How Home Credit process loans?

   Recently, Home Credit held an event on understanding on how they process loans. Home Credit is a international finance provider for consumer focusing on responsible lending primarily to people without credit cards. A no-collateral instore financing of purchases for customers, seeking to buy things such as appliances and mobile devices (computers, tablets, laptops and mobile phones) through monthly installments without a credit card.

But how do Home Credit process Loan applications?

  Home Credit agents are located in different stores that help you process your application loan in less than an hour.

  Upon submitting your application, Home Credit process it with the help of Credit Information Corporation, a government-based company that holds credit data even from telcos, and cable companies, and share these with financial institutions. So they can easily see if you are a good loaner, then it just might be the ticket to getting your loan approved!

  Home Credit, for one, can provide loans even to first-time borrowers, thanks to their sophisticated system for screening applications.

  Loaner should fill-up the forms and submit documentations/ID’s for identity verifications. Upon choosing the product, consumer should place initial downpayment of atlease 30% of the chosen product. 

  After the verification, Home Credit will verify if you are qualify or not to avail their loan. But once your eligible to get their loan, Here are things you should consider to do:

  Know your rights, and read the fine print. 

   Before signing your loan contract, find out if there are any special conditions, or better yet, benefits that come with your loan. For instance, Home Credit offers 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.  

   If you run into trouble, just let your lender know.

  Even the most responsible borrowers can encounter financial difficulties that can impact their ability to repay. Sudden illness, unemployment, and unforeseen expenses are just some of the things that can derail our loan payments. If ever this happens to you, the last thing you want to do is to hide from your lender, or ignore their calls to remind you of your (over) due dates.
Your best course of action? Reach out to them, and be transparent about your difficulties. More often than not, they are willing to help—or at the very least, listen. In Home Credit’s case, they even have a special unit in the company which reviews cases of customers experiencing extraordinary financial difficulties, and try to find solutions for loan repayment.

Turn that good credit record into a GREAT credit record.

  At this point, you may have realized already how big of a role your credit history plays in getting a loan—and how big of a role your handling of your loan plays in further shaping your credit record. Regardless of how small your loan is, missed or late payments can spell bad news for your credit history. On the other hand, if you are prompt and diligent with your payments, that small loan can do wonders for your credit history—and pave the way for more opportunities in the financial system!

  To learn more about the calculation of gadget/appliances visit this LINK.

For more information, visit www.homecredit.ph.