With many malls nationwide seeing a resurgence in foot traffic as lockdown measures and COVID numbers stabilize, there is also an increase in the demand for work from home (WFH), online schooling, home improvement and other “new normal” needs. With that comes an increase in demand for consumer finance, with more Filipinos enjoying most home and work installment plans so far this year compared to 2020, according to the mainstream. Home Credit Philippines consumer credit company.
“We are definitely seeing more people in malls and more people shopping and borrowing for family needs,” said David Minol, CEO of Home Credit, a provider of in-store consumer finance and consumer finance. digital financial services based in Prague. “This is another encouraging sign that people are gradually recovering from what has been a very difficult year for all of us. “
According to Minol, in mid-2021, Home Credit has so far seen an increase in the volume of loans and customer services compared to 2020, with 10.6 billion pesos in point-of-sale loans – installment offers for basic products available from Home Credit. partner stores, already used by nearly a million customers in the first half of this year. To date, the company has served more than seven million customers since the introduction of consumer finance in the country in 2013, enticing consumers with its straightforward loan requirements and quick one-minute approval.
“The demand for inclusive and affordable Home Credit financial products has grown at an exciting rate since we opened a store in the country,” Minol explained. “The demand was there even during the peak of closures, but with shopping malls closed and people staying safe at home, not to mention the economic challenges of the pandemic, our expectations were tempered as we prioritized the safety of our customers and employees. But with the majority of our partner stores across the country, we are delighted to welcome our customers again and provide them with the best experience possible. “
Minol noted that Home Credit’s best-selling finance product for financing in 2021 remains smartphones, televisions, refrigerators, laptops and sports equipment completing the top five list. “It’s an interesting bestseller list because it reflects the priorities and lifestyles of Filipinos in the new normal. They place great value on the things that make it possible for their families to live, work and play better.
Air conditioners were also in high demand, especially during the summer, as Home Credit saw a 125% increase in sales of cooling products from P132M in the first quarter to P296M from April to May, at the height of the month. “Beat the Init” promotion of the company.
While the company is seeing a strong return from customers in shopping malls, it also noted that its mobile user base continues to grow as well. “We know Filipinos have a strong mall culture, and it shows again in this new normal. But what the past few months have also shown is just how digitally savvy Filipinos have become, especially when it comes to e-commerce and online shopping, ”Minol said.
“So we’re happy to say that our mobile app remains as strong as ever, helping our customers with everything from managing their accounts, applying for new loans, paying bills with their home credit cards, paying for goods. using QR codes, take advantage of discounts from our merchant partners and even buy new gadgets. We are able to offer the best of both worlds to our customers, whether they prefer to shop in malls or from the comfort of their own home through our app.
The My Home Credit app, available on Google Play, has been downloaded over six million times, and its active user base includes the company’s point-of-sale and cash loan customers, cardholders home credit, online Marketplace shoppers and customers with Smile Discounts. Meanwhile, the company is present in more than 9,000 physical partner stores nationwide.
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