Home Credit Philippines (HCPH), the biggest consumer finance company in the country, is celebrating its 10th anniversary by giving more Filipinos access to credit and trying to reach 10 million customers by 2023.
In October, the company will have been in the country for 10 years. Since then, it has grown steadily and now offers customers a full ecosystem of products and services that fit their individual needs and ways of life.
Home Credit had 9.3 million customers at the end of 2022, which was a good number. Filipinos were able to afford a better life in large part because its services grew to cover a wider range of lifestyle segments and categories.
“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. 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,” shares Home Credit Philippines’ Chief Executive Officer, David Minol.
David Minol, CEO at Home Credit Philippines
As the country’s leading consumer finance company and the first to offer “buy now, pay later” (BNPL) services, Home Credit has grown its local roots and gained a much better understanding of the local market over the past ten years. The company realized that it needed to add more lifestyle options and financial services to better meet the changing needs and wants of the new generation of Filipinos.
Over the years, Home Credit has grown to have 15,000 partner stores in 75 provinces, and its online presence has grown quickly through the My Home Credit App. The company has also formed partnerships with the biggest brands and retailers in the country. These partnerships have helped the company build a large selection of more than 300 lifestyle products, including gadgets and smartphones, appliances and furniture, bicycles and motorcycle accessories, sports equipment, and many more.
Since it started doing business in the Philippines in 2013, Home Credit has made it easier for millions of Filipinos to get more financial options.
Aside from product loans, the company also offers Cash Loans to its current customers who have a good track record of making payments. This helps them become more financially stable. Home Credit has given out over 1.8 million Cash Loans to its customers so far. 90% of the contracts were signed digitally, and 20% of the applications were processed through the My Home Credit App.
Home Credit says that its cash loans are approved and paid out in 1 minute, which is the fastest on the market. Customers can get a Cash Loan for any amount between Php 3,000 and Php 150,000, and they can pay it back over six to 48 months.
Home Credit believes customers’ journeys begin with its financing products. The company wants to strengthen its relationships with customers and advocate for proactive safety measures for them and their families.
Home Credit also provides the best customer protection. They can buy Device Protection, which can be upgraded with an extended warranty for accidental damage protection; Extra Care for flexible payment management; Home Content to protect and cover home belongings; and an innovative Personal Payment Protection that offers unlimited telemedicine service, death and accident coverage, and medical reimbursement.
Home Credit remains committed to empowering Filipinos, Para sa Life, as their lifestyle partner. Financial literacy supports Home Credit’s environmental, social, and governance goals (ESG).
Home Credit’s flagship financial literacy program Wais sa Home reached over 20 million Filipinos last year and ran onsite financial literacy programs in Pampanga, Iloilo, Guimaras, Capiz, Antique, and Aklan.
Due to digitalization, the company saves 30 million sheets of paper, equivalent to 2,000 trees. Home Credit also promotes equity by giving its 52% female customers more purchasing power.
Home Credit, the consumer finance market leader, draws strength from its stakeholder and consumer relationships as well as its numbers. In its 10th year in the Philippines, the company aims to set a standard in consumer finance through innovation, customer satisfaction, and financial inclusion.
