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Phone Loan in the Philippines

Although there are hundreds of affordable phone models, many of them are no match against the top-of-the-line ones. Good phones are expensive, more expensive than the average salary of a Filipino.

The great news is that if you cannot afford it in cash, an installment phone is readily available for you  in the Philippines.

Today, we will discuss how you can get a phone loan in the Philippines Via Home Credit. By the end of this tutorial, you will learn how to apply for one, and subsequently prepare your requirements.

What is Phone Loan in the Philippines?

A phone loan is a kind of loan specific to mobile devices, which includes tablets, but not laptops. It is a loan offered to people who desire a good quality phone but cannot afford to pay it in cash at the moment. Home Credit is a credit facility in the Philippines that offers fast and reliable loan services nationwide. This is not a typical kind of loan institution. They are in partnership with many companies that sell mostly appliances and mobile devices.

If the mobile phone store is a partner, you can apply for installment phones Ph at that store. The mobile phone store clerks are the ones who will process your loan application for you. If you get approved, you can now get your device. Like any kind of loan, there is an interest that you have to pay, and you have to choose a fixed-term rate. Depending on the price of the phone, you can pay it between 9 and 12 months. Also, you need to put in a down payment for the phone.

The total interest is calculated according to the term length and the amount of down payment you are willing to give.

Where to Apply for Installment Mobile Phones?

If you are looking for installment phones in Baguio or any other place, Home Credit is accessible. If the phone shop has a banner or tarpaulin of Home Credit, then it means it is a partner. All you need to do is to ask the clerk about it.

On the other hand, if you are looking for an installment phone shop in Cebu, but the shop is not a partner, you can get a loan on the Home Credit website. You can fill out the application from there and submit your documents, and then just wait for their approval. Like all loan facilities, your application for a phone loan in the Philippines has certain requirements and terms. For Home Credit, here are the terms:

1. A down payment – the percentage of the down payment varies. If you loan the smallest amount, which is ₱3,345, the down payment is only 13%. However, if you loan the maximum, which is ₱50,000, the down payment is 40%.

2. Terms – there are only two terms. You can choose to pay your loan in either 9 or 12 months.

3. Interest – the interest rate also varies. For the maximum loan of ₱50,000, the interest in 9 months is 22%, but you will pay a smaller interest if you pay in 12 months. The interest for 12 months is only 11%.

The prices of the monthly amortization will change if you also pay a higher amount of down payment. The great thing about Home Credit is that it offers installment phones without credit cards. They are primarily serving people who are employed or people with a source of income who have no credit card.

FAQ

  • How can I pay my Home Credit phone loan?
    Home Credit has a partner payment channels available nationwide, 24/7 even on holidays. It helps you To ensure your avoid penalties and charges.
  • My phone loan application was rejected. When can I apply again?
    According to Home Credit rules, you can apply after 3 months. Or you can apply for the loan elsewhere.
  • Is a phone loan safe?
    Yes, if you get it from a verified bank with a state license.

Installment Phones Requirements

Here are the specific requirements of Home Credit:

  • You must be a Filipino citizen;
  • You must be 18 to 68 years of age;
  • You must be employed for the last the months.

If you apply for a loan, the company will ask you to provide documents. These are:

  • 2 valid IDs;
  • Proof of income like Certificate of Employment, payslip, etc.

In your application form, you must also indicate how much money you are trying to loan, and how much down payment you are willing to give. From here, someone will review your application and let you know if you are approved.

How to Buy Phone in Installments: Simple Steps

Now, let us take a look at the simple steps that it takes to apply for installment phones in the Philippines:

Step 1: Go to any mobile store that is in partnership with Home Credit;
Step 2: Choose your desired phone;
Step 3: Tell the clerk that you will apply for the phones installment by Home Credit;
Step 4: Fill out the application form and submit your documents;
Step 5: If your application form is approved, pay the down payment and get the phone.

If you want, you can apply online too. Just go to the Home Credit website and fill out the form. Check if you are eligible first, then wait for further instructions. If you need a list of their partner stores, you can also find it on their website.

Tips before Buying a New Phone

What should you consider before buying a new phone? Before you apply for a loan, read our tips below.

1. Determine what you need – Why do you need a phone? Are you going to make phone calls and text? Do you browse the Internet a lot? Do you like playing games? You have to understand what you need. Once you do it, you should be able to start looking at phones with specifications that meet these needs.

2. Read reviews – do not rely on what the advertisements tell you. Of course, the manufacturers paint a pretty picture of their products. The thing is that they are not always honest. Take the time to go through website forums. Ask people on forums about how their phones perform. Read reviews on websites like Amazon and find out if the phone you want can really live up to its hype.

3. Narrow down your options – Once you have read the reviews, you have to select 2-3 phones that meet your needs. These are phones that you are willing to buy. Make sure you like their style. Compare them side-by-side. There are many review sites that allow you to do this. You no longer have to write down the specs of each phone.

4. Set a budget you can afford – Once you have narrowed down your options, it is time to think about how much you can really afford. It is tempting to buy a phone that is worth ₱60,000, especially so if you can afford the monthly amortization. Do not buy a phone where you will be paying more than 20% of your monthly income in monthly payments.

Buying a phone is not like buying a hamburger. It is expensive, and it is something that you will use for the next two or three years. You have to take your time and decide what phone will serve your purpose. Make sure you buy a good quality phone. Do not buy cheap ones as they do not really last long.

Lastly, ask yourself if you really need a new one. It is understandable to desire a new phone if your current one is already broken and beyond repair. But if your old phone is still working, you have to think about this expense carefully. You see, many people buy new phones simply because it makes them feel good. The thing is that manufacturers release a new phone every year. One year passes by quickly, and the value of your phone has significantly degraded by that time.

You do not need to buy a new phone all the time. If your phone is still working, make do with it. Do not buy a new phone just because you want to elevate your status symbol. Buy a new one because of a real need.

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An Alternative to Home Credit Phone Loan

If you want another option, you can apply for a loan in Robocash. It is an online loan facility where you can apply for a loan.

Here are the eligibility requirements of Robocash:

  • You must be 21 to 70 years old;
  • You must be a Filipino citizen;
  • You must either be employed or have a source of income.
How much money do you need?
10 000
Min: ₱ 1 000
Max: ₱ 10 000
You return: 10 000
All your data is under secure protection!

But why apply for installment phones online with Robocash?

Here are the benefits:

Fast – you can get approved in as little as 24 hours;
Online – you do not have to visit any physical facility to be able to apply for a loan. You just need to apply online and scan your documents;
Convenience – you will get your money via bank transfer. For your payment, you will also do it online.

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated

As you can see, Robocash is a facility that offers convenience. The interest rates are small, and anybody can apply. If you need a phone, you have to seriously consider Robocash. It is fast and convenient, plus it does not need collateral for your loan.

Conclusion

Installment mobile phones are great. They allow you to get your dream phone really quick, and then you just have to pay it on a monthly basis.

Now, because there are so many phones out there, you may get overwhelmed with them. Make sure you follow our tips on how to get a phone. Buy something that you need, not something that you want. Phones are expensive, and they easily lose their value.

Apply now

Robocash Reviews

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Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Robocash Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.