Home Credit loans hit P296 billion
Consumer finance company Home Credit Philippines (HCPH) registered a total of P295.7 billion loan granted to 10 million customers across the country through its installments, cash loans, and revolving credit products since it entered the market in 2013.
Home Credit’s entry to the country 10 years ago provided a much-needed service for Filipinos who were underserved by traditional financing and were seen to turn to informal and unregulated lending outfits.
Starting from mobile phones, and then eventually branching out to laptops and computers, furniture, home appliances, even bikes, sporting goods, home improvement and department store shopping.
In recent years, Home Credit added a credit card, as well as virtual limit Qwarta to its portfolio. With its continuous innovations in offers and servicing, the company is regarded as a trusted ally in fulfilling the diverse needs of Filipinos from Luzon, Visayas and Mindanao.
“Thanks to our easy and accessible consumer finance products, we supported countless Filipinos in acquiring gadgets, furniture, appliances, and more, to realize their goals for themselves and their families. In 2013, we began with just seven loans processed, but today, we have officially served over 10 million customers,” said Sheila Paul, Chief Marketing Officer of HCPH.
To date, Home Credit has signed more than 22 million contracts, encompassing an impressive 17 million POS loans, over two million cash loans, and more than two million revolving loans.
For POS loans, mobile phones led the way with almost 12 million financed units.
Last year alone in 2022, Home Credit financed 1.7 million units of mobile phones, facilitated by Home Credit’s various promos, including the most recent zero percent interest on installment financing.
According to Paul,
Filipino consumers have also shown great interest in upgrading their living spaces and gadgets.
The appeal of modernizing households and switching to advanced tech products resonated strongly, evident in the over one million TV units, and 867,000 computer units financed in the last 10 years.
“We are grateful to our valued customers for entrusting us with their needs for ten years now. Serving as a lifestyle partner, we take great pleasure in playing a role in the lives of Filipinos, helping them achieve their aspirations. As we celebrate this remarkable milestone, we uphold our mission to be the country’s financial partner, and we maintain our unwavering commitment to innovation, ensuring our services continue to meet the diverse needs and lifestyles in the country,” Paul said.
Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).
Home Credit Philippines is the lifestyle partner of every Filipino, providing access to credit through fast, convenient, and affordable financing in more than 15,000 partner stores nationwide. The brand offers a wide range of products from smartphones and laptops, home appliances and furniture, bicycles, and motorcycle accessories to electronics and hardware, sports equipment, among others.
Beyond installment financing and related insurance services, Home Credit also offers cash loans, a virtual spending limit named Qwarta, and a credit card for its existing qualified customers.