Home Credit Philippines (HCPH) is urging customers to be on high alert amid a surge in schemes that turn product loans or HCQWARTA credit limits into quick cash — offers that may appear easy and harmless but are illegal and can lead to severe financial and legal consequences.
According to the consumer finance firm, scammers have been approaching customers with pre-approved offers and posing as trustworthy buyers.
In one common scheme, a scammer convinces a customer to avail a Home Credit product loan, then immediately offers to buy the item — sometimes at a seemingly attractive price to make the deal more enticing.
Some fraudsters go further, offering to shoulder the down payment or accompanying customers to stores to gain their confidence.
Another tactic involves persuading customers to convert their HCQWARTA credit limit into cash, with the scammer claiming they will “handle everything.”
Once the transaction is completed, however, the scammer disappears — leaving the customer legally responsible for the full loan.
HCPH warned that falling for these schemes can result in account defaults, damaged credit scores, and even blacklisting, making it more difficult for victims to obtain legitimate loans in the future.
The company also stressed that such schemes fall under money-muling, a form of financial account scamming penalized by the Anti-Financial Account Scamming Act (Republic Act No. 12010).
Participating in these activities — whether by converting a loan to cash or allowing someone else to use a pre-approved offer—can result in six to eight years of imprisonment, fines between ₱100,000 and ₱500,000, or both.
HCPH advised customers to avoid suspicious offers, transact only through authorized Home Credit channels, and understand that any loan under their name remains their legal responsibility. The company encouraged reporting of suspicious activity through [email protected], Globe hotline (02) 7753 5711, or 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,” said Sheila Paul, HCPH chief marketing officer.
“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.”
