Home Credit Philippines is reminding customers to be careful of new scams involving product loans and HCQWARTA credit limits. The company says fraudsters are offering what looks like a quick way to turn loans into cash, but the risks are serious.
Scammers usually approach borrowers with pre-approved offers. They might suggest taking out a product loan and then buying the device in cash, sometimes even paying the down payment to gain trust. Others push the idea of converting HCQWARTA credit limits into cash, promising to handle everything for the customer.
Once the deal is done, the scammer disappears with the money or the device, leaving the loan under the customer’s name. Missed payments can lead to defaults, lower credit scores, and even blacklisting from future financing.
There’s also a legal side. Under the Anti-Financial Account Scamming Act (RA 12010), these schemes count as money muling. Penalties include six to eight years in prison and fines from ₱100,000 to ₱500,000.
Also Read: Home Credit rolls out Great Double Zero Festival for holiday shoppers
Home Credit advises customers to stick to official channels only, including partner stores, the Home Credit app, or approved payment methods. Any suspicious offers should be reported right away.
