Cash Loan For Home Credit How to Apply and How Credit Works

Cash Loan For Home Credit

Cash Loan for Home Credit: Are you going to embark on a brand-new side project? Do you require help paying for unforeseen costs?

Thankfully, there are a lot of lenders available to you these days. Nonetheless, taking on debt can be extremely risky and financially damaging if you don’t handle your loans properly or choose the incorrect lenders.

Think about the Home Credit Cash Loan for your short-term financial requirements. Continue reading to find out how to apply for a Home Credit cash loan. 

Also Read: How To Get a Commercial Loan And Increase Business

Home Credit: What Is It?

As a consumer finance organization, Home Credit Philippines (HCPH)[1] began operations in 2013. As a member of the Home Credit Group, HCPH gradually gained traction as a payment method for expensive goods including appliances and technology for the home. Since then, the business has added cash loans to its list of activities.

Filipino nationals between the ages of 18 and 68 who have steady employment as employees, business owners, independent contractors, or retirees are eligible for loans.

Home Credit Philippines provides the following two loan types:  

• Loans for products
• Cash advances 

How is Home Credit operated upon? Check out the details of the loans below.

The Home Credit Product Loan: What Is It?

The loan is the primary financial instrument offered by Home Credit. With the help of this non-cash loan, consumers can afford to buy expensive goods like computers, phones, electronics, musical instruments, furniture, and household appliances. Installments of the loan repayment are due each month.

The product loan is one of the most alluring Buy Now, Pay Later (BNPL) choices available in the Philippines because it is also available to non-owners of credit cards.

📌 Important Details:

• Maximum loan amount of: ₱60,000 for eligible purchases
• Monthly interest rate: 0% to 5.99%
• Terms of repayment: 6 to 24 months
• 20% to 40% down payment: based on the cost and the terms of the installment plan
• 3% of the loan amount is the processing fee.
• Requirements: A primary, legitimate ID that includes your address and birthdate, or, if one is missing, a backup ID with the same details.
• Store availability: Every one of the 14,500 partner stores of Home Credit [2]
• Brands available: include Vivo, Xiaomi, Samsung, Oppo, Apple, ASUS, and more.
• Affiliated retailers: FC Home Center, Robinsons, and Abenson
• Silicon Valley: Appliances, SM Appliances, etc.  

Do you require additional money for house renovations? If you don’t have enough money, you don’t have to put things off. Just use Moneymax to obtain a cash loan from UNO Digital Bank. Take advantage of a quick application, approval, and loan distribution procedure!

With loan amounts ranging from ₱10,000 to ₱500,000, UNOBank has you covered for any project, no matter how small or large. Get a #UNOnow Loan by applying now!

Additionally, Home Credit offers cash loans for a range of uses, including home improvement, appliance replacement, and child tuition.[3]

However, take note that only current Home Credit customers with a clean record are eligible for the Home Credit Cash Loan. An offer will reach you by phone, email, or text. Offers are accessible through the Home Credit app as well.

Do you want to know how to apply without receiving an offer for a Home Credit cash loan? You are unable to, regrettably.

Find out more about the monthly interest rate, conditions, and other features of the Home Credit Cash Loan below:  

📌 Important Details:

• Amount of loan: ₱3,000–₱150,000
• Interest rate: 1.83% to start
• Terms of repayment: six to sixty months
• Valid identification: with a home address and reference number is required. 

👍Why Should I File a Home Credit Loan Application?

Are you still undecided about applying for a Home Credit loan? Maybe if you know its benefits, it would be easier for you to decide.

👍 Simple Conditions

To qualify for a Home Credit loan, you just need one legitimate ID—or, in certain situations, a second ID as well. Presenting any paperwork that demonstrates your financial capability will also increase your chances of approval.

👍 Fast Authorization

As a consumer financing company, Home Credit can decide whether to grant a cash loan or a product loan in as little as one minute.  

👍 Adaptability

You may personalize your payment plan with Home Credit, from deciding on the size of your down payment to picking a convenient monthly period. By paying for a large purchase in installments, you may afford a significant buy even on a tight budget and without a credit card.

👍Simple Loan Administration

Get the Home Credit app to manage your loans and never forget a payment date. View loan offers, loan details, and payment schedules and statuses, among other things. If you have any queries or issues, you can also talk with a customer representative.

👍 Options for Early Repayment

If a consumer wants to pay off their Home Credit loan early, they have two options:

A portion of the early repayment

Choose this choice if you would want to pay off the loan in full within the first 15 days of the contract signing and if the amount would cover the installments for at least two months. Enjoy the benefit of no interest charges! Please use the app to contact customer care to request that it be processed.

Complete Early Payback

As long as your account is not past due, you can pay off the remaining balance of your Home Credit loan without incurring interest if you can pay it off within the first 15 days following contract signing.

👍 Choice of Insurance

For their Home Credit loans, borrowers can also take advantage of Sun Life Grepa Financial, Inc.’s Borrower Protection Plan (BPP). Take advantage of financial protection against illness, hospitalization, accident, and death for you and your family. 

Things to Take Into Account Before Applying for a Home Credit Loan

Have you chosen to obtain a cash loan or home credit product in 2024? Take into account these suggestions before applying so that you may make the most of the loan’s advantages.

📌 Interest Rate

Because the Bangko Sentral ng Pilipinas (BSP) and the SEC oversee the corporation, the interest rates on the loans are limited by these government regulating bodies.

In addition to the interest rates shown above, you can benefit from promotions to get 0% interest on some items.

Using Moneymax’s comparison tool, you can investigate low-interest personal loan possibilities if you’re looking to increase your options. Direct loan applications can be made through the website.   

📌 Debt

Purchasing electronics, appliances, and related products is problematic since, over time, they lose value and become depreciating assets. Generally speaking, you won’t profit from them unless you want to purchase a laptop for a side project or a phone for professional use.

Make sure you have adequate revenue to cover the monthly payments if you use a loan to finance a costly item. If not, you’ll have trouble coming up with the money for your installments. 

📌 Potential for Rejection

Like any other lender, Home Credit consults the Credit Information Corporation to review borrowers’ credit histories and scores. This implies that if your credit record shows that you have outstanding debts, you will probably be turned down.

📌 Late Payment Penalties

It is insufficient to make payment on the actual due date. It is advised by Home Credit to pay the monthly installments at least three days ahead of time.

In addition to additional costs, missing payments may result in your application for a subsequent Home Credit loan being denied. 

• After the due date, at any time: ₱200
• Thirty days past due: ₱400
• Overdue by sixty days: ₱600
• Overdue by sixty days: ₱800 

How to File a 2024 Home Credit Product Loan Application

The loan application process is simple: you simply shop for the item you want in-store, have a sales associate assist you in making the purchase, wait less than a minute for the loan decision, make the down payment, take your item home, and make monthly installment payments.

The Home Credit App is another way that you can begin your application. Go ahead and continue your application at the store.  

How to Apply in 2024 for a Cash Loan from Home Credit

To apply for a Home Credit Cash Loan, there are three options. Select the loan application method that works best for you.

👉Through the House Credit App 

Step 1: Open your app and log in. Use the Google Play Store to get it if it isn’t already on your phone.

Step 2: Click the Cash Loan banner once you’re on the main page.

Step 3: Enter the desired loan amount and the number of months you would like the loan to be repaid. Once you’ve checked the details, click Proceed.

Step 4: The Home Credit application form will be displayed to you. Please provide your details and get a legitimate ID ready.

Step 5: Verify that every detail is exact and correct. When you’re ready, hit Submit.

Step 6: You will be able to view the status of your application a few minutes after submitting it. The Sign the Contract button will appear on your screen if your application has been accepted.

Step 7: Press the designated button to sign the terms of your cash loan. Home Credit will send you a text message explaining how to claim the loan proceeds as soon as you sign the contract.

 👉Through Home Credit Cash Loan Helplines

Additionally, you can apply for a Home Credit Cash Loan by calling any of the following numbers:

• Hotline for telesales: (02) 7753 5714
• PLDT: 1 800 10 234 3000; Smart
• TM and Globe: 1 800 8 905 0303. 

To complete your application for a Home Credit Cash Loan, adhere to the telesales agent’s instructions. Keep in mind the following procedures while signing a contract:

Step 1: Watch for the SMS message detailing your application’s status. A link in the text message will take you to the website or mobile application where you may sign the contract if your application is accepted.

Step 2: To access your contract’s log-in page, click the provided link. Enter the Loan Account Number from the SMS message when you get there. It will also ask you to enter the mobile number that the text message was sent to.

Step 3: Click Log In after entering the information from Step 2. After that, you’ll be taken to the contract for the cash loan. Pay close attention to everything, especially the terms and conditions.

Step 4: Click the check box in the Terms and Conditions section after reading the contract. Next, press the Next button.

Step 5: A new page requesting a one-time password (OTP) will be displayed to you. Verify whether you received the OTP by checking your telephone. After entering the OTP in the box, press the Submit button.

Well done—you’ve signed the loan! The procedures for claiming your loan proceeds are outlined on the page that follows. 

👉Through Affiliate Stores

How to apply in-store for a cash loan from Home Credit is as follows:

Step 1: Select any store that Home Credit has partnered with.

Step 2: Speak with a Home Credit sales representative in-store. Show the Home Credit text message if you wish to accept the loan offer that you have received. Remember to bring both of your legitimate IDs.

Step 3: Give your application to the sales associate to process. 

How to Recover the Proceeds of Your Home Credit Cash Loan

You’ll get a text message confirmation as soon as your Home Credit loan application is accepted. There are two simple methods you can claim the proceeds from your loan:

💸 Bank Transfer

The designated bank account will immediately receive the funds. When applying for this option, be sure to include documentation of your bank account. View the list of banks that Home Credit works with here. 

💸 Pick Up

Pick up your money from any partner that Home Credit uses for distribution. When collecting the money, bring two legitimate IDs.

The following Home Credit disbursement partners are currently available to you: 

• The Bayad Center
• Cebuana Lhuillier
• LBC
• Metrobank
• USSC 

FAQs Regarding Applying for a Home Credit Cash Loan

What is the contact information for Home Credit?

Home Credit’s live chat service is available around the clock and is the quickest way to send a message and receive a response. Just click Chat with Us on the Home Credit homepage at www.homecredit.ph. Answers to the questions that show up in the chatbox can be typed or selected.

You can reach a customer care agent directly by calling (02) 8424 6611 (PLDT) or (02) 7753-5711 (Globe).

2. How will I find out if I’m eligible for a loan from Home Credit Cash?

As previously stated, cash loans are only available to current Home Credit clients who maintain excellent payment records. Download and register the My Home Credit app from the Google Play Store to find out if you qualify for a Home Credit cash loan offer.

3. Can I use my current Home Credit loan as collateral for a new application?

Have you already taken out a loan from this provider? As long as your current loan is going to expire, you are eligible to reapply. 

4. How can I see how much money I still have?

You can keep your account updated in two different ways:

📱Through The Cash Loan For Home Credit App 

1. Launch the application and log in with your details.
2. To see a summary of your account and transactions, select My Account.

💻Through

Cash Loan For Home Credit My Payment Portal website

• Go to the My Payment Portal section of the Home Credit website.
• Find the Sign to My Payment link.
• Enter your birthdate and loan account number.
• Press the Log Me In button. 

5. Is it possible for me to pay using a direct bank account debit?

Indeed. To pay back your loan each month, you can choose to set up an Auto Debit Arrangement (ADA). The monthly payments amount will be deducted from your account before the due date, as agreed upon with your bank. 

The banks that are taking part are as follows:

• BPI
• Metrobank
• PNB
• RCBC
• Bank of Security
• Unionbank 

Tell the salesperson that you wish to use ADA when you submit your application.

6. What alternative methods of payment are available for home credit loans?

The following bill payment and remittance locations in the Philippines accept over-the-counter loan payments from the company:

• Seven-Eleven
• AUB
• Bayad Centers
• Cebuana Lhuillier
• M. Lhuillier
• The Palawan Express
• RCBC over-the-counter and ATM
• Rustans
• Pay with Touchpay
• Real Money
• Villarica Pawnshop
• USSC

Also, you can make payments online via these platforms:

• AUB Hello Cash
• AUB Digital
• The Bayad PH App
• Xpress Cebuana
• CIMB
• Coins. ph
• GoTyme
• Maya
• Wallet M Lhuillier Online
• Pay in Palawan
• RCBC On-Line
• Shopee
• Super U Application
• UnionBank Online 

Make sure to adhere to the following requirements while making your monthly dues payment:

Find the right account number for your loan. Keep a copy of your loan account number on hand at all times to ensure that the correct borrower’s contract will get your payment.

Three days’ notice of payment is required. There will inevitably be delays in payments. Your payment will be posted on time and you won’t incur penalties if you make it three days ahead of schedule.

Don’t forget to include transaction costs. Payment partners for Home Credit may impose a small processing fee.

Save your receipts. Your receipts serve as payment evidence. Claims regarding unposted payments may be supported by them.

Examine the timetable for your payments. Any payments made that aren’t specified in your payment plan won’t be accepted. Pay under the terms of your contract and the designated payment plan.  

7. If my money hasn’t been posted, what should I do?

After three business days, if you’re positive you entered all the payment information correctly and your payment hasn’t been posted, write an email to info@homecredit.ph with the following data.

• Number of loan account
• Complete name
• The amount, payment method, date and time, and other crucial payment information
• A digital version of your payment confirmation 

8. Is there a reduction available if I pay off my loan early?

No, Home Credit does not provide early payment reductions. 

Last Words

Home Credit loans might also assist you in overcoming a difficult situation. Thankfully, applying for a cash loan from Home Credit is a simple and hassle-free process.

But be careful and think about how it may impact your budget before you apply. Having a positive attitude towards loans will assist you in keeping your financial stability and well-being. 

Examine Additional Choices from Reputable Philippine Lenders

Are you looking for a personal loan? Examine your alternatives and apply straight through Moneymax: