Consumer finance company Home Credit Philippines expects its user base to increase 7.5 percent this year to 10 million customers from 9.3 million in 2022.
“Our goal of a financially-empowered Philippines comes true every year, one customer at a time. In our 10 years of service in the country, we aim to empower 10 million customers by the end of 2023 and continue to serve more Filipinos in the years to come,” Home Credit Philippines chief executive David Minol said in a news briefing during the company’s 10th anniversary in Taguig City.
“More than delivering innovative and accessible financial services, we celebrate the relationships we have built with our stakeholders and customers over the past decade, and this we choose to continue above and beyond,” said Minol.
“I believe we are delivering more rewarding life to Filipinos. We have served more Filipinos this year, more than the number of credit card holders in this country. Last year was a really a good year for us,” he said.
About 73 percent of Home Credit’s customer base is outside the National Capital Region and is a mixture of young adults and mature clients.
The company said about 50 percent of its product loans are mobile phone loans. The firm bridged about 10.5 million mobile phone loans in nearly 10 years with phone prices averaging P13,000 to P14,000 a unit.
Home Credit Philippines director and treasurer Zdenek Jankovsky said mobile phone loans represented over 50 percent of all product loans.
The company said with the introduction of more high-value commodities like home appliances, customers were beginning the see the value of using Home Credit for more important purchases other than mobile phones.
Cash loans disbursed by the company amounted to P1.8 billion since its introduction in 2015. Home Credit offers the fastest cash loan approval and disbursement in 1 minute, with cash loan offers of P3,000 to P150,000 and repayment terms from six to 48 months.
It said about 90 percent of existing loans were approved digitally and 20 percent of applications were processed through the My Home Credit App. Customers with good payment histories have the privilege to avail of cash loans.
Home Credit has 15,000 partner stores across 75 provinces in the country and has aggressively grown its online presence.
The company also forged partnerships with the country’s biggest brands and retailers, building a wide selection of more than 300+lifestyle commodities ranging from gadgets and smartphones, appliances and furniture, to bicycles and motorcycle accessories, sports equipment, among others.
Home Credit also offers solutions to give the best protection to customers such as Device Protection which can be upgraded with an extended warranty for accidental damage protection; Extra Care for flexibility in managing payments; Home Content to protect and cover home belongings from any unfortunate incidents; and an innovative Personal Payment Protection that offers unlimited telemedicine service, death and accident coverage and medical reimbursement.