Sloan and Spaylater are both Financial services provided by Shopee Philippines for their selected users. These financial features offer buy-now-pay-later and cash loans so that users can enjoy their shopping experience in the app. SeaMoney (Credit) Finance Philippines Inc. is the financing company of Sloan and SPayLater in the Philippines, which is part of the Sea Group - operating seven markets in Southeast Asia, including Taiwan. It was registered as a finance and credit provider in the Security Exchange Commission on August 4, 2020, with registration number CS202005382.
In part of their mission to better the lives of individuals and Businesses in Southeast Asia through technology, SeaMoney serves the financial needs of Filipinos through SeaMoney (Credit) Finance Philippines Inc. and SeaBank.
What is Sloan?
Sloan is a cash loan offered by Shopee Philippines, in which users can borrow money with the approved credit limits on the platform. Sloan is limited only to the selective users who regularly used Shopee and passed on the credit assessment.
Sloan offers from 2,500 pesos up to 100,000 Pesos for every eligible shopee user. Your approved credit limits have competitive interest rates from 1-5% with flexible repayment options of 3, 6, 9, and 12 months. 9 months and 12 months are exclusive only for every user with high approved credit limits. While continuing to obtain money from Sloan, you build trust and credibility with the financing agency. They can give you the maximum loanable amount with the lowest interest rate and long repayment terms. This opportunity is served by the financing company to their users with good credit standing.
What is SPayLater?
SPayLater is a buy-now-pay-later option in Shopee Philippines, in which eligible users can checkout items using SPayLater Credit Balance. Approved credit in SPayLater is not convertible to cash. This feature is exclusive only to those used by paying purchases on their partner merchants. SPayLater can also be used to pay outside the Shopee merchants such as Sari-sari Stores, Groceries, Malls, online shops, and other online services that may accept QRPH. If you are a newbie, this feature was disabled until you got your first spending with the Shopee platform since this feature is exclusively in Shopee. SPayLater can offer you up to 50,000 pesos credit limit, of which 1,000 pesos is the minimum credit offer that they can give. The same with Sloan, SPayLater also has a processing fee of 0-2%, interest rates of 1-5%, and installment options of 3, 6, 9, and 12 months.
Suggested Article: 2 Ways to Cash out Spaylater Credit Limit
Both Sloan and SPayLater have corresponding late payment fees of 2.5-5% per month, which applies to the outstanding balances, including the interest rates. Though, Sloan before your cash advance, you have the option to avail of credit insurance with the rate of 0.2% of your loan. This insurance will cater to your first overdue charge and can pay off your loan in case you are disabled or die.
For payment reminders, SeaMoney will remind your repayment is due 5 days and 1 day before your due date; on your due date, they will remind you once again about your repayment amount through email and via SMS.
What IDs are acceptable in Sloan and SPayLater?
The following is the List of IDs that you can use to apply;
• Philippine Passport
• Driver’s License
• UMID
• Postal ID
• PRC Licence ID
• TIN ID (Sloan -Selected Users Only)
• PhilSys ID
• SSS
• Phil ID
• Philhealth ID
Sloan and SPayLater Harassment
So far, there are no Shopee Clients who have been reportedly harassed by the agent once they are overdue. Avoid overdue to maintain your credit standing and receive more and more big offers.
Repayment options
Both Sloan and SPayLater have convenient repayment options, which are monthly. You have more time to allocate funds for your due date.
Other fees
a.) Processing fee
Sloan has a 1% deduction on your obtained credit limits. For example, you will withdraw 2,500 pesos from your credit limit, and your loan proceeds will be just 2,475 pesos. 25 Pesos will be deducted as a 1% processing fee. In SPayLater, the processing fee will be added to your loan amortization.
b.) Loan Protection
A 0.2% insurance rate will be offered before your credit transfer. This insurance fee is optional, which means you can deny adding this fee to your loan.
But this could give you peace of mind because they will waive your first overdue charge, and your loan will be fully paid in case of unprecedented incidents such as death and disability.
c.) Late Payment fees
2.5% to 5% late payment fees will be added to your due.
d.) Interest Rate
Interest rates vary on your credit limits. The higher your credit limits, the lower the interest rate you have, and long repayment terms are activated. Interest rates of SLoan and SPayLater are from 1% - 5% per month. This will be added to your loan and will multiply to the term you've been choosing.
Reminders:
1. Make sure to activate your Shopeepay wallet before availing SLoan, all your loan proceeds will be credited to your Shopeepay.
2. To build good credit standing and expect the highest offer, always pay your due on time and do not abandon your loan.
3. Though SPayLater is exclusive to paying your purchases within the Shopee app, after several times of purchases in the app, you can pay your loan on time. You can activate SPayLater to pay purchases outside the Shopee app. Also, you can able to convert your SPayLater to Cash.
4. SLoan and SPayLater is a revolving Credit that you can use again and again once you paid it off.
5. If you think you can pay your Sloan due directly using Spaylater option, you can't but still you can pay your Sloan with your credit at Spaylater. Convert your SPayLater to Cash and your loan will be credited to your Spaylater now which you can use to pay your Sloan.
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