Home Credit, a Prague-based Fintech company that allows consumers to purchase smartphones and other goods on installment even without a credit card, celebrated a milestone as it reached the one million customer mark, less than five months after reaching 600,000, and less than four years since serving its very first customer.
“In Home Credit’s four years so far in the country, we have observed that Filipinos tend to have a very positive attitude, and this is also true when it comes to buying goods. And often, they buy things not just for personal enjoyment, but also for enriching their lives and their loved ones,” said Home Credit Philippines’ CEO Annica Witschard. “So more than simply providing fast and affordable loans, we are able to help enrich the lives of our customers and the people that matter most to them. And we are glad to be able to do this for one million happy customers and counting.”
Since launching in Manila in 2013, Home Credit has grown its business of in-store financing of gadgets and other goods, especially for customers with no credit card or are first-time loan borrowers. In 2016, the company grew its customer base from 280,000 to 600,000, and in the first few months of 2017, Home Credit expanded its reach in all major islands.
Today, Home Credit is present in over 2,500 partner stores in Metro Manila and 27 provinces, where they offer 0% interest installment promos and other popular loan products.
Moving forward, Witschard said that customers can expect more 0% interest promos with more partners, in more stores around the country. These efforts are on top of existing “safe lending” features that Home Credit offers to customers, such as the option to avail of insurance along with the loan; a 15 day “cooling-off” period that allows customers to pay back the full loan at no added cost within this time period; and a loan “safety guarantee” that promises full transparency on loan products with no hidden charges.
