Home Credit personal loan

Ultimate Guide to Home Credit Personal Loan

If you usually visit Appliances Store like Abensons, Robinsons Appliances, and SM Appliance, chances are you have already seen Home Credit.

Home Credit has been around the Philippines since October 2013 and today, they are the number one choice for most Filipinos due to their low-interest consumer and personal loans, and vast retail partners.

If you’re planning to get a Home Credit personal loan or wants to learn more about this company, then continue to read on and see if Home Credit personal loan is the best choice for you.

What is Home Credit?

Home Credit Philippines is a part of the Home Credit Group which is a global non-bank financial institution founded in 1997 in the Czech Republic. Home Credit Group has present-day operations in 9 countries around Asia, North America, and Europe. In October 2013, they have reached the Philippines.

What differentiates Home Credit Philippines from other lending institutions is that they focus on providing quick cash loans to Filipinos with little or even no credit history. The company strictly adheres to their tagline, “Enjoy your life today” which emphasizes their simple application process and fast approval loans.

Major Features of Home Credit Personal Loan

  • Home Credit Requirements and Eligibility: Must be a Filipino citizen, 18-65 years old. Two valid IDs (at least one issued by the government and must contain your current address).
  • Loan amount: Up to P50,000 for all accepted purchases
  • Down payment: Minimum down payment is at least 23% of your financed amount, this includes the 3% processing fee.
  • Interest Rate: The interest rate varies depending on the type of item you are purchasing (Cellphone, Electronics, Appliances, and Furniture), amount of down payment, and length of repayment. Home Credit offers a loan calculator on their website and based on its computation, the interest rates might range from 29.28% – 73.13%
  • Repayment terms: You can choose from 9, 12, 18, or 24 monthly installments
  • Retail Partners: Home Credit has the widest retail partnership with over 7,000 stores such as SM Appliance, Robinson Appliances, Western Appliances, Abenson, Memoxpress, Asianic, Complink, Silicon Valley, and more.
  • Brand availability: Huawei, Oppo, Samsung, HT, Sony, Asus, Acer, Toshiba, etc.

Does home credit offer cash loans?

There are two types of loans that you can avail: Home Credit cash loan or their standard non-cash loan. 

1. Home Credit Cash Loan: 

If you need fast cash, anytime and anywhere in the Philippines, Home credit offers easy, and simple cash loans of up to P120,000. Get approved as fast as 1 minute through the Home Credit App. 


  • An existing home credit loan status
  • 2 Valid IDs, with at least 1 Government-issued ID, and displaying current address. 
  • Bank document with the account number (if you wish to receive your cash loan through your bank account) 

How to claim your Home Credit Cash loan?

You can get your cash within 2 business days via:

  • Bank account
  • Cash pick up at Bayad Center, Metrobank, or Cebuana Lhuillier

2. Home Credit Non-Cash Consumer Loan:

If you are eyeing a new smartphone, laptop, tablet, or home appliances, then Home Credit provides a non-cash loan through in-store financing. The process is as easy as ABC and can be summed up in 6 easy steps. 

  • 1st: Prepare 2 valid IDs (one should be a primary ID issued by the government).
  • 2nd: Shop for the item that you want through their retail partners.
  • 3rd: Approach their Sales Agent to help you with the purchase.
  • 4th: Once the contract is approved which should only take 1 minute, pay only the down payment.
  • 5th: Enjoy and bring home your new item.
  • 6th: Pay the agreed installment plan every month.

What are the requirements for home credit?

Anyone who can meet the following home credit requirements can apply for a loan.

  1. Filipino Citizen, 18 to 68 years old.
  2. Has a stable income in the last 3 months as employees, entrepreneurs, self-employed, or pensioners.

List of Acceptable IDs for Home Credit loan application

Primary IDs:

  • GSIS
  • SSS
  • Passport
  • Tax Identification Number (TIN)
  • Voter’s ID
  • Professional ID Card (PRC)
  • Updated Postal ID

Secondary IDs:

  • PhilHealth
  • Pag-IBIG ID
  • NBI
  • Company ID
  • Debit/Credit Card

Other supporting documents:

  • Electricity Bill
  • Remittance (local/abroad) Receipts
  • Water Bill
  • Internet Bills
  • Landline Bill
  • Cable Bill
  • Mobile Bill
  • Certification of Employment
  • Payslip
  • Current Bank statement
  • Barangay certificate/clearance

What are the available Home Credit Payment Channels?

Home Credit offers a wide variety of payment options. They accept cash payment through Bayad Center, Cebuana Lhuillier, Mlhuiller, True Money, SM, and 7/11. They also have an Auto Debit Arrangement (ADA) wherein you can enroll your account and the dues will be automatically debited 3 days before your due date.

You can also skip the lines as there’s also home credit online payment available. You can now pay through GCash, Coins.ph, and PayMaya. Currently, they don’t accept check and credit card payments.

To make your paying installments hustle-free, remember and follow these Payment guidelines

  1. Your Loan Account number is very important, all your records and history will revolve around it. This will be the one used as a reference number every time you are paying so ensure that you have entered your correct loan account number.
  • Make sure that all your payments are up to date to maintain a good credit standing. To avoid any unnecessary delays due to payment processing time, it is highly recommended to pay 3 days before the due date. And remember to always keep all your receipts.
  • Some Home Credit Payment options have a transaction fee. The customer will be the one liable for it, if there’s any.  

How can I check my home credit loan status?

The easiest to assess your home credit loan details is by logging in through their mobile app for free in Google Play Store only or you can also reach home credit customer service via Live Chat at their website.

If you have an existing loan, it is advisable to download the home credit app to get control over all your loans in one place. Simply download the app and register your account by entering your loan account number, date of birth, and mobile number. You will receive a One-Time Password (OTP) to confirm your account and after that, you can now create your own PIN code.

The Home Credit App has numerous helpful features to track your loans.  You will no longer worry about missing your due date thanks to their smart payment schedule which reminds you if your cut-off date is near. If you wish to get another loan, you can also see the latest Promo deals that were made just for you.

If you are having trouble accessing your home credit login or have forgotten your PIN, go easy since there’s a “Forgot PIN” function located at the app lock screen. Simply enter your home credit loan details again to nominate a new PIN code. 

Just in case, you still have questions in mind, you can call home credit customer care no. at (02) 7753 5711.

Why Choose Home Credit Philippines?

1. Fast Loan Approval

Home Credit boasts their 1 minute approval scheme. But in reality, it is more like 10 minutes for a standard non-cash loan and 30 minutes for cash loans, but nevertheless, it is still faster than most lenders especially the bank which can take a minimum of 5 business days.

2. Minimum Requirements

You will only need 2 Valid IDs when applying for a Home Credit Personal Loan. And there’s a slim chance of getting denied even if you’re a first time borrower.

3. Numerous Retail Partners

Compared to other lending companies in the Philippines, Home Credit offers the widest retail options. Wherever you are in the Phillipines, there’s a strong likelihood that the appliance or electronic store in your area accepts Home Credit. And if that’s still not the case, then you can also shop home credit online.

4. Flexible and Easy Payment Terms

Home Credit allows you to personalize your payment terms. You can visit their website and see how much your monthly payment would be just by merely entering the price of the goods you’re intending to buy, the amount of your down payment, and how many months do you want to pay for it. Paying the monthly installments is also as easy as the application process. You can choose from a variety of payment channels available.

5. Home Credit App

This feature probably makes Home Credit most unique compared to its competitors. Tracking your loan has never been this easier. Just simply go to your Home Credit login page, enter your PIN, and ta-da, your entire loan essentials is one-click away.

6. Safe and Secured Loans

Nowadays, a lot of people are lured in to try online cash loans because of their easy loan process and fast approval time. However, there are also a lot of complaints regarding invasion of privacy and harassment. You will never have this problem with Home Credit. They are SEC Registered and operates in compliance to Republic Act 9510 or the Credit Information System Act

7. Credit Protection Insurance (CPI)

Home Credit together with Sun Life Grepa Financial, Inc. protects Home Credit clients in case the borrower passed away with an outstanding balance.  During the untimely death of the borrower, Sun Life will cover 120% of the loan so that the borrower’s family will not be burdened with the loan. And if there’s an excess benefits, Sun Life Grepa will even pay the beneficiary.

What are the Disadvantages of Home Credit Personal Loan?

1. A tempting way to put yourself into debt

While it’s a good thing that Home Credit offers fast loan approval, it also makes an easy way to earn debt. Mostly they offer help in buying gadgets and other related items that are considered as depreciating assets.

Except if you’re a freelancer, these items will simply lose their value over time and you won’t be making any money out of it. Before availing a loan, make sure that you have enough and stable income to pay for the installment plan or else you’ll end up in debt and high-interest rates.

2. High and Uncertain Interest Rates

Home Credit doesn’t publicly disclose their interest rates and even if you use their loan calculator, you will find yourself struggling to understand how much is the real interest rate as it changes either lower or higher depending on the kind of item you are intending to purchase.

Like what was said earlier, it ranges from 29.28% – 73.13% which is more than triple the average interest rate in the Philippines at 7.83%. Although to be fair, Home Credit also offers 0% installment promos from time to time but this doesn’t apply to all products.

Again, be a smart consumer; think twice if you truly need the item. If you need it immediately then you can try Home Credit, but if it can still wait, saving up for it is the best option.

3. Late Payment Fees

There will always be a time in your life when unexpected things happen and you will have difficulty in paying your loan or maybe even miss the due date several times. Like other lending companies, you will be faced with late payment interest, unfortunately, Home Credit doesn’t publicly disclose this either.

Final Consideration:

There is no doubt that Home Credit is one of the biggest and most popular financing companies in the Philippines. But it also has its pros and cons. Before applying for a Home Credit Personal Loan, ensure that you have a stable and enough salary to pay for it.

And also check other lending companies since they might offer a more affordable loan and financing alternatives. Most importantly, give the product a second thought before buying it. Ask yourself if you really need it or simply want it since there’s a difference between the two.

Don’t dive in and buy the product immediately, wait for a week and see if you still need it. If you do then you can try Home Credit Personal Loan if it’s the best option for you. If not, then at least you will walk away debt and stress-free. And that is a priceless feeling.

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