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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54 comments♥

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

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  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.

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  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.

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    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. :)

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    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.

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

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    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.

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    5. Tama ka nag try ako.mag loan sa kanila pero sobrang laki ng interest,,akala ko ma pay muh within 1 year ,,3 years pa pala,yong utang muh na loan pareho din interest nila,,ang hindi ko maunawaan bakit kung nagpapaloan sila hindi sila nag aask sa customer kung ilang years babayaran ,automatic sila ang gumagawa ng state ni hindi muh alam na nasulat na pala

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    6. Sobrang laki ng interest nila ,nagloan po ako ng 25,000 ni hindi sila nag aask na 3 years pala yon mababayaran akala ko yong customer mag dedecide kung ilang years niya babayaran yon pala sila nag dedecide sobrang na dis appointbpo ako sa home credit

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    7. I think it would have been the agent who was helping you to be at fault. Cos personally, I asked for 15 months and that's exactly what I was given naman. :)

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  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.

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    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.

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    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?

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    3. Hi Goodmorning!Naging customer nyo po ako 2 years ago when I purchased my phone. After ko mabayaran in full ung loan ko i received a letter na im eligible to loan for up to P60k. Pero that letter is 2 years agi pa. Available pa kaya sya ngaun?

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  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

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    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. :)

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    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!

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  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.

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    1. Home credit has outsourced agents, I believe and they are the ones who usually harass clients. I personally ignore the calls for as long as it's not my time to pay yet. :) I simply like the service in case I'm in desperate need. Like, if a gadget of mine suddenly broke and I need replacing ASAP. :)

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  7. Hi just want to ask.. may nakapag try naba sa ADA(Auto Debit Arrangement) nila? ok naman ba?

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    1. Hi sir! Sorry not yet, though they recommend that :) I prefer paying monthly via counter/bank :)

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  8. Hi. Just wanna share my experience in home credit. Actually, okay naman cia. It is true mabilis yung process, wala namang issue dun. Good payer naman ako nakakabayad on time until nagkaproblem ako. Na-ospital Dad ko, nawalan ako ng work lahat ng ipon oo at ng family naibayad na sa ospital so in short, I started getting lapses on my payment. Tinatawagan ko na sila, nakikipagnegotiate na ko. What made me hate home credit was that, they will bombard you with a lot of calls. 20 calls per day, nakausap mo na ng umaga tatawagan ka uli ng hapon at gabi. Pipilitin kang magbayad na akala mo tatakbuhan mo sila. I understand na business sila kaya nga ako kumokontak sa kanila pero hindi naman ganyan naranasan ko sa iba. Harassment na eh.

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    1. Hi, Salamat sa iyong feedback. 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?

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  9. This comment has been removed by the author.

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    1. Hi Jenkie, I understand your concerns, but looks like you have direct issues with home credit and I believe they will see that more if you post on their page. :) I am merely stating my review of their service. I experienced a good service and that's what I wrote. I understand that not everyone can experience the same thing and personally, it's my second time to try them and haven't had any problem.

      Hope they can resolve yours. :)

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    2. Hi, Ms. Jenkie. This is April from Home Credit PH. Thank you for bringing this concern to our attention and we apologize for the inconvenience. Can you send us your contact details so that we can address this asap.

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  10. Home credit pinaka worst yan swear! Don't go for it..

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    1. You can go to their page to voice out your sentiments. :) Thank you

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    2. Hi, this is April from Home Credit PH. Thank you for the feedback. Can you send us your contact details so that we can assist you further.

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    3. Can you call me? I have some questions regarding cash loans. This is my number 09107470216.

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    4. Good day home credit. I already sent an email to your customer service regarding this.
      I would like to ask pay the full amount of my cash loan. It will be my last 30days at work and I will not be able to work for the next months as I am 6mos pregnant.. I want to pay the full amount but it will be on february 2019 as im expecting enough money that time to pay you but I will not be able to pay my monthly from nov-january. may I request for consideration to waive the interest as I will not be able to pay the full amount if including the interest since it is such a huge amount.. Im hoping for your consideration for this matter.

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  11. Hi ava thank you for this review i was planning to get a new phone with homecredit they offer 0% rate totoo po kaya un na 0% rate ung pag nag start hulugan? May experience na din po ba kau na 0% interest? Salamat pp

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    1. Hi Donn! I'm not quite sure about that cos recently I used home credit to purchase a camera and mine isn't 0%.. maybe I didn't have that kind of promo when I applied. :) But always best to ask the Home Credit representative at the mall/shop for a more clearer understanding of their current promos. :) Thank you!

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  12. I was planning to buy an LG TV this December for he family as a Christmas present after I got my bonus and the TV I wanted was priced at 25,990 when I went to the mall if straight cash. Window shopping, checking the goods type of deal. A home credit associate approached me and told me about their offer. Mind you, I am not one for malls or loans as I believe in saving up for something you want. But na entice ako sa 7,800 down-payment and getting the TV that day (surprising my family brings me joy) So bale 18k+ nalang ung remaining, I knew there was an interest but na hype-up na rin siguro, di ko na na ask ano ung interest rate. I was offered 9 and 12 months installment option I wanted 9 months for 2,700 a month but was advised 12 months for 2,300 for smaller pays. Didn't really think it through haha na the interrst actually goes higher the longer you pay. Suffice it to say. I was planning to pay off the TV this December but since I am paying 11k+ more with the loan, from 25,990 it went to 36,780.. I'll just let it run it's course of a monthly auto debit for 12 months. I bought insurance as well, so if something were to happen to me, my family won't have to worry about paying off the TV. That way I can use my other resources for other needs. And yes just like you Ava, I hate credit cards and the temptation is just a nice feeling to constantly carry around. But I believe this is the last time I will go for an appliance loan as the 11k interest seems too big for me... And again could have paid it off full cash straight by December, now I have to worry and pray I don't get sick for the next 12 months thus rendering me incapable of working and paying off the loan.

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  13. Hi Ms. Ava, nice review! I would like to ask if you use Home Credit's payment portal? I think they don't update it periodically and their customer service hotline is always busy. :(

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    1. Hi bianca! :) thank you! I personally pay via counters. :) Lately, I just finished a payment and they immediately updated me via email. :)

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  14. Hi There, I've read your review. Would just like to ask if is it worth it? I don't have credit card yet and I am planning to buy an Iphone from Home Credit. I will chose 9months because it has lesser interest. I am not sure if it's already a small amount (7,000??? is it?) :D I am new to buying stuffs like this that's why I read reviews first about Home Credit. Thank you so much!

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    1. I personally used Home Credit for gadgets when just in dire need. :) Since I also personally don't own a credit card, it was very helpful when my last camera broke and I badly needed a new one ASAP. :) So, if you think you immediately need a phone already, then I think they're ok to avail.

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  15. Bumiliako ng laptop last month gamit ang home credit, at ngdown ako ng 15000 , ang maganda sa home credit nung gusto kong mag early payment dahil may pambayad na ako,tumawag ako sa hotline nila at inasist
    naman ako ng staff nila para maavail ko yung early repayment sa cooling off period. ang kagandahan nito banyarn ku yung loan ko ng walang interest, peru kailangng tawagan mu muna,ang home credit para maactivte ang early payment at sasabihin kung makanu ang babayaran mu.

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  16. Nag avail ako ng cash loan knina lang 53k yun for 36months or 3 yrs,, at medyo malaki nga yung interest. The longer, the higher it gets, pero open contract naman daw.Pro mag full early repayment naman ako soon pag may pera na para di na magbayad ng malaki para lang sa INTEREST nila :(

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    1. Hi ask ko lang same kasi taubng offer and balak ko dn sana na bayaran ng full payment kapag nagkapera na pumayag ba sila? At magkano pa dn ba yung interest na babayaran incase na mag full payment

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    2. Actually same tayo, nabigla kasi ako and dami ko need na bayaran. So ang suggest is pa reconstruct mo yung contract ibig ko sabihin paikliin mo yung terms, instead n 3 years gawin mo 2 years or 1 year. sakin kasi 2 years eh 40k

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  17. Hi, just want to ask if meron bang rebate sa mga good payer. Sa nbsa ko kse instead of 12mos.11mos. Nlang cya.totoo po ba? May balak pa kse kong kumuha ulit..

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  18. Hi, just want to ask if meron bang rebate sa mga good payer. Sa nbsa ko kse instead of 12mos.11mos. Nlang cya.totoo po ba? May balak pa kse kong kumuha ulit..

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  19. Hi,This is Casey from Home Credit PH. Thank you for our interest. Yes we have promos for last payment waiving,wherein you last 1 or 2 months will be waived once you have a good credit standing but it is upon application on our selected stores and commodity loan. You can visit our website for this promo or you can chat us as we are happy to assist you further.

    Thank you.

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  20. I just wanted to commend home credit. In my case naman they are just giving me a gentle reminder that my due date is just around the corner. I am on my 6th month on my 9 months contract with them planning to pay it in full this coming feb.

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    1. Hi, This is Casey from Home Credit PH. Thank you for the feedback! Please let me know if there is anything else I can do for you. I'm glad to be of help.

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  21. High Interest rates 5% times the number of months you chose to pay. More than the double - Only for desperate - or safe to say, in need badly of something or cash.

    Got my 53k loan and returned the money within 15 days after checking the Wooooping - surprising - computation. =) Interest rate is higher than my loan amount? =) Just my two cents. Respect the service though - fast and accommodating.

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    1. ask lang po ni return nyo po yong money? pagkabalik nyo po may interest napo bah kasi nag offer sila ng cash loan sa akin tapos 3year to pay pag higher tahn babayaran monsa monthly nila liliit daw yong int. totoo poba yon tapos pag nakuha muna pero tapos balak mong isa uli with end 15days wapa po bang babayaran na surcharge or int?

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  22. I was able to give my true details. Provided din kung ano ang hinihingi nilang details. But still, they declined my application because its insuffiecient daw to support my application? Eh I just input those requirements they required. Same experience by my friend na way too far ang sahod sa mga staffs ko pero her application was declined as well then my staffs who are rwceiving minimum salary has been approved.

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  23. Hello,Arianne. We regret that your application has been rejected. Sometimes it happens to some of our customers. Please understand that all application will still undergo on approval process.
    There are many factors that impact the loan decision. We do not have the information as to which factor had the highest impact on your application so we can not name the main reason. But thank you for being one of our good customers. Don’t worry, you may reapply again after 3 months from the date you applied for the loan and the application will be still subject for approval.

    Should you have any other concern, please feel free to call our Customer Service Hotline at (02) 7535711.May we ask for your contact details for us to further assist you regarding this matter?

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    Replies
    1. Good day home credit, ask ko lang po kapag nag full early repayment po ba ng cash loan, mawe-waived ung buong interest or discounted lng. Paano po yung recalculation kung lumagpas na ang nayad mo sa principal loan amount? Thank you very much. Hoping you will respond to my inquiry. God bless.

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  24. Good pm home credit . My loan is on going to 7th month, can i avail for a cash loan?

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  25. hi. I don't have any of those primary ids. Only sencondary ids.. can I still apply po sa home credit??

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