Home Credit Philippines announces one minute approval for loan applications
What can you
do in a minute? Type a text? Lock the door? Browse the TV for a good channel? A
minute is something we commonly associate with doing mundane tasks—but would
you believe that this same time-frame is how long it also takes for you to know
if you can have a new mobile phone or laptop?
This is what
Home Credit Philippines (HCPH) promises with its one minute approval for
applications. From ten minutes, the Prague-based consumer finance company has
reached another breakthrough with its near-instant approval time.
“We are a
business that wants to improve consumers’ lives by giving them more purchasing
flexibility and good experience while enjoying their shopping options,” says
Franchette Cardona, Chief Marketing and Product Officer of HCPH. “Imagine
wanting a phone or a household appliance and only waiting a minute to know if
you can take it home or not. We want to change the way Filipinos shop and we do
it by constantly fine-tuning our processes.”
The company
has come a long way since it opened shop in the country in 2013 with its
products and the ways they offer them. Starting at 20 minutes of approval time,
HCPH was able to shorten it to ten minutes, and now to one minute. According to
Cardona, this is proof of their dedication to keep up with the constantly
changing consumer expectations when it comes to shopping.
“One of the
thrusts of Home Credit Philippines is to reach Filipinos who are not usually
catered by traditional financial institutions. Usually, this market has the
misconception that it is complicated to get a loan. We try to change that in
every aspect of our business model, from only asking two ID’s and now to just shortening
our approval time to one minute. We are all about ease and access,” explains
Cardona.
Using technology to improve lives
Technology
plays a big role in HCPH’s business model. It powers every aspect of its
processes, from its now paperless transactions to its near-instant approval.
The company is also continuously working on its mobile app to give consumers an
easier time to manage their loans.
“We empower
consumers by giving them financing options they can use to help improve their
lives—and we do it using technology. We want to remove the limits that
traditional financial institutions have by offering the market financial
products that aren’t usually available to them, in ways they aren’t usually
offered,” says Cardona.
She
continues, “We want to drive the message that enjoying financial products
shouldn’t be complicated. It can actually be as fast as one minute.”
To enjoy Home
Credit Philippines’ products, simply visit one of their partner stores,
approach their sales associate, and submit two (2) valid IDs. Your one minute
starts after you fill up and submit your application form. Taking home a new
product has never been that easy and fast. Happy shopping!
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