CONSUMER finance company Home Credit Philippines logged P295.7 billion worth of loans granted to 10 million customers in the last 10 years since it started in 2013, through its installments, cash loans and revolving credit products.
Gadgets, particularly mobile phones, topped as the most financed unit.
Home Credit’s entry to the country provided a much-needed service for Filipinos who were underserved by traditional financial institutions, and were seen to turn to informal and unregulated lending outfits.
The firm started giving out loans for mobile phones and then eventually branching out to laptops and computers, furniture, home appliances, even bikes, sporting goods, home improvement and department store shopping.
According to Sheila Paul, chief marketing officer of Home Credit Philippines, Home Credit, to date, has signed more than 22 million contracts, encompassing an impressive 17 million POS (point of sale) loans, over two million cash loans, and more than two million revolving loans.
Mobile phone loans
For POS loans, mobile phones led the way with almost 12 million financed units.
In 2023 alone, 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.
She added that 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,” she said.
Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas.
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.
The firm has about 15,000 partner stores nationwide. (SunStar Cebu)