Home Credit Review

Company Information

Home Credit has been in the business for almost 8 years in the Philippines as part of the Home Credit Group – a global finance company with a business presence internationally (across Central and Eastern Europe, Asia, and North America) with SEC registration number CS201301354. Home Credit promotes two key elements: financial inclusivity and safe lending. These two are great for the working class Filipino, the majority of which also fall into the trap of loan sharks for lack of other financing options because traditional bank financing seems to be out of their reach, especially without collateral. 

Home Credit has its presence in more than 7,000 shops in the country in more than 790 malls and has already catered to more than 6.5 million satisfied customers. They have over 13,000 employees who make sure that customers receive excellent service. In addition, the sales agents available in the partner stores always ensure that customers can process their applications with ease. 

POS and Cash Loan are open from 8:00 AM to 9:00 PM daily and 24/7 for Credit Card concerns. Their main office can be located on the 11th Floor, Vertis North Corporate Center Tower 1, North Avenue, Bagong Pagasa 1, Quezon City.

They can be reached at their customer service hotlines: 02 7753 5711 (Globe) and 02 8424 6611 (PLDT). Inquiries or concerns can also be sent to their email at [email protected].

Home Credit Products

Getting a loan with Home Credit is very simple. To be eligible, you must be a Filipino Citizen aged 18-68 years old and have a stable income. In addition, to apply for a loan, you must have at least 2 valid IDs – 1 primary ID (SSS / UMID / PRC / Driver’s License / Voter’s ID / Passport / TIN) and 1 secondary ID that shows your current address. 

There are plenty of loan options to choose from:

Consumer Loan

Customers can pay for a consumer good in monthly installments with a consumer loan instead of paying the item’s total amount in a single transaction. Just visit the partner stores of Home Credit and bring 2 valid IDs. You only need to pay for the down payment once approved, and then you can take the item home with you. The interest that will be charged will depend on the down payment made, the amount of the item purchased, and the loan repayment. In addition, a processing fee of 3% of the loan amount will be charged. 

Repayment is made simple – it can be through an auto-debit arrangement, so you do not miss the due date, online, or over-the-counter with their partner channels. The loan repayment period can be between 6 – 24 months. 

Marketplace

Shopping using Marketplace can be done through the Home Credit App. Simply visit Marketplace on the app and search for the item you wish to buy (only single item purchases are allowed) and compare prices across different stores nationwide. But since delivery is not an option right now, filtering your searches to stores nearest you to pick up the item is more convenient. 

The categories for purchase through the Marketplace include Phones and Tablets, Laptops and Computers, TV, Appliances, Furniture, Electronics and Gadgets, and many more. 

Once the item is selected, you have the option to pay for it in cash, or you can pay for it in installments. For installments, fill out the application form in the app and complete the process in the store with the help of Home Credit’s sales agent. 

A down payment will be required for installment payment, the interest rate that will be charged will depend on the repayment term and the amount of the item purchased. The repayment term will also be between 6 to 24 months, depending on the customer’s preference. 

Cash Loan 

Home Credit’s products and services are not limited to consumer goods – their products and services are extended to cash loans as well. So for customers who are planning to embark on new milestones in life – starting their own business, paying for the down payment of their dream car, tuition fee payments, or even for traveling – it is made possible through the Cash Loan. 

Customers will be eligible for up to Php150,000 and the application can be completed in three ways: via the Home Credit App, Telesales, or Partner Stores:

• When applying through the Home Credit App, just make sure to click the Cash Loan offer banner and complete all the steps until you reach the submit application section.
• For application via Telesales, the sales agents are available daily from 8:00 AM to 9:00 PM and can be contacted through their hotline numbers.
• If you wish to apply through the Partner Stores, be sure to check the location of the partner stores by searching on the Home Credit website. 

Only existing Home Credit customers with a good credit history are eligible for the loan. The minimum loanable amount is Php10,000 and the maximum amount will depend on the approved loan granted by Home Credit. The repayment term can be from 18 to 36 months but it is still subject to approval. 

The cash amount loaned can be claimed through bank transfer or cash pick-up at any of the partner centers for free. However, if unclaimed within 7 days, the cash loan will be canceled. 

Credit Card

The beauty of this Credit Card is that you can use it for additional purchases, whether for buying groceries, paying for air tickets, dining out, etc. It functions just like any other credit card. And unlike the strict qualifications of banks for owning a credit card, there are two ways for customers to qualify for the credit card:

• If already an existing customer
• When availing for a Commodity Loan

Approval can only take as fast as 1 minute and customers will be notified by SMS.

There is a monthly membership fee of $75, and the interest is only 2% of the outstanding portion of the credit card. In addition, in case of late payment, an amount of Php 500 or the minimum amount due (whichever is lower) will be charged. 

Exciting Promos and Offers

For getting a credit card, you will be able to enjoy these perks: 

• 1% rebate for every purchase both in-store and online
• 5% discount for every load purchase
• 45 days interest-free (30 days of the billing period plus 15 days before credit card due date)

Qwarta

Qwarta is another feature of Home Credit that allows its customers to pay for basic transactions by using their Home Credit app. Application for Qwarta can be done when you avail for any commodity loan from Home Credit. Just make sure that you inform the sales associate that you wish to get approved for Qwarta upon processing of your commodity loan. Approval can be up to Php10,000 of the spending limit. 

When you use Qwarta, the interest charged will only be 0.13% per day until such time that you pay for it. So essentially, the earlier you’ll be able to pay, the more you can save on interest payments. Be mindful of the due date of your payments because you would not want to be charged late payment fees. 

Home Credit Pay

Home Credit Pay makes use of QR to make payments and is available through the Home Credit App for customers who already have a credit card with them. They have over 4,000 QR partners nationwide so that their customers can enjoy a convenient way of paying for their purchases using a cashless and contactless method. In addition, when customers use Home Credit Pay, they earn a 1% rebate. 

Why Choose Home Credit

There are many reasons why more and more people are opting for Home Credit loan applications other than its presence in major retail shops. We have highlighted some of the reasons why:

High Credit Approvals

Not many lending companies offer high credit approvals in the market. Home Credit is so attractive to consumers because it can provide loan approval to its customers without charging too much on interest and processing fees. 

Customers are not limited to purchasing only what the loanable amount Home Credit offers. Instead, they have the option to choose what they feel is the best purchase for them – quality considered. 

Go Cashless

More and more people are opting for cashless payments as a means of convenience and safety. Rather than carrying a lot of cash with you or in case you forget your debit card at home, it does not stop you from making a purchase. 

Simple Documentation

Home Credit does not require any collateral when you apply for a loan. As long as you have two valid IDs, you can approach any Home Credit sales agent to start your application. Apart from providing all the information they might need from you, they will ask for two references. It can be your spouse, relative, or friend. 

Quick Approval

Even in-store purchases are made convenient with the quick approval of loans. They ensure that you will be able to take your purchase home within the same day. Approval can be as fast as 1 minute from the time the sales agent submits your application. 

How to Sign Up

Conclusion

When it comes to safe lending and financial inclusivity, it is without question that Home Credit has done that. With more and more Filipinos becoming familiar with Home Credit and the flexibility of loan application and approval it offers, the lifestyle of most is indeed elevated. 

Home Credit is not just a solution to a temporary financial problem because its products allow customers to have a long and happy relationship with them – for example, a credit card that does not require a long list of qualifications to be granted with one.