Home Credit has issued a warning regarding schemes that involve converting Product Loans and HCQWARTA credit limits into cash. The company emphasizes the importance of vigilance, especially during the holiday season.
Home Credit Philippines (HCPH) advises customers to only engage with authorized personnel or official platforms. Some individuals have been approaching customers with pre-approved offers, presenting themselves as trustworthy. They may encourage customers to take out a Home Credit Product Loan and then offer to buy the device for cash, sometimes at an inflated price to make the offer more enticing. Others may even offer to cover the down payment or accompany customers to stores to gain their trust.
Another scheme involves scammers suggesting that customers can convert their HCQWARTA credit limit into cash, claiming they will manage the process for them. While these offers may seem harmless, they pose significant risks. Once the transaction is completed, the scammer may disappear with the money or the device, leaving the customer responsible for the loan.
Participating in these schemes is illegal under the Anti-Financial Account Scamming Act (Republic Act No. 12010). Such activities are classified as money muling and can result in severe penalties, including imprisonment for six to eight years and fines ranging from PHP 100,000 to PHP 500,000.
Customers are urged to be cautious and treat any attempt to convert a Home Credit product loan or HCQWARTA credit limit into cash as a warning sign. Transactions should only be conducted through official Home Credit partner stores, the Home Credit App, or other approved payment channels.
Any suspicious activity should be reported immediately. Customers can contact Home Credit via email or phone for assistance.
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