Scammers are finding new ways to target unsuspecting Filipinos, exploiting Home Credit products to commit financial fraud. Offers that appear fast and effortless may seem tempting, but Home Credit Philippines (HCPH), the leading consumer finance company in the country, warns customers that these schemes are illegal and could result in serious financial and legal consequences.
How These Scams Operate
Some scammers approach Home Credit customers with pre-approved offers, presenting themselves as helpful and trustworthy. They may suggest availing a Home Credit Product Loan and offer to buy the device in cash, sometimes at a higher price to make the deal appear attractive.
Other schemes involve paying the down payment for customers who cannot afford it, even accompanying them to stores to gain trust. Scammers may also promise to convert the customer’s HCQWARTA credit limit into cash, claiming they will handle all the steps on the customer’s behalf.
Financial Risks of Falling for Scams
These schemes often appear harmless, especially when they promise quick cash or assistance with payments. The reality is different. Once the transaction is completed, scammers disappear with the money or the device, leaving the loan under the customer’s name and responsibility.
Falling victim can lead to serious financial trouble. Missed payments may result in account defaults, lower credit scores, and limited access to legitimate financing. Some victims may even be blacklisted, making future loans or other financial services harder to secure.
Legal Consequences Under Philippine Law
Participating in “Home Credit Product Loan to Cash” or “HCQWARTA to Cash” schemes, or allowing someone else to use your account or pre-approved loan offer, is illegal under Republic Act No. 12010, the Anti-Financial Account Scamming Act (AFASA). These activities are considered money muling, a form of financial account scamming, and can carry penalties of six to eight years in prison, fines ranging from ₱100,000 to ₱500,000, or both.
Tips to Outsmart Scammers
Home Credit encourages customers to stay vigilant and follow these practices:
- Avoid suspicious offers. Any attempt to convert a Home Credit product loan or HCQWARTA credit limit into cash should be treated as a red flag.
- Understand the consequences. Customers remain legally responsible for any loan under their name. Quick cash offers can lead to debt, penalties, and a damaged credit record.
- Use authorized channels only. Transactions must be conducted through official Home Credit partner stores, the Home Credit App, or other approved payment channels. Allowing others to handle accounts puts you at risk.
- Report suspicious activity immediately. Customers can reach Home Credit via:
Email: info@homecredit.ph
Globe: (02) 7753 5711
PLDT: (02) 8424 6611
“Every Home Credit loan reflects the hard work, hope, and dreams that our customers are building for their families. These schemes try to take advantage of that effort by turning trust into risk. This is why we encourage customers to stay cautious. Home Credit values the dreams behind every loan, and we remain committed to protecting and empowering our customers as they work toward the life they deserve,” said Sheila Paul, Chief Marketing Officer at HCPH.
Stay Updated with Home Credit Philippines
For the latest updates, customers can visit the official website, www.homecredit.ph, or download the Home Credit App from Google Play, the App Store, or Huawei AppGallery. Official social media accounts on Facebook, Instagram, and TikTok also provide news and alerts.
Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).
