TAGUIG CITY – Scammers are becoming increasingly creative in targeting unsuspecting Filipinos, and these schemes—though they appear fast and effortless—are illegal and could leave borrowers facing serious financial and legal consequences. Imagine being offered what seems like a quick and easy way to turn a Home Credit product loan or HCQWARTA credit limit into cash. It may sound tempting, but Home Credit Philippines (HCPH), the country’s leading consumer finance company, is urging customers to stay vigilant.
How these scams usually work
Some individuals have been approaching Home Credit customers who have pre-approved offers, presenting themselves as trustworthy and helpful. They may encourage a customer to avail a Home Credit Product loan and then offer to buy the device in cash, sometimes at a higher price to make the offer more appealing.
Others go as far as offering to pay the down payment if the customer cannot afford it, even accompanying them to stores to gain their trust. Another scheme involves scammers promoting the idea of converting the customer’s HCQWARTA credit limit into cash, assuring the customer that they will handle everything on their behalf.
The risks of falling for these schemes
These offers may seem harmless at first, especially when scammers promise quick cash or help with payments. The reality, however, is very different. Once the transaction is completed, the scammer disappears with the money or the device, leaving the loan under the customer’s name and responsibility.
Falling for these schemes can lead to serious financial trouble. Missing payments can result in account defaults, affect credit scores, and limit access to legitimate financing in the future. In some cases, victims may even be blacklisted, making it harder to secure loans or other financial services.
There is also a legal dimension. 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 the RA 12010 (Anti-Financial Account Scamming Act). These activities are considered money muling, a type 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.
Outsmarting scammers
Customers can protect themselves from these schemes by staying vigilant and following these best 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.
Be aware of the consequences. Customers remain legally responsible for any loan under their name. What may appear as a quick way to get cash can quickly result in debt, penalties, and a damaged credit record.
Use authorized channels only. Transactions should always be conducted through official Home Credit partner stores, the Home Credit App, or other approved payment channels. Allowing others to handle accounts or offering shortcuts can put you at risk.
Report suspicious activity immediately. Any approach by individuals offering these schemes should be reported to Home Credit through:
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. Press release
