Home Credit has been quite a help in making one’s appliance and gadget purchases more affordable with monthly installments without the need for a credit card, but one can also attest the stringent process it takes to get approved despite the seemingly easy requirements. We provide some tips on how to get more chances of approval.
It’s a known fact that Home Credit is gaining popularity for a mass-market approach in helping people purchase their devices in more affordable ways. In fact, we have already featured several instances where they were partnering with smartphone brands in offering 0% interest installments. These tips are collated from several users off Facebook groups who ask about this process, as well from my own experience in conversing with Home Credit Sales Agents across stores in the metro when I tried to purchase phones myself.
You should not have overdue loans/payments elsewhere
As with other companies that offer loans, we highly recommend keeping your other loan accounts updated and in good standing condition. Home Credit also uses information stored at the SEC’s Credit Information Corporation. This enables Home Credit to weed out delinquent applicants and ensure that you have the capability to purchase a new appliance or gadget. Thus, it is with our utmost recommendation that you disclose with them any outstanding loans you have to prevent declines.
Pay for a higher cashout
Home Credit has always advised its customers to “pay the highest down payment you can provide,” and it does bear truth. A higher initial cashout does get you more chances of approval, not to mention the lighter monthly installments as you’ve already paid for most of the device’s cost upfront.
Present more requirements
Home Credit applicants may be required just two IDs to process the loan application, but you need to consider that they’re asking for two primary ones. In most cases, one primary ID is okay as long as it is supported by secondary requirements, which is stated in their website:
| Home Credit Application | |
|---|---|
| Primary ID | -SSS -UMID -Driver’s License -Valid Passport -PRC -Voter’s ID |
| Secondary ID | -Bank account statement -Brgy. Certificate/Clearance -Certificate of Employment -Credit/Saving Card -Company ID -Electric bill -Mobile phone bill -Water bill -PAGIBIG/HDMF ID -PhilHealth Card -Phone bill -Postal ID -Remittance Slip -Salary Slip -TIN ID -NBI Clearance |
Declare your assets
Some people we’ve talked to these past few days also mentioned that declaring assets could help in getting you approved for a gadget loan. One told us that he declared he has a car, to which he was automatically approved without all the phone calls.
Pay your bills earlier, not on time
You may be wondering why we placed this, but if you plan to apply for a Home Credit loan again after your existing contract, you may want to pay your bills earlier than the due date to keep your good standing and have a hassle-free reapplication. There were several instances of people not being able to get a Home Credit installment loan again primarily because they have failed to pay their dues on time.
One case could be that third-party payment channels post the payments later than when you have paid, so keep in mind to pay early to avoid such hassle.
There we have it, folks. We hope these tips help you get approved with Home Credit in no time. Do help and share your own experiences and tips on the comments section below.
Tatay ko OFW maganda trabaho sa abroad nagapply ng laptop sa home credit rejected daw e ofw na sya at malaki sweldo may pension pa sya