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Home Credit And Argomall Partner Up For The First Online Installment In The Philippines
28.11.2016

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Home Credit And Argomall Partner Up For The First Online Installment In The Philippines

Published on 9.11.2016

 

Home Credit, a consumer finance company, has partnered with argomall.

Taguig, November 7, 2016 — Home Credit, a consumer finance company, has partnered with argomall to pave the way for a better shopping experience.

Argomall is the first online store in the Philippines to offer Home Credit to its consumers who would prefer managed spending through installments, without the use of credit cards.

“We are happy to be partner with argomall in this initiative, as we continue in our efforts to reach out and provide the best possible experience to our customers,” remarked Daniel Brodan, Home Credit Philippines’ (Customer Experience) Leader. “Through this partnership, availing of your desired gadgets at affordable installments is easier and faster than ever.”

“It’s a big step forward,” says Chief Argonaut Karel Holub. And it is, indeed. argomall is currently the first online store to offer Home Credit to its consumers who would prefer managed spending through installments, without the use of credit cards.

Initially available within Metro Manila, shoppers can now avail their gadgets at argomall where will be able to apply for Home Credit Installments and see affordable installment plans. With argomall’s mission to make shopping for your latest gadget as easy and as convenient as possible, Home Credit’s aim complements it greatly: allowing more shoppers to purchase gadgets they need and want by availing Home Credit Installment which is easy, simple, and fast.

Everyone can apply through argomall as they go through checkout, choosing “Apply for Home Credit Installment” as their payment method, which they will then fill out a form provided by Home Credit. Once they are accepted, argomall shall contact them, where further instructions (such as signing of the contract and picking up the gadget will be given).

Home Credit is first established in the Philippines in 2013, and has already served almost 200,000 consumers who have purchased products ranging from flat screen TVs, to smartphones, and home appliances. Home Credit Philippines is a part of global Home Credit Group, an international consumer finance provider with operations in 11 countries across Europe, Asia and North America. Home Credit Philippines is headquartered in Pasig City, Metro Manila, total employee strength is over 1,300 and keeps growing.

Argomall launched its service in November 2015, initially offering fast delivery of smartphones to consumers in Metro Manila with guaranteed 48 hours’ lead time. At argomall you find all the brands of smartphones (and other related items like tablets, laptops, audio and accessories) and all of them are brand new and under official manufacturer warranty in the Philippines. Simply argomall aims to make your new smartphone shopping journey as easy and comfortable as possible.

Resource: Home Credit And Argomall Partner Up

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How to Mess Up Your Credit Score
07.11.2016

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How to Mess Up Your Credit Score

Published on 7.11.2016

 

You might not be aware of it, but there is such a thing as a credit score.

Just like how the success of your Facebook posts can be gauged by the reactions of your followers, credit scores are indicative of your performance when it comes to repayment of loans and debts.

While the number of your followers and level of engagement shape your social media standing, lenders look to your credit score to determine if they should lend you money, or allow you to take out loans so that you can afford the things you need. These can range from items such as gadgets and appliances, to bigger investments such as cars and houses.

In the Philippines, the Credit Information Corporation (CIC), a government-owned and-controlled corporation, helps financial lenders secure reliable information on potential clients’ credit usage and previous payment activities. This is how lenders consider your capability to fulfill loan agreements and adhere to payment schedules.

This said, your credit score affects your chances of getting a much-needed loan approved, or whether or not you can get that smartphone you’ve been dreaming of on installment. The worst thing you want to have is a bad record, and here is what you should avoid if you want to keep an excellent credit score:

Spending beyond your means. Define your needs and wants, and only purchase the things you can afford. Also, evaluate your cash flow and only take out loans that you are confident you can repay.

Missing Your Payment Due Dates. Plan and set your priorities, as your credit score drops every time you miss a payment deadline. Remember that the later you pay, the worse your score can get. If you can’t help it, it might help to reach out to the lender and strike a compromise.

Accumulating debts. Make sure you always keep track of the loans you have and your agreed payment terms. Keep your debts low and within your spending capacity, because doing otherwise gives the impression that you cannot manage your finances properly.

Being inconsistent with your payments. Payments should be made on time on a regular basis to show that you are responsible and trustworthy. Consistency is key. Sometimes paying on time and sometimes missing the deadline is not good for your credit score.

Running away from bills and debts. Always accommodate calls, emails and other forms of communication from your lender. Ignoring these would also result to a bad credit rating as this can be taken as a sign of delinquency on your end.

Defaulting on loans. Always keep your end of the bargain, because defaulting a loan shows that you are not capable of fulfilling your responsibilities under the loan contract.

It is never too early to start building your credit history. If you are a first-time borrower, Home Credit, which provides non-bank loans on affordable installments, might be an ideal option in starting your credit history. The requirements for these gadget and small appliance loans via Home Credit are minimal, and the application process is not as difficult as other similar services. The company also has a system in place that helps determine the payment schemes that match your monthly capacity and remind you of deadlines that can aid in managing your finances properly.

The longer your credit history, the better for your credit score. So even if you think you don’t need it now, consider building and maintaining a good credit score as early as possible and make sure you remember these tips to keep your records excellent. You’ll never know when you might need to take out a loan.

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Big Data Analytics Proves Crucial in Servicing Unbanked Sector
04.11.2016

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Big Data Analytics Proves Crucial in Servicing Unbanked Sector

Published on 4.11.2016

 

As the Philippines continues to be one of the fastest growing economies in Asia

the increase in disposable income and growth in consumer lending have been on a parallel high.

Despite this, however, the Bangko Sentral ng Pilipinas (BSP), in its latest available National Baseline Survey on Financial Inclusion (NBSFI), found that 61.9% of creditors continue to borrow from family and friends. In the study, of every 100 Filipinos, an average of 77 still have no access to formal credit, presenting a viable market of over 4 million individuals for consumer finance companies or non-bank lenders.

Consumer finance firms focus on personal loans mostly to first-time borrowers who bear little to no credit history. These clients include unemployed family members of Overseas Filipino Workers (OFWs), the self-employed, and freelance/project-based workers who would otherwise be declined by banks and other similar formal financing institutions due to lack of a steady income and other verifiable qualifications.

Local subsidiary of international consumer finance firm Home Credit has taken the lead in providing small short-term loans for appliances and gadgets at purchase points like department stores, mobile phone outlets, and appliance centers. Such services provided “on the spot” require the consumer finance firm to be more agile – working with less documentary requirements and processing applications at a much faster pace at an average of 11 minutes, with half of their customers approved in less than 5 minutes.

This type of “instant” loan, while favorable to buyers, does away with the typical credit investigation process, which would have taken days or weeks at banks. Instead, consumer finance companies mitigate the risk of loan defaults with Data Analytics.

“Our service relies heavily on data that customers provide as well as information that comes from external sources. We invested in Big Data, a state-of-the-art back-end technology that systematizes approvals. It is vital that the information obtained are accurate, so that credit risk is reduced,” explains Home Credit’s Chief Risk Officer, Leos Gregor.

Aside from Data Analytics, Home Credit – which has served close to 400,000 customers since entering the market in October 2013 – evaluates the credit score of every customer to estimate the probability of loan default. The company is expected to work closely with the government, specifically the Credit Information Corporation (CIC), to gain access to a large database of credit reports from various credit bureaus and other financial institutions.

“What is critical is to have good quality data and to have those data available quickly because in our business model, even seconds matter,” shared Gregor. “Our goal is to deliver the best customer experience along with the best possible products. This can, in turn, attract the right kind of customers who can make a positive impact on our risk performance.”

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