- Home Credit, together with Credit Information Corporation, teamed up to make the process of getting a loan easier and accessible to its customers.
- According to data gathered by Bangko Sentral ng Pilipinas, nearly 50% of adult Filipinos have an outstanding debt, while another 33% had borrowed money in their past.
Home Credit and Credit Information Corporation assured that there should be no fear and shame on the thought of applying for and repaying for a loan.
Let’s face it: we all have debts to pay whoever we think we are.
Home Credit and CIC want you to take a moment and consider reading their expert tips which will help you channel the master borrower innate!
Have a good credit record. Before you even enter the store or the bank to apply for your next loan, ask yourself if you’ve been a good borrower in the past. Have you ever missed any due dates, or worse, defaulted on a loan? All of these may reflect in your credit history, which financial institutions take a look at before granting loans. If your credit history is good, then chances of approval are high. If not… you might just want to skip that loan application altogether.
First-timers have a chance, too. But what if you don’t have a credit record, period—that is, you’ve never had a loan before? It can be a vicious cycle—some people don’t get approved for loans because they have no credit records, but how can they get a record if they’ve never gotten a loan in the first place?
But there’s good news: Home Credit, for one, can provide loans even to first-time borrowers, thanks to their sophisticated system for screening applications. The CIC, on the other hand, can get credit data even from telcos, and cable companies, and share these with financial institutions. So if you have paid bills to these companies, then it just might be the ticket to getting your loan approved!
Know your rights, and read the fine print. Before you sign 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.
On time? Good. Ahead of time? Even better! Once your loan is approved and signed, remember your dues—that is, know exactly what you owe total, what you owe each month, and for how long. And of course, remember your due dates! “On time, all the time” is a good rule of thumb, but consider paying your monthly dues a few days in advance. That way, you’re protecting yourself from unforeseen hiccups—e.g. technical issues, bank clearing delays—that can lead to delays in posting payments, which of course leads to penalties (and a blemish on your credit record).
Want an even better tip? Enroll your loan into bank auto-debit, if possible. That way, you don’t need reminding every time your due date approaches. Just remember to keep your bank account funded!
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.
Home Credit is an international consumer finance provider that operates in almost 11 countries. It is known for their responsible lending services.
