Are you inquisitive about Home Credit cash loan reviews, eager to explore its interest rates, or curious about how to calculate the cost of your loan? Perhaps you are seeking the latest requirements for eligibility. You’ve landed in the right place! At CashExpress PH, our mission is to provide you with an extensive review, insightful information on the interest rate calculator, and the most recent requirements, empowering you to make informed financial decisions.
Summary of Home Credit Cash Loan
|Reviews||Home Credit cash loan|
|Loan Amount||₱3,000 – ₱150,000|
|Age||18 – 60 years old|
|Term||6 – 60 months|
|Interest Rate||From 1.83% per month|
|Requirements||Two legal IDs|
|Pros||Quick loan approval|
|Cons||Risk of debt trap|
|Phone Number||(+632) 8708-7087|
|Home Credit App||[Download APK]|
What is Home Credit Cash Loan?
Home Credit cash loan is a financial service offered by Home Credit, a global consumer finance company. This service allows individuals to borrow money for various purposes, such as personal expenses, emergencies, or purchases, with a simplified application process and minimal documentation requirements.
Pros and Cons of Home Credit Loan Cash App
Home Credit’s cash loan provides various benefits for first-time users:
- Accessibility: Simplifies financing for individuals with limited credit history.
- Quick Approval: Faster approval compared to traditional bank loans.
- Flexible Repayment: Allows borrowers to choose their repayment schedule.
- Unsecured Loans: Most loans are unsecured, eliminating the need for collateral.
- Cash Withdrawals: Permits cash withdrawals with associated transaction fees.
However, there are drawbacks to consider:
- Higher Interest Rates: Loans typically have higher interest rates than conventional bank loans.
- Loan Limits: Home Credit may impose limits on the total loan amount.
- Debt Trap Risk: Easy access to credit may lead to a “debt trap.”
- Additional Fees: Potential for extra charges beyond the interest rate.
Home Credit Cash Loan Interest 2023
The interest rate for Home Credit cash loan in the Philippines in 2023 starts at 1.83% per month. The actual rate depends on your credit score, income, and other factors. To estimate your monthly installment, Home Credit provides a user-friendly loan calculator on their website.
Example of Home Credit Cash Loan Calculator
Home Credit is renowned for offering consumer-durable loans in the Philippines. Let’s take an example of a cash loan of PHP 40,000 to be repaid in 24 months with an interest rate of 34.99% p.a.:
The monthly payment comes out to be approximately PHP 2,280. Keep in mind that additional charges such as processing fees may apply.
Home Credit Cash Loan Maximum Amount
While a cash loan can be as much as ₱150,000, the exact amount depends on your income and credit background. Once you apply, the specific amount you qualify for will be determined.
To determine eligibility and potential loan amount, you can use the Home Credit cash loan application or visit the nearest store.
Home Credit Cash Loan Requirements
To qualify for a Home Credit cash loan in the Philippines, certain conditions must be met:
- Filipino Citizen: You must be a Filipino native.
- Age Range: Between 20 and 68 years old.
- Legal IDs: Provide two legal IDs, with at least one displaying your address.
- Bank Account: Present proof of your bank account for fund disbursement.
- No Outstanding Debts: Ensure you don’t owe any money to Home Credit or other banks/credit companies.
- Positive Credit Background: While not mandatory, a positive credit background can enhance your eligibility.
How to Apply for Home Credit Cash Loan?
Applying for a Home Credit cash loan is a straightforward process:
Step #1: Launch the My Home Credit App
- Launch the app and sign in. If not installed, download it from the Google Play Store.
Step #2: Navigate to Cash Loan
- On the homepage, select the “Cash Loan” option.
Step #3: Choose Your Loan Option
- Select a loan amount and period that suits your needs.
- Click “Continue” after reviewing the information.
Step #4: Enter a Loan Application
- Fill out the Home Credit application, providing necessary details and acceptable identification.
- Double-check all information for accuracy.
- Hit the “Submit” button.
Step #5: Loan Approval
- Check the application progress one to two minutes after submission.
- If successful, the “Sign the Contract” button will appear.
- Click the button to finalize the payday loan agreement.
Step #6: Home Credit Cash Loan Disbursement
- After completing the agreement, Home Credit will send instructions via text on collecting your loan funds.
Home Credit Cash Loan Reviews
Sharing a personal review, using Home Credit cash loan has been a positive experience. The application process is user-friendly, providing quick access to cash, often within minutes. The flexibility in repayment options has been beneficial in managing finances effectively. Additionally, the transparency about fees and interest rates is appreciated. Knowing that Home Credit reports payment history to credit companies, contributing to credit score improvement, adds long-term value for future financial needs such as housing or other loans.
Home Credit Cash Loan Payment
Accessing cash loans through Home Credit is convenient for Filipinos. However, it’s crucial to note that failure to repay on time can impact your credit score and more. Repayment options include:
Over the Counter
- Authorized payment partners accept payments in person.
- Visit a designated store, enter “Biller Name” as “Home Credit,” provide necessary information, and drop the form with the teller.
- Check the receipt for successful payment, which should reflect in the My Home Credit app within 24 hours.
- Home Credit provides online payment options.
- Visit the official website, navigate to “Pay Loans,” and select “Pay Online.”
- Choose from the available online payment options (Maya, Shopee, CIMB, BPI Online, etc.).
- Follow the prompts to pay your bill online.
Compare Home Credit Cash Loan App to Others
|Criteria||Home Credit Cash Loan App||CIMB Personal Loan||Pag IBIG|
|Interest Rate||Starting at 1.83% add-on rate||Starting at 1.12% per month||10.5% per annum|
|Loan Amount||PHP 3,000 to PHP 150,000||PHP 30,000 to PHP 1,000,000||PHP 20,000 to PHP 2,000,000|
|Loan Term||6 – 60 months||12 – 60 months||24 – 60 months|
|Processing Time||Within 24 hours||Within 10 minutes||Within 20 working days|
Home Credit Cash Loan Customer Service
If your Home Credit cash loan application is rejected or you need assistance, reach out through various channels:
- Phone Number: (02) 7753 5711 (Globe) or (02) 8424 6611 (PLDT), (+632) 8708-7087
- Email: firstname.lastname@example.org
- Address: 11th Floor, Vertis North Corporate Center Tower 1, North Ave, Quezon City, 1105 Metro Manila, Philippines
FAQs – Cash Loan for Home Credit
Explore frequently asked questions about Home Credit cash loan:
Is Home Credit Cash Loan Legit?
Yes, Home Credit cash loan is legitimate. As a licensed and regulated financial company, Home Credit Philippines offers this type of loan. Apply online or at affiliated stores by filling out the registration form for potential approval in just one minute.
Can I Loan Cash in Home Credit?
Absolutely! You can loan cash in Home Credit with a minimum amount of PHP 3,000 and a maximum amount determined by the offer. The interest rate starts at 1.83% per month, and the loan term ranges from 6 to 60 months.
Where to Claim Home Credit Cash Loan?
To claim your loan, visit a Home Credit branch or kiosk near you. Alternatively, apply online through their website or mobile app. Ensure you provide the required documents and information during the loan application process. Approval and disbursement processes may vary based on location and loan type.
How to Cancel Home Credit Cash Loan?
If you wish to cancel your cash loan, contact Home Credit’s customer service or visit their branch. Be prepared to provide reasons for cancellation, return any disbursed funds, and settle any applicable fees or interest up to that point. Review your loan agreement for specific terms and conditions related to cancellation.
Home Credit cash loans provide a convenient and flexible solution for obtaining quick cash when needed. The competitive interest rates and relatively simple requirements make it an attractive option for many individuals. However, it is crucial to carefully evaluate your needs and budget before applying for any loan.
If you are considering a Home Credit cash loan, utilize the interest rate calculator available on their website to estimate your monthly repayments. Additionally, ensure that you can comfortably afford the monthly installments before proceeding with your application. Remember, making informed financial decisions is key to a healthy and sustainable financial future.