Home Credit and Credit Information Corporation (CIC) shared their top tips when getting a loan and winding the road to borrowing happened today, May 24 at Romulo’s Cafe at Jupiter St., Makati City.
Ms. Petr Lukosz, Home Credit Head of Credit Advisory (middle)
According to data from the Bangko Sentral ng Pilipinas, nearly 50% of adult Filipinos have an outstanding debt, while another 33% had borrowed money from the past and out of these borrowers, there is a growing segment that has taken loans from lending or financing companies.
A loan, no matter how small, is a big responsibility and on the other hand, there are those whi dive straight into borrowing without knowing if they are 100% capable of being a good borrower.
So before getting a loan or purchase something in any financial companies, read these tips from the consumer finance company Home Credit and its government partner, Credit Information Corporation (CIC), and you’ll be a master borrower in no time.
1. 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. No missed payments, no due dates or defaulted loan that will reflect in your credit history. So if your credit history is good, then chances or approval are high.
2. FIRST-TIMERS have a CHANCE, too
– No credit record in the past or no loan before: Home Credit can provide loans even to first-time borrowers with 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.
3. Know your Rights, and Read the Fine Prints
– In every loan, there is a contract – so before you grab something; find out if there are any special conditions or better yet, benefits that come with your loan
Good thing, Home Credit offers the option to avail the insurance alone with the loan – a 15 day colling-off period that allows customers to pay back the full loan at no added cost within the time period and a loan “safety guarantee” tht promises full transparency on loan products with no hidden charges.
4. On TIME? GOOD.
– But ahead of time? Even better. Once your loan is approved and signed, remember your dues and know exactly what you owe total, what you owe each month and for how long. That way, you’re protecting yourself from unforeseen hiccups like bank clearing delays, technical issues, etc. that can lead to delays in posting paymentss.
Good thing with Home Credit is you can enroll your loan into bank auto-debit. That way, you don’t need reminding every time your due date approches and make sure that your bank account funded.
5. If You run into trouble, just let your lender know.
– In case you will encounter financial difficulties like sudden illness, unforeseen expenses or unemployment – reach out to them and be transparent about your difficulties. They’re willing to help or at the very least, listen.
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. That way, we can turn a good credit record into a great credit record.
Home Credit Philippines is a consumer finance provider that promoted the principles of financial inclusion and safe lending, providing world-class financing services to qualified customers, oftern first-time borrowers.
Visit www.homecredit.ph for more details.