Consumer financing has proven to be a big help to a lot of Filipinos over the years. Such services are even more crucial now that we’re in the back-to-school season, as both parents and students scour for supplies and tech upgrades for the next academic year.
There have been a couple of financing companies that have arrived in the Philippines, but only a few have stayed and become stronger. Two of them are Home Credit and Skyro.
Now, you’re probably here because you’ve already heard of these names but can’t decide which one to go with for your back-to-school tech upgrade. In our Home Credit versus Skyro comparison, we’ll dive into each of their features, offerings, interest rates, and more to see which one you should go with.
Interest rates, Processing Fee, Tenor
You might wonder which company has the lower interest rate and how long you can pay the loan. This is where Home Credit shines. Apart from its flexible installment plans, Home Credit would usually offer 0% interest at zero down payment on select products.
It has a lower effective interest rate that can go as low as 2%. Home Credit is also more flexible, as you can have installment plans of 6 months up to 24 months to match your financial capability and monthly income.
The best part about it is that the processing fee is minimal. It’s just 0.5% of your monthly financed amount or a flat rate of ₱150, whichever is lower.
Loan Amount and Promos
In terms of loan amount, Skyro lets users get a loan for as much as ₱250,000. Perfect for big purchases of high-end products, possible investments, repairs, construction, and more.
With Home Credit’s product loans, the maximum loanable amount depends on the item and its value. But with over 15,000 partner stores nationwide, you can easily score a deal on your chosen gadget or appliance—just visit a partner store near you. Plus, once you’ve completed a product loan, you may become eligible for a cash loan offer of up to ₱150,000, depending on your customer profile.
It’s also worth noting that Home Credit constantly holds promos with improved deals. Their ongoing Sulit-Skwela 2025 promo offers select smartphones, tablets, and laptops with as low as 0% interest installment plans.
Application and Approval Process
When it comes to requirements, applying for a loan with both Skyro and Home Credit is incredibly easy—only one valid ID is needed. You can also get pre-approved through the Skyro and Home Credit apps.
But in terms of approval time, Home Credit is faster, as you can have your loan approved in less than a minute, while Skyro could take days. The process is made even faster since Home Credit representatives will be ready to assist you in over 15,000 partner stores across more than 75 provinces nationwide.
Home Credit is also widely more available to Filipinos, as you can file for a loan as long as you’re already of legal age. Plus, you can conveniently check local nearby partner stores for offers and even compare prices through their Shoppingmall.ph website.
Conclusion
Skyro is a good option for Filipinos who want a bigger loan amount. However, Home Credit is the better option for most people thanks to its lower interest rates, flexible installment plans and duration, faster approval process, robust mobile app and online process, and better availability with presence in thousands of stores across the Philippines.
So, if you’re planning on going with Home Credit, make sure to also take advantage of its Sulit-Skwela 2025 back-to-school promo. You can talk to a Home Credit representative at over 15,000 partner stores nationwide or download the Home Credit App on Google Play, Apple Store, or HUAWEI AppGallery.
Disclaimer: The information provided is based on publicly available data as of June 2025.