Pros and Cons of Getting a Home Credit Loan

What is a Home Credit Loan?

A home credit loan is a financial service that provides the fund for the purchase of items. It is a type of non-cash loan that allows a person to purchase an item such as cellphones, laptops, gadgets, instruments, furniture, and home appliances that can be paid via monthly installments.

What are the Advantages of Getting a Home Credit Loan?

  • Easy Application
    Home credit usually requires only 2 valid IDs for a standard loan or cash loan, but you can also show financial capabilities requirements for a higher chance of approval
  • Higher Chance of Approval
    Home credit application usually takes 10 minutes up to 30 minutes to get a decision, and some applicants said that they got approved within just an hour
  • Early Repayment Option
    Home credit loan applicants have an option to repay the full loan amount before the term ends. If you do that, you will not be charged for the interest and fees since you pay for the whole amount within 2 weeks after contract signing
  • Customize Your Plan
    If you applied for a home credit loan, you can customize your payment plan. For as long as you and your provider both agree on your preferred payment plan, it will be good.
  • Easy Way to Check Your Loan
    The good thing about a home credit loan is that you can view the status, details, payment schedules, and other loan offers using an app. As long as you have a home credit app, you can check it anytime you want.
  • Easy Payment
    Home Credit makes paying convenient for us since they accept over the counter payment at different payment centers including:
    SM Business Centers
    Bayad Centers
    Cebuana Lhuiller
    M Lhuiller

What are the Disadvantages ?

  • Rejection for Loan Offender
    Just like any loan provider, a home credit loan also checks your background and financial capability to pay the loan. It includes checking your credit history and the score of borrowers. It simply means, that if you’re an irresponsible payor, you’re most likely getting rejected
  • Late Payment Fees
    If you pay late, you will be charged a late payment fee and might get a record of the late payor. So if you’re going to apply for a loan, make sure you will be a responsible payor to avoid penalties and a bad reputation, so if by any chance you wanted to apply again, they will approve your application without hesitation
  • High-Interest Rate
    Home Credit Loan is a private lender that is why they a high-interest rate. However, you can avoid paying a high-interest rate if you use a credit card upon application.

If you wanted to inquire, you may contact Home Credit using these numbers:
(02) 7753 5714 – Telesales Hotline
1 800 10 234 3000 – Smart Toll-Free Number
1 800 8 905 0303 – Globe Toll-Free Number

Applying for a Home Credit isn’t bad, as long as you know to yourself that you’re a responsible payor, there will be no problem. So if you’re planning to apply for a loan, it will be better to check the advantage and disadvantages first before deciding.

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