Home Credit Review

When it comes to building a family home, I can say that my husband and I are still pretty new to it. There are so many th...

When it comes to building a family home, I can say that my husband and I are still pretty new to it. There are so many things to be planned and done when it comes to designing the happy family home. But we’re getting there slowly, but surely. :)

Recently, I’ve been acquiring a few appliances that are much needed in our house, one that is a factor in having a good household. But let’s face it, we can’t get every appliance we need in one go, especially if you’re like me, who doesn’t own or want to have a credit card. I personally don’t like to have one despite the many offers at malls, because I don’t like temptations! >_< I want to spend within my budget.

Fortunately, while window-shopping at SM Appliance Center the other day, I spotted a promo called Home Credit’s SM Hulugang Pinagaan. It immediately caught my attention and asked the staff about it.

Home Credit is actually a global consumer financing company that is a responsible loaning service allowing people with little or no credit history to purchase appliances and electronic gadgets through installments. So, if you have no credit card, no problem! :) You can now buy your dream LCD TV, laptop, camera or phone with the help of Home Credit. :)  

How does the application process go? Let me walk you through it, since I, myself, applied for it. :)

 Our house almost has everything we might need, but lately, some of our fans and vacuum broke, so I was on the lookout for both.

The process is just really easy, simple, and fast. All you need to do is to present 2 valid IDs and for as long as you meet the following requirements, you automatically become a candidate to apply for a Home Credit loan.

·      Filipino Citizen
·      Employed (at least 3 months), self-employed, businessman/woman, or receives regular remittance
·      Primary IDs (at least 1 with address) SSS or GSIS, driver’s license, voter’s ID, passport, UMID, PRC
·      Or you can also show them any of your Supporting documents – Philhealth card, credit/savings card, Postal ID, NBI Clearance, Company ID, Remittance slip, Salary Slip, Certificate of employment, Bank/account statement, electricity bill, water bill, phone bill, mobile bill, barangay clearance, Pag-IBIG/HDMF card.

The first thing I did was talk to a Home Credit staff at the SM Appliance store (always ask for a Home Credit Sales Associate) and told her the items that I wanted to purchase through Home Credit. :)

As soon as she was able to take note of the stuff I wanted to get, we went inside their office to fill up some forms and discuss about the loan terms of Home Credit. It was timely since they were also holding their SM Hulugang Pinagaan promo, which presented two loan terms and offers:

·      12 Months – When you diligently pay the first 11 installments on or before the due date, the last month will be FREE!

·      24 Months – Almost similar with the 12 months, but with this, if you pay the first 22 installments on or before due date, the last two months are FREE!

I opted for the 12 months, since the two items I got were only worth Php 7,000. :)  BTW, you can also do a bundle purchase, meaning you can buy 3 different appliances in one go. :)

Upon filling up the form, you will be asked to jot down your details and even people close to you. Like any typical loan service, there will be a little one-on-one interview that can last about 15 minutes and you will be asked what your work is, how much you earn and if you have any pending debts. It’s important that you are 100% honest about this, because Home Credit will be checking the validity of this and it will be the basis whether your loan will be approved or not.

Once this process is done, you will wait for a phone call from Home Credit verifying all the details you gave the Home Credit Sales Associate. After this, it is the waiting game of whether your loan is APPROVED or REJECTED. The approval of this only took 18 minutes, wherein their poster indicates 20 minutes. :)

   Safe to say, I have a good credit standing, because my loan was APPROVED! J  I proceeded with the contract signing and the Home Credit Sales Associate explained to me in detail how I would pay for my loan monthly. :)

After, I proceeded to the counter to pay for the initial cash-out of Php 2,000 and monthly, I will be paying Php 667. :)

Finally, a new vacuum to keep the house clean at all times and a new electronic kettle!

All in all, I am very pleased with the easy, simple, and fast application process of Home Credit. With them, even without a credit card, first-time borrowers can make big purchases yet still have enough money for other daily needs. :)

Now, a house or a car isn’t the only thing you can loan, but appliances and gadgets as well! With this, my family and I can have a great start at building our future home and filling it up little by little. :)

Visit https://www.facebook.com/homecreditph/ for updates and more details!
Artsy Ava

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  1. Great review, Ava! nice photos too :)

  2. I'm planning to do the same since I noticed their posters all around the malls. :) Great to know that there is someone who had a good experienced in loaning in this company. I should try doing the same also.

  3. Don't go for Home Credit. Grabe ang interest rates, you will have to pay double of your loan amount at the end of your contract. Imagine, a loan of 42k (after paying 30%) will let them earn an interest of 31k! Wow, that's fast money for them!

    Grabe din pala sila mangugulit sa mga references, but they will not allow those references to inquire about the loan kasi hindi daw authorized...

    Ang gulo din ng customer service nila. I wanted to fully pay na my dad's loan since na-shock ako sa interest rates. However, ang dami nilang pasikot sikot to delay the process, kesyo hindi daw ako authorized (but I was a reference in the contract), and then after my payment, hindi daw yun ma-credit as full payment kasi need pa daw mag activate ng account otherwise its just advance payment and thus interests will still be incurred,.. Ilang beses na kami nag email at tumawag, pero hindi nila masagot mga tanong namin, ang hirap nila kausapin, simple lang naman gusto namin - to fully pay the account - pero ang bagal nilang kumilos. Siguro, kasi they want the interests eh.

    1. Oh so sorry to hear about your experience. :( Mine was different naman. I was actually able to pay for the full amount without any problems. :)

    2. Based sa experience ko, as long as good payer ka, hindi ka nila kukulitin. Regarding sa interest, normal na may interest yung mga products na kinukuha mo sa store, they need to earn din (mindset ng businessman). Una, mataas ang risk pag nagloan ka without credit card kasi sa credt card application, sangkatutak na mga verifications yung ginagawa nila kaya mababa ang risk. Since ma-a-approve lang yung loan mo ng 10 - 20 minutes, expect mo na tutubo yung company na nag finance sayo.

      Nakakatawa lang kasi na ang daming galit na tao online pero hindi naman pala marunong magbayad sa tamang oras. Learn to do your obligations. Give and take lang.

    3. Me too i have a good experience so far.

    4. By paying the full amount, do you mean that you paid it in full before the 12-month period ended? I'm also interested in taking this option.

  4. Sobrang Taas ng interest rate nila. Nag ooffer sila ng Cash Loan amounting to 38,000 with 5% interest. The loan will be paid for 36months,2200/month (forgot the exact amount) . And so nagcompute kami kung 36monthsx2,200 thay will be 79,200!! Wow! Just wow! Sinabi namin to sa customer service how come 5% ang ineterest nagcompute kami aabot sya ng 79k and she told us na wag daw kaming magcompute kasi si nila madidisclose ung interest rate. Grabe.. kawawa ung mga taong naloloko nila na 5% lang daw ang interest. At ung mga taong kailangan talaga ng pera.

    1. For cash loan, we are offering this uniquely per client and thank you for your interest. If you want to know more about this offer specially for the interest you may call our hotline(02) 753 5714 and we are glad to explain this to you.

    2. Hi, Salamat sa u=iyong feedback. Ang Homecredit, tulad ng ibang lending institution ay sumusunod din sa interest rate na ayon sa Gobyerno ng Pilipinas, depende kung magkano at gaano katagal itong hihiramin. Handa po kaming tumulong upang lubos na maunawan niyo ang tungkol dito at maaari po bang malaman ang inyong contact details upang kayo po ay matawagan?

  5. A person who does not wanna get or own a credit card to spend only within the budget but decided to get installment for her appliances through Home Credit. Isn't that ironic? If you really are a wise spender you would have chosen to get a credit card where there are some that has 0% interest for installments. You would have also checked the interest since im pretty sure it can even go higher than 20% interest with Home Credit. This review is for impulsive buyers such as the person who did the review and those that cant afford to save money for a vacuum and electric kettle. just saying

    1. No I don't find it ironic. :) It's my decision if I want to have a credit card or not. I had one before and I had it cut. :) Why does it bother you so much if I chose to pay something with a high interest? As long as I'm paying for it monthly and not begging anyone for money, it shouldn't be an issue. :) FYI, I can afford to buy a vacuum and kettle and there weren't any high interest since I already paid it in FULL. Anyway, I don't need to explain why I needed to do this review. :)

      To call someone impulsive, I hope you're also brave enough to leave a name and not stay anonymous or troll around. :)

    2. And just another FYI, credit cards make you more impulsive cos having that in your hand makes you feel like you can buy anything at any given time. Unlike Home Credit that only allows you to loan one at a time and has a 90 days policy before loaning again. So, again, I don't find it ironic. :) MY CHOICE. :)

      God bless!

  6. Homecredit is good for purchases only but if you try getting a personal loan from them, you should look elsewhere. Their interest rates are really high plus the fact that their agents are quick to harass you and your references at any given day and time (talk about ethics). This is the case whether you are a good payer or not. They just want your money and not really help you.


Thank you so much for reading my blog and for leaving lovely comments. Will also try my best to drop by your blogs!:) xo

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All photos/materials ⓒ 2016 Ava Te-Zabat unless otherwise specified. Please do not use them without acknowledgement or permission. Thank you.