Home Credit Philippines is warning customers about a rise in scams that target borrowers with seemingly easy ways to turn loans or credit limits into cash. Scammers are approaching people with pre-approved loan offers, offering to buy devices in cash, pay down payments, or convert credit limits into money, sometimes even accompanying victims to stores to gain trust.
While these schemes may look harmless, they carry serious financial and legal risks. Victims often end up responsible for the loan or debt after the scammer disappears, which can hurt credit scores, block future access to loans, and in some cases, result in legal trouble. Under the Anti-Financial Account Scamming Act, participating in such schemes is illegal and can result in six to eight years in prison and fines of ₱100,000 to ₱500,000.
Home Credit advises customers to avoid suspicious offers, use only authorized channels for transactions, and report any suspicious activity immediately. Sheila Paul, chief marketing officer at HCPH, said the company is committed to protecting its customers and their financial well-being, emphasizing that every loan represents the hard work and dreams of Filipino families.
