Buzz
Although appearing and operating for many years in the market in the field of consumer installment loans, alongside FE Credit, Tima, not everyone understands correctly about Home Credit (alternatively written as HomeCredit) and often confused about related information such as Is Home Credit a scam, how to terminate Home Credit contract, what is installment payment through Home Credit ...
All useful information related to Home Credit
I. Introduction to Home Credit
Home Credit Group was established in 1997 in the Czech Republic. Over the years, it has expanded internationally, operating in numerous countries, including Vietnam.
In Vietnam, Home Credit commenced operations in 2008, focusing on consumer lending with installment payment options. It has gained popularity due to its user-friendly, convenient, and swift services. Presently, Home Credit in Vietnam has branches in Ho Chi Minh City, Hanoi, and 8 representative offices across various provinces and cities.
II. Home Credit Customer Support Hotline
- HomeCredit hotline: 1800 6860 (toll-free)
- Loan support hotline: 028.38.999.666
- Email: [email protected]
If you have any inquiries regarding our consumer lending services with installment payment options, feel free to contact Home Credit hotline for efficient assistance and effective solutions.
III. Benefits of Home Credit Loans
The benefits customers will enjoy when using Home Credit loan services:
- Simple procedures
- Flexible loan duration and limits
- No collateral or monthly income proof required
- Loan approval within 2 hours upon completion of application
- Competitive interest rates and numerous benefits.
IV. How to Borrow with Home Credit
Home Credit's loan package is preferred by many customers for its swift procedures, favorable interest rates, no collateral or income proof requirements, and flexible loan limits and durations.
* Home Credit Loan Options
- Unsecured loans without the need for collateral for purposes such as travel, shopping, and daily expenses...
- Salary-based loans, utility bills, life insurance...
- Installment loans
* Home Credit Loan Limits and Interest Rates
- Loan limits range from 5 to 200 million VND.
- The interest rate for loans is 22% per year, which is 1.8% per month, or it can be 1.66% per month if calculated on the reducing balance.
- Flexible loan terms from 12 to 60 months
* Eligibility Criteria for Home Credit Loans
- Vietnamese citizens aged 20 - 60 years old.
- Valid ID card/citizen identification card
- Driver's license/residence booklet
* How to Apply for a Home Credit Loan
You can apply for a Home Credit loan online by downloading the app on Android or iOS devices and following the steps, or you can call or visit Home Credit transaction offices directly to request a loan.
After completing the documentation and signing the contract, you will receive the money within a short period of 2 hours.
5. Is Home Credit a Scam?
From the past until now, Home Credit has continuously developed in the financial sector, providing flexible loan options for borrowers. When it comes to financial strength, Home Credit can be compared to FE Credit. However, the question of whether Home Credit is a scam still remains. There hasn't been any conclusive evidence suggesting that Home Credit engages in fraudulent activities. Currently, the company is licensed to operate, and the interest rates it offers are approved by the state and law, so concluding that Home Credit is a scam is inaccurate.
In reality, Home Credit offers simple, flexible, and fast loan procedures, and all issues related to its services are clearly explained to borrowers, such as interest rates, loan amounts, terms, and how interest is calculated, making it easy for borrowers to understand all necessary information.
However, many borrowers fail to understand the terms and contracts or how interest is calculated, leading to potential bad debt situations and additional penalty fees. As a result, many customers mistakenly perceive this as Home Credit's deceptive tactics.
It's best that when you borrow from Home Credit or any financial company, you thoroughly understand the interest rates and devise a suitable repayment plan to avoid any risks affecting both you and Home Credit.
6. Interest Rates for Cash Loans at Home Credit
Home Credit applies an interest rate of 1.66% per month for loans. Depending on each loan support policy, the interest rate may be adjusted accordingly. Additionally, Home Credit offers high loan limits and low interest rates for cash loans to customers who demonstrate repayment ability and financial capacity.
Furthermore, Home Credit provides preferential interest rates for loyal customers and those who repay their debts on time.
How to Borrow Money from Home Credit
7. Borrowing Process at Home Credit
After considering the suitable borrowing method for your needs, you can visit the transaction counter or use the app to borrow cash from Home Credit online, saving time and effort. You can refer to Mytour's article on how to borrow money from Home Credit for efficient and quick borrowing.
8. Is it Worth Borrowing Cash from Home Credit?
Home Credit is a financial institution operating not only in Vietnam but also in many countries worldwide, making it a popular choice for cash loans with installment options. Moreover, besides offering installment purchasing support products, this financial company also provides cash loan services to users. The borrowing conditions are simple, with no need for financial proof from customers and streamlined, quick procedures. Particularly, the borrowing limit at Home Credit is quite large, ranging from 20 to 80 million dong, with loan terms up to 60 months. Compared to borrowing from banks, customers often choose Home Credit for quicker and easier loan processing.
9. Tips for Borrowing from Home Credit
To borrow effectively from Home Credit and avoid bad debt situations and penalty fees, you should follow these tips and considerations:
* Understand Loan Fees Clearly
To avoid unjust losses when borrowing from Home Credit, you need to thoroughly and carefully understand the fees you must pay. Home Credit's main service is unsecured lending, so there are no notary or asset appraisal fees.
Home Credit also has penalty policies for customers who pay early. Specifically, you need to carefully understand the early repayment fees to avoid paying additional penalty fees. Therefore, you should ask Home Credit's advisors about all fees related to the loan to avoid incurring unclear fees.
* Interest Rates, Promotional Programs
Whether borrowing from a bank or any financial company, interest rates are something you should pay attention to. Because interest rates determine your loan considerations, repayment plans, and suitable repayment periods.
The monthly interest rate for Home Credit loans fluctuates around 1.66% per month. However, with promotional interest rate programs and depending on individual cases, the interest rate is adjusted to be most suitable.
The interest rate that Home Credit applies is only for a certain period according to the policy, and then the interest rate is calculated as normal. Therefore, you should inquire about the promotional interest rate program applicable for a certain period to make the most appropriate decision.
* Paying Attention to Loan Repayment
To avoid unnecessary fees, you should rely on the guidance of advisors to make monthly loan repayments. Only authorized staff are allowed to collect payments from customers, so it's best not to make loan payments directly to staff. Additionally, Home Credit does not accept payments without a receipt, so you should keep payment receipts as evidence to avoid disputes in the future.
10. Early Termination of Home Credit Contracts
The loan or installment purchase term is typically 60 months. However, if you have the ability to repay early and wish to settle your debt before the Home Credit loan term, Home Credit will still accept early repayment after 6 months of installment payments. Therefore, if you want to terminate your Home Credit contract early, you should wait at least 6 months to fulfill the installment payments.
To terminate a Home Credit contract early, you can follow one of the two methods below:
- Method 1: Call Home Credit's hotline and follow the instructions. The hotline operator will advise on the termination process and the amount to be paid when you meet Home Credit's conditions.
- Method 2: Call the hotline to look up your HomeCredit contract number. Then, follow the instructions to receive the early settlement amount. If you wish to terminate the contract early, press 0.
The penalty fee for early termination of contracts implemented by Home Credit for customers wishing to settle early is 5% of the remaining total debt. Therefore, you need to calculate and compare with paying on time to make the best decision, ensuring the most beneficial outcome for you.
12. Late Payment Penalty Fees?
When the repayment deadline for the loan specified in the Credit Agreement is due, you need to pay the installment amount to Home Credit. If the repayment deadline falls on a holiday, you need to pay before that day. Additionally, to ensure timely deposit into the account, you should pay 3 days before the payment deadline.
If you make late payments, you will be subject to the penalty fees as stipulated by Home Credit. For contracts signed from 15/3/2017, the following penalty fees will apply:
- The interest rate applied to overdue principal balances from the overdue transfer date is 150% of the regular interest rate.
Formula to calculate late payment interest with overdue principal balance = 150% x regular interest rate x number of overdue days x overdue principal balance : 365
- Interest rate for overdue interest: 10% per annum
Formula to calculate late payment interest with overdue interest = 10%/year x overdue interest x number of overdue days : 365
Surely, you've heard others mention Home Credit when you're considering buying on installment. If you're unfamiliar with Home Credit, don't overlook this article.
