It is understandable that not all Filipinos can buy a new phone or flat screen TV and pay it in cash and in full. This is why credit card companies offer zero percent installment to lessen the burden of paying.
What if you don’t have a credit card or cash on hand and you need to buy a new ref? In that case, Home Credit Philippines is here to help. But before you rush to the store and apply for this type of loan, read up to find out what past customers have to save about it.
Home Credit has partner stores, which means you don’t have to go physically to their office and apply for a loan. Most of the customers interviewed didn’t have a hard time applying for the loan since the requirements are easy to complied with.
Nonetheless, there were different replies when asked about their waiting time for approval. As per Home Credit’s website, loan processing and approval will take 20 minutes. On the other hand, all of the customers interviewed said they waited more than 20 minutes or around 30 to 45 minutes, with one customer even saying she waited for two hours.
Tip: Make sure you have two valid and government-issued IDs on hand for faster loan processing.
Getting a loan from Home Credit is similar to other types of loan you get from banks and other lenders. There is a fixed amount to be paid on a particular day of the month. Making a payment is also convenient for most borrowers since they can pay through bank deposit, SM malls, Bayad Center, and 7/11.
Tip: Pay the installment at least three days before the scheduled due date. This way, the payment made will reflect on Home Credit’s system even before the due date.
Despite the ease in the application process and loan repayment, majority of the Home Credit customers interviewed said that they had issues with their Customer Service, specifically those in charged in the Billing and Payment.
Most customers shared that Home Credit representatives will call everyday to remind them of their due date, even during wee hours or first thing in the morning. Unfortunately, some customers were unable to pay on time, but nevertheless paid the following day; hence being bombarded by reminders from Home Credit.
What irked most borrowers is that Home Credit has to call ALL people in every borrower’s reference and ask about the borrower’s whereabouts in case of one-day delay in payment. Home Credit representatives even call anytime during the day with no regard as to whether the person they are calling is in the middle of something important. The existing loan was likewise disclosed by Home Credit representatives to the borrower’s reference list, which is embarrassing to the borrower himself/herself, regardless of how small the outstanding balance is. Some said that even their References include family and close friends, they still don’t like the idea of them knowing that you owe something to someone.
Is it highly recommended?
A few spoke highly of Home Credit and plan to borrow again when the need for a new appliance or gadget arises. On the other hand, most of the borrowers interviewed do not wish to apply for Home Credit again primarily because of the bad customer service. The constant reminders to pay the loan made them feel that Home Credit has no regard and consideration to their customers.