing financial services to the public since 1997.
They have helped millions of people in their endeavors to improve their lives with credit financing. They are able to do this because of the credit scoring system they have in place.
Let’s know everything there is about Home Credit Philippines in case you are looking for a loan that will ease your current financial needs.
01 of 12What is Home Credit Philippines?
Home Credit Philippines provides financial assistance to consumers who may otherwise be unable to get loans from banks or other traditional sources of funding. They also offer consumer loans, cash loans, credit cards, and many more.
This financial company goes way back to the 90s but it only started its operations in the Philippines in the year 2013. They have a leading presence across all 13 countries including Central and Western Europe, North America, and mostly Asia.
And after beginning its operations in the country, it is undeniable that Home Credit Philippines has been widening their managements and is recognized as the fastest-growing consumer finance company in the Philippines. Because of this, they were able to cater to the financial needs of estimated 8 million people and increasing.
02 of 12Pros of using Home Credit Philippines
- Easy loan application – has a great reputation on the market for providing a fast and hassle-free loan approval process. The company is one of the best options for people who are looking for an easy way to get quick cash without going into too much trouble applying through traditional banking institutions.
- Fast approval – Fast approval is a major advantage. With this feature, the company can approve your loan application within hours. They are able to offer a fast approval process for their customers because they have a highly-qualified staff and an innovative system that can assess the creditworthiness of applicants in less than 5 minutes.
- Flexible terms – offers flexible terms to its consumers. This means that they can pay their loan installments in a way that suits them best – allowing you to customize repayment options available at your cost.
03 of 12Cons of using Home Credit Philippines
- High-interest rates – The disadvantages of including the high-interest rates, which in the case of Home Credit Philippines, could be over up to 36% per annum. This makes it an expensive option for borrowers.
- Late payment penalties – Late payment penalties are a form of interest that is charged for late payments of loans and credit card charges. This type of interest is charged by Home Credit Philippines on the principal amount of the loan or credit card. It is calculated on a daily basis and added to the outstanding balance.
04 of 12What is Home Credit Consumer Loan?
Home Credit is a leading non-cash loan provider in the Philippines. It provides consumers with affordable and flexible lending options to help them pursue their dreams. In fact, this is where Home Credit stood in the competitive market of lending.
This kind of loan is perfect for consumers who need a short-term cash infusion, but don’t have access to a credit card or other payment methods such as online banking and mobile transfers.
05 of 12How to apply for Consumer Loan?
The Consumer Loan of Home Credit allows an individual to borrow money for gadgets, recreational purposes, transportation, and home improvements such as furniture. The application is easy with only 5 steps.
1. Prepare 2 Valid IDs – at least one of your IDs must be government-issued. The following are some examples of Valid IDs acceptable in Home Credit Philippines.
- Driver’s License
- Professional Regulation Commission (PRC) ID *
- SSS ID
- COMELEC / Voter’s ID / COMELEC Registration Form
- Philippine Identification (PhilID)
- BIR (TIN)
- Pag-IBIG ID
- Philippine Postal ID
- Phil-health ID
2. Shop the gadget, furniture, or any goods of your choice, as long as the shop/brand is partnered with Home Credit Philippines.
3. Purchase the goods with the assistance of a Home Credit Philippines Sales Agent.
4. Wait for your application to be approved. The approval period normally takes up to 1 minute. And then after that, make a down payment.
5. Split the remaining cost into monthly reimbursements. Once done, you can now go home with the goods of your choice purchased with the help of Home Credit Philippines.
06 of 12What is Home Credit Cash Loan?
A cash loan is a type of credit that is usually given to individuals with poor or bad credit. It can be used for various purposes such as starting up a business, paying for education expenses, or buying a house.
A Home Credit cash loan is an attractive option to most people who need money urgently but do not want to take out long-term loans. Home Credit allows you to borrow cash for up to PHP 150,000. This is only eligible for existing Home Credit customers who are with good records.
07 of 12How to apply for a Cash Loan?
Aside from starting your own business with capital from Home Credit Philippines, you can also use their cash loan for major home renovations, tuition fees, or other life-long goals. To apply for one, follow the preceding steps.
Applying through the Home Credit App
1. First, log in to your Home Credit App and click the “apply now” button.
2. Choose the reimbursement period you want and the amount you prefer.
3. Once your loan is pre-approved, you have to verify the phone number you used on applying. After that, an application form in need of completion will flash on the screen.
All the information needed is personal and must be accurate. Make sure that all data you provided are complete before tapping the “Submit Application” button
4. After that, you will be able to see the application status of your loan within 1-2 minutes.
If the loan is approved, it’s time to type the One Time Pin message through the phone number you provided. This is for signing the contract and getting the money you just borrowed.
5. Enjoy your cash loan and start your business, pay tuition fees, or fulfill those life-long goals right away!
Here’s a sample scenario when availed of one of the cash loan programs.
08 of 12Requirements for Home Credit Cash Loan
The Home Credit Cash Loan is perfect for existing customers who have 2 valid IDs. You also need the reference number given after the successful and approved application.
The reference number will be used in case you will pick up your money from any Home Credit Philippines disbursement partners.
Also, keep in mind that the contract will be canceled if you didn’t withdraw your money within 7 days after application.
READ MORE: The Ultimate #1 Guide to Credit Score in the Philippines
09 of 12Home Credit Philippines Credit Card
Credit cards have become a necessity in our daily lives. They are used for all types of transactions and have become a “must-have” for many people.
They also help us to keep track of our spending and make sure that we are not overspending.
There are many different types of credit cards that you can use for different purposes. Some credit cards might be more beneficial than others depending on the purpose you want to use them for.
Any of which, it allows us to purchase goods and services, pay for bills and even transfer money to other people.
Home Credit Philippines Credit Card is a credit card you can use for bills payment with no extra fees. You can also get a 5% discount in case you are buying load using it. The most exciting part is you can enjoy 45 days of interest-free usage of your balance.
Here are some other major benefits a Home Credit Philippines Credit Card can give you.
- You can use the Home Credit Philippines credit card in malls, restaurants, fuel, food delivery, travel, online shops, groceries, drug stores, and many more!
- Manage your credit card through the My Home Credit App where you can check your past and recent transactions, pay bills, buy load, and help center.
- A Card Protection is provided so you can manage unauthorized transactions if your card gets lost and stolen by someone.
- Home Credit Philippines Credit Card also comes with insurance which you can use if a family member or yourself experienced an unforeseen incident or death.
- The credit card is transaction-safe because of the EMV Chip, PIN verification, 3D security, and SMS alerts.
- There are so many treats and discounts you can get if you have Home Credit Philippines Credit Card.
- Applying is so easy.
10 of 12How to apply for Credit Card?
Applying for Home Credit Philippines Credit Card is made easy. As long as you are eligible and fit the criteria, a Telesales agent from Home Credit will contact you. You will also receive an SMS, email, or push notification.
After that, you can use the Store Locator and select the nearest Home Credit partnered store near you. Once you are able to visit the store, you have to show a valid ID to the sales associate so you can proceed with the credit card application.
Keep in mind that every application is subject to approval. Home Credit Philippines Credit Card follows some key standards which mean not everyone is fitted on availing of it.
11 of 12FREQUENTLY ASKED QUESTIONS
Does Home Credit Philippines require collateral?
No, collaterals are unnecessary and they do not require them.
Can I buy another item even if I have an existing consumer loan?
No, you can’t. You first have to finish the existing contract. You also have to wait up to 4 months after signing the contract. Therefore, if your existing contract only lasts 2 months, you still have 2 months to go before signing a new one.
What kind of products I can buy?
Home Credit Philippines has a lot of partnered stores in appliances, gadgets, furniture, and electronics. These stores offer different kinds of products you can choose from.
How do I know if I am eligible for a Cash Loan or Credit Card?
The existing Home Credit Philippines customers are eligible for cash loans, while the telesales agent will remind you if you are eligible for a credit card.
How soon will I get my credit card?
The card will be delivered on your provided delivery address within 5 working days in Metro Manila, and 10 working days outside of Metro Manila.
Where can I repay my loan?
You can pay back your loan through online banking, e-wallets such as Gcash, over-the-counter methods like pawnshops or bank transfers, or even at any 7/11 stores. You can view your due date, installment plans, total remaining balance, and principal amount on My Home Credit app.
What are the partnered stores of Home Credit Philippines?
The partnered stores of Home Credit Philippines are:
Samsung, Vivo, Infinity center, OPPO, Power Tab Gadgets, Realme, Audionet, Stormtech, Xiaomi, Ashiqzone, Techbox, Cellty Mobile, and many more.
For appliances, the following are some of the many partnered stores of Home Credit: Robinson’s appliances, SM Appliances, Abenson, All Home, etc.,
Home Credit Philippines website also allows you to find the nearest partnered store around you. You just have to enter your region and city, and then the mall of your choice. To try it, you can go to https://homecredit.ph/about-us/our-partner-stores/
12 of 12Conclusion
In the past, getting a loan from a bank or credit institution was a difficult process, requiring lots of paperwork and waiting for approval.
Nowadays, with technology making things easier and quicker, it has become easier to apply for a loan online at homecredit.ph
Home Credit Philippines offers a range of financial services with a wide range of loan amounts, repayment terms, and loan types that you can choose from.
They also offer convenient payment options such as online payments, mobile payments, and bank transfers.
Take advantage of these benefits so you can save your subdued bills and other financial responsibilities.
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