Home Credit, the Prague-based consumer finance company that has
captured the attention of mallgoers and gadget lovers alike with its affordable
in-store loans, has a very good reason to celebrate after it recently signed
its three millionth customer.
(L-R: HCPH Sales Associate Mayeth Valencia, HCPH CEO Annica
Witschard, 3 millionth customer Virginia Dela Torre and husband Almer, HCPH
Chief Marketing and Product Officer Franchette Chingcuanco-Cardona)
Lucky winner Virginia and her husband Almer were in the process of
applying for an in-store loan for a flat screen TV when HCPH surprised them on
the spot. Home Credit Philippines’ Chief Executive Officer Annica Witschard and
Chief Marketing and Product Officer Franchette Cardona were personally there to
reveal the surprise and congratulate the “winning” customers who got 5,000php
worth of GCs and the perk of having the rest of their loan waived.
HCPH has come a long way since its establishment in Manila in 2013.
From starting with less than 30,000 customers in its first year, the company
quickly grew in the next few years, hitting the one million customer mark in
2017 before finishing the year with two million customers. A few more months
later, HCPH’s customer base now stands at three million.
“We credit our success to the thriving market here in the Philippines.
There is a strong demand for financially-inclusive products, and we are more
than happy to cater to this demand by offering loans even to first-time
borrowers and those without formal accounts,” Annica shared when asked about
the company’s growth.
According to the latest data from Bangko Sentral ng Pilipinas, 77
percent of adults have no formal accounts such as savings accounts with banks.
HCPH taps this group of consumers by making applying for an in-store loan easy
even if they have no credit history. The customer simply needs to approach a
Home Credit Sales Associate, provide two (2) IDs, and wait for ten minutes to
process their application.
In addition, the company has also been rapidly expanding in terms of
stores and the range of products it finances. It now has more than 4,000 stores
and has a presence in more than 50 provinces and Metro Manila. In terms of
product portfolio, Home Credit Philippines has also been actively expanding its
lineup. In addition to mobile devices and gadgets, its roster also includes home
appliances, hardware tools, e-bikes, musical instruments, and sporting goods.
When asked about their reaction for being named the three millionth
first-time customers, Almer shared his happiness by saying, “Napaka-ganda ng
Home Credit dahil napapaluwagan nila yung mga tao na hindi usually na-aafford
na bumili ng ganitong mga bagay.” Virginia added, “Napakadali ng proseso.
Biyaya talaga ito.” [Home Credit has a good program because it helps people who
can’t usually afford to buy these things. The process is very easy. This is
really a blessing.
Besides in-store loans, the company also offers cash loans which,
according to Annika, are used by some of the customers to start small
businesses so they can make a better living for their families. Others use
their cash loans to pay for other needs like school tuitions or finance house
renovations.
