Ever heard of Buy Now, Pay Later? An installment loan Service allows purchasing and receiving products immediately, but payments can be made through installment series. This payment plan is now included in Shopee’s payment features called SPayLater. Since the pandemic started, many people have turned their heads to online shopping due to its almost no-contact purchases.
But what is Shopee’s SPayLater? This feature allows qualified Shopee users to borrow the funds to pay for their purchases. Below are all the things you need to know and learn about the installment Service.
Shopee’s interest rate
For qualified Shopee buyers, SPayLater offers the option to buy now and pay later or apply for an installment loan for 12 months.
For items purchased through PayLater, processing fees are between 0-2%, and monthly interest is between 1-5% per item. To avoid additional charges, it is essential to pay your SPayLater bill by the due date.
The interest rate for late payments
Shopee strictly implements a 2.5% to 5% monthly interest for late payments; this adds to the existing outstanding amount.
How do you qualify for the SPayLater?
First, you must be 21 years old or above and has at least one of the following government I.D.
Required Valid Government ID for SPayLater
- Driver’s License
- U.M.I.D
- Passport
- Postal ID
- PRC ID
- National ID
If you have any of these, you can now proceed to activate your SPayLater.
Activate your Shopee SPayLater
Access SPayLater by switching to me section located at the bottom right corner, then proceed to SPayLater. SPayLater is only available to select Shopee users; therefore, if you have an Activate Button, you are qualified. After tapping the SPayLater, you will receive a 6-digit code via your registered phone number and encode that to the App.
Shopee will now direct you Upload ID section, where you are required to take a photo of your Government ID and submit it. For faster approval, make sure the image is clear. However, you can retake the picture if necessary. It is also essential to confirm that the information listed (ID number, first Name, etc.) is accurate.
Next, fill out all the other required details (such as place of birth, occupation, etc.).
Lastly, Shopee will require you to take a selfie. If you have completed and cleared the verification process, you are done.
How to pay purchases using SPayLater
Choose SPayLater as the mode of payment during checkout. There are several options: Buy Now, Pay Later (you pay the total amount on the next due date), installment payments for three months, six months, or 12 months – each with the associated monthly fee.
SPayLater Credits
Shopee offers up to Php50,000 credit limit for its SPayLater Service. However, this might change according to your account history. Shopee will increase your SPayLayer credit limit if you have a positive payment history. Using SPayLater and paying your bills on time will allow you to increase your limit.
