What is the Home Credit Cash Loan and How to Apply

Home Credit Cash Loan

What is Home Credit Cash Loan? 

Do you have dreams of starting a small business but don’t know where to get your capital? Do you want to renovate a section of your house for the summer? Or is there an emergency in your household where you need cash quickly? Well, getting a Home Credit cash loan might just be for you.

Loans can be used for absolutely almost anything. Here in the Philippines, the most popular choice for loans is Home Credit. The company has been around for quite some time now and it is widely used for big-ticket items like appliances, gadgets, electronics, furniture, musical instruments, and even sporting goods and e-bikes or e-scooters on affordable monthly installments and with no hidden charges. But did you know that Home Credit also offers a Credit Cash Loan? 

With the Securities and Exchange Commission (SEC), implementing lower interest rates now might be the perfect time to take advantage of the Home Credit Cash Loan. Sounds really enticing, right? As you know, applying for loans is quite a stringent and tedious process despite the seemingly easy requirements. So how do you make sure you get approved for a credit cash loan in Home Credit? Here are some tips. 

Home Credit Cash Loan

Home Credit’s cash loan provides instant cash when you need it. You can use the money for anything you want or need, be it a big ticket purchase, home renovation, paying off your kid’s tuition, medical emergency, etc. 

However, note that Cash Loan is only available to exist Home Credit customers with good payment standing. You will know you are eligible for this feature if you receive an offer via SMS, email, or call from their customer support. You may also check your status through the My Home Credit App to see if the feature is available for you.

Here are the key features of Home Credit’s cash loan:

  • Loan amount: ₱10,000 to ₱150,000
  • Repayment terms: 18, 24, 30, and 36 months
  • Loan amount: ₱10,000 to ₱150,000


A. 2 valid IDs, at least one with a home address

B. Any bank document that shows your savings account number (bank statement, deposit slip, passbook, etc.)

How to Apply for a Loan via the Home Credit App

Apply for a cash loan using your smartphone

Step 1: Download, Login to the App, and click Cash Loan

Home Credit made loan applications super convenient and simple with their My Home Credit App. This means you do it right in the comfort of your own home (or wherever you prefer). Simply download the app and make sure you have the updated version.

Step 2: Indicate your loan amount

Write your desired loan amount and specify the number of months for the repayment of the loan. Review all the details before clicking Continue. 

Step 3: Fill out the Form

From here, click “Apply Now” and fill out the given form with all the necessary details. Make sure to double-check all the information and comply with all the instructions given, such as preparing your valid IDs.

Step 4: Double check

Make sure all the information you input is accurate and correct, then click Submit.

Step 5: Wait for the contract

It takes less than a minute to get approval for your loan. Once you have your approval, review the contract before signing. Prepare the e-signature to complete the contract. Tap the Sign the Contract button on your screen to finalize the loan.

Step 6: Wait for the details to claim your loan

Once you have submitted the contract, wait for their confirmation. They will send you an SMS message detailing how and where to claim the loan.

The whole thing can take less than 10 to 30 minutes. Amazing, right?

Other loan application options

You may also file for a cash loan through Home Credit Hotlines:

  • (02) 7753 5714 – Telesales Hotline
  • 1 800 10 234 3000 – Smart, Sun, TNT, PLDT
  • 1 800 8 905 0303 – TM and Globe

Or through their partner stores (let the sales associate guide you through the process). Both steps will guide give you information and guide you through the process. 

They usually offer bank transfer or pickup cash from home credit partner centers (cash is free to pick up) like Bayad Center, Cebuana Lhuillier, LBC, Metrobank, or USSC.

Make sure to claim the money within seven days to avoid termination of the cash loan contract.

Benefits of Choosing Cash Loan from Home Credit

Still on the fence about getting a cash loan? Perhaps the benefits may help convince you.

1. Easy requirements 

As with other types of loans in Home Credit, you only need two valid IDs for the whole loan application process. Yes, you read that right; just two IDs can solve your financial woes quickly. Well of course you have to be eligible for the loan first, which means you should be an existing client with a good payment record. 

Also, you can improve your chances of getting approved by providing extra documents that prove your financial capabilities. 

2. Quick approval

Home Credit takes pride in being an instant loan provider, and their Cash Loan feature is no different. They can actually make a decision whether your application has been approved or not in less than 10 to 30 minutes. While some customers report getting approval in no more than an hour. That is longer than advertised, but still, pretty quickly if you compare it to other loan providers that take a couple of days to process the whole thing. 

3. Flexible payment plans and low monthly installments

Flexibility is one of the many reasons that make Home Credit really attractive for Filipinos. They allow customers to customize their payment plans, which means getting affordable monthly payments is possible. This is a great help for anyone on a limited budget who cannot afford the big-ticket purchases and expensive monthly payments.

4. Easy loan management, no hidden charges

You can stay on top of your loan and payments and avoid missing due dates by checking the Home Credit app. They provide all the information you need regarding your loan, from payment schedule, status, loan offers, etc. You can also reach out to their customer support for a quick chat about your concerns and questions.

5. Early repayment option for lower interest

Unlike some credit providers, Home Credit allows customers to pay off their loans before the end of the loan term. This means you can avoid paying off high interest and fees (as long as the full repayment is made 15-days after signing the contract).

6. Loan insurance option

You can also get insurance coverage for your loan from Sun Life Grepa Financial Inc. The insurance will cover 120% of the loan in the untimely death of the borrower. This means your loved ones will not be burdened by the outstanding balance of your loan and can also receive an excess cash benefit through the insurance coverage. 

What to Consider Before Getting a Cash loan?

As with most things in life, cash loans from Home Credit have their own set of disadvantages too, and these are things you need to consider before getting the loan.

1. High-interest rates

The high-interest rate is the biggest trade-off of cash loans from Home Credit since you are essentially borrowing money from a private lender. Also, unless you are a client, they don’t release their loan terms online.

2. Easy way to pill-up debts

Since the application process is easy and approval is quick, it is extremely possible for borrowers to take advantage of the cash loan and purchase depreciating big-ticket items like appliances, gadgets, etc. If you don’t have discipline, then this makes it easy to earn debt. 

3. Delinquent borrowers will be rejected

Well, this is not so much of a drawback as it is definitely within their rights to choose who to approve and who to reject. If you have a bad credit record with the company, then don’t expect to get approved. 

4. Hefty punishments for late payments

It is not enough that you pay on the due date; they actually recommend you pay the monthly installments three days in advance. Some of the late fee penalties are:

  • 400 PhP – if payment is delayed for 30 days
  • 600 PhP – if payment is delayed for 60 days
  • 800 PhP – if payment is delayed for 90 days

They also include ₱200 collection charge. Late payments lead to extra fees of getting declined in future loans too. 

Frequently Asked Questions

Q. What is the minimum and maximum amount I can get from a cash loan?

A. The minimum cash loan you can get from Home Credit is P2, 500. The maximum depends on their personalized assessment of your capabilities to pay. 

Q. What to do after I receive an SMS/Email offer of a cash loan?

A. Download and visit the My Home Credit App, call the hotline specified on the SMS or email, or head straight to your nearest Home Credit partner store if you want to get more information. 

Q. What is the shortest and longest term available for the cash loan?

A. The shortest loan is 1 month, while the longest is 60 months. The number of monthly installment options differs from one customer to another. 

Q. Can I reapply if my initial application was rejected?

A. Yes, You can file another application as soon as you receive another Cash Loan offer from Home Credit. Check your account in the app for more information.

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