home credit cash loan reviews: requirements, calculator, T&c

Home Credit Philippines has been providing Filipinos with access to easy, convenient, and affordable loans since 2013. Its core business provides non-cash, no-collateral, in-store financing to qualified customers for appliance and mobile device purchases via monthly installments. But did you know that Home Credit also offers cash loans?

In this blog post, we’ll take a closer look at Home Credit’s cash loan product and provide you with a comprehensive Home Credit cash loan review.

What is Home Credit Cash Loan?

Home Credit Cash Loan is a type of personal loan that provides customers with quick and easy access to cash. With this loan, you can borrow anywhere from ₱3,000 to as much as ₱150,000 and pay it back in flexible terms that suit your financial capacity. This makes the Home Credit Cash Loan suitable for both short-term needs, such as emergencies, and long-term plans, such as investments.

What are the key features of Home Credit Cash Loan in 2023?

Loan amount: ₱3,000 to ₱150,000
Origination fee: ₱500 (upfront charge for the loan application processing)
Interest rate: Starts at 1.83% monthly add-on rate for a 12-month loan
Repayment terms: Six to 60 months
Requirements: At least one valid ID with current home address and is not expired

How does Home Credit Cash Loan work?

Home Credit Cash Loan has a quick and straightforward loan process. Here’s how it works:

Step 1: Application
To apply for a Home Credit Cash Loan, you need to be an existing Home Credit customer with a good record. If you’ve already used other Home Credit services, make sure that your history with the company is spotless before you apply for this kind of loan.

Step 2: Verification
After submitting your loan application, Home Credit will review your documents and assess your eligibility for a loan. This process usually takes one to two working days, depending on the completeness of your documents.

Step 3: Loan disbursement
If your loan application is approved, Home Credit will disburse the funds directly to your bank account or via other payment channels that you prefer.

Step 4: Repayment
Repayment terms for the Home Credit Cash Loan are flexible. There are many ways to pay off your loan, such as auto-debit arrangement, over-the-counter, and online partner channels nationwide. You can choose the payment method that is most convenient for you.

Is the Home Credit Cash Loan Worth It?

Yes, it is a legit loan product from a legitimate loan provider. However, as with any loan, it’s important to consider your financial situation carefully before taking out a cash loan.

Here are some reasons why you should consider a Home Credit Cash Loan:

1. Quick and Easy Application Process

The Home Credit Cash Loan has a fast and simple application process that you can complete online or in-store. If you’re an existing Home Credit customer, you can apply for a loan in as fast as one minute through the Home Credit app.

2. No Collateral Required

Home Credit Cash Loan does not require any collateral, making it an accessible loan option for many Filipinos who may not have assets to offer as collateral.

3. Flexible Repayment Terms

Home Credit Cash Loan offers flexible repayment terms that can be tailored to fit your budget and financial capacity. You can choose the repayment terms that work best for you and your financial situation.

4. Low Interest Rates

Home Credit Cash Loan offers competitive interest rates that start at 1.83% monthly add-on rate for a 12-month loan. This means that you can save money on interest compared to other loan products in the market.

5. Improves Credit Score

Taking out a Home Credit Cash Loan and paying it on time can improve your credit score. This can be beneficial if you plan to apply for other loans or credit products in the future. Having a good credit score can increase your chances of getting approved for loans and credit products with better terms and rates. Wide Range of Loan Amounts Home Credit Cash Loan offers a wide range of loan amounts that can fit your financial needs. You can borrow as little as Php 5,000 up to Php 50,000. This can be useful for unexpected expenses or emergencies.

6. Transparent Fees and Charges

Home Credit Cash Loan has transparent fees and charges, which means that you won’t have to worry about hidden charges or fees. You can be sure that you’re getting a fair deal and that you understand the costs associated with the loan. Excellent Customer Service Home Credit has excellent customer service, and their staff is trained to assist customers with any concerns or questions they may have about the loan product. You can be sure that you’ll receive prompt and courteous service if you need help with your loan. Overall, the Home Credit Cash Loan is a great option for Filipinos who need access to quick cash without the need for collateral. With its quick application process, flexible repayment terms, low-interest rates, and transparent fees and charges, it’s a loan product that you can trust. However, before you apply for a Home Credit Cash Loan, make sure that you assess your financial situation and your ability to pay back the loan on time. Remember, taking out a loan is a serious financial commitment, and you should only borrow what you can afford to pay back.

Requirements and eligibility of home credit cash loan in Philippine

If you’re interested in applying for a Home Credit Cash Loan, here are the requirements and eligibility criteria:

Requirements:

– At least 18 years old but not more than 68 years old upon loan maturity
– A Filipino citizen or a foreigner who has been a resident in the Philippines for at least two years
– Must have a mobile number and email address
– Must have a valid government-issued ID
– Must have a stable source of income

Eligibility:

– Salaried individuals
– Self-employed individuals
– Micro-entrepreneurs
– Small business owners

It’s worth noting that meeting these requirements and eligibility criteria does not guarantee loan approval. Home Credit will still conduct an evaluation of your creditworthiness based on your financial capacity, credit history, and other factors.

In addition, Home Credit encourages responsible borrowing and encourages borrowers to borrow only what they need and can afford to pay back. Borrowers are also advised to repay their loans on time to avoid late payment fees and charges and to maintain a good credit standing.

Home credit cash loan reviews

Based on customer reviews, Home Credit Cash Loan has generally positive feedback from borrowers. Here are some of the common sentiments shared by customers:

Easy Application Process

Many customers have appreciated the easy application process of Home Credit Cash Loan, especially for existing Home Credit customers who can apply through the Home Credit app. The online application process is also fast and convenient, which saves borrowers time and effort.

No Collateral Required

Another advantage of Home Credit Cash Loan is that it doesn’t require any collateral, making it accessible to borrowers who don’t have assets to offer as security for their loan. This has been appreciated by many customers who find it difficult to provide collateral for other loan products.

Flexible Repayment Terms

Customers have also praised the flexible repayment terms of Home Credit Cash Loan, which can be customized to fit their budget and financial capacity. This allows borrowers to choose a repayment schedule that works for them, helping them manage their finances better.

Competitive Interest Rates

Many customers have also found the interest rates of Home Credit Cash Loan to be competitive and reasonable, especially compared to other loan products in the market. The low interest rates have helped borrowers save money on interest and reduce their overall loan costs.

Improves Credit Score

Taking out a Home Credit Cash Loan and paying it back on time can also help improve your credit score. Many customers have reported that their credit score has improved after taking out a loan with Home Credit, which can help them qualify for other financial products in the future.

Overall, Home Credit Cash Loan has received positive feedback from customers for its quick and easy application process, flexible repayment terms, competitive interest rates, and no collateral requirement. However, as with any loan product, it’s important to carefully consider your financial situation and repayment capacity before taking out a loan.

Conclusion

In conclusion, Home Credit Cash Loan is a reliable and accessible loan option for Filipinos who are in need of quick and easy cash. With its fast and simple application process, no collateral requirement, flexible repayment terms, and low interest rates, Home Credit Cash Loan provides a convenient and affordable way to address your financial needs.

Moreover, Home Credit has received positive reviews from customers who have experienced its services. Many have commended the company for its excellent customer service and transparency in loan terms and conditions.

However, as with any loan product, it is important to carefully consider your financial situation and capacity to repay the loan before applying for a Home Credit Cash Loan. Always make sure to read and understand the loan terms and conditions, and consult with a financial advisor if necessary.

Overall, Home Credit Cash Loan is a reputable and trustworthy option for Filipinos who need financial assistance. If you are looking for a loan product that is convenient, accessible, and affordable, then Home Credit Cash Loan may be the right choice for you.