More women avail of Home Credit loans

MORE than half of the 10.4 million Filipinos who have taken out loans as of December 2023 were women, the consumer finance company Home Credit Phils. said on Friday.

“Around 5.5 million are women, so it’s a little bit over the 50 percent mark. And last year, 560,000 women signed loan contracts with us. That’s still over 50 percent, too,” said Home Credit’s marketing officer, Sheila Paul.

Paul said a Home Credit study showed that mothers and wives are the ones making decisions and are consulted when a family decides to take out a loan for purchases.

The average borrowed amount from Home Credit ranges between P15,000 and P20,000, she said.

A small majority, or about 55 percent, availed of loans to buy mobile phones, gadgets, and other home appliances, such as televisions.

“This year, our upcoming offerings include e-bikes and air conditioners. In fact, our summer campaign is really focused on air conditioners. [Many] want to switch on energy-efficient air conditioners,” she said.

“In the last two years, we have already started financing iPhones. When the iPhone 15 was launched, many consumers opted to purchase older models through Home Credit,” Paul said in a mix of English and Filipino.

While 2023 was viewed as a good year for Home Credit, she said that they intend to remain conservative this year due to macroeconomic challenges.

“We want to maintain a healthy cash flow. We still get funding from banks to be able to grow the business.”

A leading consumer finance brand in the country, Home Credit Philippines was acquired last year by a consortium comprising Japan’s Mitsubishi UFJ Financial Group, which took a 25 percent stake, and Krungsri Bank, a Thai financial institution, which took a 75 percent stake.