You can now shop and pay in installments without a credit card.
There’s no doubt that online marketplaces offer convenience in shopping. It’s hard to avoid budols when there’s a great deal. But what if you’re looking at a big-ticket item and short in cash? That’s where ShopeePay Later comes in.
What is ShopeePay Later?
As its name suggests, ShopeePay Later is a buy now, pay later feature. The feature allows qualified Shopee users to loan the payment for their purchases. Users can shop first, then pay at a later date.
A lot of companies offer BNPL payments, even credit card providers. But with Shopee, you don’t need to have a credit card to be able to pay in installments.
Who is eligible?
ShopeePay Later, or SPay Later, is available for users who are at least 21 years old. You also need to provide a valid government ID.
Shopee considers six IDs upon applying for SPay Later. These include a driver’s license, UMID, passport, postal ID, PRC ID, or national ID.
Activating ShopeePay Later
It’s easy to activate SPay Later once you have your ShopeePay Wallet set up. Click your wallet or go to the “Me” tab and select “SPayLater.” Once there, you’ll see an “Activate SPayLater” banner. Tap on the “Activate Now” button to start the process. The app will send a verification code that you need to input before proceeding to the next steps.
Shopee will ask you to upload a photo of your valid ID. The default option is UMID. Tap on “Select ID Type” if you want to change it to your passport or one of the other IDs on the list. Make sure to follow the instructions about your ID’s positioning in the frame. After uploading your ID, Shopee will generate the details in a form. Review those details and click “Confirm” if everything’s correct.
The next step is all about providing additional information. This includes your occupation and monthly income. You also have to provide an emergency contact, their contact details, and their relationship to you.
The last step in activating your ShopeePay Later is facial verification. This involves taking a selfie within the frame the app generates. After uploading your selfie, wait a few moments for Shopee to verify all your information. And voila, you have access to SPay Later.
All the numbers you need to know
Before you go on that shopping spree, there are a few things worth noting. While ShopeePay Later offers up to PHP50,000 in credit, not everyone gets the full amount. It will depend on your spending and payment habits as well as your income. You’ll see your credit limit upon activation.
Shopee will also ask you for your preferred due date, either on the 5th or the 15th of every month. It adds another layer of convenience because you can time it for when your salary comes in.
Shopee charges a processing fee of 0 to 2%. They also offer monthly interest rates between 1 to 5%, depending on the item you’re buying. Make sure to pay your installments at least a day before they’re due. This is to avoid late payment fees that are between 2.5 to 5% of your outstanding balance.
Although ShopeePay Later offers more ways to shop, don’t forget to shop wisely! Think twice if you can really afford to buy that item and avoid splurging on unnecessary things.
Featured Image Daniella Sison